Robert and Catina Jones in the former Wells Fargo bank branch they’re turning into a second office for their Icon Realty Group brokerage. (Jonathan Spiers photo)
After dipping their toes into the Sunshine State, Catina and Robert Jones are expanding their Icon Realty Group again – this time into western Henrico County.
The married real estate agents and Icon co-owners recently bought the former Wells Fargo branch at 9000 Patterson Ave., which they’re converting into their second local office.
Since starting Icon seven years ago in a Church Hill storefront and relocating two years later to Rocketts Landing, Catina said, Icon’s coverage area has grown to the point that a second office was needed on another side of town.
“Our reach is really growing across the city and the counties. We’re in a beautiful location now, but we’re so far east, it was either do something more central or go west and balance your presence out,” she said.
With several Wells Fargo branches becoming available in recent years as the bank re-evaluated its local network, Catina said the brokerage looked at other branches on Brook Road and in Midlothian before the one at Patterson and Starling Drive became available.
Wells Fargo closed the branch at 9000 Patterson Ave. last year. (BizSense file photo)
“When I saw it, I said, ‘Robert, I want that building. That’s the one,’” Catina said.
Added Robert, “We came across a couple spaces that just didn’t quite pan out. Once we saw this, we thought it was the perfect location. Being in (Henrico’s) west end, being on a prominent corner of Patterson and Starling, it was just a perfect fit for what we were looking for.”
Using an LLC, the couple paid $1.15 million for the 1.3-acre property, which had served as a bank branch since the late 1960s and was shuttered last year. The county had assessed the property at $945,000.
They worked with Thalhimer’s Will McGoogan, who Robert said had the listings for all of the available Wells Fargo branches. Robert represented the LLC in the deal, which he said competed with other interest in the property.
Peoples Bank provided financing, and Catina said the business was able to tap into county grant funds through the Henrico Investment Program, which provides incentives for improvements to commercial buildings in designated areas of the county. The north side of Patterson between Parham and Gaskins roads is also an Opportunity Zone, which provides additional benefits.
A rendering shows plans for the office interior. (Images courtesy Catina Jones)
The Joneses said they are putting about $200,000 into converting the 3,500-square-foot building into offices, workspaces and client meeting areas. RMT Construction & Development Group is doing the rehab, and 3DI Studio is designing the interiors.
Robert said the rehab would mainly involve cosmetic changes, with Icon signage added to the exterior.
“A bank building sets up well for us because it already has a lot of the offices that we’re going to utilize,” he said. “It provides the open space for us to do training, have some model kitchens. It was just the perfect space, so as far as the rehab is concerned, we didn’t have to do a lot of structural changes.”
Catina said the pair is considering how to use the bank branch’s safe, with options including an office store or a podcast recording room. Robert said the office also would include spaces for some of Icon’s vendors.
3DI Studios is designing the interiors.
They’re aiming to open the office in July or August. The outpost will be led by Dakia Knight, Icon’s managing broker, who Catina said would be based there primarily. Icon’s leadership team also includes Colby Kay, who leads Icon’s commercial division along with Robert.
The detached drive-thru building will be demolished, and Robert said that part of the property could be ripe for additional development in the future.
“We have two-thirds of the acreage back there that we definitely want to do some future development on,” Robert said. “Whether it’s mixed-use, whether it’s strict retail, we haven’t quite decided yet, based upon what we can get approved with zoning and things like that. But we 100-percent are going to do some more development back there.”
As real estate brokers, the Joneses said it was important for them to purchase their next office, versus leasing as they do with their Rocketts Landing home base.
“We found ourselves in the position to make a decision, just like a lot of other purchasers are having to make: Do we buy in this market, or do we just wait it out?” Catina said. “Fortunately we were able to get the building at a great price, and we were able to get favorable rates in financing, so for us, it still made sense.
“At some point in the future we may refinance if rates do a little bit more correcting, but still, long-term, we think it’s best to own,” she said. “Whether it’s us or one of our clients we’re advising, we still think it’s best to own, so we’re living what we’re preaching.”
Catina said Icon now totals 65 agents. She declined to disclose annual sales or closings numbers.
The expansion west follows the Joneses’ pandemic pivot to Florida, where they started selling real estate with national brokerage Compass while they were restricted from travel while vacationing in Fort Lauderdale. The Joneses operate there under the team name Luxe Lane.
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