The acquisition of the Massachusetts-based brokerage marks Lamacchia Realty’s 10th acquisition in the state over the past 16 months, adding offices in Newburyport and Amesbury.
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New England-based Lamacchia Realty has continued its expansion path with the acquisition of Massachusetts-based Stone Ridge Properties, the brokerage announced Tuesday.
For more than a year, Lamacchia Realty has been expanding its footprint in Massachusetts, and the addition of Stone Ridge Properties marks its 10th acquisition in the state, the company noted.
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“I’m very excited to finally expand our presence on the North Shore, and up the New England coast,” Lamacchia Realty broker/owner Anthony Lamacchia said in a statement.
“This merger will add significantly to our luxury sales. The owners of Stone Ridge Properties have created an excellent company that fits our culture. There is no doubt that combining our two companies makes us stronger and that is very exciting. We are looking for great success as we join forces.”
Stone Ridge Properties has been in business for over 30 years and serves the North Shore of Massachusetts, Southern Maine and Southern New Hampshire. The company has offices in Newburyport and Amesbury, which will be converted into Lamacchia Realty offices.
Stone Ridge Properties and Lamacchia Realty leadership from left to right: Jackie Louh, Tim Robinson, Nick Motsis, Celine Muldowney, Sandy Berkenbush, Cathy Toomey, Erica Puorro, Marc Ouellet, Massoud Attallah, and Anthony Lamacchia | Courtesy of Lamacchia Realty
The acquisition brings Stone Ridge Properties owners Cathy Toomey, Celine Muldowney, Erica Puorro, Marc Ouellet, Nick Motsis and Sandy Berkenbush to the Lamacchia Realty fold, along with 33 agents from the firm. . With a strong luxury market presence, as Lamacchia noted, Stone Ridge Properties agents will offer transactions in that market segment.
Lamacchia has been open about the firm’s proposal to expand, telling Inman in July that the brokerage was “100 percent at fault.” At the time, Lamacchia Realty had recently brought on M&A specialist Massoud Atallah, formerly of Anywhere Real Estate, to help guide the business’s growth efforts.
A press release from the brokerage explained that Atallah, with the help of Business Development Mergers & Acquisitions Manager Tim Robinson, made an agreement with the owners of Stone Ridge. Financial terms of the deal were not disclosed.
Owners of Stone Ridge Properties cited Lamacchia Realty’s culture, tools and agent support as incentives for joining the company.
“It was important to me to associate myself with a company that was not a franchise and that shared my core beliefs of integrity and customer service,” said Stone Ridge Properties owner Cathy Toomey. “Lamacchia fits that bill and has incredible support from its agents.”
Owner Erica Puorro added, “I couldn’t be more excited to join Lamacchia Realty. I have long admired their commitment to training, cutting-edge marketing and technology, and Anthony Lamacchia’s leadership is truly inspiring. This partnership brings great opportunities for our clients, agents and myself, overshadowing our incredible success. “
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