Houston-based Partners Real Estate is executing its plans to expand throughout Texas and beyond with the acquisition of San Antonio’s Providence Commercial Real Estate Services.
Courtesy of Partners
Partners, which announced the purchase Jan. 4, already had offices in San Antonio, Houston and Austin. The brokerage, investment, development and capital services firm said the new acquisition would grow its San Antonio presence as it scales up its footprint in Texas and elsewhere.
“From starting as a three-person operation, to a growing 25-plus person office with seven partners as of this announcement and responsible for a substantial percentage of our annual revenue has been rewarding,” Partners co-founder Jon Silberman said of the Providence acquisition in a release.
Providence’s brokers and founders Steve Garza, Dan Gostylo and Phil Crane will join Partners’ San Antonio office as partners, according to the release. Providence has been operating in the city since 1991 and focuses on office and industrial properties, San Antonio Business Journal reported.
Partners announced ambitious expansion plans along with a rebrand when it severed ties with NAI Global in September of last year. It changed its name from NAI Partners to just Partners, adding the rebrand would allow it to expand statewide and into other states, including Georgia, Tennessee, North Carolina, Colorado and Arizona.
In San Antonio, Partners said it is interested in growing to about 40 team members by adding appraisal and development team members, as well as some “retail and property management capabilities,” per the San Antonio Business Journal article.
Silberman told the paper his firm has spent the last few decades expanding horizontally by adding development, property management and investment sales to its brokerage services. Now, he said, it’s ready to move into the Southeast in addition to growing in the state.
“I think 2023 will be a good year. Not a great year – we’ll probably see a decline in production metrics on a per broker level, but there won’t be a major downturn in Texas,” he told San Antonio Business Journal.