Written by | Tom Rosman
2017 was a breakout year for the One South Commercial Team. Growing to a team of 8 full time brokers, and with the addition of our Administrative Manager, Liz McSorley, and Operations Consultant, Jason Savedoff, we now have a robust sales force practicing in all areas of investment real estate, urban infill development, office and retail leasing, mixed use, land, and industrial / flex properties. We offer our clients a wide range of knowledge and experience – from financing, zoning, land use planning, development, and tax credit syndication to property management and underwriting investment properties to working with the intricacies of historic buildings.
A Sample of our 2017 Sales
We are incredibly proud of our team, as we brokered over 70 deals in 2017 and assisted our clients in numerous developments – from a 166-unit new construction apartment complex to an owner occupied office space to a new restaurant, ranging from a sales price of $150,000 to $15,000,000
As we continue to develop our practice, we remain consistent in our commitment to the success of our clients and our advocacy for their benefit, a promise that is backed up by the number of repeat customer or referral clients we receive as a result of the relationships we build day to day.
2017 brought three faces to our sales team: Madeleine Alderman, Lory Markham and Charlie Westbrook joined Ann Schweitzer, Ryan Rilee, Justin Sledd, Jerry Ford and myself. We are a dynamic group who aims to break new ground in how commercial real estate is done in Richmond. We think of real estate in the whole – not just as one transaction. We are not just brokers, but stewards for the community, and we take that stewardship seriously. Constantly striving to positively impact Richmond’s neighborhoods, we look for investors and developers who share these values and want to see properties taken to their highest and best use, benefitting not just the owners but the communities in which they reside.
Some examples of our work:
Madeleine Alderman is working with new and expanding businesses to come into the city core and establish a presence. She has been successful in convincing skeptics that Richmond is now a promising and high potential city to do business.
Jerry Ford, who has brokered apartment buildings in Richmond since the 1970s (and who has sold every building in the Fan at one time or another – many of them twice), has been able to provide young investors with opportunities to buy buildings from long time owners and give these buildings new life.
Lory Markham guided a new developer in Richmond through a maze of issues (parking, permits, financing) while he was under contract to buy land to build new apartments in the City Center. She brokered the deal and helped him with his entitlement, zoning, and planning issues.
Ryan Rilee took a large parcel of properties in Shockoe Bottom and broke it up into individual pieces to promote opportunity for small investors who seek to concentrate their efforts and develop each to its optimum use.
Ann Schweitzer Riley helped numerous small business owners buy or lease buildings in the Broad Streets Arts District and convinced a young developer to put his resources into Brookland Park Boulevard. From her work, both neighborhoods now enjoy new retail and lifestyle choices.
Justin Sledd sold numerous properties that now are under better management of new owners who are rebuilding and rehabbing building systems that have often been ignored for years. He has a knack for finding these underperforming buildings and convincing the new owners to spend the money where needed, resulting in better buildings and happier tenants.
Charlie Westbrook helped convince a long time Richmond property owner to put his land up for sale and is working with national developers to bring a luxury high rise apartment building with a restaurant so all of the community can take advantage of the spectacular views it affords.
I have worked with all of these folks and am amazed by their resilience and optimism. Our team really cares about more than just the money. We are like all brokers; we want to get the deals to a successful conclusion, but having been in the business for 25 years, I know that our team understands that it is about more than just a closed deal. One South Commercial aims to provide value for their clients and for the City of Richmond.
What We Expect from 2018
We believe 2018 will prove to be another robust year in the Richmond market. Numerous reports suggest a continued strong demand for apartments and that we will see a slight increase in rents. In 2017, Richmond Apartment Owners and Developers enjoyed the 5th largest rental increase in the US. This is further proof that our market is experiencing some of the strongest job creation in the country and it also shows Richmond as a dynamic, growing market. We fully expect this trend to continue. Richmond is well positioned as there are numerous new developments in progress and some adaptive re-use projects that will bring supply close to the demand levels.
We continue to see investors coming into Richmond from the Northeast, Mid-Atlantic and West Cost markets. These investors are aggressive buyers who view the Richmond market as one of the strongest in the nation. While we have seen a great run up of apartment buildings, the demand for housing ownership is pushing the market to finally supply ‘for sale’ products.
For example, we just sold a property to a developer who is going to build over 30 ‘For Sale’ condominiums and we believe this market will finally open up and similar developments will follow. Infill development will continue at unprecedented levels as more people decide that the City is the best place to live in the Metro area. This is an area where developers and lenders are extremely bullish and will continue to flourish, particularly in smaller developments.
We are optimistic about what 2018 holds. To hear more of our thoughts, give us a call!
– Tom Rosman, Director of Commercial Brokerage