One Sotheby’s acquired a Sotheby’s affiliate in northeast Florida, giving the brokerage a presence along the state’s entire east coast, The Real Deal has learned.
Miami-based One Sotheby’s, led by Mayi and Daniel de la Vega, took over First Coast Sotheby’s International Realty in Jacksonville, the Palm Coast, St. Augustine, Ponte Vedra Beach and Amelia Island, said President Daniel de la Vega.
It marks the company’s eighth recent acquisition. With its latest purchase, One Sotheby’s gained 93 agents and five offices, and the firm plans to launch a new development sales and marketing division. One Sotheby’s now has 27 offices and 1,300 agents along the east coast of Florida.
One Sotheby’s, whose competitors in South Florida include Douglas Elliman and Fortune International Group, has been expanding quickly throughout the state. More recently, its acquisitions have included Melbourne-based National Realty and Sea Turtle Real Estate in Vero Beach.
De la Vega said it was a “natural expansion” for the firm to acquire First Coast, and that the northeast Florida region is “very undervalued for the lifestyle it offers.” One Sotheby’s plans to expand throughout the Sun Belt region next, he said.
Led by founders Jeffrey and Jane Chefan, First Coast was involved in sales totaling $770 million last year, according to a release. The brokerage grew when it brought on Lou Izzo, Brian Moorman, Joe Cutajar and Dan Collins in 2018.
De la Vega declined to disclose terms of the acquisition, but said Jeffrey Chefan will be managing broker of the offices, and his wife, Jane Chefan will continue as a top producer.
He added that One Sotheby’s made a “long-term commitment” to the Jacksonville market and surrounding areas, citing “an incredible amount of investment” pumped into Jacksonville, which is the largest city by area in the contiguous U.S.
In June, the brokerage hired Chris Anthony as senior regional vice president for its northern markets to lead that expansion. Anthony had previously been with Weichert Realtors for about 18 years, most recently overseeing the U.S. capital region in Washington, D.C., Virginia and Maryland.