Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-NRT Inc. of New York is expanding its Central Florida presence with the acquisition of two longtime local brokerages–Duke Properties Inc. of suburban Winter Park, FL and Morbitzer Group, a Maitland, FL-based company specializing in retail management.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.