Keyes Co. Realtors buys Illustrated Properties, creates dominant broker in Palm Beach County

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Mike Pappas (left) and Francis “Bud” Adams. Photo courtesy Keyes Co. Realtors.

Keyes Co. Realtors said Wednesday it has bought Illustrated Properties Real Estate, a deal that makes Keyes Co. Realtors the biggest brokerage by far in Palm Beach County.

The venerable companies will operate under separate names and keep their offices, said Keyes President Mike Pappas. Illustrated Properties’ agents will continue to pay the same fees and use the same business cards, Illustrated Properties Chairman Francis “Bud” Adams said.

“Everything will stay the same,” Adams said.

As of March, Coral Gables-based Keyes had 532 agents in Palm Beach County, according to state records. Palm Beach Gardens-based Illustrated Properties had 457. The No. 2 company, Coldwell Banker, reported 493 agents.

Pappas didn’t disclose terms of the deal, which brings together two family-run brokerages with deep roots in South Florida. Keyes was founded in 1926, Illustrated Properties in 1931.

Speculation about Illustrated Properties’ fate has swirled since early 2013, when President Francis “Chappy” Adams III died in a one-car crash at 4:22 a.m. in Palm Beach Gardens. The medical examiner found alcohol, Valium and cocaine in Adams’ blood.

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