Illustrated Properties buys JT Brokers of Jupiter

Firm's 12 agents will become part of Illustrated Properties

TRD MIAMI /
Jan.January 27, 2017 02:15 PM

From left, Keyes President Mike Pappas, JT Brokers co-owner Jeff Coffey, JT Brokers co-owner Doug Long, JT Brokers co-owner Pam Coffey, Illustrated General Manager Virginia Spencer and Keyes Senior Vice President Steven Reibel.

Illustrated Properties, the largest independent brokerage in South Florida, just acquired JT Brokers.

Jupiter-based JT Brokers, owned by Jeff Coffey, Pam Coffey and Doug Long, specializes in the residential marketplace in Palm Beach County and will now integrate its 12 agents into the Illustrated Properties brand, according to a release.

Mike Pappas, president of Keyes Co., which merged with Illustrated last year, told The Real Deal the 35-year-old JT Brokers firm looks to benefit from shared resources through the sale.

“As technology costs continue to rise, size and scale to run an operation is necessary,” Pappas said. “With JT Brokers being an established firm, they felt like the opportunity to get the technology and tools that comes with the Illustrated Properties’ brand was key to continue to serve their customers.”

Illustrated Properties declined to provide the price of the JT Brokers acquisition.

In July 2016, Illustrated Properties joined with Keyes to form South Florida’s largest independently owned firm, and both continue to operate under their individual brands.

Pappas told TRD that Illustrated Properties plans to further expand this year in South Florida.

“There’s a lot of consolidation going on and it’s accelerated due to the strain of the business, with the growing need for technology and volume,” Pappas. “This year, we foresee continued consolidation because the margins are thinner.”


Related Articles

arrow_forward_ios
Downtown Abacoa and Michael Nortman of FLF Holdings (Credit: Google Maps)

Dallas firm buys retail component of Jupiter mixed-use project

Nick Mastroianni and Harbourside Place

Mastroianni’s Harbourside Place settles with Jupiter over code violations

Jamie McCourt and 160 Spyglass Lane

Former co-owner of the LA Dodgers buys waterfront Jupiter estate

PLS is a new platform hoping to make whisper listings all the rage in South Florida

Pocket listings flourish in South Florida as agents eye new platforms

President Trump and Mar-a-Lago (Credit: Getty Images)

Revenue fell at Trump’s Palm Beach properties in 2018

Randy Carballo and Ileana de la Torre

Movers & Shakers: Blanca CRE poaches Randy Carballo from JLL & more

From left: Steve Reibel, Beth Patterson, George Coloney, Jennifer Coloney, Wendi Iglesias and Paula Renaldo

Keyes Company pinches Fort Lauderdale team from RelatedISG

Former NHL player sells Jupiter mansion to NextEra Energy CFO

arrow_forward_ios