Arizona Commercial Announces Merger
October 7, 2009 by Admin
NEWS RELEASE. PRESCOTT, AZ. September 28, 2009
Prescott, AZ. September 28, 2009. Arizona Commercial, a Prescott, Arizona commercial real estate company and Majestic Properties, a Prescott, Arizona leasing and property management firm announced their strategic merger.
The two firms will operate a brokerage division and a property management division each headed by their respective owners. Jim Pullaro current Designated Broker will continue to act in that capacity as Chairman and Broker for the Brokerage Group (BG) and Dan Frederiksen, current Owner and Designated Broker of Majestic Properties, will become President of the Company’s new Property Management Group (PMG).
In addition, the Company has announced that Donald Teel has been named the firm’s new President and CEO. He will direct the Companies business operations and development strategies include its expansion, technology and client services. Mr. Teel is the former owner and President of Prudential Foothills Real Estate, which he sold in 2005 and a past Del Webb Corporation Vice President of Sales and Marketing.
“We continue to believe that the commercial real estate investment opportunities throughout Arizona will rebound and this merger creates for us an opportunity to position ourselves for more effective growth and more importantly, to deliver a full menu of commercial services to our current and growing clients,” said Jim Pullaro, Chairman and Broker.
According to Teel, “This decision creates the area’s largest full service commercial brokerage company and puts us into the metro Phoenix, Payson, Sedona, the Verde Valley and the Tucson/Green Valley markets thanks to the current position of Majestic Properties in those geographic areas; equally important is the fact that this merger provides us with the fundamental business structure for horizontal growth.”
“Majestic Properties is a leader in leasing and property management in the Prescott area and has a Phoenix office as well…we wanted to take a more substantial position in the market and the merger with Arizona Commercial makes good operating sense,” according to Frederiksen, who will become the firm’s President and will manage Arizona Commercial’s Property Management Group.
Arizona Commercial indicated that its development plans include a presence in multiple markets, implementation of commercial real estate technologies and a recruiting and training emphasis for full-time commercial real estate professionals. Terms of the merger were not disclosed. The deal is expected to finalize by the end of 2009.
