The Packet Group
GMAC Home Services, part of the GMAC Residential Holdings Corp., announced today it has reached an agreement to acquire New Jersey-based Gloria Nilson Realtors. Terms of the agreement were not disclosed.
Gloria Nilson’s reported sales volume in 1999 will place the firm among the top residential real estate companies in the U.S., making the acquisition a significant addition to GMAC’s presence in central New Jersey.
"Gloria Nilson Realtors is a highly respected real estate firm with a tradition of excellent service and top quality agents, and its strengths align perfectly with our strategic plan to develop strong real estate operations in New Jersey," said Pat Bell, president of GMAC Real Estate New York Metro Division.
The firm will continue to operate under the Gloria Nilson Realtors name as a division of GMAC Real Estate’s New York Metro Division. Founder Gloria Nilson remains with the company and will continue to list and sell properties, and she will also take on the expanded role of executive vice president and director of the Luxury and Elegant Homes Division for GMAC Real Estate New York Metro Division. In addition, Maureen Penta will remain as senior vice president and general sales manager.
"I chose to join my firm with GMAC Real Estate because I was looking for a new financial partner to empower my company, bringing innovative technology and access to expanded resources and opportunities as the markets and consumers’ needs evolve," said Gloria Nilson, founder and president of Gloria Nilson Realtors. "I made the decision very carefully, after much research and many suitors. I selected GMAC Real Estate because it’s a company with experienced real estate people who know and understand the business. And ultimately, what I found in GMAC is a company that my agents will be proud to be a part of, with the highest quality of service, integrity, values and a strong work ethic."
"Gloria Nilson Realtors is well known in New Jersey for stellar customer service and expertise in high-end markets," said Dick Schlott, president and CEO of GMAC Home Services. "Adding a firm of this caliber emphasizes our focus on luxury properties in the important central New Jersey region, Gloria Nilson’s reputation for quality brokerage and consumer service mirrors other recent purchases we’ve made in San Francisco (Pacific Union Real Estate), Chicago (Koenig & Strey) and New England (Hammond Residential Real Estate)."
Gloria Nilson founded Gloria Nilson Realtors in 1977 after being recognized as the number one Realtor for residential sales volume in New Jersey by the New Jersey Association of Real Estate Boards (NJAREB) for four consecutive years. She has built the firm into a dominant brokerage operation in Mercer and Monmouth counties. The firm has 350 agents and 70 employees in 11 offices in New Jersey (Hamilton, Holmdel, Lambertville, Manalapan, Middletown, Montgomery, Ocean Township, Pennington, Princeton, Rumson, Shrewsbury). Its national ranking is supported by local leadership positions: the firm is ranked number one in Monmouth County for total sales volume based on Multiple Listing Service (MLS) statistics and is a top broker in Mercer County. In addition, Gloria Nilson’s Princeton office is the highest-producing office in the town.
"Adding Gloria Nilson is the next logical step in our ‘keystone’ strategy, through which we are adding leading brokers in key markets, including New Jersey and the New York metro area," said Allen Sabbag, president of GMAC Real Estate. "Our two new GMAC Real Estate offices in Princeton Junction and soon in South Brunswick will compliment the Gloria Nilson organization in this important region."
GMAC Real Estate, based in Liberty Comer, N.J. is the consumer real estate division of GMAC Home Services, Inc. GMAC Real Estate, with more than 1,450 offices and 25,000 agents, is comprised of GMAC Real Estate network members, company-owned real estate brokerage companies and Better Homes and Gardens network members. GMAC Real Estate is one of three areas of focus for GMAC Home Services, Inc., which provides comprehensive relocation, mortgage and real estate brokerage services.
GMAC Residential Holdings Corp., based in Horsham, Pa., is the parent company to GMAC Home Services, Inc. and GMAC Mortgage Corporation. GMAC Home Services, Inc., is headquartered in Liberty Comer, N.J.
