UPDATED Jan. 13, 2016 2:10 p.m.: Tony Cho’s Metro 1 has acquired Sycamore Realty Advisors, marking the brokerage’s expansion into Palm Beach County.
Mark Roberto and Frank Fausone, principals of the full service West Palm Beach-based real estate firm, will stay on and lead the Palm Beach division, with plans to add additional agents, according to a Metro 1 spokesperson. Roberto also has experience as a mortgage banker and private equity associate, while Fausone has focused on multifamily and hotel deals.
In 2016, Sycamore had 11 agents and closed about $40 million in deals, including a $6.5 million bulk condo sale in West Palm, according to a press release.
The acquisition marks a continued expansion north for Metro 1, which branched out to Broward County in late 2014. Now Metro 1 has 40 listings in Fort Lauderdale and Oakland Park, and plans to open an office in the FAT Village arts district later this year. The Fort Lauderdale office is aimed at targeting millennial and empty nesters moving from cities like Plantation, Weston and Coral Springs to more urban, walkable neighborhoods on the east end of Broward.
Metro 1, led by Cho, is based in Wynwood, where Cho is a developer and one of the neighborhood’s more active brokers. In all, the firm now has a total of 17 commercial agents. Metro 1 focuses on urban, pedestrian-friendly neighborhoods, and more recently announced a partnership with Bob Zangrillo to develop Magic City, a $1 billion mixed-use project announced for Miami’s Little Haiti neighborhood.
Cho could not immediately be reached for comment. – Katherine Kallergis