WASHINGTON, Nov. 5, 2012 /PRNewswire/ — Prudential PenFed Realty, a leading real estate company serving the Northeast, Mid-Atlantic and Southern United States, announced today that it has acquired Prudential Coastal Properties, a Florida-based agency serving the Panhandle from Pensacola to Panama City.

“Prudential Coastal Properties has built an amazing team with an aggressive market approach in the Florida Panhandle,” said James Schenck, president of Prudential PenFed Realty. “We couldn’t be happier to have them on board as we expand our service area.”

A full-service real estate agency founded by Susanne Ward, who is a well-respected Realtor and long-time broker in the area, Prudential Coastal Properties offers buying and selling services for residential and commercial properties. From selling homes to buyers of small empty lots to multi-million dollar homes and business buildings, the agency prides itself on serving a diverse clientele.

Prudential Coastal Properties has been in operation for twelve years, gaining a competitive edge with a wide range of property listings. After the merger, the agency will be renamed as Prudential PenFed Realty and plans to expand from its current staff of 32 agents to as many as 50 by the end of 2013.

The region it serves was hit by the current recession, but it has seen more sales recently in the higher end of the market as buyers take advantage of lower prices, especially for second homes. Recently, the firm has also seen younger families moving to the area as well.

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. Mitchell brings a wealth of experience to Prudential PenFed Realty with over two decades in the real estate industry, strong entrepreneurial skills, and a sound business background having previously managed a separate company with over 150 employees.

“Prudential Coastal Properties has always prided itself on offering a wide range of properties,” said Mitchell.

About Prudential PenFed Realty

Prudential PenFed Realty, wholly owned by Pentagon Federal Credit Union (PenFed), is a full-service real estate company with an annual sales volume over $1.7 billion serving PenFed members as well as the general public. Recognized as a leading real estate company in its service area, it is ranked in the top one percent of Prudential affiliates nationwide. With 40 offices and over 1000+ world-class sales professionals, Prudential PenFed Realty offers complete 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.

To learn more, visit http://www.penfedrealty.com.

SOURCE Prudential PenFed Realty