SSH Actual Property Acquires Properties & Amenities Administration Agency
Posted On March 8, 2023
Image by Gerd Altmann via Pixabay
Philadelphia-based SSH Real Estate, one of the largest privately held commercial real estate services companies in the Mid-Atlantic, just got larger. The company has increased its services and footprint with the acquisition of Advantage Building & Facilities Services, a property and facilities management firm based in West Chester, Pa.
A fixture on the real estate scene since its formation in 1952, SSH has been in growth mode of late, with its property management and brokerage business expanding rapidly, particularly in the suburbs. The acquisition of Advantage was a natural next step in the company’s evolution. By unifying the two businesses, SSH has further expanded its property management platform, geographically extending its presence into Western Pennsylvania, New Jersey, Maryland, Delaware and Washington, D.C.
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Peter Soens, Founding Partner, SSH Real Estate. Image courtesy of SSH Real Estate
Additionally, the transaction has allowed SSH to establish a new maintenance service division in one fell swoop. The alliance of the companies presented a multitude of advantages. “We also saw [the acquisition] as a great opportunity to fill a real void in the marketplace where many owners are facing challenges hiring and retaining qualified maintenance engineers,” Peter Soens, founding partner of SSH Real Estate, told Commercial Property Executive. Soens leads SSH with Gregory Muller, who moved up to the role of partner at the firm in 2015.
In addition to sharing the same corporate culture, the two companies share a history, as SSH has relied on the services of Advantage for many years. Established in 2005, Advantage has been a provider of property and facilities management services for veritably all commercial asset types, including office buildings, industrial properties and retail sites.
Services industry status
The commercial real estate services industry took its hits during the pandemic like practically every other industry. However, the consequences of the global health crisis also shined a light on the necessity of such services.
“There have always been ebbs and flows to the brokerage and investment businesses, which were certainly impacted by the pandemic. The Advantage model of providing maintenance services and property management to a highly diverse mix of buildings became more appealing since these services are always needed, so, therefore, provide more consistent revenue,” Soens said.
SSH retained all Advantage employees, so both families remain intact as one. The transaction is unlikely to be a one-off, as SSH is exploring additional acquisition opportunities as it pursues its growth agenda.