Crye-Leike Expanding Maumelle Branch Office to Accommodate Growth

Little Rock, Ark. –  Harold E. Crye, chief executive officer of Crye-Leike, the nation’s 10th largest real estate company, recently purchased a one-acre tract of land to expand operations for the company’s Maumelle branch office, a move accelerated by the office’s exponential growth over its first 22 months in operation.

Crye secured a vacant out parcel from real estate developers PDC, Company Realty of Maumelle for $400,000 on June 8, 2005. He intends to build a $1.3 million state-of-art facility to expand the company’s real estate operations in Maumelle and Pulaski County.

The property is located on Maumelle Blvd between Town Center Drive and Audubon Drive, a departure from Crye-Leike’s current location at 550 Edgewood Drive, Suite 580. “It’s a better location on a main thoroughfare,” says Crye. “A move we made to gain the kind of exposure our company likes to have for future growth.”

Pending zoning verification, building plans call for the development of a 10,000 square foot one-story strip center where Crye-Leike’s Maumelle branch office would occupy 6,000 sq. ft. of that space to accommodate up to 40 Crye-Leike sales associates. Company officials plan to lease the remaining 4,000 sq. ft. to third parties or real estate related businesses such as a mortgage company or a title & escrow company.

Completion of Crye-Leike’s new Maumelle branch office is projected for October 2005.

Bell Corley Construction has been named contractor for this Crye-Leike project, along with James Williams of Williams & Dean Associated Architects, Inc. as architect. Financing is being provided by Twin City Bank of Arkansas.

Crye-Leike has generated a multi-million dollar business in Maumelle within relatively a short time period since first opening its doors in August 2003. Crye-Leike reported sales from its Maumelle office to be $36.5 million in 2004.

“When you compare sales generated during the first six months of 2004 to sales during the first six months of 2005, our office’s sales growth has exceeded 59 percent,” says Mary Peyton, managing broker of Crye-Leike’s Maumelle branch office. Crye-Leike currently has a sales force of 19 Crye-Leike sales associates, and over 160 listings for the month of June 2005.

“When we first decided to open a branch office in Maumelle, we had intentions to move the current office to a bigger location some time in the future to increase our agent base, but never anticipated that the growth in our sales force and business would happen so quickly,” says Crye.

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. 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, Lonoke, Mississippi, Pulaski and Saline.

For assistance in your home buying or selling needs, or to join Crye-Leike’s sales team, call Mary Peyton of Crye-Leike, Realtors at 501/851-2000, or e-mail her at mary.peyton@crye-leike.com.

 

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