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Thursday, Mar 28, 2024
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Firms Combine for Added Strength in Two Markets

Two is better than one for Irvine-based brokerage firm First Team Real Estate and the San Clemente office of Pacific Sotheby’s International Realty. The firms merged their businesses with rival brokerages in separate deals. Financial terms were undisclosed.

First up, San Clemente-based firm Echelberger Group Inc., led by agent Doug Echelberger, joined Pacific Sotheby’s San Clemente location.

Echelberger, who lives in San Clemente, said the deal means it will offer a higher level of service to clients.

“Our affiliation with Pacific Sotheby’s International Realty will allow us to combine our local market expertise with the dominant global reach and marketing opportunities provided by the Sotheby’s International Realty brand, to ensure our clients’ success,” he said in a statement.

Pacific Sotheby’s Chief Executive and Managing Partner Steve Games said the addition will strengthen its position in San Clemente.

The San Diego-based brokerage firm was founded in 2010 by Brian Arrington, who partnered with Steve Games and Nyda Jones-Church in 2012. The company bought Newport Beach-based HOM Sotheby’s International Realty in February, creating a franchise totaling more than 30 offices and 2017 sales volume of $6 billion.

First Team Real Estate’s merger with Sonnocco Real Estate Group will help it grow deeper roots in the Long Beach market.

First Team President Michael Mahon said it found Long Beach-based Sonnocco is “cut from the same entrepreneurial cloth.”

He said in a statement that “once we were able to study their staggering productivity with regard to per capita transactions, as well as their commitment to remaining ahead of the curve with critical technological advances, we jumped at the opportunity to welcome Sonnocco to join our Long Beach associates.”

First Team said it added 243 associates in the first quarter and reported $810 million in sales. Last year’s sales topped $5.8 billion. It was founded in 1974 by Cameron Merage, and has nearly 2,000 associates.

All Aboard

Looking for a place to park your 90-foot yacht? Try the newly redeveloped 5,000-square-foot home in the guard-gated community of Linda Isle in Newport Beach. The owner is asking $16.5 million, and monthly dues are $561.

The five-bedroom, four-bathroom home hit the market two weeks ago. It has a private dock that accommodates yachts of up to 90 feet or other water vessels like a Duffy. The home also has a 97-foot patio featuring an outdoor spa and fireplace.

The contemporary-style residence has three fireplaces, a state-of-the-art video wall, an elevator and an audio and computerized lighting system. Other features include prewiring for smart-home controls and a whole-house water purification system.

The home was purchased in 2015 for $6 million by DLI Properties in Agoura Hills, an entity headed by real estate firm Strategic Acquisitions Chief Executive Peter Baer, according to property records.

The horseshoe-shaped community of homes with their own private docks offers residents amenities such as sports courts, a clubhouse and a private playground and beach.

Manal Bozarth and Scott Lytle of McMonigle Group and John Cain of Pacific Sotheby’s International Realty have the listing.

Notable Linda Isle residents: Donald Bren, Mike Harrah, George Argyros, Peter Rothschild, Gary Primm, Shirlee Guggenheim and Joseph Wambaugh.

Last fall, a nearby home sold for $27 million to a trust linked to Jeffrey Frieden, co-founder of Irvine-based real estate firm Ten-X. Frieden bought the 6,788-square-foot home from Precision Castparts Chief Executive Mark Donegan and his wife, Pamela, according to property records. Berkshire Hathaway acquired Portland-based Precision Castparts in 2015 for a whopping $37 billion, the biggest acquisition for Warren Buffet’s firm.

Lone Star Oceanfront

A Laguna Beach oceanfront property tied to Dallas couple Brian Pratt and his wife, Barbara, has hit the market with an asking price of $14.9 million. The couple also own the former Texas home of ex-Dallas Cowboys quarterback Troy Aikman.

The 4,299-square-foot home off Ocean Front has three bedrooms and four bathrooms. It features a floating staircase affording views of the split-level courtyard with a swimming pool and spa. The main living room has accordion doors that open to a deck offering direct beach access.

Built in 2012, the home was designed by the late architect Mark Singer, whose contemporary designs helped usher in the trend of modern-style homes in Laguna Beach.

Pratt is chairman and former chief executive of Dallas-based specialty construction and infrastructure company Primoris Services Corp., whose market cap is $1.45 billion.

Tim Smith of Coldwell Banker Residential Brokerage has the listing.

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