Terra Firma Global Partners in California Wine Country acquired by Corcoran Global Living
A San Francisco-based residential real estate firm with California and Nevada offices has acquired Terra Firma Global Partners, a Santa Rosa-based brokerage that over its 10 years has grown to host 80-plus agents in seven offices in Sonoma, Napa and Marin counties.
Terra Firma is now part of Corcoran Global Living, which before the deal was announced Monday had nearly 700 affiliated agents in 25 offices, generating annual sales of over $4 billion.
Terra Firma had $303 million in sales on 430 homes last year, according to the Book of Lists. The firm's founders and co-owners, Bill Facendini and Heidi Rickerd-Rizzo, are now partners with Corcoran Global Living.
"As someone who has held tightly to our vision and our 'story' as a company, I can enthusiastically move forward into our next chapter and the future we're building with this great team," said Rickerd-Rizzo in the announcement.
The couple started the firm in 2010, in the aftermath of the Great Recession.
"We've long strived to make this business a team sport – and we've been able to see firsthand how Corcoran Global Living also believes in giving back time, talent, and treasure in all of the communities it lives and works in. We couldn't be more excited to now be a part of that," Facedini said.
Corcoran Global Living is a franchise affiliate of New York-based The Corcoran Group LLC, which was started in 1973 Barbara Ann Corcoran. She sold the company to NRT for $66 million in 2001 and in recent years has been a recurring guest on ABC’s entrepreneur show “Shark Tank.”
Corcoran Global Living, The Corcoran Group’s first franchise, formed in February with the combination of Zephyr Real Estate and Olivery Luxury Real Estate, Inman reported at the time. Since then, there have been more than a half-dozen firms affiliated with the Corcoran brand nationwide.
One of the most recent is Elite Pacific Properties, an 11-office, 250-agent firm in Hawaii now called Corcoran Pacific Properties, according to a report Tuesday by Inman News.
"Bringing together these leading independent brokerages under the distinguished brand of Corcoran Global Living has allowed us to create a truly unique environment, one that focuses on local expertise in luxury markets, all while fostering our culture of collaboration to further elevate the experience for our sales associates and our clients alike," said Michael Mahon, founder and CEO of Corcoran Global Living, in the Terra Firma announcement. "Terra Firma Global Partners' knowledge and experience in the Napa, Sonoma, and Marin regions of California is unparalleled. We look forward to all this will bring to our affiliated agents and our clients across the markets we serve."
Correction, Aug. 19: Elite Pacific Properties affiliated with Corcoran Group, rather than being acquired by Corcoran Global Living.