Fredericksburg, Virginia, February 20, 2015) – Heather Hagerman of Coldwell Banker Commercial and Coldwell Banker Elite represented Thomas Wack of the Wack Companies in the purchase of The Executive Building at 607 William Street. The property will become a mixed-use development with single level condos, retail and restaurants. Now in the planning stages, the Wack Companies hope to break ground in the fall of 2015. Heather Hagerman said of the purchase, “Our client felt that this was a once in a generation opportunity, not to be passed up.”

The property, located on 1.42 acres in downtown Fredericksburg, was purchased for $2.82 million from Sandton Capital, formerly the Free Lance-Star Companies. Sandton Capital was represented in the sale by Mike Degen and Jamie Scully of Cushman Wakefield Thalhimer.

The sales and marketing of the new mixed-use development will be managed by Coldwell Banker Commercial and Coldwell Banker Elite. Heather Hagerman, Ben Keddie and Joe Pfahler will manage the sales and leasing of the commercial and retail portions. The sales and marketing of the residences will be managed by Heather Hagerman, Kevin Breen Jr. and Conor Breen.

The project’s website and first marketing pieces will be unveiled in the near future.

CONTACT:
LeAnne Perkowski (540) 369-4624, leannep@coldwellbankerelite.com