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The owner of Coldwell Banker Elite has inked a deal that gives his firm a strong presence in the Fredericksburg-area commercial real estate brokerage business.
Coldwell Banker Elite owner Kevin Breen in late December closed on a deal to buy the assets of Silver Commercial Brokerage, a division of the Silver Cos. that was launched in 2010.
Financial terms were not released.
Employees were told late Thursday afternoon. Coldwell Banker Commercial President Fred Schmidt traveled to Fredericksburg to meet with the agents and go over details of the change. Schmidt said he is optimistic about the Fredericksburg area's growth prospects.
Nine sales and leasing agents who were part of Silver Commercial will now be part of Coldwell Banker Commercial Elite, giving the latter a total of 14 commercial agents. No jobs will be lost. The former Silver Commercial agents will keep their same real estate listings, many of which involve Silver Cos. developments.
That means the Silver Cos. will be one of Coldwell Banker Commercial Elite's largest clients, though the agents will also be able to pursue commercial listings unrelated to Silver. Coldwell Banker Commercial Elite will lease the roughly 5,500-square-foot bottom floor of the Silver Cos.' headquarters building in Central Park to run the new operation.
The development side of the Silver Cos.' business won't be affected by the sale and will remain on the second floor of the headquarters building. Two Silver Cos. employees--Jervis Hairston and David Newman--will have dual roles, working on both the development side for Silver and the brokerage side for Coldwell Banker.
Coldwell Banker Elite has long been one of the leading residential real estate brokerage firms in the Fredericksburg area, but its commercial operation has been much smaller. Breen said he approached Silver principal Jud Honaker last year with the idea of the deal.
Honaker said the illness and subsequent Nov. 8 death of Silver Commercial executive Lisa Henderson Golden left a management void at the firm. He decided that the deal made sense, particularly because he will be working with the same agents in the same office space. He said Breen has a long history working with Silver.
Honaker and Breen both believe that Coldwell Banker's national platform will create more opportunities for the agents who have joined the new firm.
Bill Freehling: 540/374-5405