South Bay residential real estate brokerage Shorewood Realtors Inc. has been acquired by Denver real estate holding company Herman Group for an undisclosed price.
The Manhattan Beach agency, with nine offices and more than 350 agents, held a company-wide meeting Tuesday to announce the acquisition.
Herman Group, which owns real estate companies in Colorado, Florida and Nevada, now counts upwards of 1,000 agents among its ranks.
Roger Herman, founder and chief executive of Herman Group, said he was drawn to the 45-year-old Shorewood by its work in the luxury market.
“It’s got an incredible history and culture, and it’s got the top agents in the market,” he said.
Herman said he is house hunting in the area and plans to relocate to the region with his wife and children in order to be hands-on at Shorewood, which will retain its brand identity.
“I will be operating this company personally,” he said.
Shorewood founder Arnold Goldstein, who will celebrate his 81st birthday tomorrow, will continue with the company as chairman emeritus.
“The timing was perfect, and I thought Roger was the right person to perpetuate the Shorewood name,” he said. “I thought he could take it to another level.”
Ken Adam, an agent who has worked for Shorewood since 2001, said he is optimistic about what the acquisition means for the agency.
“(Herman) has great plans to expand the company and the brand, and he seems very agent driven, so I think it’s going to be an exciting time for Shorewood over the next few years,” he said.