THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Thursday, December 8, 1994 TAG: 9412080419
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: BY MYLENE MANGALINDAN, STAFF WRITER
LENGTH: Short : 42 lines
Rose & Krueth Realty Corp., the fourth-largest home seller in South Hampton Roads, is about to expand its horizons.
It acquired Marshall-Ewald Realty Inc. of Virginia Beach on Wednesday. The purchase could propel Rose & Krueth into the top three in residential real estate sales.
Rose & Krueth's acquisition establishes the firm's foothold in the Lynnhaven area of Virginia Beach, which goes from east of Independence Boulevard to Great Neck and includes Little Neck.
``We work under a constant five-year strategic plan,'' said Jim Rose, Rose & Krueth's chief executive officer. ``In our strategic plan, it calls for a Lynnhaven, Great Neck and North End presence at the beach. Our next expansion will probably be in the Western Branch area of Chesapeake, Portsmouth.''
His firm launched an aggressive campaign to build its business earlier this year.
In July, Rose & Krueth merged with Jeanne West & Associates to establish a presence in prime beach property.
The firm plans to open another new-homes division in January, Rose said.
The latest acquisition of Marshall-Ewald, an 18-year-old company ranked tenth in sales volume, adds 26 sales associates to Rose & Krueth's ranks. Marshall-Ewald has one central office located at 2620 Southern Blvd. Rose & Krueth operates five offices with 200 agents and 37 staff people.
``It'll definitely not make a difference this year, but it'll definitely place us in No. 3 in 1995 and maybe No. 2 because we have a very aggressive recruiting program to fill all our offices with a waiting-list capacity,'' Rose said.
The three largest residential real estate firms in Hampton Roads are William E. Wood & Associates, Womble Realty and Long & Foster Real Estate. by CNB