Summary

In this series of Boyle Talks, Cary Whitehead discusses his rich experience in the real estate industry and working with Boyle for more than 55 years.

Transcript

Gary: I’m Gary Thompson and we’re here for another episode of Boyle Talks. Today we’ll be talking with Cary Whitehead, who’s an Executive Vice President at Boyle. Cary, you’ve been here since 1995. Why do people want to give Boyle a loan?

Cary: We are conservative by nature. We’ve done loans with companies since 1933, when the company was founded. We’re very much a relationship borrower. We try to mitigate all our risk that we can. We fix rate. 97% of our loans are fixed rate, so we get we don’t get caught in an updraft when interest rates start moving. We generally do 10 to 25 terms terms. We stagger our maturity, so we don’t ever get caught in one year where we have a lot of loans coming to.

Gary: And we pay the notes.

Cary: And we pay. We’ve never defaulted in the history of the company.

Gary: Which is a big deal.

Cary: Yeah, there aren’t many 90-year-old companies that can say that. That’s primarily for the load, leverage level we maintain, and the quality of the ownership of the company. It’s a fine family that just believes in doing what they say.

Gary: You mentioned that from a finance standpoint we’re very conservative here at Boyle. Tell us what that means. Does it matter that Boyle still owns most of the buildings that we own and operate? Does that matter to a lender?

Cary: It does because they know we build a better product knowing we’re going to keep it. Developers generally, called merchant developers, build the product as cheaply as they can because they’re only going to own it for a few years and they’re going to sell it. Where we keep product as long as we can keep it, frankly 15, 20, 30 years until we feel like we’ve maxed out the product or the neighborhood has changed. Otherwise, we keep it and we finance that way. We look for moderate leverage because when dollars are free, when the when the lenders are trying to get money out the door, we could leverage higher than we do, but we don’t because we want to be in the position where when the cycle changes and the money is not as available, the lenders still are delighted to do business with us. They know we’re going to pay it off, and they know we don’t over leverage. So, longterm it’s a better strategy for the long-term whole concept of Boyle.

Gary: We’ve worked together in various capacities over the years. It’s been fun to work with you, and I’ve watched you here in the company been very successful previously and in the company. What’s your favorite thing about working at Boyle?

Cary: I’d say the integrity. Not only of the people who work here but more importantly the ownership the, the family. The lending community likes to see. They like to touch and feel the owners. They like to become comfortable with them and how they do business and what kind of character they have. It’s always a pleasure that you can confidently and truthfully go to a lender and tell him this is going to happen, and that’s going to happen. And know what it will and not worry the owner’s going to pull the rug out from under. He isn’t going to do what we’ve committed to, so it’s a pleasure to work with people like that.

Gary: That’s happened in multiple generations, and that’s very unusual in any family business. But, it’s very consistent here, and as I’ve done these interviews with other people, that word floats to the top almost every time, integrity. And, really what that comes down to is doing what you say you’re going to do.

Cary: Precisely.

Gary: We work for people that do that, and that’s very exciting.

Cary: And if you’re a lender, that’s really important. Their jobs depend on their loan portfolio paying off when it’s due and not having loan workouts, so that’s one of the great things about working here.

Boyle was pleased once again to feature the popular a cappella singing group from Memphis University School, Beg to Differ, at our holiday event at Regalia shopping center at Poplar Avenue and S. Shady Grove.  The group performed in the courtyard and strolled throughout the center at the shops and restaurants providing holiday cheer for shoppers and diners.  Delicious complimentary refreshments were provided by Boyle from Paradise Café, whose homemade cookies are always a big hit.  Santa once again made an appearance and was popular with both children and adults who came out to enjoy this fun annual event that always gets us in the holiday spirit.

Boyle was pleased to partner with GiveGood for our holiday gifts this year. GiveGood assembled and packaged more than 1,200 holiday gifts for us and hand delivered a shipment for our employees to our Boyle office on December 5.  GiveGood employs young adults on the autism spectrum and empowers them to find place and purpose.  The delicious Dinstuhl’s chocolate bars and toffee have been a big hit with the recipients!

!

