Knox Realty, a downtown Davidson real estate firm founded by the Knox family in 1973, has been sold to Allen Tate Realtors, the largest real estate company in the Carolinas by listings and sales.
Terms of the sale weren’t disclosed. The deal was effective Wednesday and makes Knox Realty’s 10 agents part of the 37-branch Allen Tate team. The office at 103 N. Main St. will remain open, eventually changing its name to Allen Tate.
“We’re all staying here, all the agents and brokers. It’s going to be the same service and quality, it’s just going to add whole new level of tools and exposure for us,” Beth Knox Sullivan told DavidsonNews.net Wednesday.
Family members, including Ms. Sullivan’s brothers Rusty and Doug Knox, had been considering a the company’s future for months. In the end, with the economic outlook still uncertain, they opted to join forces with Allen Tate. Tate was founded in 1957 by H. Allen Tate Jr. as a one-man, one-location real estate and insurance business. Its offices now extend from Charlotte to the Triangle and upstate South Carolina. The Allen Tate Family of Companies now also offers mortgage, insurance, title, relocation and home services.
“The same small-town quality, experience, knowledge and history is still here, but to take it to the next level in this economy and changing times, we’ve got the best and biggest company that’s going to back us,” Ms. Sullivan said.
Knox Realty was founded by Russell and Patricia Knox. The late Mr. Knox was a longtime local banker and mayor of Davidson. His wife founded the company along with him and ran it until her retirement last year. “We’ve known Pat Riley and Allen Tate for many years, and we knew that Allen Tate Realtors would be the right choice,” Patricia Knox said in an announcement of the sale.
The Davidson office will be managed by Allen Tate Branch Leader Stephanie Gossett and Sales Manager Susan Tillis. Ms. Sullivan said the arrangement would allow her and her colleagues to balance work and home, while focusing on sales. “We all have been in it a long time, and part of the mindset in thinking about this change was to allow the families to have more freedom from the worries of management and ownership, and to do what they do best,” Ms. Sullivan said.
Pat Riley, Tate’s president and chief operating officer, said in a press release: “We are a company founded on real estate families coming together to serve their communities with a higher level of tools and exposure. We are proud to welcome Knox Realty to the stellar list of locally owned and operated companies that are now part of the Allen Tate family.”
Ms. Sullivan said the deal with Tate is a sign of the company’s strength, amid a tough economy.
TEXT OF THE ANNOUNCEMENT
Knox Realty Joins Allen Tate Realtors
CHARLOTTE, N.C. (January 12, 2011) – Two of the region’s most well-respected real estate families are now one. Allen Tate Realtors announced today that it has joined forces with Knox Realty, Inc., a 37-year-old, full-service real estate firm located in downtown Davidson, N.C.
Allen Tate is the Carolinas’ largest real estate company, leading in listings and sales volume. The Allen Tate Company was founded in 1957 by H. Allen Tate, Jr. as a one-man, one-location real estate and insurance business, and currently operates 37 branches in the Charlotte, Triad, Triangle and Upstate S.C. regions. The Allen Tate Family of Companies also offers mortgage, insurance, title, relocation and home services.
In 1973, Knox Realty opened in Davidson under the ownership and management of Davidson natives Russell and Patricia Knox, serving Lake Norman, northern Mecklenburg and Iredell counties. The company prides itself on its tradition of public service, established by Russell Knox, former Mayor of Davidson, and is an active contributor to many community organizations and activities. The Knox family history dates back to 13th century Scotland, and its local history includes three mayors (Russell – Davidson, Joe – Mooresville and Eddie – Charlotte) who are credited for helping to shape the development of the region.
Beth Knox Sullivan, Rusty Knox and Doug Knox are excited to carry on the family’s tradition of excellence as part of the Davidson office, located at 103 N. Main Street (P.O. Box 40), Davidson, 28036. The office will be managed by Branch Leader Stephanie Gossett and Sales Manager Susan Tillis.
”Knox Realty and Allen Tate share a tradition of excellence and a commitment to community service and leadership. For years, we’ve been impressed with the success of Knox Realty and the professional manner in which they have conducted their business,” said Pat Riley, president and COO of Allen Tate Company.
“We are a company founded on real estate families coming together to serve their communities with a higher level of tools and exposure. We are proud to welcome Knox Realty to the stellar list of locally owned and operated companies that are now part of the Allen Tate family,” said Riley.
“We’ve known Pat Riley and Allen Tate for many years, and we knew that Allen Tate Realtors would be the right choice,” said Patricia Knox. “Our association with Allen Tate will allow us to continue our business with the core values on which it was founded, and provide us with outstanding opportunities in the areas of marketing and technology, to better serve homebuyers and sellers throughout the Davidson area.”
For more information, call 704-892-0196 or visit www.allentate.com.
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Allen Tate Realtors is the Carolinas’ largest real estate company with offices in the Charlotte, Triad, Triangle and Upstate South Carolina regions. Allen Tate offers the advantage of hometown service with international capabilities and the latest in real estate technology and maximum marketing exposure. Visit www.allentate.com for more information.