Kinlin Grover GMAC sold to Rhode Island powerhouse

Kinlin Grover GMAC Real Estate Acquired by Randall Realtors GMAC Real Estate
Creates firm with more than $700 million in sales in three states

Combined, the Company Now Has 18 Offices and More Than 400 Sales Associates in Rhode Island, Connecticut and Massachusetts

Kinlin Grover GMAC, Cape Cod's largest real estate company, has merged with Rhode Island-based Randall Realtors GMAC, to form a powerful residential and commercial presence extending south to Connecticut - with a strong focus on waterfront and second-home properties. The acquisition by Randall Realtors, announced Friday, also will strengthen both firms' abilities to market worldwide through a strong connection with Brookfield Residential Property Services, which purchased GMAC last year. It is a leading global provider of real estate and relocation services and technology, headquartered in Toronto.

The combined companies' businesses include: residential real estate; commercial real estate; second home sales and rentals; yearly rentals; new construction; property managing and commercial leasing. Douglas Randall, who founded his firm three decades ago, emphasized that Kinlin Grover will continue to be managed locally by Executive Vice President Bett McCarthy - respectful of Cape Cod's unique and very community-based geography and culture.

"One of the values we saw in the company was the strength of its management team," he emphasized. "Kinlin Grover is very well positioned in the Cape market. We just want to enhance it by bringing more support to its agents. As No. 1 on the Cape, it can continue to grow here and beyond."

"One of the values we saw in the company was the strength of its management team," he emphasized. "Kinlin Grover is very well positioned in the Cape market. We just want to enhance it by bringing more support to its agents. As No. 1 on the Cape, it can continue to grow here and beyond."

McCarthy, who was director of the Greater Boston Realtors Association before joining Kinlin Grover, called the acquisition a "perfect fit given the similarities of the two markets. Both divisions are dedicated to fulfilling the dreams of a lifestyle in a waterfront community"

Randall Realtors' general manager, Michael Schlott, said both companies will maintain their separate names and identities, emphasizing that the transaction should be seamless to consumers. "Each company and brand has tremendous value in their respective markets," he noted.

Randall said he was attracted to the culture within Kinlin Grover. "We are mirror images of each other. We are both number one in our markets; we both have extremely well-trained agents and professional managers; we both specialize in waterfront properties as well as summer rentals; and we both work with many high-end transactions."

Kinlin Grover's sale price was not made public, but its acquisition follows several months of intense negotiations involving numerous suitors for the Cape's dominant real estate company, which boasts 15-percent market share based on total-dollar value. That's nearly three times more than any other real estate company.

In 2008 Kinlin had 900 sales in 11 offices

Last year, Kinlin Grover's 250 agents and 25 staff across 11 offices were involved in some 900 sales valued at more than half a billion dollars - despite the economic downturn. So far this year, it has 695 active listings, 66 percent more than the next-largest firm.

Randall Realtors currently has seven offices in Rhode Island and Connecticut with about 150 agents. Like Kinlin Grover, it affiliated with the Better Homes & Garden network before becoming part of GMAC, where Randall is a member of its hall of fame.

All its offices are coastally located, including in quaint fishing and whaling villages such as Wickford, as well as Charlestown, Westerly and Mystic - across the street from the seaport.

Like the Cape, these towns are popular second-home communities, attracting buyers from many of the same locations, noted McCarthy. Currently, nearly half of the Cape's residences are second homes.

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