Sherman & Hemstreet acquires Turner Realty
Augusta-based Sherman & Hemstreet announced Wednesday it has acquired Turner Realty Group LLC, a Lincolnton, Ga.-based boutique firm specializing in lakefront home and land sales.
Sherman & Hemstreet President Joe Edge said the acquisition will strengthen the firm’s year-old residential sales division amd expand its geographic footprint to Lincoln County, which has 400 miles of shoreline to Thurmond Lake, Georgia’s largest lake.
“They’re the dominant group in Lincoln County for lakefront property,” Edge said.
Financial terms of the acquisition were not disclosed. The Turner Realty operation, which includes an office in downtown Lincolnton, will be rebranded as Sherman & Hemstreet.
The addition of Turner’s five agents will boost Sherman & Hemstreet’s residential team to 20. The primarily commercial-focused real estate firm, whose roots dateback to 1924, has been expanding into the residential market since the 2015 acquisition of McBride Realty, which managed about 300 rental homes throughout the region. The company portfolio now has about 4,000. In April, Sherman & Hemstreet formed a residential sales division.
Edge said that lakefront properties were hit hard by the recession starting in 2007 but that the market is slowly improving.
Turner Realty President Clay Turner said Wednesday that a merger made sense because the two companies had similar goals for 2017: to target more aggressively the Columbia County market.
“We see growth potential in certain areas, and it seemed like a good fit to put those resources together and make a concerted effort,” he said. “I think the timing is right. I think there is some market share to be gained from companies that might be a little stagnant in that area.”
Turner founded the firm 15 years ago. Edge and his partners acquired the Sherman & Hemstreet brand through his former Coldwell Banker-affiliated real estate company in 2006.
Reagan Williams, Sherman & Hemstreet’s vice president, said the acquisition, coupled with the company’s organic growth, will likely cause it to outgrow its Columbia County office on Furys Ferry Road, which it moved into last May.
“We hope to have a new office picked out by the end of the year,” he said.
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