A Springfield family of real estate businessmen are bringing national brokerage firm NAI to the Queen City as part of a multifaceted deal.
Titus Williams, co-owner of the newly formed Enterprise Commercial Group LLC, is launching NAI Enterprise LLC with his father Brad and brother Phil.
To form NAI Enterprise, the Williamses signed on as southwest Missouri franchisees of New York City-based NAI Global, which has more than 400 offices worldwide, some 7,000 brokers and over $20 billion in commercial real estate transactions annually, according to its website.
“We have had a real estate brokerage company for quite some time. We have only done stuff for ourselves,” Williams said. “With our exposure into other markets, we were getting more of the understanding that we needed to become affiliated with more of a national brokerage presence.
“When you deal in the Midwest, it’s really all who you know. That has become very important to us.”
He said the NAI franchise deal allows Enterprise Commercial Group to connect with other NAI affiliates for developments in the Ozarks and outside of the Springfield-area market.
NAI Enterprise is a division of Enterprise Commercial Group, which got its start in June, Titus Williams said. He owns Enterprise Commercial with his father Brad.
Locally, the Williamses’ NAI Enterprise covers 13 counties in southwest Missouri, strictly in commercial deals. Williams said NAI currently operates with 15 agents at 1414 E. Primrose St., which also is home to Enterprise Commercial Group. Williams said a marketing push to promote the NAI name is coming within a few weeks.
“I think it’s needed,” he said of the local NAI office, noting the presence “creates opportunity for equity” and “increased asset values and lease rates for owners.”
Williams said the local NAI office intends to relocate to his brother Phil’s planned development called The Ridge, which would be located on Campbell Avenue south of The Library Center. The development is currently in the planning phases.
The formation of Enterprise Commercial Group — along with NAI Enterprise — follows the Williamses’ sale of Missouri Valley REIT Inc. to Fargo, North Dakota-based Edgewood REIT. The sale of the real estate investment trust closed in June for undisclosed terms, Williams said.
He said Missouri Valley REIT’s assets represented about 20 percent of Edgewood REIT’s $837 million in assets at the end of the first quarter.
Some assets, such as the Missouri Hotel and The Kitchen Inc. campus, stayed with the Williamses. Redevelopment of the Commercial Street site is expected to start in 2019, Williams said.
SBJ interviews the associate dean, vice chair and professor of the University of Missouri-Kansas City School of Pharmacy at Missouri State University.