Howard Hanna Real Estate announced Monday it had acquired Atlantic Coast Real Estate at the Oceanfront.
Dennis Cestra Jr., vice president of the Southeast region for Howard Hanna, said he was introduced to Brady McNaughton, principal broker and owner of the company also known as ACRE, in early December.
“Our Laskin Road manager, who has been with us about 30 years, Jack Voss, introduced me to Brady,” Cestra said. “I would say we hit if off pretty quickly.”
Cestra said these types of deals usually take years to foster and build a relationship.
“We’re sitting here in very early February about to announce and close today,” he said.
ACRE, on the corner of 34th Street and Pacific Avenue, is in its fourth year of business.
“One of the great things about this deal is our Oceanfront office is on the corner of 34th Street and Pacific Ave.,” Cestra said.
“We share our building,” McNaughton said. “We share a wall; I’m in the suite adjacent to them. That’s where I opened up shop.”
Gail Coleman, Howard Hanna’s Southeast region market president, called it a perfect marriage.
The companies will combine forces and considered joining the two offices, but will keep them separate for now.
Eight sales associates plus McNaughton will join with Howard Hanna’s four agents. And the plan is to recruit five high-producing agents within the next month.
“We’re turning a satellite office into a full-service office,” Cestra said. “It will have a loan officer, title representative, insurance representative and many more agents."
Cestra said the agents at the office do a high amount of volume, including the neighborhoods of Birdneck Point and Bay Colony where prices are usually $500,000 or higher.
“Atlantic Coast’s overall company has an average sales price of $405,000,” Cestra said.
Neither company chose to reveal the cost of the acquisition.
“Howard Hanna affords our sales associates a real opportunity to further grow their business with industry leading tools, training, marketing and support,” McNaughton said.
“I’m excited to really start creating value for our new sales associates who will be coming onboard,” Cestra said. “He (McNaughton) is a very high-level individual who will make significant impact on our company and on our future going forward. This isn’t the end of strategic partnerships we hope to form with operators throughout the area. We hope this is just the tip of the iceberg.”