South Bay giant Shorewood Realtors acquired by Denver-based group
Forty-five years ago, Arnold Goldstein opened the first Shorewood Realtors office in Hermosa Beach. The organization has since bloomed, numbering nine offices across the South Bay with three in Manhattan Beach and some 350 agents under its name.
Last week, Shorewood held a company-wide meeting to announce a new era: The Herman Group, a Denver-based firm specializing in a variety of real estate services, has acquired the company for an undisclosed price. The Group, which employs some 700 agents and staff, owns real estate companies in Colorado, Nevada and Florida and serves as a consultant to a real estate technology company supporting real estate agents throughout the world.
Roger Herman, founder and CEO of Herman Group, plans to relocate with his family to Manhattan Beach to manage Shorewood hands-on as its new CEO and president.
“He liked the Shorewood name and what it stood for,” Goldstein, 81, said. “He came to Manhattan Beach and fell in love with the community.”
Herman, who could not be reached by press time, told the Los Angeles Business Journal that he was drawn to Shorewood’s break in the luxury market.
“It’s got an incredible history and culture, and it’s got the top agents in the market,” he told the Journal.
Goldstein said he believes the Herman Group will help improve the efficiency and technology of the company. He assured that Shorewood will retain its brand identity, local focus and function as a family business.
“If it wasn’t the right fit with the right personality, this would have never have gotten together,” he said. “We’ll just be better and more innovative with new energy to the organization … [Herman] represents what Shorewood is about, or this wouldn’t have happened.”
Goldstein said he will remain involved as chairman emeritus.
“I’m not retiring,” he reassured. “I love what I do too much.”
In addition to the original Hermosa location and its three Manhattan Beach offices, Shorewood has presence in Palos Verdes Estates, El Segundo, Redondo Beach, Palmdale and Palm Desert.