One Sotheby’s heads north, acquires Jack Nicklaus-owned Coastal Sotheby’s
Deal adds about 65 agents and three offices in Palm Beach Gardens, Jupiter and Stuart to One Sotheby's
One Sotheby’s International Realty just closed on the acquisition of another brokerage, Coastal Sotheby’s International Realty, as it continues expanding north.
The deal adds about 65 agents to the Miami-based firm and three offices in Palm Beach Gardens, Jupiter and Stuart, managing broker Kelly Martin told The Real Deal. Coastal Sotheby’s sales volume totaled about $115 million last year and so far this year, about $125 million.
Owners Jack Nicklaus, Ira Fenton, Tucker Frederickson and Bob Whitley will stay on in an advisory role. They reached out to One Sotheby’s president Daniel de la Vega earlier this year to arrange the deal. “We really wanted to be able to capture more market share … and give our agents a competitive advantage in this market,” Martin said.
The firm became a Sotheby’s affiliate in 2008, according to published reports. It was previously The Bear’s Club Realty Co. and was active in the golf club community, which is home to a Jack Nicklaus Signature Golf Course. Coastal Sotheby’s is active in northern Palm Beach and Martin counties, including Jupiter and Palm Beach Gardens.
One Sotheby’s has been on an acquisition spree, buying Aventura firms One Miami Group Brokers and Turnberry International Realty this summer and Bay Harbor Islands-based Crescendo Real Estate last year. It now has 15 offices and more than 750 agents.
Competitors Brown Harris Stevens and Douglas Elliman have also been buying brokerages in South Florida.