Naples real estate giant grows with acquisition

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.”