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Business Observer Sunday, Apr. 24, 2022 2 months ago

Naples real estate giant grows with acquisition

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Pine Island Realty has about a dozen agents.

John R. Wood Properties, one of the largest real estate brokerages in Southwest Florida, has acquired Bokeelia-based Pine Island Realty. Terms of the deal, which became official April 1, weren’t disclosed.

In business since 1980, Pine Island Realty and its team of some 12 agents represent more than $100 million in residential transactions annually throughout Bokeelia, St. James City, Matlacha and Cape Coral, according to a statement. In addition to the company’s staff and real estate agents, owners Mike Faulkner and Brian Faulkner have joined John R. Wood Properties and will remain active as vice presidents within the company, the release adds.

“This move expands our presence in the Fort Myers/Cape Coral area of western Lee County and further strengthens our position as southwest Florida’s oldest and leading real estate brokerage,” John R. Wood Properties President and CEO Phil Wood says in the statement. “Incorporating Pine Island Realty into the John R. Wood Properties family will help all of our agents realize a larger selection of listings for our clients while helping preserve our number one market share in the two-county (Lee, Collier) area.”

Two Pine Island Realty sales offices, at 5400 Pine Island Road in Bokeelia and 2959 Oleander St. in St. James City, are being transitioned to John R. Wood Properties offices, bringing the company to 21 locations throughout Southwest Florida.

Naples-based John R. Wood Properties has almost 700 real estate agents and actively serves Marco Island, Isles of Capri, Naples, Ave Maria, Bonita Springs, Estero, Fort Myers, Fort Myers Beach, Cape Coral, Sanibel, Captiva and Pine Island. The firm surpassed all Southwest Florida residential real estate brokerages in 2021 sales volume, listings sold and total closed units. It reported a record-setting 2021 written sales volume of $5.83 billion, while also leading the Collier and Lee County market with 3,054 listings sold and 6,109 total closed units.

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