A franchise affiliate of the Corcoran Group continues to expand in Northern California, absorbing its second residential brokerage in two weeks.
Corcoran Global Living announced Monday that it had acquired Terra Firma Global Partners, which has 80 agents across wine country in Napa, Sonoma and Marin counties.
Terra has seven offices, with residential listings that range up to about $7.5 million, according to its website. Befitting the region in which it does business, Terra also brokers the sale of vineyards, it says.
Founders Bill Facendini and Heidi Rickerd-Rizzo have been appointed partners at Corcoran Global.
The announcement comes two weeks after Corcoran Global folded in a similarly-sized Northern California brokerage, Contra Costa’s Discovery Bay Properties, which has about 100 agents.
Corcoran Global formed in February, when Zephyr Real Estate, a boutique San Francisco firm, combined with Oliver Luxury Real Estate, which focused on Lake Tahoe and Reno, Nevada. It began with 450 agents and 13 offices, which previously conducted $2.6 billion in sales in a year.
Corcoran Global CEO Michael Mahon says the firm now has 700 affiliated agents. While it did absorb Impact Real Estate in Riverside County, Corcoran Global has not yet expanded into Southern California markets like Los Angeles, Orange or San Diego.
In all, Corcoran Global has folded in 25 offices in California and Nevada. Mahon said in a recent interview that the affiliate has no plans to exit those office leases, despite the fact that much of residential real estate work is now done remotely.
A subsidiary of Realogy, New York-headquartered Corcoran Group has sought to franchise its brand under the leadership of CEO Pam Liebman. Besides California, recent franchise affiliates have been announced in Miami and Chicago.