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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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Atlantic Builders buying former bank branch

Atlantic Builders will buy this former bank branch in Fredericksburg and turn it into its new headquarters.

A local homebuilder will purchase a former Union First Market Bank branch in Fredericksburg and renovate it into its new headquarters.

The owners of Atlantic Builders, which is now based on Ballantraye Drive in Spotsylvania County, will officially close Friday (Dec. 28) on the former bank branch at 1975 Jefferson Davis Highway in the Twin Lakes area of the city.

The company hopes to move to the new location sometime around April following a renovation that will involve adding a bathroom and reconfiguring the former lobby, said Atlantic Builders CEO Adam Fried. He liked the increased visibility of the 2,750-square-foot building, which is also larger than the company’s current home.

Union closed the branch in May and listed it for sale with Michael Colangelo of Johnson Realty Advisors. Colangelo also worked with Fried and fellow Atlantic Builders principal Tom Schoedel on the deal.

The sales price is $600,000. The property is tax-assessed at $1.28 million, according to city records.

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