Gambino Realtors Home Builders, Inc., has been purchased from Paul Gambino, chief executive officer, by Frank M. Gambino, president of Gambino Home Builders, and Jon Krause, president of Gambino Realtors GMAC.
The new owners are partners in both businesses and Paul Gambino will remain with the company in an advisory capacity.
Other members of the management team will remain with the firm.
The purchase keeps the areas second-largest and second-oldest real estate company in the Gambino family while adding a partner.
Frank M. Gambino is the third-generation family member to be involved in the company, which was founded by Franks grandfather, Frank Gambino, in 1923.
Frank M. Gambino is Paul Gambinos son. Krause has been associated with the firm since 1993.
Weve been planning an orderly succession for some time now, said Frank M. Gambino. My father turned 70 recently and, understandably, wishes to have less daily involvement.
The company will continue to serve Rockford, Belvidere and the Roscoe/Rockton areas with our 150 Realtors and will offer ever-better products and services to homeowners, said Jon Krause.
Frank M. Gambino added: One recent example is our Highlands subdivision. Its the first one in this area to have every home in a development be designed and built so that it is accessible to all with wider doorways and hallways, at least one no-step entrance and at least one bedroom and bathroom on the main floor.
Gambino Realtors Home Builders, Inc., GMAC, is a full-service real estate company with residential, commercial and home-building divisions serving northern Illinois. It is in the top 10 for area home construction. Gambino Realtors was founded in 1923 and is in its 83rd year.
From the May 24-30, 2006, issue