Boyle is proud that Les Binkley is serving as Chairman of the Board of the Memphis Area Association of Realtors (MAAR) Commercial Council this year. We want to share with you his address at this year’s Pinnacle Awards ceremony honoring the highest producing commercial brokers in the Memphis area:

Before you read an article in the Memphis Business Journal about an exciting new retailer coming to the market, or a national company selecting Memphis for its distribution center, or a developer breaking ground on an office project, there is a good chance a member of the Memphis Area Association of Realtors (MAAR) Commercial Council has been working behind the scenes to make those headlines a reality. These stories represent growth and investment in our community. The 17th Annual Commercial Council Pinnacle Awards celebrates and acknowledges the achievements of the commercial real estate community and those professionals who sell Memphis every day.

2017 continued an active and exciting run for Memphis real estate. In fact, the total value of commercial real estate transactions on the 2017 Pinnacle Award applications was $1,769,203,449, up over 5% from 2016. The MAAR Commercial Council had another very busy year!

The annual Pinnacle Awards recognizes our top producers for 2017. Included in the Pinnacle Producer’s Club are individuals who met or exceeded $2,000,000 in commercial real estate transactions in 2017. The Top 25 represent the 25 highest producing real estate professionals based on total transaction dollar value.

The Pinnacle Awards also acknowledges the efforts of an individual who has completed the most real estate transactions (sales and/or leases) by bestowing the Grit & Grind Award.

The Wyatt Aiken Broker of the Year and Hall of Fame awards recognize those who have made contributions to the real estate community as well as the greater Memphis community. Recipients must have also demonstrated leadership, excellence and integrity throughout a successful real estate career, with the Wyatt Aiken Broker of the Year Award having primary emphasis on accomplishments in 2017.

The Community Impact Award recognizes a company who has made a significant and positive change in our community in 2017 through its real estate activity.

The Legacy Award was established to honor, posthumously, a commercial real estate practitioner (broker, developer, manager or owner) who was a pioneer in building the Memphis commercial real estate industry and whose career accomplishments were significant.

Finally, this is the inaugural year for the Commercial Council to bestow its President’s Award, which recognizes

Beyond the Pinnacle Awards, the Commercial Council hosts events such as the Commercial Real Estate Forecast Summit and Education Forums which provide our professionals with information on PILOTs, the 2017 property reassessment process, legislative issues, etc. These events are great examples of how the Council strives to be the best source for enlightening real estate professionals and our community on current trends which have a far reaching impact on Memphis. The Council also gives back to our community by hosting the annual MAAR Commercial Council Golf Tournament benefiting the Make-A-Wish Foundation. Going into our eighth year, the annual event has contributed in excess of $250,000 to the Mid-South Chapter of the Make-A-Wish Foundation.

While the Pinnacle Awards is a celebration of the hard work of the commercial real estate community, it is very much a celebration of all things Memphis.

Thank you for joining in the celebration!

This year marks the 85th anniversary of Boyle Investment Company, one of Memphis’ oldest real estate development, sales, leasing and management firms. To celebrate, the company is hosting a luncheon on March 23 for its 113 employees on the top floor of its new ‘Class A’ office building at 949 S. Shady Grove.

The 85th anniversary marks the achievement of significant milestones at two of Boyle’s largest projects in the Memphis region: Ridgeway Center and Schilling Farms. In the fourth quarter of 2017, Boyle celebrated the grand opening of 949 Shady Grove, a new ‘Class A’ office building on the last remaining site in Ridgeway Center office park, marking final completion of the 204-acre mixed-use development launched in the early 1970s in East Memphis. Also, this year marks the 20th anniversary of Boyle’s 443-acre Schilling Farms community in Collierville, where newly completed projects include a 50,000-square-foot ‘Class A’ office building, the second phase of The Carrington multi-family project, and a 9,000-square-foot retail center.

