Rasberry CRE Retools Real Estate Vision
Eric Smith/Memphis Daily News
Commercial real estate firm Lewis & Rasberry Realty has reconfigured and rebranded its business by morphing into a new entity called, simply, Rasberry CRE (Commercial Real Estate) for founding partner James Rasberry.
The name and organizational changes were made last year when the other founding partner, Jimmy Lewis, announced he would leave the firm and focus on outside projects, namely a Midtown health food store.
That decision led Rasberry to forge ahead and create a revamped name, retooled vision and redesigned Web site (www.rasberrycre.com) for the firm, which also will have new headquarters in the Cooper-Young area by spring.
Rasberry wished Lewis success on his new venture, and told him he was always welcome back on the team should the store not work out. When it in fact did not, Lewis rejoined the team even though his name was no longer a part of the company moniker.
“We were already moving forward and had the changes already in place,” Rasberry said. “Unfortunately, he finally came to the decision that he wasn’t going to pursue that venture, so he’s back and he’s very productive. In some ways, it reactivated his interests and energies regarding real estate.”
Throwing creativity in the mix
Likewise, the newly formed Rasberry CRE has reactivated its interests and energies regarding Memphis real estate, particularly in revitalizing commercial properties in the city’s core and recreating them under a new vision.
Rasberry CRE’s services include landlord representation, tenant representation, representing sellers and buyers of commercial properties, financial analysis of property, development and urban renewal.
Rasberry said the company’s agents – himself, Lewis, Robert Taylor and Collyn Wainwright – try to approach each new deal by using both their right and left brains, by incorporating creativity as well as competency.
“Where I’ve found the most enjoyment and success is being able to see beyond the basics when looking at a property and saying, ‘Let’s take it to another level or alternative use,’” Rasberry said.
That often means helping the property reinvent itself by letting it take on a new life and new existence. And it often means trying to go one step further than is expected of a commercial broker and treating each deal as important.
“I’ve been fortunate that that’s been the interesting part of the job to me and the exciting part of the job, and that’s worked out well for me and for the client,” Rasberry said. “I kiddingly say, ‘If a sign can sell your property or reposition your property, I’ll just give you the name and number of my sign guy. If that’s what you think works, that’s the solution, and it will save you some money and time.’”
Branching out from the core
Rasberry CRE is departing its Overton Square digs and will open its new headquarters in part of the commercial development of the Pie Factory Lofts on Young Avenue. Construction on the new office is about to begin, with completion set for April.
Rasberry said he felt it was a natural step for the company to move into the Pie Factory, which he helped develop within the past couple of years.
“We’ve been committed to this area for a long time, both as a resident in Midtown and a participant in the Midtown-Downtown core of Memphis activities,” Rasberry said. “I’ve been reticent about leasing (the commercial space) to just anyone because I wanted a good neighbor for the tenants.”
As 2008 cranks up, many challenges face the commercial real estate industry, but Rasberry CRE also is concerned with the residential sector, including the task of filling Pie Factory’s remaining condos. Right now, the 32-unit complex is about one-third full, Rasberry said.
“Knock on wood, we’re still selling units over there in the midst of a trying time for residential,” he said. “We’re not at the speed we’d like, but at least they are selling.”
To get traffic flowing and deals closed, Rasberry said he plans to explore different ways to structure financing plans for those who are interested in moving in and can’t qualify through traditional means.
But that’s not all this new incarnation of the company has up its sleeves.
Rasberry CRE soon will add a pair of seasoned brokers with experience in industrial properties because Rasberry said he knows the city’s fortunes lie not only in its core, but in the corridors that lead outward.
“We all see where Memphis’ strengths are right now and where we’re heading – rail, logistics and the new developments in the region, such as Tupelo, (Miss.,) with its auto manufacturing, Lamar (Avenue) and U.S. 78, which will become Interstate 22,” Rasberry said. “That corridor is going to flourish over the next few years, and we’re going to be a part of it.”