Daily Record Financial News &
Friday, May 26, 2017
Vol. 104, No.139 • One Section
35¢
www.jaxdailyrecord.com
Reuters: Web.com talking buyout CEO said in December he is open to the idea By Mark Basch Contributing Writer
Photo by Bobby King
Pete Dalton, owner and CEO of Coldwell Banker Vanguard Realty, has guided his firm from $230 million in revenue in 2010 to $1 billion this year.
At Vanguard, it’s all about the agents How Pete Dalton has grown his real estate sales empire, now poised to top $1 billion in revenue
By Matt Walsh Publisher Pete Dalton, owner and chief executive officer of Jacksonville-based Coldwell Banker Vanguard Realty, has been on a 44-year journey. His trip is still far from its final destination. But Dalton — based on Vanguard’s performance the past seven years and the details of his strategy — appears to have figured out how best to get where he wants to go. It’s not the path everyone else takes. After four decades of owning and operating residential real estate brokerages, Dalton has refined his business model over the past five years in a way that is achieving that elusive business benchmark: consistent, industryleading annual sales growth and growing profits. Indeed, since Dalton acquired the Coldwell Banker franchise in Jacksonville in 2010, Vanguard Realty has Dalton
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Jacksonville-based Web.com Group Inc. is talking to private equity firms about a possible buyout, Reuters news service reported Friday morning. Citing unnamed “people familiar with the matter,” Reuters said Web.com has received interest from possible buyers and has been engaged in “early stage talks” with the firms. “The company is not actively solic- Brown iting offers and there is no certainty that any deal will occur,” Reuters said. Web.com provides website development services, including domain name registration, for businesses, a sector that “has become increasingly crowded,” Reuters said. During an Investor Day meeting in New York in December, one analyst asked Web.com CEO David Brown if the company would consider a buyout to lift its stock price. “We’re completely open to the idea, however we have to build value,” Brown said. “Up to this point in time, there haven’t been a lot of people knocking on our door to buy the company and pay us a price that was better than what we can create for investors,” he said. Web.com reported first-quarter earnings of 13 cents a share on revenue of $186.8 million. mbasch@jaxdailyrecord.com
Barnett Bank building takes step toward revival Nearly $1 million in permits sought to begin work on 18-story structure By David Cawton Staff Writer Almost $1 million in initial redevelopment work is pending at Downtown’s Barnett Bank building after decades of dormancy and several false starts. Owner Barnett Tower LLC, led
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by developer Stephen Atkins, and Danis Builders LLC filed three permit applications with the city Tuesday for interior and structural work and window replacement on the 18-story structure. The work is a sign that Atkins and The Molasky Group of Companies want to bring the 155,000-square-
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foot structure, built in 1926, back to life. The Molasky Group and Atkins’ SouthEast DevelopAtkins ment Group propose turning the 112 W. Adams St. building into a mixed-use development with apartments, retail and office space. Atkins is principal and manag-
ing director of SouthEast Development Group. The three applications totaling $936,051 in construction work comprise: n $399,250 for structural infill n $258,700 for non-structural interior demolition n $278,101 for the removal and re-installation of windows on the third through 18th floors New windows were installed about 11 years ago during developer Cameron Kuhn’s failed
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attempt to refurbish the building. Atkins said that while most of the windows are in good shape and will be put back in, “some of them do need to be replaced.” Most of the work, he said, speaks to the overall restoration, “where we may need to remove some of the windows temporarily.” In 2006, the Jacksonville EcoBarnett
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