The deal, which closed Monday, was confirmed to GlobeSt.com by Robin L. Webb, managing broker for the commercial division of Coldwell Banker Commercial NRT in Winter Park. Duke Properties, which is not related to Duke Realty Corp. of Indianapolis, IN, and Morbitzer will operate under the Coldwell Banker Commercial NRT flag.
The value of the deal wasn't disclosed. James and Gayle Duke, owners of Duke Properties, and Tom and Tina Morbitzer, principals in Morbitzer Group, will be senior brokers in the sales and marketing division of Coldwell Banker. Rod Clark is NRT's president for the Central Florida region.
The two brokerages posted gross commission income and property management revenue of $2.1 million in 2002, according to a published report. Duke Properties began operations in 1987; Morbitzer in 1982.
The acquisitions were NRT's third in metro Orlando since purchasing Arvida Realty Services from St. Joe Co. of Jacksonville, FL in 2002. NRT is a subsidiary of New York-based Cendant Corp. whose brands include Coldwell Banker, ERA, Century 21, Days Inn, Ramada and Avis.
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