Now, to the power of two

By Dick Hughes  

JANUARY 21, 2011 11:37 a.m. (0)

Longleaf Development and Coldwell Banker Commercial Caine are combining forces in Spartanburg in a partnership they see as strengthening both at a time the city is on the cusp of growth.

“This is an opportunity to take basically the 70-plus units Coldwell Banker Caine brings to the table and gives us the back office to accomplish our goal, and that is to be the premier commercial house in Spartanburg,” said John Bauknight, a co-founder of Longleaf.

Brad Halter, president of Coldwell Banker Caine, said the partnership came about as a result of the retirement of Jack Newton, who has headed Caine’s commercial real estate operation in Spartanburg since 1997 and has been “one of the premier agency guys in Spartanburg” for 55 years.

Under the partnership, the two companies maintain separate independent ownerships, but Tim Satterfield, partner and broker in charge of Longleaf Development, joins Coldwell Banker Commercial Caine as vice president and broker in charge in Spartanburg.

“This is purely a merger of interests,” said Halter. “It increases opportunities of both groups through increased resources and relationships.”

Halter said discussions for a partnership began after Newton told him six months ago of his plan to retire in March and move to California to be with his daughter, son-in-law and grandchildren.

Halter, who is the third generation president of the family owned Greenville company, said while Caine has been doing business in Spartanburg since the 1940s, the company needed to replace the day-to-day familiarity and established relationships that Newton has in the market.

“Tim Satterfield is a known quantity in Spartanburg, and we do not like to be in any market and act like we are from Greenville and know this market,” he said.

The partnership will not increase the numbers of agents and brokers in Spartanburg but will create an opportunity to attract “the cream of the crop” in real estate, Bauknight said.

“We agreed we don’t necessarily have to have the biggest agency in terms of numbers,” he said. “We want the best, well-respected full-service commercial business that there is.  I think we can be a little bit choosey about who we bring into the mix.”

Longleaf Development was founded four years ago by Bauknight and Nick Wildrick, principals of Longleaf Holdings, which also includes ownership of RJR Rockers Brewing Co., Total Product Destruction, Total Records and Information Management and Total Storage Services.

Bauknight said Longleaf Development was held back because back office support provided by the holding company was tailored for general business operations and not the more intricate paperwork of the real estate business.

Bauknight said Longleaf has established “a pretty significant hold on downtown” Spartanburg with its participation in redevelopment with the restoration of the old Palmetto Hotel into apartments and commercial space and the $2-million conversion of the old Salvation Army building into a new home for RJ Rockers Brewery.

Bauknight and Halter expressed optimism that Spartanburg’s downtown was poised to take off with new developments, particularly with the number of colleges there and with the end of the long downturn caused by the recession.

“When we bought the Palmetto building, we felt there was a three to five year window for a real vibrant downtown,” said Bauknight. “I think we’ve lost a couple of those years, but we have some great things happening.   I think in 2013 we are going to get where we want to be.”

They cited the impetus development gets from the evolution of downtown Spartanburg as an urban campus location with USC Upstate’s Johnson School of Business and Economics, the fall opening of Edward Via College of Osteopathic Medicine and the planned branch of Spartanburg Community College in the historic Evans Building in 2013.

This is in addition, they noted, to the students with access to downtown from central campuses of USC Upstate, Wofford and Converse.

Halter said he soon envisions as many as 7,000 students, plus faculty and staff, on Main Street. “What that is going to drive is housing, and that’s going to drive the need for retail.”

Bauknight and Halter said marketing plans are not complete, but they anticipate that signing and branding will include both names.

“There is so much equity in the Longleaf name, we do not want to lose it, and the power the two brands bring together, we don’t want to lose that,” said Halter.