Road Trip! VCU Business Tours RVA’s Who’s Who of Real Estate
VCU’s Kornblau Real Estate Program’s annual field trip explores the future of real estate and economic development.
By: Megan Nash
Just a day after wrapping up the spring semester, 20 students from the VCU School of Business hit the road with the VCU Kornblau Real Estate Program on the “Real Estate Annual Field Trip” on May 1. Far from an ordinary day off-campus, the field trip was an insightful journey into the world of real estate development, economic impact and the strategic advantages of investing in Richmond.
Richmond: A city on the rise
To understand the significance of the facilities students visited, it’s important to first look at the broader picture of Greater Richmond.
According to data from the Greater Richmond Partnership, Richmond’s metropolitan area, home to about 1.3 million people, is an economic hotspot in the making. With a diverse economy that includes sectors like advanced manufacturing, finance and logistics, the city’s strategic location and growing industrial activity have made it a prime location for businesses. As part of the field trip, students explored several of the area’s key developments, offering a firsthand look at Richmond’s transformation.
“Many people haven’t recognized it, but companies are discovering Greater Richmond’s strength as a business center,” said Jennifer Wakefield, President and CEO of the Greater Richmond Partnership. “Greater Richmond’s growth can be attributed to the regionalism shown by public and private sectors, including the partners in higher education such as VCU who train waves of students for local employment.”
Amazon Fulfillment Center: Behind the magic of the “buy now” button
The first stop was the Amazon Fulfillment Center, also known as RIC4, in Henrico County. Spanning a staggering 2.7 million square feet, the largest in Central Virginia, the facility operates on a parcel of previously underused land near the Chickahominy River in Henrico County with the latest in robotics and artificial intelligence.
Upon arrival, students were greeted by Jordan Tate, manager of economic development for the Mid-Atlantic at Amazon. Tate emphasized the center’s impact on the local economy and highlighted Amazon’s $109 billion investment in Virginia, including infrastructure and employee wages. The facility has created 39,000 full- and part-time jobs in the state.
Tour groups were led by Amazon guides, who provided an insider’s look at how the world’s largest online retailer operates. Students observed how Amazon employees pick, pack and ship customer orders while marveling at the efficiency and scale of the operations.
After the tour, Elena Patino ’25, a VCU Business student majoring in Real Estate, and co-president elect of the VCU national professional real estate fraternity Rho Epsilon, shared her thoughts on the experience:
Elena Patino ’25
Wegmans Distribution Center: Bananas, tech and efficiency
Next, students visited the Wegmans Distribution Center in Ashland, where they explored a 1.1 million-square-foot temperature-controlled facility that serves 24 stores along the East Coast, including those in Short Pump, Midlothian and Charlottesville.
The facility’s sophisticated systems, including voice-guided picking via a two-way communication system, Vocollect, are used to direct staff during the selection process including where to go, what to select and how many of each.
What caught the eye of most were the fruit ripening rooms. The center has 10 rooms dedicated to banana ripening using the latest pressurized ripening technology. Closely monitored by a team of technicians, pears, avocados and stone fruits are stored in temperature-controlled rooms for pre-cooling and low-temp storage, ensuring that each type of fruit is ripened properly before distribution.
Wegmans Director of Distribution, Jake Fox, spoke with students about the operational need to have a distribution center in Virginia and discussed the company’s involvement in the community. He emphasized how technology and teamwork come together to support Wegmans’ operations and ensure high-quality products are delivered to customers.
Before departing, Christian Lazo ’25, also majoring in Real Estate at VCU Business, shared his favorite part of the experience:
Christian Lazo ’25
Henrico Sports and Events Center: A hub for sports tourism
The third stop was the Henrico Sports and Events Center (HSEC), a $50 million facility located on the site of the former Virginia Center Commons mall in Glen Allen. The center, which opened in October 2023, boasts an impressive 185,000 square feet of space, with 115,000 square feet of maple flooring—the second largest in the United States.
