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

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Financial adviser buys historic downtown property

A local financial adviser recently purchased an 18th-century downtown Fredericksburg property that will serve as his business’ new home.

Edward Jones adviser Lee Murray on Friday bought the 1,872-square-foot property at 1011 Charles St. that is known as the “Federal House.” He will move his brokerage business to the first floor of the building from his current location on Town & Country Drive in Stafford County.

Murray hopes to be in the new space by Nov. 1 following a minor renovation. He said he loves downtown and wanted to own rather than rent his business space.

Murray, through an LLC, bought the building from the Richmond-based DurretteCrump law firm. Tory Willis, an attorney for DurretteCrump, will remain on the second floor and lease the space from Murray.

Edward Jones adviser Kamal Malhis has his office a block over on Charles Street from where Murray will be. Murray said each adviser has his own established business, and said Edward Jones gave him permission to locate his office close to the other one.

Cushman & Wakefield | Thalhimer broker Jamie Scully represented Murray, and Johnson & Glazebrook broker Mike Wood represented DurretteCrump. The sales price was $395,000.