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Business: Warren Buffett company buys Intero Real Estate

 

HomeServices of America Inc., an affiliate of Warren Buffett's holding company Berkshire Hathaway, has acquired Intero Real Estate Services, which has offices in Menlo Park and Woodside.

Local Intero offices were opened in 2012 by senior vice president Alain Pinel, a well-known real estate entrepreneur.

Founded in 2002, Intero has 13 offices in Northern California and is headquartered in Cupertino.

In its May 13 announcement, HomeServices, which says it is the second-largest residential real estate brokerage in the United States, did not disclose the price it paid to buy Intero and its affiliated franchise network, Intero Franchise Services. The Interno brand name will not change, says CEO and president Gino Biefari, who will remain with the company.

In 2013, the Intero franchise network had a sales volume of $5.7 billion, according to HomeServices.

In a 2012 article in the Almanac, Alain Pinel said Intero's focus in both Menlo Park and Woodside would be the luxury market nationally and internationally. Mr. Pinel was the founder of a national real estate company that bears his name.

There are 16 real estate agents at the Menlo Park Intero offices, located at 807 Santa Cruz Ave.

Twelve agents are affiliated with the Woodside Intero offices at 1580 Canada Lane.

Warren Buffet, chairman and CEO of Berkshire Hathaway, ranks as one of the world's richest men, with a fortune of more than $60 billion. Berkshire Hathaway owns dozens of subsidiaries in many industries.

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