Mid Atlantic Real Estate Journal — Economic Development — January 27 - February 9, 2012 — 31A
E conomic D evelopment
ommercial real estate activity along the I-81 corridor in Virginia’s The Shenandoah Valley Partnership Virginia’s Shenandoah Valley takes a “grow your own” approach to economic development C regional revolving loan fund to support local entrepreneurs who create jobs and fill store- fronts.
frastructure readiness. “The Valley is open for business,” said Robin Sullenberger, CEO of the Shenandoah Valley Part- nership. “The Valley’s local governments are very creative in incentivizing and facilitating business growth.” The Shenandoah Valley Partnership assists the re- gion’s local governments and real estate community in marketing properties to bring investment and job creation to the region. n For more information contact the Shenandoah Valley Part- nership at 877-257-4317 or visit www.shenandoah-valley.biz.
Shenandoah Valley is show- ing signs of revival. By the 3rd quarter of 2011, the commercial market surpassed 2010 trans- actions. “If the market can be judged by inquiries, 2012 will prove to be an even better year,” said KeithMay, broker for Cottonwood Commercial Real Estate in Harrisonburg. Inquiries involving multi- family, senior housing, student housing, retail, office, stand- alone restaurants and health care are on the rise. “The mar- ket appears to be stronger than at any other point in the past 5 years,” said May. “Vacancies are filling up, some at reduced rates, but, the rates are getting more upward pressure due to lack of new supply becoming available and increased de- mand.” The Shenandoah Valley Part- nership, the regional economic development organization serv- ing the central Shenandoah Val- ley, is also seeing an increase in inquiries for industrial and of- fice properties. The Shenandoah Valley’s strategic mid-Atlantic location puts companies within a one day’s drive of 2/3rd of the U.S. Market. Companies seeking to reduce transporta- tion costs see an advantage to locating along the Valley’s I-81 and I-64 corridors. In the Harrisonburg metro, InterChange Group, a full ser- vice warehouse and logistics company, is currently adding 64,000 s.f. of speculative flex space to their portfolio. “Our investment in the spec building is based on two factors: growing third party logistics services due to expansions of our local industries and the need to offer multiple types of industrial flex space to our existing customers and new prospects. The key for InterChange is to have space available when our customers need it,” said Devon Anders, President of InterChange. The Shenandoah Valley has a very productive and stable workforce which gives local industries an advantage. “Often larger companies look to their Shenandoah Valley locations as destinations for line reloca- tions and distribution facilities from other less productive or accessible areas within their companies,” Anders added. While the Valley’s mid-Atlan- tic location and transportation system are a draw for industry and distribution, the cities in
A new BizLoan program in the City of Harrisonburg has already stimulated business in downtown Harrisonburg result- ing in storefront occupancy. The cities of Waynesboro and Buena Vista also offer revolving loan funds for small business as an incentive for downtown devel- opment. The Shenandoah Valley re- gion has over 15,000 acres of available public and private industrial and business park land at various stages of in-
the Shenandoah Valley have taken a “grow your own” phi- losophy where small business is concerned. The City of Staunton provided seedmoney to start the Staunton Creative Community Fund to revitalize communities by supporting and funding local entrepreneurs. Working under the premise that the best com- munity development happens from within, SCCF started a InterChange Flex II will add 64,000 sf of flexible warehouse space.
• Established 1995
• Developed 1 million SF of Warehouse-Flex-Office
• Premiere Tilt-Up Construction
• Established infrastructure: water, sewer, fiber optics, gas, electric
• 450 acres of mixed use pre-approved, zoned acreage • Building sites available for sale or developer will build to suit • Easy access to I-81 and other transportation arteries
SErvICES • 3 PL/FULLY INTEGrATED MANAGEMENT SErvICES • CUSTOMIZED WArEHOUSING AND LOGISTICAL SErvICES • PUBLIC & CONTrACT WArEHOUSING • FOOD GrADE FACILITIES • FrOZEN • COLD • DrY GOOD STOrAGE • TrANSPOrTATION SErvICES
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