Pickford Realty Acquires Gibraltar
In a deal that creates the second-largest residential real estate brokerage in Southern California, Pickford Realty Inc. said late Thursday that it acquired Gibraltar Realty Co. of Mission Viejo for an undisclosed sum.
The two firms, which operate under the Prudential California Realty banner, together have 40 offices and about 2,000 agents and sold about $4 billion worth of residential property last year.
For the record:
12:00 a.m. Sept. 5, 1998 For the Record
Los Angeles Times Saturday September 5, 1998 Home Edition Business Part D Page 3 Financial Desk 2 inches; 38 words Type of Material: Correction
Realty merger--Pickford Realty’s acquisition of Gibraltar Realty Co. created Southern California’s third-largest residential real estate brokerage, behind top-ranked Coldwell Banker and No. 2 Fred Sands. An Aug. 21 story misstated the rankings of the companies.
Only Los Angeles-based Fred Sands Realtors, with $4.4 billion worth of property sold, ranked higher, according to Real Trends, an industry newsletter.
Del Mar-based Pickford already was the largest Prudential affiliate in the nation, and Gibraltar had the largest single office, in Mission Viejo.
The merger comes as the Southern California real estate market continues to heat up, with sales volume and prices increasing sharply in many sectors.
The deal also comes as the real estate brokerage industry has been consolidating, and more combinations are seen as likely.
Because of the combined company’s size, Prudential will allow it to expand into other prime markets in the region, such as West Los Angeles and the San Fernando Valley, said Stephen Games, Pickford’s chief executive.
The acquisition is Pickford’s second in Orange County in as many years. In 1997, it acquired Ellis Realty Group, which had eight offices from San Clemente to the Balboa peninsula.
Overall, Pickford operates 37 offices, including eight in Orange County, that employ 1,600 agents. Games said he expects the combined firm to sell $6 billion worth of property this year.
Gibraltar’s three offices, in Mission Viejo, Villa Park and Anaheim Hills, sold more than $700 million worth of property last year, Games said.
Gibraltar President Richard Cosner will join Pickford and head up offices in the Inland Empire. Gibraltar’s co-founder Cheryl Bender will remain with the company for two months while deciding whether to stay, Games said.
Neither Cosner nor Bender could be reached for comment late Thursday.
No employees from either firm will be laid off, Games said.
