La Rosa Holdings Corp. (NASDAQ: LRHC) has entered into a non-binding Letter of Intent to acquire the commercial real estate firm Celebration Corporate Center LLC.
The acquisition will be transacted through the company’s wholly owned subsidiary, La Rosa Property Management LLC (LRPM), which will become a direct owner of Celebration Corporate Center LLC, which specializes in virtual offices, executive suites, reception services, and meeting room rentals. Headquartered in Celebration, Florida, the acquired company has 32 full-time offices and 248 virtual offices.
LRPM specializes in property management services for owners of single-family residential properties and manages a diverse portfolio of properties across Florida. The financial terms of the deal were not disclosed, and La Rosa Holdings anticipates finalizing the transaction in the third quarter.
“This planned acquisition aligns perfectly with our strategic growth plan and reinforces our commitment to providing comprehensive real estate solutions,” said CEO Joe La Rosa. “Through this acquisition, we intend to expand LRPM into the commercial real estate sector. This strategic move aligns with our growth objectives and allows us to diversify our portfolio, tapping into new market opportunities. By entering the commercial real estate space, we aim to leverage our expertise in property management to deliver exceptional value and service to a broader range of clients. LRPM properties under management increased by 17% year-to-date.”
