A Special Note from Brent, Bob & Tom
As we conclude 2024, we want to reflect on a year filled with growth, challenges and new opportunities in our 30th year of business. Crawford Hoying and Brackett continue to be leaders in our industries; not just because of the buildings we develop, construct and acquire, but for the voice we share within the community. Our reputation remains our most important asset, and that starts with all of you delivering exceptional service to our tenants, partners and teammates with the highest integrity and commitment to doing things the right way.
Over the company’s history, we have been through many real estate cycles, each with a unique set of circumstances. 2024 and the two preceding years have been as difficult to navigate through as any, except for the great financial crisis from 2008-2012. Yet, we continued to press forward on many fronts when our competitors largely remained on the sidelines.
We were able to do this knowing we have the largest investor base in the business and a team of amazing people we knew would execute. Interest rates continue to be our biggest challenge, which could be the case for the next 12 months or more. However, this also provides opportunities to expand our market share when others are shrinking.
Industrial Services
Over the past 12 months, Crawford Hoying has continued to make our presence felt in our Industrial Division as we move forward on several cold storage developments across the country. Crawford Hoying was selected as the lead developer for a $1.35 billion facility in Virginia for a state-of-the-art Lithium-Ion battery plant. The groundbreaking was attended by the Governor of Virginia and other dignitaries, signifying the importance of the development to both the state and the country. We remain bullish on the opportunity to be an industry leader in Columbus and beyond.
Kaufman Portfolio
We are very proud of the internal and external relationships we’ve developed over the years, including with both our friends in the business and even our competitors. That paid dividends recently as our reputation and relationship helped us secure the management of the entire Kaufman portfolio. While it was a tough decision for that company, they believe in what we do and the people we have. On a personal note, Brett Kaufman shared with us that he is incredibly impressed with the depth and quality of our people, something that we can all be proud of.
With the addition of these properties, Crawford Hoying has added new team members to the family. Please make everyone who has joined us from Kaufman feel at home as well as all the new hires this year, now totaling 117 (or 82 permanent) employees at Crawford Hoying. We remain committed to building the best team in the business and know that is, and will remain, our strength.
Xander on State Acquisition
With the turmoil on the market, we will continue to look for opportunities to acquire great assets at discounted prices. This includes the acquisition of Xander on State, a 229-unit Class A property in downtown Columbus, which was acquired at a 50% discount to replacement costs. We’re currently working on similar opportunities with the knowledge and history to know that these difficult market conditions create the greatest chance for future success.
2024 & 2025: Brackett Featured Projects
A Look into 2025
As we look to 2025, we expect ongoing challenges with interest rates, but also opportunities. Our ability to execute on the existing developments and properties we have will be critical to our success. We must remain vigilant against complacency and continue to always pursue excellence. 2025 has several projects monumental developments that will begin construction, including Cardington Flats and Xenia Road in Columbus, the new AC Hotel in Brecksville, the $600 million Arbor South development in Ann Arbor, as well as the start of both J and Y blocks in Bridge Park. These are large and complicated projects that will require our best efforts.
We will continue to build new relationships with capital partners to allow us to be in a position to do volumes that few companies can match. In addition, we continue to be sought out for new joint venture partnerships, including with the Cleveland Browns and others. More importantly, we will continue to invest in our team to ensure we are prepared for growth in 2025 and beyond. Your dedication and commitment to Crawford Hoying and Brackett is immeasurable - and for that, we are extremely grateful.