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Coldwell Banker Expands Territory With One Source Acquisition

Coldwell Banker Residential Brokerage in Greater San Diego, Temecula Valley and the desert regions acquired one of the area’s largest brokerage firms late last month for an undisclosed sum. Seaman Real Estate Services, which has been operating as One Source Realty, is now part of Coldwell Banker.

“We are about building companies; we are about taking assets that are good and making them better,” said Rick Hoffman, regional president of Coldwell Banker Residential Brokerage.

One Source Realty was owned by Gregg C. Seaman and Jeanine Seaman. The brokerage had 200 sales associates in three offices in El Cajon, Mission Valley and Rancho Bernardo. The firm accounted for $725 million in closed sales volume during the past year.

With the acquisition, Coldwell Banker has 38 offices throughout San Diego and Riverside counties and 2,000 sales associates. Last year, the company had $5.8 billion in closed sales volume.

Hoffman said he was confident that combining efforts under the well-known Coldwell Banker name will enable its agents and staff to continue to provide unparalleled real estate services. One Source Realty’s offices in Mission Valley and El Cajon will help build Coldwell Banker’s market share in these areas, according to Hoffman.

“The fit geographically was good, the fit culturally is good; we look at it as a merger of strengths,” he said.

One Source’s management team will stay with Coldwell Banker. It is undetermined if Coldwell Banker will downsize staff as a result of the merger, according to Hoffman.

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Sunroad To Lower High-Rise:

San Diego-based Sunroad Enterprises announced June 26 that it will comply with the city’s orders to reduce the building height of a controversial office tower adjacent to Montgomery Field in Kearny Mesa.

Construction work on the high-rise was halted last month due to a stop-work order by the city. The 180-foot structure, just off Kearny Villa Road, will be reduced by nearly 20 feet.

The Sunroad Centrum building has been the subject of much attention from City Attorney Mike Aguirre, Mayor Jerry Sanders, area pilots and residents due to its Federal Aviation Administration designation of “hazardous.” Sunroad has always claimed that the project is not a public safety issue.

“At a time like this, being right is not enough,” said Sunroad in a written statement released June 26 at a news conference in front of the 12-story building.

“Our company is committed to public safety and this has always been our foremost concern,” it stated. “We have called Mayor Sanders to inform him of this decision and our ongoing willingness to work together on this issue.

“Instead, it is a political issue that has taken too much from the true business of city government. The time, expense and effort to reduce the height will be considerable, but again, being right isn’t always enough,” it said.

While this action should bring an end to further “mischaracterizations” of Sunroad or of the building, it does not prevent the developer from seeking damages from responsible parties, according to Sunroad.

The local developer filed a suit against the city this year for $40 million in damages for potential costs of litigation and construction.

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Home Buyers Get On FasTrak:

The Corky McMillin Cos. of San Diego has added a unique perk to homeownership in the neighborhoods of Indigo, Jacaranda and Terracotta in the master-planned community of Lomas Verdes in Otay Ranch. The local developer is providing residents with a $50 voucher for tolls on the soon to be opened South Bay Expressway when they open a FasTrak account.

The South Bay Expressway is a 10-mile express toll road that will run from state Route 54 in Spring Valley to state Route 905 near the U.S.-Mexico border.


Send real estate news to Michelle Mowad at

mmowad@sdbj.com

. She may also be reached at (858) 277-6359, ext. 3109.

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