Dodson Property Management acquires Shockoe Co. in Richmond
Dodson Property Management has acquired Shockoe Co. in a deal that will merge two Richmond-based residential and commercial property firms.
The combined company will oversee more than 3,700 residential units and 1 million square feet of commercial space across Central Virginia, Hampton Roads and North Carolina.
Terms of the deal, which closed on Nov. 1, were not disclosed.
Founded in 1986 under the direction of co-founders Mark R. Merhige and Bill Elliott, Shockoe Co. has grown into a full-service property management provider with a portfolio of more than 800,000 square feet of commercial space and 400 residential units in Virginia and North Carolina.
Shockoe manages several residential and commercial buildings in Richmond, along with grocery-anchored shopping centers, strip retail and industrial properties in Hampton Roads and Charlotte, N.C.
Under terms of the agreement, Shockoe will become a wholly owned subsidiary of Dodson. Dodson will handle all day-to-day property management, leasing, sales and maintenance needs for Shockoe’s residential and commercial properties.
Shockoe’s 18 employees will continue in their same roles with Dodson, which now has a staff of 95. Merhige will join Dodson as director of commercial brokerage and strategy. Elliott, stockholder in Shockoe Co., will remain as a stockholder in Dodson Property Management.
Dodson Commercial, located at Dodson Property Management’s Richmond headquarters at 409 E. Main St., will move to Shockoe’s space at 1315 E. Cary St.
“Mark Merhige is a legend in the Richmond real estate industry; he and the Shockoe team are well-connected and respected in the local market, and they have played an instrumental role in the rehabilitation of Shockoe Slip and other historic districts,” Duke Dodson, president of Dodson Property Management, said in a statement. “I look forward to working alongside Mark and his team …”
The deal increases Dodson’s multi-family management division, adds association management and expands its commercial presence in the Richmond’s Central Business District, the metro region and beyond. In addition, Dodson’s maintenance division, River Bend Property Services, will add three new employees from Shockoe.
For Merhige, the acquisition by Dodson allows him to exit focus on development of its commercial brokerage division.
“We have collaborated with Dodson for years and came to the conclusion that this was a good fit and made sense for them to expand their commercial presence,” Merhige said in a statement. “The Shockoe team has been going strong for decades; there’s a lot of gray hair at Shockoe, and we are looking forward to joining a young, sophisticated team and sharing the knowledge we have gained to help position Dodson for continued future growth.”