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New England-based Lamacchia Realty has continued its path to expansion with the acquisition of Massachusetts-based Stone Ridge Properties, the brokerage announced on Tuesday.
For more than a year, Lamacchia Realty has been increasing its footprint in Massachusetts, and the addition of Stone Ridge Properties marks its 10th acquisition in the state, the firm noted.
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“I’m extremely excited to finally substantially grow our presence on the North Shore, and up the New England coast,” Lamacchia Realty broker/owner Anthony Lamacchia said in a statement.
“This merger will also add significantly to our luxury sales. The owners of Stone Ridge Properties have created a tremendous company that happens to be a seamless cultural fit for us. There is no doubt that bringing our two companies together makes us all stronger and that is so exciting. We are looking forward to great success as we join forces.”
Stone Ridge Properties has been in business for more than 30 years and serves the North Shore of Massachusetts, Southern Maine and Southern New Hampshire. The firm has offices in Newburyport and Amesbury, which will be converted to Lamacchia Realty offices.
Stone Ridge Properties and Lamacchia Realty leadership from left to right: Jackie Louh, Tim Robinson, Nick Motsis, Celine Muldowney, Sandy Berkenbush, Cathy Toomey, Erica Puorro, Marc Ouellet, Massoud Attallah, and Anthony Lamacchia | Courtesy of Lamacchia Realty
The acquisition brings Stone Ridge Properties owners Cathy Toomey, Celine Muldowney, Erica Puorro, Marc Ouellet, Nick Motsis and Sandy Berkenbush into Lamacchia Realty’s fold, as well as 33 agents from the firm. With a strong luxury market presence, as Lamacchia noted, Stone Ridge Properties’ agents will give the brokerage a boost in that market sector.
Lamacchia has been open about the firm’s push for expansion, telling Inman in July that the brokerage was “100 percent on offense.” At that time, Lamacchia Realty had just brought on M&A expert Massoud Atallah, formerly of Anywhere Real Estate, to help guide the brokerage’s growth efforts.
A press statement from the brokerage explained that Atallah, with the assistance of Business Development Mergers & Acquisitions Manager Tim Robinson, brokered the deal with Stone Ridge’s owners. The financial terms of the deal were not disclosed.
Stone Ridge Properties’ owners mentioned Lamacchia Realty’s culture, tools and agent support as incentives for joining the firm.
“It was important to me to affiliate with a company that was not a franchise and that shared my core beliefs of integrity and service to the client,” said Stone Ridge Properties owner Cathy Toomey. “Lamacchia fits that bill and has amazing support for their agents.”
Owner Erica Puorro added, “I couldn’t be more excited about joining forces with Lamacchia Realty. I’ve long admired their commitment to training, cutting-edge marketing and technology, and Anthony Lamacchia’s leadership is truly inspiring. This collaboration brings tremendous opportunities for our clients, agents and me, setting us all up for remarkable success.”