Boyle also celebrates significant milestones in the Nashville region, where in 2001 the company opened an office which has grown from two employees to 30 employees today. Under the direction of Phil Fawcett and Jeff Haynes, Boyle Nashville, LLC and their joint venture partners have acquired, developed and manage more than 3.2 million square feet of commercial space, and have more than 532,000 square feet of commercial space under construction. Large-scale projects in Nashville include Capitol View, which will offer 1.1 million square feet of ‘Class A’ office space, 130,000 square feet of specialty retail/restaurant space, 378 luxury apartments, a Hampton Inn & Suites, a 2.5 acre urban activity park, and a jogging/biking trail connected to Nashville’s greenway system. The last two years have brought explosive growth at Berry Farms in Franklin, with four major headquarters announcements at the 600-acre mixed-use project, which also includes a town center and a variety of residential communities. Construction is underway on McEwen Northside, a 45-acre development in Cool Springs that offers fully integrated office, retail, residential and green spaces. Boyle’s Nashville office is located at the company’s own 60-acre Meridian Cool Springs development, which offers more than 900,000 square feet of office and 90,000 square feet of retail space.

Since its founding in 1933, Boyle remains family owned with the third generation now involved in management. The company is led by Henry Morgan, Co-Chairman, and Paul Boyle, President. Other family members include Bayard Boyle, Jr., Co-Chairman, and Executive Vice Presidents Henry Morgan, Jr. and Bayard Morgan.

One of the company’s greatest assets is its “deep bench” of experts – longtime employees who have stayed with the company for years. Boyle has 31 employees who have been with the company for more than 20 years. Their expertise and long-term involvement with the company have been a great plus. Three non-family members have been with the company for more than 40 years: Mark Halperin, 45 years; Joel Fulmer, 46 years; and Russell E. Bloodworth, Jr., 49 years.

Over the years, Boyle has made a profound impact on the city of Memphis. A Boyle family ancestor, John Overton, founded Memphis in 1819 in partnership with Andrew Jackson. In the early 1900s, Edward Boyle developed stately Belvedere Boulevard in Midtown. Boyle Investment Company was founded in 1933 by three of Edward Boyle’s sons – Snowden, Charles and J. Bayard, Sr. The 1960s saw the development of River Oaks and Farmington. In the 1970s, Boyle paved the way for the city’s growth eastward with one of Memphis’ first office parks, Ridgeway Center, which today offers more than 2 million square feet of space. In the 1980s, Boyle began development of Humphreys Center, which has become East Memphis’ bustling medical/office center. The 1990s saw the development of even more ambitious projects such as the 443-acre Schilling Farms community in Collierville. The company also developed numerous retail centers in the Memphis area during this period, including Regalia, Shops of Humphreys Center, Shops of Forest Hill, and Gallina Centro, as well as Preston Shepard Place and Southwest Crossing in Texas. Boyle Nashville, LLC was formed in 2001 and has grown to be the largest developer in the region. Boyle Insurance Agency, headed by Cindi Gresham, continues to thrive and offers both commercial and personal lines of insurance.

“Our grandfather, Bayard Boyle, Sr., and his two brothers initially focused their efforts on buying land and developing residential subdivisions and shopping centers,” says Paul Boyle, President. “He had a remarkable ability to identify and acquire properties in areas that would soon become major growth corridors. Today, we still stick to these same principals of careful research and planning, whether it’s a residential subdivision, a shopping center, or an office building that we are developing.”

While the company focuses a great amount of resources in the office and retail sectors of the commercial real estate market, the company also is known for its high-end residential communities including River Oaks, The Cloisters, Chartwell, Green Shadows, Blue Heron, the Gardens of Southwind, Golfwalk at Southwind, Riveredge, Bedford Plantation, and Spring Creek Ranch just to name a few. Boyle is currently active in the Germantown market with development of The Pinnacle of Germantown and Allelon, and is moving forward with additional phases at Spring Creek Ranch in the Collierville Reserve and Twin Lakes of Piperton.

“We’ve built a strong company because the family, from the beginning, has been committed to developing for long-term value,” says Henry Morgan, Co-Chairman. “We operate on the belief that properties are long-term investments that should be carefully planned, built, and maintained. With all of our activity in Memphis and Nashville, we think the future looks mighty bright.”

