CRES and Ellis-Gibson Development group merge in Virginia Beach.
Virginia Beach-based real estate companies Commercial Real Estate Services (CRES) and Ellis-Gibson Development Group (EGDG) announced their merger Wednesday and the creation of Venture Realty Group LLC.
The recently formed Venture Realty Group includes principals from both companies. It will continue to develop, lease and manage an extensive portfolio of commercial and mixed-use properties. Notable projects include Red Mill Commons and the Marketplace at Hilltop in Virginia Beach, Edinburgh Commons in Chesapeake and Midtown Marketplace in Portsmouth.
New projects include the Venture Apartments at Tech Center in Newport News and Obici Place in Suffolk.
The companies said that the merger solidifies a long-standing relationship between CRES and EGDG. The partnership began with a single build-to-suit transaction for Advance Auto Parts and grew into a 6 million-square-foot portfolio of commercial projects with a total assets value of more than $600 million dollars throughout Hampton Roads.
“Our companies have worked together for over 30 years,” Mike Culpepper, managing partner, said in a statement. “The merger reflects our collaborative approach to projects, and opens the door for our younger partners to continue the commitment to develop stable and successful assets for our client base, landlords and joint venture partners.”
Venture Realty Group will continue to provide a range of real estate services from development, leasing, property management, asset management and consulting services.
It also will continue to provide third-party leasing, management and consulting services. Venture currently leases more than 3 million square feet of retail projects in Hampton Roads. In addition, it represents a number of national tenants on their site selection process throughout the Hampton Roads and Richmond markets.