MALIBU, Calif., Sept. 2, 2014 /PRNewswire/ -- Sotheby's International Realty, Inc., a leading residential real estate brokerage firm representing fine properties in some of the nation's most sought-after markets, announced today that it has acquired the assets of Terra Coastal Properties, Inc., which previously did business as Prudential Malibu Realty in Malibu, California. The operations of the respected 68-year-old firm will now conduct business as Sotheby's International Realty. This acquisition will broaden Sotheby's International Realty's existing local operations in Malibu, which will now include three offices and more than 60 independent sales associates.
Under the leadership of General Manager Michael Novotny, Terra Coastal Properties has provided professional real estate services to the Malibu and Topanga communities since 1946. Novotny will join Sotheby's International Realty as vice president and brokerage manager and will lead the company's combined operations in the Malibu marketplace.
"Terra Coastal Properties has long been respected in Malibu as a premier real estate brokerage firm and it will be an ideal fit in our organization," said Frank Symons, executive vice president and chief operating officer of Sotheby's International Realty's Western Region. "Their sales associates are deeply invested in Malibu, where they have lived and worked in the community for decades. We are excited to work with them and provide access to new marketing platforms to help expose their listings to the world through the Sotheby's International Realty brand."
In Southern California alone, Sotheby's International Realty, Inc. will now have over 700 independent sales associates and 16 office locations that accounted for over $4 billion in sales volume in the 12-month period ending July 31, 2014."Sotheby's International Realty is recognized globally as a leader in luxury real estate services," said Novotny. "Their network of more than 15,000 independent sales associates, relationship with the esteemed Sotheby's auction house and state-of-the-art marketing systems will create even more opportunities for our sales associates to succeed. Moving forward with Sotheby's International Realty offers our associates and clients the best of both worlds: local experts focused on providing white-glove service with the strength and reach of an international marketing organization."