An investment group led by real estate veteran Dick Schlott recently purchased New Jersey-based Gloria Nilson GMAC Real Estate, creating the largest GMAC Real Estate franchise in the northeastern United States, according to an announcement released today.

An investment group led by real estate veteran Dick Schlott recently purchased New Jersey-based Gloria Nilson GMAC Real Estate, creating the largest GMAC Real Estate franchise in the northeastern United States, according to an announcement released today.

SCS Realty Investment Group LLC paid an undisclosed amount for Gloria Nilson GMAC Real Estate, which has 16 offices and more than 700 sales associates operating in southern New Jersey. As part of the agreement, Gloria Nilson GMAC Real Estate will continue to operate under that name and will become a franchisee of GMAC Real Estate, owned by Canada-based Brookfield Residential Property Services.

"The Schlott name is synonymous with New Jersey real estate and we are absolutely thrilled Dick has chosen to purchase these offices and in turn, become a franchisee of our company," said John Bearden, president and CEO of GMAC Real Estate, in the statement.

Schlott, who has held key positions at Realtor associations at the local, state and national levels, and as CEO of GMAC Home Services, founded Schlott Realtors in 1971 and grew the firm into a 140-office real estate brokerage operating in five states with annual sales of more than $7 billion, before selling the company in 1991, according to the announcement.

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