Crye-Leike To Build Its Own Regional Headquarters Building in Little Rock

Little Rock, Ark. – Crye-Leike, the nation’s 10th largest real estate company, has begun construction of a new $3.7 million state-of-the-art office building as its regional headquarters in Central Arkansas, a move accelerated by the company’s exponential growth over two and a half years since the company first moved to Central Arkansas in May 2002.

Harold E. Crye, chief executive officer of Crye-Leike, purchased 2.5 acres of land at the corner of Autumn and Kanis Road in West Little Rock from local investor Patrick Malstrom with plans to build a 30,210 square foot office building to expand Crye-Leike’s Central Arkansas operations as well as the sales force at its Financial Centre branch office.

Crye-Leike of Arkansas currently has its regional headquarters and a branch office located in leased office space at 11300 Financial Centre Parkway. In addition to Little Rock, Crye-Leike has three other regional hub offices in Nashville, Chattanooga and Memphis where the company is headquartered.

Crye-Leike’s new regional headquarters will occupy 24,022 square feet, with an office capacity that will accommodate up to 48 corporate staff and 79 sales associates, an increase of 46 percent in its branch office sales force from its current location. The remaining 6,188 square feet is available for lease as well as reserved for future growth, said Crye.

“Crye-Leike, our sales associates and staff have invested in this community by making this $3.7 million commitment to build our own regional headquarters building here in Central Arkansas,” said Crye.  “This new facility is going to give our company the growing room we need to expand services so our customers have the ?one-stop shopping’ experience” our company is known for.”

Crye-Leike’s business model offers its customers a full spectrum of real estate services, including: residential real estate services; relocation services; commercial business and investment real estate services; property leasing and management services; business brokerage services; REO – bank owned homes; insurance services; title services; home services and auction services.

For services outside Crye-Leike’s realm of expertise, the company has developed business partnerships to facilitate the buying and selling process and to foster an atmosphere of cooperation, said Crye. Such service partners include those with Sunsouth Mortgage for mortgage lending services where a mortgage representative is found in almost every branch office of Crye-Leike and American Home Shield as Crye-Leike’s single source for home warranties.

Crye-Leike offices currently planned to be relocated into this new facility include: Crye-Leike Relocation Services; Crye-Leike REO Division which specializes in bank-owned properties; Realty Title Services which specializes in title services; Sunsouth Mortgage; Crye-Leike Commercial & Property Management; and Crye-Leike Insurance as well as offices for accounting, administration, information technology, marketing and training to support Crye-Leike’s 250+ sales force in Central Arkansas.

Bell-Corley Construction in Little Rock is serving as the general contractor for the project and Andrew Hicks as the architect. Financing is provided by Bancorp South. Plans include building a one-story “L” shaped office building with a projected completion date of September 2005.

Crye-Leike recorded over $4.6 billion in total sales company wide in 2004, the highest ever in company history. Crye-Leike of Arkansas’ sales force of over 280 sales associates generated $419.17 million in sales in 2004, up 89 percent from the year prior, representing 3,496 in closed transactions sides.

Crye said that the company is right on track with his decision to expand operations in Central Arkansas. “We knew from the start that it would take us up to three years to become the market leader in Central Arkansas, a strategic plan we based upon our experiences in entering other new markets,” said Crye. “Our Central Arkansas region is on the fast track. So, establishing a permanent regional headquarters building here in Little Rock is the next step, particularly when we’ve outgrown our temporary space at our current Financial Centre location,” said Crye.

In December 1997, Crye launched a comparable business plan in the Greater Chattanooga, Tenn. area, which has a similar sized market to Little Rock, and became the market leader in that area within three years.

The new Crye-Leike location will offer convenience to the company’s clients and sales force, he said. “Being just two blocks from Interstates 630 and 430 provides quick access for our agents, located throughout Central Arkansas, who would be coming to our regional facility for training.”

The Crye-Leike site fronts the corner of Autumn and Kanis Road and has high visibility on one of the busiest corners in West Little Rock, with a projected traffic count of over 25,000 and where commercial real estate is developing, said contractor Boyd Corley of Bell-Corley Construction.

“The Little Rock sprawl has reached its northern limits for retail, so building has moved west and south of the city starting at this corridor,” he said. The Arkansas Highway & Transportation Department have plans to widen Kanis Road over the next five years to a four-lane road to relieve current traffic congestion in that area, added Corley.

Crye-Leike (www.crye-leike.com), a full service real estate company for 28 years, is the nation’s 10th largest real estate company and the largest serving Tennessee and the Mid-South.  It has a network of over 2,900 sales associates and 87 branch and franchise offices located in 42 counties throughout a six-state southern region in Tennessee, Arkansas, Mississippi, Georgia, Kentucky and Florida.

Crye-Leike of Arkansas, Inc. has 12 branch offices and two franchise offices, with a sales force of over 280 sales associates who market real estate sales within eight counties in Arkansas: Craighead, Crittenden, Faulkner, Garland, Independence, Mississippi, Pulaski and Saline.

Its branch and franchise offices are conveniently located in: Batesville, Benton, Blytheville, Bryant, Conway, Hot Springs, Jonesboro, Little Rock, Maumelle, North Little Rock and West Memphis.

Crye-Leike of Arkansas, Inc. was ranked No. 4 statewide among Arkansas’ top real estate firms, based on 2003 sales as ranked by Arkansas Business.

Crye-Leike established its first market presence in Arkansas in West Memphis in February 1997, followed by Jonesboro in December 1999.  Its first Arkansas franchise was established in Blytheville in July 2000.

 

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