Only a few units remain available in the second phase of Boyle’s upscale multi-family community, Carrington West, a 125-unit boutique apartment and townhome community in the 443-acre mixed-use community in Collierville, Tennessee. Amenities at The Carrington and Carrington West include Blends Donut Café, gated parking with controlled access, a sparkling pool with sun shelf, a 24-hour fitness center, and a business center with Wi-Fi. Residents at Carrington West are enjoying the newly opened Carrington Retail Center featuring Cheffie’s Café, Burn Boot Camp, and Pure Nails & Spa, all just a few steps away. Call Etta Johnson, Property Manager, at 901-854-0111 if you are interested in moving your family to Carrington West at Schilling Farms.

The 9,000-square-foot Carrington Retail Center at Schilling Farms is fully leased. Boyle is pleased to welcome the new Cheffie’s Café, which opened this week, joining Pure Nails & Spa and Burn Boot Camp. The new Merle Norman opened several months ago in the adjacent 50,000-square-foot mixed-use building. Boyle property managers Dena Forbes and Angelica Savage, along with leasing agent Jonathan Aur, were on site today visiting the newly opened retail and office tenants. The retail center is a great amenity for the Schilling Farms residents and office workers, who are now enjoying the ability to walk from their homes or offices to enjoy lunch, coffee, shopping and exercise classes.

Looking for the perfect gift for a baby shower or sip and see? RSVP Baby in Regalia shopping center at Poplar Avenue and Ridgeway has the perfect thing. Since 1994, Memphians have turned to RSVP for the highest quality stationery products and gifts, and now the same is true for baby apparel and accessories at RSVP Baby. You’ll find the same personal service you have come to expect from the staff at RSVP. So stop by today to find one-of-a-kind items for baby!

It’s hard to believe that it’s been almost a year since Lori James opened at Boyle’s Regalia shopping center in East Memphis at Poplar Avenue and Ridgeway. This upscale contemporary fashion boutique has a wide variety of inventory of the latest in ladies’ fashion including tops, pants, blazers, scarves, and handbags. So stop by and meet Lori the next time you’re at Regalia. You’ll be glad you did.

The popular DeltaCappella performs at Regalia’s Festive Night Out on December 5.

On December 5, Boyle hosted its first ever “Festive Night Out” event at Regalia shopping center at Poplar Avenue and Ridgeway. All of the shops of Regalia stayed open late to accommodate the holiday shopping needs of their clientele and each store and restaurant offered an in-store special sale, drawing, or refreshments. Boyle provided Godiva hot chocolate and cookies from Paradise Cafe. Christmas carols were performed by the popular DeltaCapella, which strolled throughout the center providing festive entertainment for customers in the stores and restaurants. Santa also made an appearance at Regalia handing out candy canes. At the conclusion of the evening, Boyle held a door prize drawing and one lucky winner was the recipient of the $250 gift certificate valid at all stores and restaurants at Regalia. Despite inclement weather, a good time was had by all who attended. Stay posted for future events at Regalia, including a spring event on the patio with live music!

Boyle Investment Company was proud to sponsor the 8th Annual Wolf River Conservancy Tree Planting event held Saturday, March 16, from 9:00 am – 12:00 pm at Shelby Farms Park. The Wolf River Conservancy was pleased to have more than 250 volunteers help in the planting of nearly 3, 000 trees that are destined to be used across Shelby County. In addition to Boyle’s financial support of the event, Shelby Farms Park, The Little Garden Club, and the Memphis Garden Club helped promote the day’s activities. Mayor Luttrell along with leaders from WRC and Shelby Farms Park and hundreds of other volunteers really represented the best that Memphis aspires to be at the event.

Bayard Morgan, Executive Vice President of Boyle, is an avid outdoorsman and a member of the board of directors for the Wolf River Conservancy. “Boyle Investment is delighted to partner with the Wolf River Conservancy in helping to make our community an even more attractive place to live and work. Planting trees is an easy way to improve our quality of life.”

For more information on how you can support the activities of the Wolf River Conservancy by volunteering as individuals, with your family or through your employer, visit the WRC website at www.wolfriver.org or contact Keith Kirkland at keith@wolfriver.org.