by Larry Lombardi, on Jun 8, 2022 8:32:03 AM
OBX CRE Spotlight
Andy Stein
Vice President
QQuick Facts
- Grew up in Virginia Beach
- Live in Virginia Beach
- Not married, no kids
How long have you been working in commercial real estate?
15 years.
How did you first get into real estate?
I was in the restaurant business looking for something new. Started out by talking to people in the business and eventually called my cousin Richard Thalhimer to ask him who to call to get an interview at Thalhimer.
What was your first CRE transaction?
Moving dentist Dr. Michael Folck from his longtime Laskin Road office to a brand new space on Louisa Avenue just up the street at Hilltop.
What was your most memorable CRE transaction?
Hard to say, either Route 58 Deli or one I am currently working on at Hilltop.
What's your favorite part of working in CRE?
The hours and the negotiating.
If you had to sell only ONE kind of commercial property, what would you choose? And why?
Probably retail or land. My background is retail and I like to see the fruit of my labor come up out of the ground.
What’s the biggest misconception about CRE?
That we make a ton of money on every deal.
What global CRE trend or market segment do you think will have the most impact locally?
The industrial boom is going strong here. Especially in Suffolk and Chesapeake. Also renewable energy with the wind projects and the new data cables are having a big impact here.
How would you describe the commercial real estate market in northeastern NC and the Outer Banks?
Growing. Commercial real estate follows people normally and both areas continue to grow.
Can you share one great piece of advice for someone looking to buy/lease commercial property or land?
As my father always said... "Go for need, not greed." Don't always be looking for a bargain but for the right fit physically. That's as important in commercial as price.
You get five acres and an unlimited construction budget. What do you build and where?
A mixed-use project with office, retail, and multi-family at Hilltop... if the land existed.
What was the last book you read?
Believe it or not a Harry Potter book. The 6th in the series (Harry Potter and the Half-Blood Prince).
What's one movie you love to rewatch?
Not one, but two very old movies... Voyage to the Bottom of the Sea and Ice Station Zebra.
What's one thing most people might not know about you?
That I have a very rare genetic disease.
Do you collect anything?
Baseball caps more than anything. Have a lot of UVA, ODU, and Dallas Cowboys hats.
What is your favorite thing about the Outer Banks?
The beach, of course.
What's your favorite way to spend your free time?
Sitting on the beach at North End of Virginia Beach, watching TV, or traveling when I can.
What inspires you?
Seeing the fruits of my labor. Helping people find the right place to conduct business.
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