Coldwell Banker Mason Morse Real Estate on Tuesday sold its building at 514 East Hyman Avenue for $6.3 million.
The buyer is 514 AH LLC, a wholly-owned subsidiary of Ajax Holdings LLC, which also is buying the real estate company and all of its assets.
Coldwell Banker Mason Morse is retaining its management staff and Ajax Holding’s Brooke Peterson, who also is the city of Aspen’s municipal court judge, will assume the position of CEO of Coldwell Banker Mason Morse. The business’ current CEO, Bob Starodoj, will remain with the company as a broker associate.
Ajax Holdings has investors that will provide the real estate company with “fresh capital” for marketing and office remodeling purposes.
Coldwell Banker Mason Morse was not in financial trouble prior to the deal, but Starodoj had been exploring various succession plans as his retirement approached. Starodoj has been with the company since 1967 and wanted to be sure it had future support after his retirement, according to company representatives.
In addition to the office upgrades, Ajax Holdings plans to immediately incorporate property management services into the real estate company’s business model.
The 5,888-square-foot office building was built in 1971 and purchased by Mason Morse in 1979 for $700,000, according to Pitkin County Assessor records. Its 2010 assessed value is $1.39 million and its actual value is $4.8 million.
In 2011, Mason and Morse Real Estate merged with Coldwell Banker, creating one of the largest real estate firms in the Aspen area. The company currently has four offices in Aspen, Carbondale, Glenwood Springs and Redstone, and this year it opened a sales gallery in the Hyatt Grand Aspen.