Allen Tate Realtors is acquiring Blowing Rock Investment Properties, a full-service brokerage specializing in vacation homes, investment properties, commercial properties and primary residences. This is its first acquisition since joining Hanna Holdings, parent company to Howard Hanna Real Estate.
The acquisition gives Allen Tate its first presence in the High Country region of North Carolina, a mountainous region in northwest North Carolina. Allen Tate currently boasts more than 46 offices in Charlotte, the state’s Research Triangle area and the upstate region of South Carolina.
“The High Country marketplace has always been a natural fit for Allen Tate,” Allen Tate Companies President and CEO Pat Riley said in a statement. “For many years, we’ve been watching this special company grow in the right way, and we’re very excited to welcome Blowing Rock Investment Properties to Allen Tate Realtors.”
“We will bring the tools and resources to distinguish their agents and expose their clients’ unique listings to the local, regional, national, and investment marketplaces,” Riley added.
Blowing Rock Investment Properties is a 20-plus-agent operation with agents serving clients in Blowing Rock, Boone, West Jefferson, Banner Elk, Linville, Beach Mountain, Sugar Mountain, and Lenoir, North Carolina. The company was established in 2005.
“We owe our success to our incredible agents, who take great care of our clients and brought us to this point,” said Scott MacIntosh, president and broker in charge Of Blowing Rock Investment Properties. “I’m also extremely grateful for the professional relationships I’ve had with Pat Riley and Allen Tate over the years.”
The acquisition is Allen Tate’s first since it joined Hanna Holdings and became a sister company to Howard Hanna Real Estate, the third-largest real estate brokerage in the country by transaction sides, according to the Real Trends 500.
Combined, the two companies now have more than 11,000 agents and employees operating more than 300 offices in nine states. The investment from Hanna Holdings also gave Allen Tate Realtors the opportunity to grow through acquisition, the company said in a release.
“Part of our strategy in the joint venture with Allen Tate is to grow the company through mergers, acquisitions, and franchises in the Carolinas and Southeast as we have throughout the Midwest and Mid-Atlantic regions,” said Howard “Hoby” Hanna, president of Howard Hanna Real Estate. “Our secure financial strength and proactive approach to continued growth will keep us solidly positioned for combined success.”