B-TOWN BIZ: Real Estate Sponsor Prudential NW Acquired by Warren Buffet
B-Town Blog Real Estate Sponsor Prudential Northwest Realty announced Thursday (April 5) that it has been acquired by HomeServices of America, Inc., a Warren Buffet-owned corporation based in Minneapolis.
PNW was bought in December by Brookfield Residential Property Services (read about that here), in a transaction that includes both their Real Estate and Relocation Services.
As we said then, we look forward to continuing our relationship with Prudential Northwest’s Burien office, and appreciate their supporting B-Town’s first and best blog!
Be sure to check out their Real Estate section here, along with their weekly Open House listings, posted every Friday.
Here’s the official announcement:
MINNEAPOLIS (April 5, 2012) – HomeServices of America, Inc.™, a Berkshire Hathaway affiliate, announced today the acquisition of Seattle-based Prudential Northwest Realty Associates.
Originally established in 1942, Prudential Northwest Realty joined the Prudential Real Estate affiliate network in 1990 and is their largest affiliate in the state of Washington, with more than 350 sales associates in six offices. In 2011, the company had more than $740 million in sales. Under the new structure, Prudential Northwest Realty Associates retains its name and remains a flagship franchisee of Prudential Real Estate’s U.S. network.
Prudential Northwest Realty serves the greater Seattle metropolitan area, including King, Pierce, and Snohomish counties, with offices in Bellevue, Burien, Federal Way, Kent, Lynnwood and Seattle, and has a long-standing reputation for providing clients with the highest level of customer service, expertise and resources. Mike Gain, president and CEO, is a lifelong resident of the area and is widely recognized for both his community involvement and his leadership. Gain will continue to manage the day-to-day operations, along with his sales management and leadership team.
Prudential Northwest Realty joins Portland, Ore.,-based Prudential Northwest Properties as the second organization in the Pacific Northwest to join the HomeServices family in 2012.
“Prudential Northwest Realty is a strong company with an excellent reputation in a growth market,” said Ron Peltier, chairman and CEO of HomeServices. “This aligns with our vision of acquiring distinguished companies in leading markets that share our core values. Mike is an accomplished real estate professional, and I am looking forward to having Mike and his team join the HomeServices family.”
“We are very proud and excited to be a part of such an outstanding organization,” said Gain. “By joining together with HomeServices, our ability to serve the needs of our new and existing clients will be unsurpassed.”
“We are delighted to be in Seattle,” Peltier said. “And we continue to look for additional opportunities, both here and throughout other major markets in the U.S.”