Richmond November 2021 – Key Take Aways
- Charlie Kreye with Draper Aden Associates spoke about taking contaminated sites off the registry and having grants pay for the work. Also, taking Tier 1 to Tier 4 sites with the use of public money and the having the state pump money into it as well. Noted that there weren’t too many of these sites in Virginia.
- Tom Rosman of One South Commercial said his ideal client would own thirty units and be ready to sell. Also, would like older people to buy and build townhouses that would sell in the $1-2 million range. There is a $200K development in Petersburg and he closed a $7 million dollar deal for UVA student housing that has 350 bedrooms.
- Max Newlin with CoStar Group said they have been finding new transactional business. His strength is in showing appraisers exactly what CoStar can do for them and how his company continues to invest in the product. CoStar helps with customized granular data, and they have analysts and economic people working for the company. He can help with how to pitch a deal and having the owner pay for advertising.
- Bart Burgwyn with First Citizens Bank is looking for new business, in particular industrial healthcare spaces. Construction work is underway at 8700 Quioccasin Rd, a $24 million dollar project and has a potential buyer, but he is still looking for potential bids. He is starting a $14 million project at a performance art center at a local private school.
- Andy Little with John B Levy & Company, is currently active in the northern part of Virginia and trying to find apartment deals in Alexandria. He is working with a developer who is building apartments and a hotel. His company can find the money for industrial properties.
Jimmy Appich with JLL is looking at Richmond industrial development and it can be broken up in quadrants. He said Caroline, Hanover and Ashland counties are all active markets. He noted that Prince George County over sold their capacity, but there is still demand in the area. Thornburg and Stafford counties are the new frontier because of their central location, next to airports and close to Pennsylvania, North & South Carolina.
Recent Comments