The acquisition reaffirms Arvida's strategy to focus attention on commercial and residential real estate sales in the rapidly growing southwest Florida market. Arvida is the brokerage division of Jacksonville-based St. Joe Co.
Through the acquisition, Arvida now controls three office sites in Charlotte County with a staff of 40 sales associates. It now operates 12 offices in the eight-county Southwest Florida region.
Investors Realty reported $60 million in sales last year through 700 transactions. The company focuses in long-term and short-term rentals and resort property management. It also manages about 300 rental units.
"We have been wanting to expand our market presence north of the Fort Myers area for quite some time and recognized (Investment Realty) as an excellent entree into Charlotte and Desoto Counties," Charles Richardson, Arvida Realty Southwest Florida regional president, says in a prepared statement.
Investors Realty was founded in 1983 by principal owners F. Richard Leonard and Jeffrey Leonard. The two will remain as part of the new Arvida operation in Charlotte County and will report to Joe Saber, the regional managing broker.
"We felt that it was time to affiliate with another reputable company that could help us broaden our opportunities to better serve our clients and enhance our associates' marketing abilities," Jeffrey Leonard says in the prepared statement. "For us to continue to grow, keep pace with technology and meet customer demands, we saw a partnership with Arvida Realty Services as the ideal solution."
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