Davenport-based Russell Government Group LLC and Coharbor Group LLC, Bradenton, Florida, announced that they have entered into a joint venture to expand their capabilities in providing build-to-suit commercial real estate development and facility operations for the federal government. The joint venture, known as Coharbor Russell Group LLC, was officially approved in October by the U.S. […]
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Davenport-based Russell Government Group LLC and Coharbor Group LLC, Bradenton, Florida, announced that they have entered into a joint venture to expand their capabilities in providing build-to-suit commercial real estate development and facility operations for the federal government.
The joint venture, known as Coharbor Russell Group LLC, was officially approved in October by the U.S. Department of Veterans Affairs (VA) and Small Business Administration (SBA) as a Service-Disabled Veteran Owned Small Business.
Coharbor Russell Group will leverage its extensive knowledge and resources to better achieve “On-Time” and “On-Target” build-to-suit projects for the VA and the General Services Administration (GSA).
The joint venture is led by Jacob Anderson, a former U.S. Air Force major and F-15E fighter pilot as well as Coharbor Group’s founder. Mr. Anderson brings more than 14 years of experience operating and growing dynamic fast-paced organizations including multiple $100 million-plus operations as an officer in the U.S. Air Force, venture-funded startups, and traditional small businesses.
Russell Government Group is a registered affiliate of Russell focusing primarily on procurement and delivery of real estate development pursuits for state, local and the federal government. Founded by Jim Russell in 1983, Russell has evolved into a construction and commercial real estate development company.
“I am eager and ready to lead Coharbor Russell Group on our mission of providing the Department of Veteran’s Affairs, and my fellow veterans, with clean, accessible, and modern medical facilities built throughout the country,” Mr. Anderson, CEO of Coharbor Russell Group, said in a news release issued Wednesday, April 6.
“Russell brings not only decades of commercial real estate development experience, but also a level of integrity and excellence that permeates their culture. I’m honored to be partnered with them and look forward to our future “On-Time” and “On-Target” real estate development projects,” he added.
In an earlier interview with the QCBJ, Mr. Russell and Caitlin Russell, the new company president, said government work is an emerging growth area for Russell and estimated that it makes up 30% of their business today.
Russell entered the federal arena by building and developing projects for the VA, the Social Security Administration and the GSA. It currently is leading construction of a new federal building in downtown Rock Island that will include a state-of-the-art federal courthouse. The project is estimated at between $13 million and $20 million.
The three-story building will be owned and developed by Rock Island Investors, Inc., a special purpose entity that includes Russell and KATCO Resources Inc., a Kanas corporation with headquarters in Rock Island.
Russell’s portfolio also includes several VA Community Based Outpatient Clinics including in Galesburg, Illinois; Norfolk, Nebraska; and Spirit Lake, Fort Dodge and Mason City, all in Iowa.
“We are honored to be able to work in conjunction with Coharbor Group to provide these Community Based Outpatient Clinics to meet the needs of our regional veterans,” said Ms. Russell, who in December became the second generation to lead Russell.
“When we initially met Jacob, we were struck by his passion and similar corporate and personal philosophies – partnering with him was an easy decision,” she said in the release.
Prior to the VA’s formal approval of their joint venture, Russell provided mentorship services to Coharbor on VA clinics in Spirit Lake and Mason City, Iowa.
Coharbor Group is a Service-Disabled Veteran Owned Small Business focused on commercial real estate for the VA in the areas of acquisition, design-and-build, and expert management of Class A government properties. Its wholly owned subsidiary, Coharbor Electric, based in Fort Myers, Florida, is an electrical contracting firm with more than 20 years experience.
In addition to its Davenport headquarters, Russell has offices in St. Louis, Missouri, and Olathe, Kansas. Russell Government Group, the company’s development affiliate, has been providing specialized full-service real estate development services for more than 20 years.