Newly recapitalized GVA Advantis, an Atlanta-based commercial real estate brokerage, plans to expand its operations throughout the Southeastern United States, including the Richmond market.
Earlier this month, the company announced that Jeffrey T. Neal would take over as chairman of GVA Advantis and that his company, Washington, D.C.,-based Monument Real Estate would take a "controlling interest" in the firm. At the time, Neal stated that he looked forward to the "planned growth and retooling" of the company. "Our goal in the next five years is to continue providing the highest level of services to all of our clients as well as expanding Advantis' capabilities into contiguous markets and new product areas where my strengths can add value to the clients' businesses."
The most significant change will occur in the culture of delivering a full line of services, stated the GVA Advantis press release. The company will "be able to take advantage of the intellectual capital within the company, as well as Neal's and his investors' diverse expertise, and strengthen its service and leadership to their clients. Immediate steps will be taken to size the company for growth within the markets already served by the company."
What does that mean for Richmond, where GVA Advantis is one of the leading commercial real estate firms? Richmond BizSense tracked down James "Jamie" Thomas Jr., a senior director of the Richmond office. "This has energized us to grow our market share and recruit top producers," Thomas told the online publication. "This is a vitamin shot in the arm."
The Richmond office most will likely hire more brokers, possibly from competitors around town, and boost its advertising budget, Thomas said. In coming months, GVA Advantis will try to make its orange-swoosh logo, plastered on placards outside available properties, better known throughout the Richmond business community.
According to the Washington Business Journal , Monument Realty has experienced difficulties as many of its major D.C. projects were hit hard by the condominium downturn and credit crunch.
GVA Advantis has had its ups and downs as well. The company was created in 1999 when Jacksonville, Fla.-based The St. Joe Co. purchased Norfolk-based Goodman Segar, Florida Real Estate Advisors, and, later, D.C.-based Morris McNair & Associates. In 2005, according to WBJ, longtime D.C. real estate veteran Petch Gibbons led an $11 million management buyout of Advantis, rebranding it as GVA Advantis. Owership was distributed among 50 key employees. CEO Gibbons unexpectedly stepped down in January 2007, saying at the time he wanted to spend more time with his family. He was replaced by COO John Hutcheson. Less than nine months later, Gibbons joined a Washington, D.C., development company as president.