A Los Angeles-based franchise realty company, Gardens Real Estate and Better Homes, purchased a 44-year-old home brokerage from South Bay, the McMillin Realty.
The money involved in the sale was not revealed, but according to Chairman Scott McMillin, they will publicly announce it soon. The buy-out happened a week ago. The McMillin Realty has 190 agents and five offices, as well as has gathered $13 million sales in the previous year. The purchasers were cousins Nick Gottuso and Vince Gottuso, who run the Upland firm Century 21 Prestige.
The Gottusos were chosen by the McMillin because of their good image linking way back to the 1920s when Vince's mother, a real estate lawyer, started a real estate company in Los Angeles. McMillin further explained, "I thought this was a family owner, just like us, with a similar culture."
McMillin Home brokerage is pursuing to build a project located in Lake Elsinore, although has no more slate projects in development. The firm traded its interest 12 months ago in the eastern Chula Vista, Millenia project.
Corky, the father of the McMillin's, started developing homes in the 1960s, mainly at National City, and introduced a development firm after several years, focusing on the South Bay area. The firm was established in 1972.
McMillin rebranded their offices as it seems to appear on the Garden Real Estate and Better Homes website. The offices will still be checked by Isabel Hall, the broker and general manager. Two offices are in Chula Vista and in Bonita, and Liberty Station with only one.
A magazine owned by Meredith Corp., Better Homes and Gardens, registered its name 14 years ago to Realogy Holdings, a residential real estate firm in New Jersey. The firm sells its licenses in other respected companies like ZipRealty, Sotheby's International, Coldwell Banker and Century 21.
The revenues of $1.7 billion for the third cut of last year concluded Sept. 30, almost nine percent as compared to the previous years. Net profit was at $110 million. The firm explains it runs 13,600 offices and is managing 257,300 sales agents.
The firm Better Homes and Gardens manages over 9,800 agents and 300 offices.
Based on the statement of Sherry Chris, CEO and President of Better Homes and Gardens Real Estate, "We see an enormous opportunity in uniting these two brands."