Equitable Sotheby's, Russ Lyon Realty merge - East Valley Tribune: Business

Equitable Sotheby's, Russ Lyon Realty merge

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Posted: Friday, June 6, 2008 12:59 pm | Updated: 12:10 am, Sat Oct 8, 2011.

Two fierce competitors in the Valley's luxury real estate market have joined forces.

Misty Williams on real estate blog

Two fierce competitors in the Valley's luxury real estate market have joined forces.

Misty Williams on real estate blog

Scottsdale-based Equitable Sotheby's International Realty and Russ Lyon Realty merged last month to create a new firm with just over 1,000 agents.

Clients will "see much broader marketing, advertising and international Web presence," said Equitable owner John Vatistas.

Vatistas is now co-owner and co-chairman of Russ Lyon Sotheby's International Realty, along with Jim Lyon of Russ Lyon. Offices have been consolidated, including some closures in Scottsdale, the Pinnacle Peak area and Phoenix, he said. The firm also has offices in Flagstaff, Prescott and Sedona.

Founded in 2005, Equitable became an affiliate of Sotheby's International Realty in October. The firm recorded roughly $900 million in sales last year, Vatistas said.

Russ Lyon revenues totaled more than $1.9 billion. The firm was recently taken over by Jim Lyon, son of Dennis Lyon.

Falcon Crest

In commercial real estate, a Valley developer will break ground next month on an industrial project near Falcon Field Airport in east Mesa. Developer Carter Cos. will start work on the $7.25 million project called Falcon Crest Business Center on July 7.

Located near Greenfield Road and the Red Mountain Freeway stretch of Loop 202, the center will be suited for light industrial and distribution companies, said Garrett Schoenberger, senior associate at commercial brokerage Grubb & Ellis.

"We're really going to be going after that aerospace industry, as well," Schoenberger said.

The area has good freeway access and is located near major employers such as Boeing, he said.

Carter has already leased 31,712 square feet to Ergonomic Solutions Inc., which makes office furniture.

The project, at 4030 E. Quenton Drive, is expected to be ready for tenants by the first quarter of 2009.

Courtyards at Desert Park

The latest phase of an 89-unit condominium and town house project is also under way.

Situated near Thompson Peak Parkway and Union Hills Drive in north Scottsdale, the Courtyards at Desert Park has six buildings completed with two more under construction.

Half of the community has already been sold, said Chase Hancock, a sales representative for Market Street Homes. The builder hopes to have the next buildings completed by November, he said.

Houses range in size from 1,500 square feet to 2,300 square feet, with prices running from $435,000 to $655,000.

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