Gill Properties is expanding its commercial real estate brokerage services with the addition of two veteran brokers, Frank Dyer III and Barry Maynard.
Dyer and Maynard have long comprised Loeb Realty Group (LRG). LRG is a third-party representative, for both tenants and landlords, which will cease to exist.
All of LRG’s clients are moving with them to Gill Properties.
“We were lucky to get them to come to us,” said Brown Gill, vice president for development at Gill Properties. “These guys, they have built quite a book of business.”
Dyer and Maynard have known for about a year they would make a change, and have quietly been deciding among several choices. Those options included joining Gill, joining a larger commercial real estate brokerage, or starting their own firm.
“Loeb Realty Group will cease to exist at the end of the year,” Dyer said. “With Barry and me goes the business.”
Dyer and Maynard each will be a vice president of brokerage at Gill Properties.
In recent years Gill Properties has been better known as a developer, especially with the recent construction of TraVure, the mixed-use, 185,000-square-foot development of office and retail space in Germantown.
But the business has been a commercial broker since its beginning, founder Ray Gill said. Gill Properties has an office in Nashville as well as its headquarters at Cordova Station. The firm eventually plans to build another TraVure building and move its headquarters into TraVure.
“We value the brokerage business,” Ray Gill said, adding that brokering commercial real estate deals is an effective way for a developer to “stay in touch with the market on a daily business.”
Loeb Realty Group has had strong connections with Loeb Properties, the commercial real estate company led by brothers Bob Loeb and Lou Loeb. The Loebs helped Dyer found Loeb Realty Group in 2006, have had a minority-ownership stake in LRG, and LRG has rented its office space from Loeb Properties headquarters at 825 Valleybrook in East Memphis.
Still, LRG operates independently from Loeb Properties.
Loeb Properties president Bob Loeb said in a prepared statement that over the past several years Loeb Properties has focused on place-making in Memphis. For example, the company has purchased and redeveloped both Overton Square and much of the Highland Strip district near the University of Memphis.
“During that time LRG has grown from a local to a regional and national brokerage firm,” Loeb said. “It became clear that Frank and Barry could better achieve their brokerage objectives with this transition.”
Gill Properties is now the “best fit” for Dyer and Maynard, he said. “It has been a true pleasure to watch their business grow and we look forward to continuing our working relationship,” Loeb said of Dyer and Maynard.
Maynard described the transition as a “peaceful move from Loeb.”
“We were fully supported by them. We wanted to take our business to a different level and kind of outgrew what Loeb’s focus is and was. The timing worked out,” Maynard said.
In recent years Dyer and Maynard have represented big and small clients, including the 228-acre Silo Square mixed-use development in Southaven, the upcoming development of a 10-story hotel at 5265 Poplar in East Memphis, deals for one of the largest independent convenience store owners in the Midsouth, and the development new automated car washes called Woodie’s Wash Shack.
Dyer and Maynard work with clients in more than 20 states, with plans to expand.
“Gill Properties has the infrastructure and support to grow this from a local/regional level to a national level,” Maynard said.