The merger was jointly announced by Peter Mendiola, CBW president, and Penny Nathan, president/CEO of Ascent, who will become a partner of CBW.
Financial terms of the deal were not disclosed, but a company spokesperson said no layoffs among administrative staff were expected.
“Sales agents from both companies are expected to benefit the most with additional technological support, resources and services now available with a larger company,” the spokesperson told Times of San Diego.
The merger is thought to be one of the largest in recent San Diego real estate industry history, according to Mendiola.
The combined brokerage will be called Coldwell Banker West, with 14 offices and nearly 1,000 sales agents, and becomes one of the largest real estate companies in San Diego County, said the firms.
The newly expanded CBW is expected to represent annual property sale volume exceeding $2.5 billion. CBW officials said sales volume in 2018 reached about $1.5 billion for CBW and about $850 million for Ascent.
“This merger creates an even larger powerhouse for Coldwell Banker, the most dominant brand for real estate in San Diego County,” Mendiola said in a statement.
Ascent Real Estate, a privately held firm established by Nathan in 2005, previously operated eight offices and has nearly 150 agents.
Ascent operated offices in La Jolla, Coronado, University City, Bankers Hill, Kensington, Mission Hills, North Park, Point Loma Village and Liberty Station. With the merger, CBW said it plans to continue to operate and enhance support at these locations.
CBW, founded in 2007, operates six offices with more than 800 agents. CBW offices are located in Downtown San Diego, Chula Vista, Bonita, Eastlake, La Mesa and El Cajon.
“Peter has been pursuing a merger with Ascent for a number of years,” Nathan said. “I believe the stars have aligned for Ascent to go above and beyond for their clients by adding the powerful Coldwell Banker brand and iconic North Star logo.”
Nathan, with two decades of experience in real estate, is a frequent motivational speaker for a real estate industry events and an originating member of “Woman Up,” an annual conference presented by the California Association of Realtors.
The conference is designed to connect female brokers with mentors and help attendees identify tools and develop skills to build their career.
She’s also a board member with Real Estate Business Services, Inc., a subsidiary of CAR that provides real estate products and services to practitioners.
As a cancer survivor, she also is an advocate and supporter for cancer research organizations. She also co-authored a book, “Before Hitting Send,” with a colleague to help real estate agents develop writing skills to make them more effective communicators.
CBW has been one of the nation’s fastest growing Coldwell Banker franchises with steady growth in recent years.
In 2017, CBW acquired Better Homes and Gardens Real Estate McMillin Realty, a brokerage that had operated in San Diego since the early 1970s.
In 2017, CBW opened a second El Cajon office in Fletcher Hills at 2382 Fletcher Parkway. In 2018, CBW opened a new Downtown San Diego office at 620 1st Ave., as well as at 9555 Grossmont Summit Drive in La Mesa. Its new office in La Mesa was previously occupied by Berkshire Hathaway Home Services California Properties.