ITC Real Estate Group and 1st Option Commercial have merged, creating a 23-person shop that officials hope will be better-positioned for a potential national expansion.
Gary Marquis, president of the new firm, which will operate under the ITC Real Estate banner, said the company is eyeing a series of potential deals that could radically increase the new company’s reach.
“We’re looking at very aggressive growth, including acquisition of existing companies, starting new offices and mergers,” said Marquis, a former managing partner with the Anaheim office of Voit Commercial Brokerage. “Our growth plan is probably more aggressive than at any company I’ve been involved with or heard about in the 20 years I’ve been in the business.”
The merger of the two Irvine-based brokerage houses is a case of complementing core competencies, said Marquis, who launched 1st Option Commercial in 1995 and staffed a total of nine agents until the merger. Similarly, ITC Real Estate Group was launched in 1995 by Gene Shook,who retains the CEO title in the merged firm,and boasted a staff of 12.
“The two companies each were missing a part,” Marquis said in explaining the rationale for the merger. “ITC was missing a real estate person,I’ve been in business 20 years in Orange County and in commercial brokerage. Gene Shook had great vision but needed an action person. He had resources and an infrastructure that was better than the one at my company. ”
Marquis acknowledges that major hurdles remain in order to implement his and Shook’s ambitious plans, but he remains confident.
“In our grand plan, we see being a national company within five years and perhaps very much sooner than that,” he said. “It’s a huge plan, but we’re looking at tapping some sources that haven’t been tapped for our business. We’re looking at venture capitalists and other sources that will allow us to grow at a much larger pace.” n
