Prudential expanding on Maui
By Andrew Gomes
Advertiser Staff Writer
By Andrew Gomes
The state's largest affiliate of the national Prudential real estate brand is expanding on Maui in a merger with an independent Kahului-based brokerage firm.
Honolulu-based Prudential Locations said it's merging with 'Aina Maui Properties to form a new company, Prudential Locations Maui, which will have three offices and about 55 agents on the island.
Previously, Prudential Locations had one office on the Valley Isle with 20 agents.
The move represents growth for Prudential Locations as one of the state's largest residential real estate firms, but also is a consolidation of brokerage firms in Hawai'i's cooling housing market where sales have dropped off and prices are flattening following a five-year boom that more or less ended in 2006.
Financial terms of the transaction were not disclosed.
'Aina Maui Properties was established in 1997 and operates out of offices in Kahului and Pa'ia.
The firm has about 35 agents and is owned by principal broker Leslie-Ann Yokouchi, who will become president of Prudential Locations Maui.
"We are excited to join forces with one of Hawai'i's top real estate firms," Yokouchi said in a statement.
Prudential Locations was established in 1969 and last year reported handling more than $1 billion in Hawai'i real estate transactions.
"We look forward to strengthening Prudential Locations' presence on Maui and expanding our company statewide," said Bill Chee, company president.
Chee said statewide expansion is a three- to five-year plan for the firm, which has about 280 agents in four offices on O'ahu and one on Maui in Kihei.
Prudential Locations is a locally owned affiliate of the national Prudential brand owned by insurance giant Prudential Financial.
There are other independently owned Prudential franchises in Hawai'i such as Prudential Maui Realtors and Prudential Iwado Realty on Maui, Prudential Orchid Isle Properties on the Big Island and Prudential All Star Realty on Kaua'i.
Reach Andrew Gomes at email@example.com.