February 19, 2016

Boyle Launches Nashville Office With Ex-Trammell Crow Execs

By Theresa Bechard
– The Nashville Business Journal –

Boyle Investment Co. is expanding into the Nashville market after charting a strong, 68-year old real estate development history in Memphis.

The company’s new Nashville office — which will provide the same range of development, and acquisition, sales and leasing services offered in Memphis — will be headed by Jeff Haynes and Phil Fawcett, both of whom previously worked for Dallas-based Trammell Crow Co.’s Memphis office.

Having developed a number of commercial projects in the Nashville market a few years ago — including some build-to-suit offices for Malone & Hyde — Boyle wanted to expand its reach to the area, says Henry Morgan, the company’s president. “We wanted to expand and it’s a natural place for us to go,” he says. “Nashville has a dynamic economic and growth record especially in the last few years. It’s convenient to us and we’ve been fortunate enough to find good people to head it up.”

Haynes most recently served as managing director of Trammell Crow in Tennessee, and Fawcett served as senior vice president in charge of retail for Tennessee for the company. While both worked from Memphis most recently, they have extensive backgrounds in the Nashville real estate market as well, Morgan says. “That’s invaluable to our future Nashville customers,” he says.

The two began work to establish Boyle’s presence in Nashville October 15 from an office at 32000 West End Ave. Although the company doesn’t have any buildings under contract for purchase in Nashville now, it is looking at several investment options, Morgan says. “We hope to not only be involved in transactions as brokers and leasing agents but to find office, retail and multi-use investments, like in Memphis, if we can find the right opportunities,” he says.

While the Nashville market presents plenty of development and investment opportunity, gaining a sizeable market share in a market occupied by large, notable real estate investment trust like Raleigh, N.C. – based Highwoods Properties and Indianapolis-based Duke Realty Corp. Could be a challenge, observers say. Charlotte, N.C. – based Crescent Resources LLC — a subsidiary of Duke Energy – also has a growing presence in Nashville.

“Nashville has two large REITs and Crescent, and those three — from the office and to a lesser extent industrial side — have a very dominant market share there,” says Mike Harris, senior vice president for Highwoods in Memphis.

‘In respect to a new party coming into the market, unless they make a large bulk buy, it’s going to take them a while to get a good foothold,” Harris says. “I know they’re good owners and if they put their full attention to it, they’ll do well.”

Boyle is entering the Nashville real estate a market at a time when it, like Memphis, has softened recently as companies have delayed making decisions while they wait to see which direction the economy will take.

“That market, like Memphis, is soft and it would be a good time to go in and buy,” Harris says. “Boyle’s fairly opportunistic and may see this as a good time to come in and buy something cheap.”

Trammell Crow — which also has a Nashville office — considers the market ripe for development, says Jim Hayden, senior managing director with Trammell Crow Co.

“The Nashville market is a good market with upside opportunities for some development down the road, especially of a regional nature,” he says. “We’re positive about Nashville and we think there are some real good growth opportunities there so it doesn’t surprise me that Boyle wants to open an office there.”

Boyle’s goal is to have a presence in Nashville that one day equals its Memphis development legacy, Morgan says.