FRESNO – Two of the South Valley’s best-known names in commercial real estate are merging.
Pearson Companies, a historic and multifaceted real estate enterprise, recently announced its merger with Zeeb Commercial Real Estate, a leader in commercial property sales and leasing in Tulare County. This strategic merger unites two influential entities, creating a dominant force in the Central California real estate market and expanding services to better serve its clients.
“Zeeb’s expertise in industrial, retail and office investments, combined with Pearson’s extensive network, will offer our clients unparalleled access to a broader range of resources and opportunities,” Pearson said in a released statement.
This merger brings together the complementary strengths of Zeeb Commercial Real Estate and Pearson Companies, significantly enhancing their market presence and service offerings.
Marty Zeeb, Founder of Zeeb Commercial Real Estate, shared his enthusiasm.
“Peter Orlando initiated the conversation, and I was excited about this idea of merging,” Zeeb said. “As I begin to refocus more on real estate and less on the business operations, this merger presents a unique opportunity to enhance our service capabilities.”
Peter Orlando, CEO of Pearson Companies, emphasized the strategic benefits.
“Integrating Zeeb Commercial Real Estate into Pearson Companies aligns with our vision to strengthen our market presence and expand our service offerings across Central California,” Orlando said. “This merger allows us to delve deeper into the South Valley market, where Zeeb’s strong presence will be invaluable.”
Founded in 1986, Zeeb Commercial Real Estate specializes in the sale and leasing of industrial, retail, office and investment properties. The team, led by brokers Marty Zeeb, Marc Griffiths, Kyle Rhinebeck, John Aker and Jessica Benevento, brings over 100 years of combined experience, providing service to clients across Kings and Tulare Counties.
“This merger will make both companies stronger, particularly in the Tulare and Kings County areas,” Zeeb said. “The synergy between our teams will benefit not just our clients but also enhance our effectiveness in working on various projects.”
Pearson Companies, established in 1919, operates three distinct enterprises: Pearson Realty, Newmark Pearson Commercial and Retail California. Leaders in agricultural, office, industrial, investment and retail real estate, Pearson Companies has built a reputation for stability throughout Central California. Pearson is the largest brokerage of agriculture real estate in the Valley, according to its website.
“The merger paves the way for an exciting future in which our combined experience and resources will drive growth and innovation in the real estate industry,” Orlando said. “We are looking forward to continuing to provide outstanding value to our clients and stakeholders.”
For more information or to schedule a consultation with our expansive team of real estate experts, call Pearson Companies at 559.432.6200.
Largest Project in 2023
Speaking of ag-commercial real estate, the biggest building project of last year was not agriculture or industrial buildings, but rather alternative energy. Valued at $468 million, the largest single investment involved construction of a ground-mounted solar project near Richgrove called Rexford Solar Farm. The two-phase project sprawls over nearly 5,000 acres and will produce 1,200 megawatts of solar power and 1,200 megawatts of battery storage. This solar farm is said to be the largest in the nation and capable of powering 1.2 million homes for a year, according to industry averages.
The huge dollar value rivals the building of the 33-mile Friant Kern Canal replacement estimated to be costing $500 million. By contrast the 1 million square foot Amazon buildings in Visalia came in around $100 million each and the new Visalia Civic Center built on 33 acres in east Visalia, is estimated to cost about $107 million.
Residential Construction
The latest snapshot of residential building activity shows new home construction down 19% in August from last year, according to a recent report published by the city. There have been 195 single-family homes permitted in the city this year versus 240 during the same eight months of 2023.
On the other hand, multifamily construction is way up, permitting 323 apartments so far this year compared to just 19 during the same period 2023. The value of the single-family home construction is $63 million through August while the value of the multifamily is nearly as much at $60 million.
Low interest rates may stimulate more building activity in Visalia going forward but so far this summer the monthly building numbers are lower each month than the 2023 numbers. In Tulare County, San Joaquin Valley homes are the busiest builders this year.
It’s taking longer to sell a home
The latest report from the Tulare County Association of Realtors shows that it is taking longer to sell single-family homes in the county than in past years. In August it took 11% longer compared to the same month in 2023 and 110% longer than 2022, the report states. To put it another way, it is now taking over 45 days to market and sell a single-family home in Tulare County compared to just 22 days In August 2022.
