Provincetown as seen from the air in 2019. iStock photo

Boston-based brokerage Gibson Sotheby’s International Realty is expanding its Cape Cod footprint by buying a brokerage founded by a storied figure in Provincetown home sales.

The company announced Tuesday it had acquired Pat Shultz Real Estate, previously affiliated with Coldwell Banker. Terms of the deal were not disclosed.

Pat Shultz Real Estate’s principal brokers Michael Minore, Joan Lenane and Joe DeMartino and the company’s five agents will be closing their existing office at 406 Commercial St. in Provincetown and joining Gibson Sotheby’s existing 168 Commercial St. office, where they will practice under the Gibson Sotheby’s brand.

“Pat Shultz Real Estate’s associates are some of the most productive on the Outer Cape. This represents the combination of two locally owned and operated companies at the top of the market, and together we can build on our established reputations and deliver exceptional client experiences,” Gibson Sotheby’s CEO Colleen Barry said in a statement.

The sale marks the end of the nearly 50-year-old firm, whose founder Pat Shultz became nearly synonymous with Provincetown real estate in the 1980s and 1990s. According to a report on her death in the Cape Cod Times in 2008, Shultz was born in Tennessee in 1929 and moved to Provincetown in 1959 and founded the brokerage in 1975 with her wife, Lenore Ross. Shultz, who also grew into a major benefactor of the arts in Provincetown and a fixture in town politics, sold the firm in 1996.

Pat Shultz Real Estate achieved $58.15 million total sales volume in 2023, with 53 transaction sides and an average sale price of $1.1 million, Gibson Sotheby’s spokesperson Becca Logue said in an email. The deal came about, she said, after the Pat Shultz team saw Gibson Sotheby’s buy fellow Provincetown brokerage Atlantic Bay Sotheby’s International Realty in 2020 and were “impressed with the firm’s marketing and business model” and reached out to GSIR.

“We are proud to affiliate with Sotheby’s International Realty, the most trusted and recognized real estate brand in the world,” the company’s broker/owner, DeMartino, said in a statement. “Gibson Sotheby’s International Realty’s brand recognition and reach on Cape Cod and across domestic and international markets are unlike any other. [Gibson Sotheby’s Chairman] Larry Rideout and [Gibson Sotheby’s President] Paul McGann have managed to build a brand with a local footprint as strong as its global presence, and a culture that makes you feel like family. That is extremely rare, and together we can better serve our clients.”

Provincetown clocked in $162.14 million worth of residential sales of all types across 147 transactions through November 2023 and $217.74 million across 191 transactions throughout the whole of 2022 according to the most recent data from The Warren Group, publisher of Banker & Tradesman. The Outer Cape as a whole clocked in $401.43 million in sales volume across 424 sales through November 2023, and $491.82 million in volume across 549 sales in all of 2022.