Coldwell Banker Success, an independently owned and operated Coldwell Banker affiliate in Scottsdale, Ariz., has acquired French & French Fine Properties of Santa Fe, N.M. The acquisition marks Coldwell Banker Success’ first venture beyond the boundaries of its home state.
“We had exhausted expansion opportunities in this state, and had been looking for just such an opportunity for extending our reach,” Bob McCord, CEO of Coldwell Banker Success Realty, said in a statement.
French & French is the second largest real estate company in New Mexico with 115 agents in four offices. The company sold more than $500 million in real estate with an average sales price of more than $400,000 in 2003, according to the Coldwell Banker Success statement.
Coldwell Banker Success Realty has 38 offices and 2,200 sales associates in Arizona.
McCord said the acquisition was a good match for the Coldwell Banker operation because both companies are “upper-end” in the housing market.
“Santa Fe is a vibrant and growing market, much like Scottsdale in its pricing and typical real estate client. It presents an active second home market, much like we see with many of our local high-end residential buyers and sellers,” he said.
French & French has been named principal broker in the Santa Fe market for Cendant Mobility as part of the affiliation with Coldwell Banker Success. Cendant Mobility is a relocation company owned by Cendant Corp., which also owns the Coldwell Banker Real Estate franchisor corporation.
Michael French will continue as president of French & French.
The transaction closed March 31, 2004. Terms of the acquisition were not disclosed.
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