San Francisco Bay Area based luxury broker Pacific Union GMAC Real Estate will be sold to a smaller brokerage as part of ongoing efforts by its parent company to convert corporate-owned offices into independent franchisees.Canadian-based Brookfield Residential Property Services, which acquired GMAC Home Services LLC last year, plans to drop the GMAC name and rebrand its U.S. network of real estate companies by the end of the year. In the meantime, it is carrying out a reorganization that has included the sale of company-owned GMAC Real Estate offices in New Jersey and Massachusetts.Brookfield RPS managing partner and chief executive officer Graham Badun last month told Inman News the company will sell its U.S. brokerage offices only to owners who agree to continue as company franchisees (see story).In the latest such move, Pacific Union GMAC is to be acquired by the principals of Morgan Lane Marin Inc., who will operate the companies under their existing names as independently owned an...
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