PEAK MAKING MOVES IN SAN FERNANDO VALLEY REAL ESTATE MARKET
The Peak Corporate Network headquarters in the Warner Center. Photo by Greg Wilcox
Peak Corporate Network, a quarter-century-old real estate firm, has rolled out an ambitious five-year expansion plan.
It pretty much wants to take over the San Fernando Valley with respect to both the residential and commercial real estate markets, and the cornerstone of that effort is a re-branding with Century 21, the global real estate giant, and the acquisition of other players in the area.
The names might sound familiar.
Peak Realty and Peak Commercial have been doing deals in both the residential and commercial sectors since 1990.
The transformation began in September, when the Warner Center-based company became franchisees of Century 21 and changed the name of its units to Century 21 Peak and Century 21 Peak Commercial.
“We are thrilled to affiliate with the growing international Century 21 broker franchise network, which represents the largest residential and commercial real estate brand recognized worldwide,” Eli Tene, principal and managing director of Peak Corporate, said in a statement at the time.
The first acquisition came this month when Century 21 Peak acquired Granada Hills-based Century 21 All Moves, Century’s oldest operation that opened in 1970. The deal also includes the Prellis Real Estate School, re-branded as Peak Real Estate Academy and Prellis Escrow, now Escrow Hub.
Financial terms of the franchise deal and All Moves purchase were not disclosed.
In one sense Tene is in a pretty unique position.
“We became the newest and the oldest Century 21 in the same week,” he said with a chuckle.
The All Moves acquisition added about 100 employees to Century 21 Peak’s residential operation and boosted the staff to 300, Tene said.
“We like the Valley and we like the city. We do business with both of them,” he said.
The purchase is also a way for Peak’s residential and commercial operations to take advantage of Century 21’s global reach. The company is in about 80 countries.
“This is the largest real estate company in the world,” he said. “And 20 percent of the commercial real estate deals in Los Angeles involve foreign investors. We are going to be the bridge for foreign buyers and it gives us an advantage over anyone else.”
The school will help new agents hone their skills.
“I think this school will made the agents more professional,” he said.
All Moves was opened in 1970 by the late Zeldia Lowers, said prior owner Ron Prechtl.
That’s where he got his start in the Valley real estate business.
Source: Daily News