OBX Commercial Real Estate Newsletter: October 2021
by Larry Lombardi, on Oct 12, 2021 7:47:57 AM
OBX CRE Spotlight
Vice President, Industrial Sales & Leasing
- I live in Virginia Beach
- My wife's name is Allison
- We have one son, Bobby, IV (we keep it as confusing, but traditional, as possible)
- We have an English yellow lab named Tibi. She may love the combination of the sound and the ocean in the OBX more than anybody.
- On the weekends you can find us either on the boat or at the beach. We have to get our outdoor time in before the winter months!
How long have you been working in commercial real estate?
How did you first get into real estate?
I was born into it. I work with my granddad, dad, uncle, and cousins. The hallways are a little different now than when I would run down them as a kid.
My first real introduction to commercial real estate was a college internship with Venture Realty Group, formerly Ellis-Gibson Development Group.
What was your first CRE transaction?
A small industrial lease for a moving company owned by a friend of mine. The landlord's agent grew up with my dad so I think I got more stories about my dad than commission.
What was your most memorable CRE transaction?
Selling a deep water terminal in Chesapeake with my future mentor, Glenn Gibson.
The experience alone was a great learning experience, but I ultimately found a mentor who helped me find my way into this business. Besides the mentoring, he also became a great friend.
He now claims to be retired, but that has turned out to be a scam!
What's your favorite part of working in CRE?
The camaraderie between other commercial real estate agents, engineers, contractors, attorneys, and city staff. At the end of the day we all need each other to succeed, even if we are competing for business. Each meeting is as social as it is work.
I also enjoy being a part of a project long before it reaches the newspapers. It is rewarding to be involved with a project that will improve your community and generate some excitement.
If you had to sell only ONE kind of commercial property, what would you choose? And why?
One of the old hunt clubs along the Currituck Sound. I still enjoy hearing the stories my dad will tell from going down there to hunt with his dad. Selfishly, being able to sell one of those clubs would give me the opportunity to hear more stories from others families who frequented them for decades.
What's the first question people always ask you when you tell them what you do for a living?
How's the housing market doing? Always leads to explaining the difference between residential and commercial real estate.
What’s the biggest misconception about CRE?
Our job is not necessary. It takes one poor transaction for a company to realize the experience and contacts a commercial real estate broker brings to the table.
We know what terms in a lease will come back to haunt you and what concerns to consider when working through due diligence for a purchase. We also have the contacts to help move the process along as smoothly as possible.
What global CRE trend or market segment do you think will have the most impact locally?
The increased demand for the service industry with industrial buildings. As residential development continues to expand into Currituck and families find more comfort driving to the Outer Banks instead of flying to the islands, I believe Currituck will have an increased need for industrial development to station the companies servicing those residential houses and rental houses.
How would you describe the commercial real estate market in northeastern NC and the Outer Banks?
Evolving by the month. The Outer Banks always received majority of the attention and the rest of Currituck was a region you would transit through. That is quickly changing as developers and businesses recognize the benefits of Currituck and how strategically situated it is.
Can you share one great piece of advice for someone looking to buy/lease commercial property or land?
Don't get emotionally attached until it is yours. Commercial real estate is full of surprises so you must prepare yourself for anything. Also surround yourself with the correct knowledge to help guide you through the process and work your way through any challenges.
What was the last book you read?
Eva Wiggins, our Marketing Director, told me to enjoy reading before my son was born. I didn't believe her but I have to admit she was right! The last book I read was Fly to Honor by my lacrosse coach, Neil Duffy.
What's one movie you love to rewatch?
Top Gun. All day long!
What's one thing most people might not know about you?
I can't give away all my secrets.
Do you collect anything?
These days I have a great collection of garbage trucks and rocks accumulated by my son.
What is your favorite thing about the Outer Banks?
The Outer Banks is focused on the outdoors because it has so much to offer! Highway 12 is made up of quiet beach towns with the ocean on one side and the sound directly on the other side. What more can you ask for?
What's your favorite way to spend your free time?
It used to be loading up the truck for day trips to Hatteras and Rodanthe with my friends to chase the surf. Nowadays, spending time with my family after a work week is exactly what I want. I'll look forward to the day my friends and I can take our children down for those surf trips, but until then I'll be following my son as we check out every lawnmower in the neighborhood.
What inspires you?
I have the privilege to work in a business that was started by my great grandfather and expanded by my grandfather, Harvey Lindsay, Jr. I am impressed by his accomplishments, his interactions with people, his loyalty to all team members and his dedication to our community. I strive to emulate his work ethic, community service and desire to always treat people with kindness.
5 CRE Must-Reads
1. Repurposing Buildings for Healthcare Usage
2. What Does it Take to Put Together a Multi-Million-Dollar Real Estate Project in the Cannabis Industry?
3. America Is Running Out of Everything
4. Are Family Real Estate Firms Positioned For The Future Of The Industry?
5. Help Wanted: Life Sciences Real Estate Expertise Is In Short Supply
40 Acres of Commercial Land in Moyock
Just over 39 acres of prime commercial real estate with amazing visibility with thousands of vehicles passing per day on the main highway, NC-168. Current zoning is HI (Heavy Industrial). Lots of potential for the right business. Businesses other than heavy industrial may be allowed in this zoning.
Click for More Info