THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, October 6, 1995 TAG: 9510060499
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY LON WAGNER, STAFF WRITER
LENGTH: Short : 43 lines
Goodman Segar Hogan Hoffler is expanding again, this time into the Raleigh-Durham market, the company announced Thursday.
The Norfolk-based commercial real estate company added to its ranks by acquiring Vanguard Associates Inc., recently listed as one of the ``Fast 50'' growing companies in Raleigh-Durham by the Triangle Business Journal.
Goodman Segar Hogan Hoffler CEO Richard Felker II said the merger with Vanguard allows the company to expand its geographical reach and size, as well as the breadth of services it offers.
``A lot of the focus in the past has been on size type things,'' Felker said, ``but I think that misses the point a little bit.''
The Vanguard merger adds facilities management, real estate tax audits, renovation construction and several others services to Goodman Segar Hogan Hoffler's menu.
Though expansion of services is important to the company, the amount of real estate the company manages has grown by leaps and bounds. The acquisition of Vanguard Associates follows closely Goodman Segar Hogan Hoffler's purchase last month of Elam & Funsten, the oldest real estate company in Richmond.
Goodman Segar Hogan Hoffler is now managing or leasing property worth $1.3 billion, which equals about 17 million square feet of office, industrial and retail space on the East Coast.
Goodman Segar Hogan Hoffler had been doing a fair amount of business in North Carolina, Felker said, but the acquisition of Vanguard will give its offices in Raleigh and Durham the opportunity to expand its offerings there.
Though the Norfolk real estate firm is growing quickly, Felker said it is being selective.
``I have been approached by a lot of people who would like to hitch their horse to this wagon,'' Felker said, ``but in making sure they fit with our plan, we didn't do those deals because they didn't fit.'' by CNB