Plans for Third Office in Rutherford County

Nashville, Tenn. – Harold E. Crye, chief executive officer of Crye-Leike, the largest real estate company in Tennessee and the Mid-South, has purchased three acres of land in Murfreesboro, Tenn. with plans to build the company’s third branch office in Rutherford County.

The additional office will bring Crye-Leike of Nashville, Inc.’s office count to a total of 23 branch and franchise offices in 10 counties within a two-state Mid-South region: Davidson, Grundy, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson counties in Tenn. and Warren County in Ky. Encompassing approximately 35 square miles, Murfreesboro, Tenn. is now the sixth largest city in the state, ahead of Jackson, Tenn. for the first time.

Crye-Leike of Nashville, Inc. currently operates two branch offices in Rutherford County: Crye-Leike in Murfreesboro at 1139 N.W. Broad Street and Crye-Leike in Smyrna at 599 Sam Ridley Parkway, West. The new location strategically positions Crye-Leike to now have two real estate offices in Murfreesboro on both sides of Interstate 24.

Crye says that Murfreesboro caught his attention because of what he’s seen with the course of housing growth and development moving westward in that area.

According to the U.S. Census Bureau, the city of Murfreesboro’s 2000 population was 68,816, which represents a 53.2 percent increase over the 1990 census figure of 44.922. Additionally, Rutherford County’s 2000 census population was 182, 023, a 53.5 percent increase over the 1990 census figure of 118, 570.

Crye’s land, located on Highway 231 across the street from Indian Hills Golf Club, is approximately one-half mile west of Interstate 24 and 26 miles west of Shelbyville.

The site was purchased from Middle Tennessee Development Company, LLC for $640,000 by Crye under the name of Harold E. Crye, Trustee, utilizing his living trust which is earmarked for Crye’s residential and commercial developments. The land is zoned for mixed use, “to give the ability to develop the property as a business park,” notes Crye. Cavalry Bank of Murfreesboro is the lender for the land sale.

Crye plans to build a one-story retail building, totaling 16,000 square feet, on two acres of the three-acre site. Crye-Leike’s new Murfreesboro office will occupy approximately 5,000 sq. ft. of the building with the remaining space leased to third parties, notes Keith Rosenblum, president of Crye-Leike Commercial & Property Management. “The remaining one-acre parcel on the west side is reserved for future development or build to suit.” Rosenblum projects the new facility to be completed by January 2003.

Crye-Leike (www.crye-leike.com), a full service real estate company for 25 years, is the nation’s 13th largest real estate company and the largest serving Tennessee and the Mid-South. It has a network of over 2,200 sales associates and 59 branch and franchise offices located in 27 counties throughout a five-state Mid-South region in Tennessee, Arkansas, Kentucky, Mississippi and Georgia. Crye-Leike attained sales of $2.95 billion and 20,768 closed transaction sides corporate wide in 2001.

Crye-Leike of Nashville, Inc. entered Nashville’s real estate market in 1992. It has 22 branch and franchise offices in 10 counties within a two-state Mid-South region: Davidson, Grundy, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson counties in Tenn. and Warren County in Ky. Sales associates in the Greater Nashville area currently total over 800. Crye-Leike of Nashville, Inc. recorded 7,420 units sold in 2001, representing a sales volume of $1.08 billion.