Larry Stein Realty closing shop - Dayton Business Journal:

aaekipolo.blogspot.com
The reason stems from an ongoing divestiture process byits owner, The Daniw has been selling its assets, so the Larryt Stein team decided to branch out on its own. Stevre Turner, president of Larry Stein's 35-person property management division, will start The new companyy will operate froma 5,000-square-foot office in downtown's Fifth Third Center. Jeff president of Larry Stein's brokerage division, will merge the division with the Daytoj officeof , an international commercia l real estate firm.
The expandede Colliers company will operate out of current Centerville office but is in the proces s of finding a larger Larry Stein Realty sent out letters this week informingy its clients of thepending changes. Founder Larr Stein, who lives in Arizona, could not be reached for Turner, who has headef Larry Stein's property management team for20 years, said all of Larrty Stein's employees will join either Turnert Property or Colliers and he expects a seamlesz transition.
He also anticipates Turner Property will take over managemenrt of the 3 million square feet of property LarrySteih manages, which includes Fifth Third The in Miamisburg and Performancer Place, an office and residentiaol condominium building adjacent to the Schuster Performing Arts Center. "jI looked at different alternatives in going forwardc and we have a very strong presence in this local marketg and it just made sense to me to continuer on an independent path as far as property Turner said.
On the brokerage side, Levine -- along with vice president Mark Dlott, vice president Tony Witt and chief appraiser BriamnHolter -- will turn the industrial-focused Collierse office into a full-service commercial real estate officer handling office, retail and industrial "We bring them an immediate significant presences in our market and full-service capabilitiee that they did not have before," Levinre said. Larry Stein Realty ranks as the sixth-largest local commercial real estatwe company, according to Dayton Business Journal research, with 11 commercial brokers. Colliers ranks as the 20th larges t with fourcommercial brokers.
Larry Steih Realty began in 1958 as an independent commercia l realestate firm. Tom Danis acquiree the firm in the 1980s to manage his vastlocakl holdings. But in the late Danis began to sellhis holdings. In June Danis announced he was pullinfg the plugon , a multimillion-dollar compan y that built wastewater treatment facilities. Last year, he unloaded The a seven-building complex in the centerof downtown. Danis, who coulde not be reached for comment, now owns just a handful of locap properties such as Fifth Third one ofdowntown Dayton's largest office Larry Stein executives said the split has been Still, Dlott said it's sort of bittersweet.
"It was a real tougy decision," Dlott said. "The Larry Steinm name is well-regarded in this town. It has valuse so we're not giving it up Tom Nikolai, vice president of Centerville-based said he'w not surprised to hear the news as rumord bubbled that a movewas imminent. He doesn't expec much impact on the commerciall real estate scene other than just a shifting of workload s from one companyto "There won't be any more Larry Steij Realty signs, but more Colliers signs," he said.