Twin Cities-based HomeServices of America is expanding its East Coast holdings with the acquisition of Gloria Nilson & Co. Real Estate in New Jersey.
Terms of the deal were not disclosed.
The company is based in Monmouth County, N.J., the northernmost county along the Jersey shore. The deal is part of a broader, multiyear national expansion for HomeServices of America, which is an affiliate of Berkshire Hathaway and the parent company of Edina Realty, the biggest brokerage in the Twin Cities.
"This is an important transaction for HomeServices," said Ron Peltier, CEO and chairman of HomeServices, which now has nearly 30,000 real estate agents and employees in nearly 600 offices in 28 states.
Gloria Nilson & Co. has more than 730 sales associates in 25 offices in New Jersey and Pennsylvania. In 2016, the brokerage closed more than 3,700 deals worth nearly $1.5 billion in total sales.
This is the third acquisition in the tri-state area this year for the company.
In early February, HomeServices bought Houlihan Lawrence, one of the biggest and oldest real estate firms in the northern suburbs of New York City. The deal included 1,300 sales associates in 30 offices and $6.7 billion in sales. That deal followed an expansion into the Manhattan market with a new brokerage called Berkshire Hathaway HomeServices New York Properties.
As it does with all of its holdings, HomeServices won't tinker with the brand or the name, and the company will continue to be locally managed by current Chairman Dick Schlott and President Pat Bell. The company was founded in 1977 by Gloria Nilson, who is still involved with the company.
Peltier said the deal is part of the company's long-term efforts to bolster its presence in new and existing markets via acquisitions of well-established brokerages with strong name recognition. He expects to announce an additional three to five acquisitions before the end of the year with a likely focus on coastal markets.
"While we like all markets, our goal is to expand our presence in the big population centers," he said. "But I don't think we'll eliminate any key markets across the country as possibilities."
Jim Buchta • 612-673-7376
