DALLAS, May 4 /PRNewswire/ -- In what may be the most significant growth move in Texas real estate history, two of Dallas/Fort Worth's most prominent residential real estate brokerages were acquired last week to create Coldwell Banker Real Estate's biggest operation in the Southwest. With combined resources of more than 1,100 professionals and 33 offices, the new company -- Coldwell Banker Residential Brokerage -- was formed with the acquisition of Dallas-based Coldwell Banker Paula Stringer, Realtors, and Fort Worth-based Wm. Rigg, Realtors, by NRT Incorporated. NRT, based in the Northeast, is the nation's leading residential real estate brokerage company. The two merged companies' combined sales in 1998 were $2.6 billion gross volume from sales of 18,041 units and 11,236 listings. Citing market strength, unlimited future growth and the broadest base of related services available anywhere in the nation as the initiative for the acquisition, principals from the two North Texas brokerages said the move signals the most important growth step in the real estate industry in the Southwest region of the United States. "Our company and professionals are now positioned to provide some of the most comprehensive and leading-edge residential real estate service available in the industry," says Susan Dunn Arnold, former president/CEO of Coldwell Banker Paula Stringer, who was named president of the Dallas area of the new company. "We are extremely pleased to be a part of one of the most exciting growth explosions in the history of Texas real estate." Charles Rogers, former president/CEO of Wm. Rigg who now heads Fort Worth- area operations of Coldwell Banker Residential Brokerage, described the acquisition as a major step to provide critical global connections now and in the future. He said, "Wm. Rigg has been a strong company with in-depth local traditions for many years, and this alliance takes us light years ahead." The addition of the strong, locally-oriented Fort Worth company is expected to provide unmatched depth to market penetration throughout a 16-county area. "Together we have more than a century of service history in the Metroplex," Ms. Arnold says. "Now we can give our buyers and sellers not only the best local tradition of industry service but also state-of-the-art international networks and allied services." The two principals joined Ralph Burnet, NRT's Regional Senior Vice President for the Central United States, senior vice president, Midwest region of NRT, Inc., Monday (May 3) in Arlington to divulge news of the acquisition of their companies to the media, their joint corporate staffs, sales associates and other industry figures. The acquisition includes Coldwell Banker Paula Stringer's two wholly owned subsidiaries, Coldwell Banker Barbara Hensley and Coldwell Banker Whiteside Associates, both of which are major local brokerages dominating their market areas and acquired by CBPS in the last two years. Buyers and sellers may contact any Coldwell Banker Paula Stringer or Wm. Rigg office, all of which have been newly bannered with Coldwell Banker Residential Brokerage.
SOURCE Coldwell Banker Residential Brokerage