PenFed Acquires Commercial, Residential Real Estate Firm
Prudential PenFed Realty, a wholly owned subsidiary of Pentagon Federal Credit Union, said it has acquired Prudential Coastal Properties, a Florida-based agency.
The 12-year old Prudential Coastal Properties offers buying and selling services for residential and commercial properties ranging from empty lots to multi-million dollar homes to business buildings from Pensacola to Panama City, Fla., according to the credit union.
After the merger, the agency will be renamed Prudential PenFed Realty and plans to expand from its current staff of 32 agents to as many as 50 by the end of 2013, PenFed said.
The agency being acquired will continue to manage sales after the merger and Royce Mitchell, a longtime Florida resident and real estate agent, will serve as the broker-in-charge, according to PenFed.
With more than 20 years of experience in the real estate industry, Mitchell previously managed a separate company with more than 150 employees.
Prudential PenFed Realty is owned by the $15 billion PenFed in Alexandria, Va. The real estate company has annual sales volume of more than $1.7 billion serving PenFed members as well as the general public, according to the credit union.
With 40 offices and more than 1,000 employees Prudential PenFed Realty said it offers service coverage in the Maryland, Northern Virginia, West Virginia, Pennsylvania, Delaware and Washington, D.C., markets as well as parts of Tennessee, Kentucky, North Carolina, Texas and Florida.
In July, Prudential PenFed Realty acquired the Prudential Professional Realty franchise in Clarksville, Tenn.