Coldwell Banker Bain acquired Coldwell Banker Morris Real Estate, giving the combined company four offices and more than 300 agents in Oregon.
The Bellevue-based Coldwell Banker Bain is currently the nation’s fourth-largest Coldwell Banker franchise and the 17th most productive brokerage overall by sales volume, according to the Real Trends 500. With the acquisition, the company now has 300 agents in Oregon, as well as a new office in Bend to join existing offices in Portland and Lake Oswego.
The company declined to provide financial details of the sale, but expects it to close on October 1.
“Since 1993 we have been a growth company, whether that be organically or through acquisitions, and we’ve long been interested in expanding in Oregon,” Coldwell Banker Bain President Mike Grady said. “When the Morris ownership team decided it was time to retire and approached us because of our common cultures and long-term business relationship, we jumped at the chance.”
The transition will be easy for agents, who don’t have to worry about re-marketing themselves with an entirely different brand and will likely be stepping into a similar culture.
Brandon Fairbanks, who worked as Coldwell Banker Morris’ managing broker will continue to serve in that role for the Bend, Oregon, office.
“This is so exciting for us – our agents couldn’t be more thrilled,” Fairbanks said in a statement. “First off, both Coldwell Banker Bain and Coldwell Banker Morris are very well established and respected real estate companies not only within the Coldwell Banker network, but in the communities they serve. Both companies are known for integrity, ethics and professionalism.”
Coldwell Banker Morris Real Estate was originally founded as Morris Real Estate in 1969. It affiliated with Coldwell Banker in 1983 and has since grown to 96 brokers and seven staff positions with an annual average production of 14 units per broker.