Coldwell Banker Residential Brokerage announced Thursday (Nov. 11) that it has acquired the assets of Cashin Company Realtors.
Founded in 1995 by Emmet J. "Skip" Cashin III, Cashin Company has 270 real estate agents in seven offices in San Mateo County and accounted for more than $1 billion in sales volume in the last 12 months, said Coldwell Banker spokesman Steve Maita.
Cashin offices will now operate under the Coldwell Banker Residential Brokerage name, he said.
Cashin is headquartered in Menlo Park and has offices in Menlo Park, Portola Valley and Woodside.
With this acquisition, Coldwell Banker Residential Brokerage has 60 offices in the Bay Area with 3,500 sales associates who accounted for more than $11 billion in sales last year, Mr. Maita said.
Cashin Company is "a perfect fit with Coldwell Banker in terms of our respective cultures, our core values and our strength in the local marketplace, especially in the luxury market," Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area, said in a press release.
"During this economic climate and challenging real estate market, it's more important than ever to be the clear industry leader," Mr. Turley said.
Mr. Cashin said in a press release that his firm had many suitors in recent years, but decided that Coldwell Banker Residential Brokerage was the right choice in terms of the scale and scope of the company, agent support, technological tools, networking opportunities, and cultural fit.
Mr. Cashin, according to the press release, plans to "lend his more than 40 years of real estate experience and contacts to the extended family of agents now under the Coldwell Banker banner."
Chuck Alloo, who has served as chief operating officer and co-founded the firm with Mr. Cashin, will continue in a senior management role, Coldwell Banker said.
Mr. Turley and Mr. Cashin announced the acquisition Thursday morning in a meeting with Cashin Company managers and agents.
Mr. Turley said he and other Coldwell Banker Residential Brokerage executives will visit former Cashin Company offices to meet with agents.
Cashin is the latest in a list of acquisitions of Northern California brokerages by Coldwell Banker. Others include Fox & Carskadon, TRI, Contempo, Del Monte Realty, Cornish & Carey Residential Real Estate, and Pacific Preferred Properties Inc.
The acquisitions have helped Coldwell Banker build its position in the luxury market in Northern California, the company said. Year to date, the company accounted for the sale of more than one out of four properties priced above $3 million and one out of three properties above $5 million in the Bay Area, according to MLS Listings, the company said.