The purchase gives Edina Realty’s parent a stake in the lucrative market.
HomeServices of America Inc., in one of its largest purchases to date, said Tuesday it has acquired Intero Real Estate Services, a prominent real estate brokerage in Silicon Valley.
HomeServices, an affiliate of Berkshire Hathaway that is best known in the Twin Cities as the parent of Edina Realty, will pick up 13 Intero offices throughout San Mateo, Santa Clara and San Benito counties in Northern California. Terms were not disclosed.
Intero, based in Cupertino, is a franchise with a network of nearly 50 affiliates in Alabama, Arizona, California, Colorado, Nevada, Tennessee and Texas.
“Intero is a strong company with an excellent reputation in a growth market,” said Ron Peltier, chairman and CEO of HomeServices. “This transaction aligns with our vision of acquiring distinguished companies in leading markets that share our core values.”
HomeServices is in the midst of an aggressive, multiyear buying spree. The company is expanding into both new and existing markets across the country, and with nearly 7,300 unit sales worth $5.7 billion in 2013, this deal ranks among the largest.
Including the Intero purchase, HomeServices now has more than 23,000 real estate professionals operating in 25 states. Last year, HomeServices closed nearly $56 billion in sales volume and more than 184,000 transactions. The company also closed approximately $3.7 billion in home mortgages.
Intero will retain its name and its management, including Gino Blefari, its president and CEO.
Jim Buchta • 612-673-7376