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Business Observer Tuesday, Oct. 6, 2020 1 year ago

Luxury brokerages merge to handle hot resale market.

Both John R. Wood Properties and Vineyards Naples Properties have been in the market for decades.

NAPLES — Vineyards Naples Properties, a real estate entity that oversees sales and rentals for the Vineyards in north Naples, one of the largest residential communities in Collier County, has merged with John R. Wood Properties.

Financial terms of the deal weren’t disclosed. John R. Wood Properties will take over the existing Vineyards Naples Properties space, at 75 Vineyards Blvd., and the merged entities will operate as a John R. Wood Properties office, according to a statement. All Vineyards Properties agents will be invited to join John R. Wood Properties, plus additional agents will be brought aboard over time at that location, the release adds. The Vineyards does some $100 million a year in residential transactions.

Phillip Wood and Maria Procacci, principals of John R. Wood Properties and Vineyards Naples Properties, respectively, announced the merger together in the statement.

Vineyards Naples Properties was established in 1993 to address the needs of the residents, as Procacci found many of them loved living in the community but wanted to upgrade their lifestyle, she says. When development reached the buildout point, the new home sales division of Vineyards Realty Inc. operation was closed. “John R. Wood Properties was already doing a substantial business in the community and their culture was very much in line with ours,” says Procacci in the statement. “So it became obvious that they were the logical partner.”

Wood says the arrangement will expand the presence of John R. Wood Properties in Naples and further strengthen its position as Southwest Florida’s oldest and leading real estate brokerage. Founded in 1958, John R. Wood Properties now has 19 Southwest Florida offices, including Marco Island, Isle of Capri, 10 locations in the Naples area, Ave Maria, Bonita Springs, Cape Coral, Fort Myers Beach, Fort Myers, Sanibel, and Captiva. The brokerage has 650 agents and staff.

With 2,719 residential units, The Vineyards is second only to Pelican Bay in the number of properties, the release states. The Vineyards Country Club Community was built and developed by Chairman and Founder Michael J. Procacci Sr. and Director and Founder Joseph Procacci, Sr. The Procacci family purchased the land in 1961. Originally, the land was used for tomato farming, but the Procacci family envisioned a development that would provide a variety of higher-end lifestyles. They began developing the community in 1986.

Maria Procacci will retain ownership of her other companies including Vineyards Rental Properties, Vineyards Services Inc. concierge services for Vineyards residents and Property Management Professionals of SW FL Inc., an association management company.

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