Miller-Valentine Group, the Southwest Ohio commercial real estate development, and construction firm, is gearing up for several years of growth.
To handle an expected increase in the development business, the firm added Brian Copfer as senior vice president. Copfer will focus on one of the firm’s focus areas, build-to-suit properties which are owned by Miller-Valentine and its investors and leased to tenants.
Copfer spent 12 years with Miller-Valentine before joining Core Resources Inc. in 2012 as director of development, where he managed the developer’s Family Dollar account. Copfer said he reluctantly left Miller-Valentine because there just wasn’t as much development activity at that time.
In October, Miller-Valentine also added Ian DeGalen, an attorney with experience in economic incentives, as a commercial real estate developer. Between the two, the company has the skills to increase its development work.
“We’re in a sweet spot right now for growing our business,” said Bill Krul, CEO and senior partner of Miller-Valentine.
Build-to-suit-for-lease allows tenants to get the building they want without having to own it. Office, industrial, retail and medical tenants can focus on their business and not worry about owning and operating a building.
Jack Goodwin, partner with Miller-Valentine, said the market for build-to-suit-for-lease is growing stronger. “Companies can retain capital for their business, rather than invest in an illiquid asset,” Goodwin said.
Locally, Copfer is already working on a number of potential projects, including a retail and office site in Liberty Township, sites in Uptown for medical office and other development, and a redevelopment site in Sycamore Township. In addition, Miller-Valentine is still chasing other development projects and has several in its pipeline.
On the third-party commercial construction side, Miller-Valentine is expecting to have more than $100 million in billings this year.
Miller-Valentine employs about 785 people and had total revenue of $345 million in 2014, up from $216.4 million in 2013. The last three years were really good for Miller-Valentine, Goodwin said.
“We expect ’15 and ’16 to be better,” he said.
Reporter – Cincinnati Business Courier
Demeropolis covers commercial real estate and development.