COLDWELL BANKER GROWING; PURCHASE MAKES REALTY GIANT THE STATE'S BIGGEST RESIDENTIAL BROKERAGE.
The parent company of Coldwell Banker Residential Brokerage bought Beverly Hills-based Jon Douglas Co. on Thursday, making Coldwell the largest residential real estate brokerage in California and strengthening its position as the largest in the nation.
Coldwell parent company NRT Inc. did not disclose how much it paid for Jon Douglas, saying only that it spent a total of $310 million to acquire Jon Douglas and two smaller brokerages.
``But of that, the largest entity was (Jon) Douglas,'' said Lloyd Greif, president of Greif & Co., the investment bank which represented Jon Douglas in the deal.
NRT is a joint venture between HFS Inc. and Apollo Management. HFS already owns Century 21 and ERA real estate brokerages, in addition to such nameplates as the Avis car rental franchise and the Ramada hotel chain.
The purchase of Jon Douglas gives Coldwell Banker 350 residential real estate offices in California, and 11,000 sales associates, according to Bob LeFever, president of Coldwell Banker's Southern California operations.
In addition, it gives Coldwell Banker major market share at the high end of the California homes market, LeFever said. ``We sell one out of every two homes now'' above $1 million, he said.