Business
La Rosa Property Management Announces Intent to Acquire Celebration Corporate Center LLC Along with its Commercial Real Estate
Reaffirms target to generate $100 million of annualized revenue as a 2024 exit run rate Celebration, FL, July 24, 2024 (GLOBE NEWSWIRE) -- La Rosa Holdings
About this update from La Rosa Holdings Corp.
[{"type":"text","content":"Reaffirms target to generate $100 million of annualized revenue as a 2024 exit run rate\nCelebration, FL, July 24, 2024 (GLOBE NEWSWIRE) -- La Rosa Holdings Corp. (NASDAQ: LRHC) (“La Rosa” or the “Company”), a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments, today announced that it has entered into a non-binding Letter of Intent to acquire Celebration Corporate Center LLC. The Company expects to acquire this entity through its wholly-owned subsidiary, La Rosa Property Management LLC (“LRPM”). As a result of the acquisition, LRPM will become a direct owner of Celebration Corporate Center LLC and its commercial real estate located in Celebration, Florida. LRPM specializes in property management services for owners of single-family residential properties and manages a diverse portfolio of properties across Florida. The Company anticipates finalizing the transaction in the third quarter of 2024. According to their management, since its grand opening in 2008, Celebration Corporate Center has been Celebration's only full-time executive center offering both full-time offices and virtual office solutions. Celebration Corporate Center specializes in virtual offices, executive suites, reception services, and meeting room rentals. It has 32 full-time offices and 248 virtual offices. Joe La Rosa, CEO of the Company, commented, \"This planned acquisition aligns perfectly with our strategic growth plan and reinforces our commitment to providing comprehensive real estate solutions. 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. We anticipate that properties under management will continue growing throughout the year and expect the annual growth rate to be at least approximately 30%. The continued growth in properties under management is expected to contribute to a significant increase in top-line revenue in 2024. We look forward to continuing on our trajectory toward achiev...