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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Coldwell Banker Elite owner buys building for firm’s office

Kevin Breen

Coldwell Banker Elite’s Massaponax office will move in less than a month to a nearby building that the firm’s owner purchased last week.

An LLC owned by Kevin Breen and his wife bought the two-story office building at 4840 Southpoint Drive for $1.15 million from an entity of the W.J. Vakos & Co., which formerly occupied the 7,500-square-foot building. The current Vakos headquarters is nearby.

Coldwell Banker Elite now rents about the same amount of space in a nearby building at 5444 Jefferson Davis Highway. Breen considered purchasing that building, which is also on the market. He said it makes sense to buy rather than rent because of current interest rates.

The Southpoint Drive building is now being painted, and Coldwell Banker Elite’s Realtors and other staff will move by July 1.

This past November, Breen and his wife also purchased the building (for $675,000) where Coldwell Banker Elite’s office on Bragg Road in Spotsylvania is located. He plans to add about 2,000 square feet to that 4,200-square-foot space.

Breen also owns Coldwell Banker Elite’s largest office in Stafford County, and leases the firm’s smaller offices in Prince William County and Locust Grove.

Permalink: http://news.fredericksburg.com/businessbrowser/2012/06/04/coldwell-banker-elite-owner-buys-building-for-firms-office/