Crye-Leike to Open Highway 64 Office

Memphis, Tenn. –  Crye-Leike, the largest real estate company in Tennessee and the Mid-South, announces the establishment of a branch office in northeast Shelby County, its newest branch office expansion making it the 22nd branch and franchise office in the Greater Memphis area.

This new Crye-Leike branch office is located at 9943 Highway 64, the southeast corner of Highway 64 at Houston Levee Road. The office will occupy 6,400 square feet in a newly-constructed commercial-retail center owned by Ronnie Underberg of Memphis, Tenn. Crye-Leike plans to move into its new location in mid-December of this year.

“With our Highway 64 office being strategically located near Lakeland and Arlington, the move creates a gateway to Fayette County for our company,” said Harold E. Crye, Crye-Leike’s chief executive officer. “We expect that Lakeland and Arlington will become the hottest growth areas in the Mid-South over the next five years.”

John Criswell, a 15-year veteran and and top sales producer for the company, will manage this Highway 64 branch office. He will be responsible for the recruitment and management of 51 sales associates who will market residential and commercial real estate sales. Criswell will be president of the 3,500-member Memphis Areas Association of Realtors next year.

“Crye-Leike is committed to serving real estate buyers and sellers in northeast Shelby County, including Arlington, Lakeland, north Cordova and Fayette County,” said Criswell, who also served as past president of the Memphis Area Association of Realtors’ Multi-Million Dollar Club. “Crye-Leike intends to position itself to support the infrastructure that has resulted from the widening of Highway 64 in this northeast corridor of Shelby and Fayette counties.”

Before its Highway 64 office addition, Crye-Leike’s most northeastern offices were located in Bartlett at Stage Road and Summer Oaks. “Our Crye-Leike sales associates will now be able to better serve clients from the eastern boundaries of Bartlett to Somerville in Fayette County,” said Criswell.

For the past five decades, Memphis has experienced “urban sprawling,” widespread pockets of growth, according to researchers at the University of Memphis Bureau of Business and Economic Research. Population growth estimates which transpired during those decades included: the 1960s, with Whitehaven at 75,000 population growth, Memphis’ biggest surge over the past 50 years; the 1970s, with Hickory Hills experiencing a more rapid growth of 55,000; the 1980s with Germantown and Collierville experiencing 25,000 and the 1990s in Cordova at 15,000.

“For the next decade, the next likely areas for new growth around Shelby County are the unincorporated areas in the northeast corridor, which includes Arlington and Lakeland,” said University of Memphis researcher B. Lewis Alvarado. “But how much growth in those areas will be difficult to measure with all the possible dynamics involved that have some dampening effects like affordability and zoning laws.”

“Memphis’ logical progression is eastward,” said Steve Brown, vice president and regional manager of Crye -Leike, Inc. in Memphis. “The city started at the river. The march of growth has always moved eastward for new housing starts.”

According to data compiled by Garner Chandler of Chandler Reports, LLC which publishes Memphis area real estate data, housing starts and closings within the 38002 Zip Code area, which includes Arlington and Lakeland, started to show a steady increase after 1994. There were a total of 204 new housing permits issued in 1994, doubling since 1995 to 385 and remaining steady at 428 new housing permits issued in 1998. Closings of new homes were 209 in 1994 and doubled to levels of around 400 units since 1996.

Crye-Leike (www.crye-leike.com), a full service real estate company for 25 years, is the nation’s 13th largest real estate company with a network of over 2,200 sales associates and 56 branch and franchise offices located in 25 counties throughout a five-state Mid-South region in Tennessee, Arkansas, Kentucky, Mississippi and North Georgia. Crye-Leike attained sales of $2.9 billion and 20,406 closed transaction sides corporate wide in 2000.

Crye-Leike, Inc. in Memphis has a sales force of over 1,100 sales associates who are located in 22 branch and franchise offices in eight counties throughout a three-state Mid-South region in Tennessee, Arkansas and Mississippi. Crye-Leike, Inc. (Memphis), along with Crye-Leike of Mississippi, Inc., collectively sold 10,268 units in 2000 with a sales volume of $1.5 billion. Crye-Leike of Arkansas in Jonesboro reported year-end sales volume of $36 million with 454 closings.

 

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