After 43 years of business, Rehoboth Beach’s Gallo Realty has been sold to a real estate company based out of Alexandria, Va.
According to an Aug. 9 press release, starting Sept. 1, Berkshire Hathaway HomeServices Gallo Realty will be rebranded as Berkshire Hathaway HomeServices PenFed Realty. The company will continue to operate its five offices in Lewes, Rehoboth Beach, Dewey Beach and Bethany Beach.
Sal and Bette Gallo founded Gallo Realty in 1979. Since then, the company has grown to five offices in Lewes, Rehoboth Beach, Dewey Beach and Bethany Beach housing more than 100 real estate professionals, rental associates, managers and support staff. In 2014, the company joined the Berkshire Hathaway HomeServices global network.
According to the press release, in 2021, Gallo Realty saw over $600 million in sales, putting the company among the top 50 in the Berkshire Hathaway HomeServices network of brokerages. Gallo has been named to the prestigious Berkshire Elite Circle every year since it joined the network.
When reached for comment, Bette Gallo said she couldn’t discuss the merger because it won’t be finalized until the end of the month.
Gallo Realty Vice President Andrew Ratner said the local real estate company is excited to be joining PenFed Realty.
“Their focus on agent support and their culture of growth align perfectly with where we want to go. Their reach and resources give us access to powerful new programs and tools that should help our agents reach their next level of success,” said Ratner in a prepared statement.
The press release said PenFed Realty is the No. 1 independent brokerage in the Berkshire Hathaway HomeServices network of companies worldwide.
PenFed Realty President Kevin Wiles said he and his team are looking forward to now serving the coastal Delaware region. Gallo Realty and PenFed Realty are focused on maintaining a culture centered on integrity and innovation, and are well aligned for this merger, he said.
“Gallo Realty is that rare company that’s both an industry leader and a beloved pillar of the community,” said Wiles in a prepared statement. “They’ve built a strong reputation with their growth and success while earning amazing goodwill for their service and dedication to their community, clients, agents and employees.”
Gallo Realty, which already manages more than 500 vacation and long-term rental properties throughout coastal Delaware, will look to expand its property management division after the merger, said the press release.
The company will continue to operate its Gallo Gives Foundation, and the company’s management and staff in both the sales and rental divisions will remain unchanged.
Berkshire Hathaway HomeServices PenFed Realty is a full-service real estate company with an annual sales volume of over $8 billion. Based in Alexandria, Va., the company has more than 2,000 agents and 60 offices, providing complete real estate services nationwide.