CORE Network Finalizes Take-Over of Realty Resources

"It's a pure merger," Perry Morita, vice president of business implementation for Dallas-based CORE, tells GlobeSt.com. "Both are bringing things to the table." And neither party has put up any money for the transaction, he says.

The combined organizations' headquarters will be Dallas, with CORE lining up a larger office at its 15150 Preston Rd. address. Realty Resources will close the East Coast office and its executive director, Dee Latham, will come to Dallas. All should be in place by June.

The merger brings a retail division to the CORE Network as well as increased coverage for the partner firms, which will now have representation in 90 US markets. The CORE Network consists of 68 independently owned, full-service commercial real estate firms that produced in excess of $17.7 billion in gross transactions in 2001. Realty Resources consists of 12 firms that completed $1.5 billion in gross transactions last year.

"It was unusual to find a like-minded organization," said Scott Rickard, who holds onto CORE's presidency. The merger is a good deal from an organizational standpoint as well as the benefits that it will bring to the clients, he added.

Nearly 30 partner firms will provide the basis for CORE's retail division, an asset that will be cultivated to end up equal to its office and industrial divisions, Morita says. The merger will make its first run at ICSC's annual gathering in Las Vegas. CORE and Realty Resources will share a booth and promote their union.

Realty Resources' chairman Richard J. Brunelli said the merger "will enable us to provide a level of service that will be unparalleled in the commercial real estate industry." Partner firms will now have the capability to "deliver the benefits of local presence and expertise to clients with regional and national requirements, on a seamless and consistent basis," he added in his statement. Realty Resources' 12 retail partners have serviced literally all of the Top 100 retailers in the nation, offering a one-stop shop approach for real estate solutions.