With flexible spaces accommodating up to 4,500 guests, 12 high school regulation basketball courts, or 24 volleyball courts, the center has quickly become a hub for youth league travel basketball and has already attracted a series of major events, including the Atlantic 10 Women’s Basketball Tournament and even the upcoming 2024 VCU Real Estate Trends Conference.
During their tour, students learned the center was intentionally designed to enhance Henrico County’s indoor sports, complementing Richmond’s offerings for outdoor and aquatic sports.
Rob Welch, venue operations manager with Henrico Sports & Entertainment Authority, talked about Henrico County’s proactive stance on sports tourism. “Henrico County has been a leader for years with their strong stake in outdoor events,” said Welch. “With the creation of the Henrico Sports and Entertainment Authority in 2022, Henrico County has gone all in on sports tourism to strategically pursue, attract and host sports and entertainment events to enhance the economic, social and cultural vitality of our community.”
Welch also mentioned the benefits of their new multipurpose facility. “The HSEC allows Henrico County to attract a diversified field of events to a state-of-the-art multipurpose indoor facility situated within a half day drive for over 50 percent of the U.S. population.”
“The HSEC has welcomed over 115,000 visitors resulting in an economic impact of nearly $15 million.”
He added that the economic benefits are significant. “Last year, visitor spending hit $1.7 billion which has the highest visitor spending in Central Virginia, and fifth in the state of Virginia.”
The center has booked over 45 events through 2024 and is expected to bring $60 million of economic activity to the area.
Following the tour, Alexis Hurdle ’26, a Real Estate major at VCU Business, provided her perspective:
Alexis Hurdle ’26
Deepwater Industrial Park: A blank slate of possibilities
The final stop took students to Deepwater Industrial Park, located just across Interstate 95 from the Richmond Marine Terminal. The 110-acre site, once part of the Alleghany Warehouse Co., now houses Lowe’s 1.2 million-square-foot distribution facility and offers a world of potential for future development.
Standing in a 202,254-square-foot vacant warehouse, students heard from VCU alumna Statia Gibson (B.S. ’12), senior manager for the City of Richmond Department of Economic Development, Gareth Jones, managing director at JLL and Joe Marchetti III, president at Marchetti Development, on the adaptability of real estate and the transactional process of finding suitable tenants for industrial spaces, learning how strategic partnerships can transform a space into a viable business location.
“The City of Richmond EDA supports opportunities for redevelopment, especially in repurposing older, outdated structures into contemporary, functional development projects,” said Gibson.
“This adaptability, in response to evolving real estate trends, enables both the city and the surrounding region to sustain a competitive edge in attracting thriving businesses. Additionally, the Richmond commercial real estate community prides itself in a high level of collaboration, driven by a shared commitment to promoting the City.”
After the tour, Tori Wright, ’24, a VCU Business student majoring in Finance with a minor in Real Estate and co-president elect of Rho Epsilon, commented on her experience:
Tori Wright, ’24
Each stop on the field trip offered a unique perspective on how real estate development can impact a region, whether through creating jobs, enhancing tourism or repurposing existing spaces.
“Real estate is a big table and you can do lots of different things,” said Robert Taylor, executive director, VCU Kornblau Real Estate Program. “These experiences are invaluable to our students, allowing them to see how real estate development influences and is influenced by the communities around it.”
To learn more about the VCU Kornblau Real Estate Program, visit their website or follow on LinkedIn.
Stay informed at the VCU Real Estate Trends Conference on October 10, 2024, featuring keynote speakers Jay Bilas, former Dallas Maverick and renowned ESPN analyst, and Willy Walker, chairman and CEO at Walker & Dunlop.
See the full “Real Estate Annual Field Trip” Instagram takeover for visual highlights of the day!
Joanna Devisser, ’24 and Chris Guzman-Cruz, ’25
Footnotes
Story by Megan Nash; Photos by Joanna Devisser, ’24; Chris Guzman-Cruz, ’25 and Megan Nash