Hunt buys Florida agency

Hunt Real Estate Corp. has acquired its first Florida residential real estate firm, an agency that was founded by former Buffalonian Don Herman.

Hunt purchased Herman's Mount Vernon Realty Co. Inc., a firm that was a prominent player in the Sarasota and Long Boat Key markets. Terms were not disclosed. As part of the deal, Mount Vernon Realty will change its name to Hunt Florida Real Estate LLC. The deal was scheduled to be announced Dec. 13.

"It's almost like a full-circle deal," Herman said.

Herman, 77, started out in the real estate business 50 years ago selling homes for Hunt Real Estate. He was recruited to the firm by the late C. Stuart Hunt, father of the company's current president and CEO, Peter Hunt.

Herman formed the Stovroff & Herman Real Estate Agency in 1959 and remained with the firm - now known as RealtyUSA - until 1982 when he moved to Sarasota and later founded Mount Vernon Realty.

He will remain with Hunt, serving as its chief operating officer.

"Peter and I have always remained in close contact," Herman said. "This just felt like the right time to do the deal."

Mount Vernon will keep its three Sarasota offices and close one in Nokomis.

Herman will retain ownership of Mount Vernon Property Management Co., run by his daughter, Jennifer. Mount Vernon Property Management oversees more than 800 units in the Sarasota and Long Boat Key markets.

The deal is the latest in an aggressive expansion effort by Hunt that included the opening of its first office in the lucrative Phoenix/Scottsdale market earlier this year.

Hunt Real Estate has 15 offices in the immediate Buffalo Niagara region, six in Rochester, two in Syracuse and another in Watertown.

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source: bizjournals.com