Real estate industry veterans start companies

Real estate industry veterans start companies

Creed, Snipes will redevelop Sidco property following transition

Author William Williams

Local commercial real estate industry veterans David W. Creed and Stan Snipes will soon leave the Brentwood office of Sperry Van Ness to focus on their own respective and recently started companies.

Creed and Snipes, who serve as partners and co-managing directors at SVN, will leave the company by Nov. 1 and on good terms, they said.

Relatedly, Creed and Snipes recently assigned their rights to Oak Barrel Office Building LLC for the latter to acquire a Sidco property on which an adaptive reuse project is planned. The transaction (a sales value was not disclosed in the release and had not been recorded by Metro at press time) closed Thursday.

Creed Investment Co., which will acquire, invest in and develop commercial properties, has been retained by the LLC to serve as the developer of the site (the building to be reinvented is pictured above). Originally, Creed and Snipes were going to acquire the property, which has an address of 2934 Sidco Drive (see here courtesy of Google Maps).

Snipes has created Snipes Properties, which will lease, manage, and sell commercial real estate properties. Snipes Properties will handle the leasing and management of what will be called the Oak Barrel Building.

“Typically, we do not consider the assignment of contracts regarding transactions and in this situation we had our investors in place as well as an approved loan from our lender," Creed said. "However, Southeast Venture did an incredible job at crafting the perfect deal for all the parties."

Lee White and James Roscoe High, affiliate brokers with Southeast Venture, represented Oak Barrel Office Building in the purchase.

“Our client is very excited to be in the Sidco Drive area and looks forward to redeveloping this iconic building with Creed and his team,” White said in the release, which does not identify members of the LLC.

Steve Horrell, principal broker of Sidco-based commercial real estate company Horrell Co., was the seller.

Creed said he will soon announced the building from which Creed Investment will operate.

Read more about changes on Sidco here.