Parker Ranch is selling its real estate arm as the 152-year-old operation continues to liquidate assets and trim operating costs after a year of multimillion-dollar losses.

Clark Realty Corp., the Big Island's largest real estate firm, will acquire the assets of Parker Ranch Realty on Dec. 1, the two companies announced last week in a joint statement.

"This change is part of the overall strategy as Parker Ranch Inc. transitions out of its noncore businesses including general real estate brokerage," Bill Maris, Parker Ranch Inc. chief operating officer, said in the statement.

The terms of the sale were not disclosed, and Maris did not respond to a request for comment.

Clark Realty, which claims to be among Hawai'i's 10 largest realty firms, has more than 130 agents, eight full-time property managers and 23 administrators and staff.

It was unclear if Clark Realty will retain all of the Parker Ranch Realty employees or the size of that workforce.

Putman "Putty" Clark, president and CEO of Clark Realty Corp., called the deal a "win-win relationship for everyone."

"We are very excited about the opportunity this acquisition represents," Clark said. "It brings together some of the most talented Realtors on the Big Island and will strengthen Clark Realty's presence in a very positive way."

The company also has six Big Island offices and will move its Waimea operation to the Parker Ranch Realty space in Parker Ranch Center.

Parker Ranch Inc. is owned by the Parker Ranch Foundation, which was started in 1992 for the benefit of four local charities: North Hawai'i Community Hospital; Hawaii Preparatory Academy; Parker School Trust Corp.; and the Richard Smart Fund of the Hawaii Community Foundation.

Once boasting a 550,000-acre cattle operation, Parker Ranch has spent nearly $30 million in cash reserves since 2006, its last profitable year.

Last month, the Parker Ranch board of directors announced a "change in strategy" in response to "difficult economic conditions, which have produced continuing losses."