WOODBRIDGE — Beazley Property Management Co. (BPM) is now part of Levey Miller Maretz (LMM). The commercial real estate firm recently purchased Beazley’s assets and stock, according to LMM Principal and broker Steve Miller, who would not disclose the sale price.
The sale is LMM’s latest move into property management.
“About 12 years ago we started managing things for others,” Miller says. “The real estate business in Connecticut has been up and down, and property management [affords] a steady regular monthly cash flow, as opposed to waiting for commissions during the down times.
“About five years ago, we started looking outside of our client base,” Miller adds. LMM bought its first property-management firm, Rolar Management, in 2011.
Since then, Miller explains, “We’ve been trying to increase and broaden our base of property management.” Beazley Property Management was attractive because “They had properties in areas that fit our geography, which covers Milford to Rocky Hill and Guilford to Rt. 8.
“We now manage retail plazas, residential apartments, industrial buildings, a small industrial park, office buildings, mixed-used properties and a couple of things like fraternity houses and parking lots,” Miller adds.
According to Susan Bradford, former president and managing director of Beazley Management Properties, the sale includes 100 percent of BMP stock and eight condo and investment properties.
BPM was part of Beazley Co. Realtors from the 1990s, Bradford said, “until they sold off their real estate and commercial assets in the early 2000s.”
Over the last couple of years, Bradford adds, “My business partners and I were looking to slow down, and we have merged with Levey Miller Maretz so it (BPM) will continue to exist.
“We did talk with quite a few people but we were looking for someone with a [compatible] business model. Levey Miller Maretz came as close as possible.”