The St. Joe Company sold Arvida Realty Services, St. Joes' residential real estate brokerage unit, to Cendant Corp.'s subsidiary, NRT Inc. for approximately $158 million plus about $12 million for working capital. Arvida Realty Services in Clearwater provides a broad range of real estate brokerage, mortgage and title services throughout Florida with 3,700-licensed real estate professionals and 765 employees operating out of 110 offices. It is the largest independent real estate services firm in Florida and fifth largest in the nation. After the close of the transaction, NRT will continue to use the Arvida name for a transitional period of time then a final conversion to Coldwell Banker Commercial NRT.
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