GMAC Home Services Acquires Pacific Union Real Estate Group.Business Editors LIBERTY CORNER, NJ--(BUSINESS WIRE)--Feb. 10, 2000 San Francisco-Area's Pacific Union is 20th Largest Real Estate Brokerage Firm in U.S. GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Home Services (GHS GHS Globally Harmonized System (of Classification and Labeling of Chemicals) GHS Greenwich High School (Connecticut) GHS Green Hills Software, Inc. ), part of the GMAC Residential Holdings Corp., announced today it has reached an agreement to acquire Pacific Union Real Estate Group (Pacific Union), a San Francisco-based real estate services organization with $3.2 billion in sales transactions serving the upper-end San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay real estate markets. Terms of the agreement were not disclosed. This agreement positions Pacific Union as part of GMAC Real Estate GMAC Real Estate is a real estate franchise company in the United States, with 1300 locations in North America, and more than 22,000 real estate agents. The company is a division of GMAC Home Services, part of the larger General Motors Acceptance Corporation, which provides , a unit of GHS. However, Pacific Union will continue to operate under its own name. The Union Trust Mortgage Services and commercial brokerage businesses are included in the agreement. &uot;Pacific Union is a highly respected real estate firm with a long-standing tradition of customer service excellence and exceptionally professional real estate agents,&uot; said Dick Schlott, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GMAC Home Services. &uot;This company will form the foundation GMAC Home Services needs to build a dominant presence in the San Francisco Bay Area for GMAC Real Estate.&uot; Pacific Union Real Estate Group is a 25-year-old privately owned firm founded in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . It was ranked as the 20th largest real estate brokerage firm in the U.S. in the 1999 &uot;Big Brokers Report,&uot; compiled by industry publication REAL Trends. Pacific Union is the third-largest real estate company in California, with 14 offices and more than 450 sales associates. In 1999, the company closed over 5,000 transactions. &uot;We have been carefully searching for a strong financial partner for our future,&uot; said Karl Sopke, president and CEO of Pacific Union. &uot;GMAC Home Services offers the quality and resources to match the vision we've built for our company and our culture.&uot; &uot;The leadership team at Pacific Union has built an organization that combines high standards and sound business practices, which has led to its dramatic growth,&uot; said Allen Sabbag, president of GMAC Real Estate. &uot;Pacific Union will be a welcome addition to the GMAC Real Estate family in 2000, serving as the next milestone in our strategic plan to develop strong real estate operations in key metropolitan areas.&uot; GMAC Real Estate Background GMAC Real Estate, based in Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, , is the consumer real estate division of GMAC Home Services. GMAC launched its real estate initiative with the acquisition of the Better Homes and Gardens(r) Real Estate franchise network in July 1998 and continues to expand its services to customers who purchase and sell real estate. The newly re-named GMAC Real Estate division is comprised of the GMAC Real Estate franchise network, company-owned real estate brokerage companies and the Better Homes and Gardens franchise network, which has more than 1,450 offices and 24,000 agents. GMAC Real Estate is one of three areas of focus for GMAC Home Services, which provides comprehensive relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. , captive captive said of naturally wild or feral animals kept in captivity for educational and scientific investigation with no attempt being made to domesticate them. mortgage and real estate brokerage services. GMAC Residential Holdings Corp., based in Horsham, Pa., is the holding company to GMAC Home Services and GMAC Mortgage Corporation. GMAC Home Services is headquartered in Liberty Corner, N.J. |
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