Coldwell Banker, a household name in real estate, is expanding its commercial turf in South Florida by acquiring one of the oldest firms in Palm Beach County.

Coldwell Banker Commercial NRT said Wednesday it bought the assets of Jack Lupo Realty Co., a Boca Raton-based boutique agency started in 1939. Financial terms were not disclosed.

The combined entity will take the Coldwell Banker Commercial name and have 35 agents. It will work from two separate offices until August before moving into one building in the Boca area.

The deal allows Coldwell Banker Commercial to double its operations in northern Broward, Palm Beach, Martin and St. Lucie counties. The newly combined firm will be a stronger competitor for some of the industry's top commercial brokerages, including CB Richard Ellis, Cushman & Wakefield and Trammell Crow Co., officials say.

Last year, Lupo and Coldwell Banker's commercial operations in Florida accounted for a combined $1.8 billion in sales.

Coldwell Banker Commercial approached Jack Lupo nearly four years ago, but he decided at the time to sell to four of his sales associates -- Ron Kent, Mike Ball, Tom Robertson and Duff Robin.

Coldwell Banker talked to Lupo again last fall about buying the firm.
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