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 An infusion of capital from a private equity group will allow commercial real estate firm GVA Advantis to expand its operations and broaden its reach in the Southeast.
“This has energized us to grow our market share and recruit top producers,” said James Thomas Jr., a senior director at the Richmond office. “This is a vitamin shot in the arm.”
The Richmond office will likely hire more brokers and boost its advertising budget, according to Thomas. It might look to hire other top producers at firms around town, or to promote those from within the company, Thomas said. The company might also increase advertising in the Times-Dispatch and Virginia Business magazine in attempt to strengthen the brand, Thomas added.
Commercial brokers often say that the best advertising is the placard signs placed outside of available properties. In the coming months GVA Advantis will be trying to make the orange swoosh in its logo better known throughout the Richmond business community, Thomas said.
The company, meanwhile, will move its headquarters from Atlanta to Washington. Jeffrey T. Neal, a co-founder of a Washington D.C. real estate development company, has assembled a group of private equity investors to come up with the funds for the re-capitalization. The terms of the transaction weren't disclosed. Richard Pogue, a former president at Koll Northern California and a chairman of CBRE’s Canadian operations, will take over as GVA Advantis’ CEO.
GVA Advantis started in Virginia as Goodman, Segar, and Hogan. The firm now has offices in Atlanta, Raleigh, Jacksonville, Roanoke, Newport News, Tampa and Orlando. More Reading: Monument Realty founder Jeffrey Neal to become chairman of GVA Advantis (Washington Business Journal)
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