Real estate giant Coldwell Banker Residential Brokerage announced it has purchased competitor Fred Sands Realtors in a deal that would make it Southern California's largest real estate broker. The combined company would have 18 percent of Southern California's market and annual revenues of about $16 billion.
The companies said Friday they have completed a deal to move all of the Fred Sands operations, except for 40 franchise offices, under the Coldwell Banker name.
Franchisees will have the option of selling to Coldwell Banker or continue operating under Fred Sands' name.
The Fred Sands name will be phased out of the combined company over the next two months, said Bob Becker, president and chief executive of NRT, Inc., a company owned by Cendant Corp. and Apollo Management. Cendant, whose affiliates sell one of four homes in the nation, owns Coldwell Banker, Century 21 and ERA.
The deal marks the end of a chapter for 62-year-old Sands, who built his company selling million-dollar homes to Los Angeles celebrities. He will become vice chairman of the combined company and will assume a planning and marketing role.
"It's time for a change," Sands said. "I want to do things a little different now."
Sands' firm is the last large independent brokerage firm in the competitive Southern California market.
Coldwell Banker approached Sands about the merger six months ago, said Lloyd Greif, president and chief executive of Greif & Co., an investment banker who represented Sands. Sands was skeptical initially but grew comfortable over time, he said.
The deal includes Fred Sands offices on the Westside, in the San Fernando and San Gabriel Valley, Westlake and Santa Barbara and includes his New Homes Group, International Estates division, International Relocation and Corporate Services division and the Fred Sands School of Real Estate, among other services.
Becker and Sands said the combined operation will benefit both buyers and sellers.
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