DEVON USA specializes in working with large regional and national tenants seeking to locate their warehouse, distribution and light manufacturing operations in the Mid-Atlantic area. With the extensive real estate experience of our management team, including architectural, engineering, and financial expertise, Devon is able to design and build a facility which meets the tenant's needs from an operational as well as economic standpoint.
Devon currently owns several development sites in the Richmond Metropolitan area on which warehouse facilities could be developed very quickly. Alternatively, we can work with a tenant on a site of their own choosing.
Devon develops its projects for long-term ownership within its own real estate portfolio. This greatly influences the decisions made during the construction phase. As a result, the building design, materials and mechanical systems are of higher quality than typical build-to-suit developments. This correlates to lower net operating costs to the user. In addition, flexibility is designed into each project to accommodate future leasing, which benefits the tenant if its requirements change, or in the event a sub-lease is pursued at some future date.
Several factors make Devon extremely competitive with the bottom line rental rate of build-to-suit transactions:
- With significant experience in warehouse construction, we know how to develop high quality, cost-efficient and operating-efficient buildings at the lowest possible cost.
- Devon frequently utilizes 1031 exchange proceeds from the sale of older portfolio properties. This represents a very low cost of capital that saves on the equity and construction interest costs.
- Devon obtains debt capital at extremely attractive interest rates under secured lines of credit with its relationship banks.
Devon develops exclusively for its own account. This eliminates sales commissions and sales costs that merchant builders would need to factor in to the rental rate.