The group will seek acquisitions and do their own developments wherever opportunities arise. The new firm has the money to do deals, Ewing tells GlobeSt.com. A weakened national economy isn't fazing the partners.
"When there is talk of a downturn, capital often becomes restricted," the broker says. "But we have capital and access to capital. That allows us to take advantage of opportunities, whereas some companies have access to capital only during good times."
Johnson is bringing in his partners J. Richard Stephens and Larry Martindale to round out the new venture. Stephens and Martindale have worked with Johnson since 1976. Besides the Ritz-Carlton, Johnson's company owns and operates 200 Waffle House restaurants.
Ewing is president of Ewing Southeast Realty and an area broker for 40 years. Ewing's two sons, Morris Ewing Jr. and Andy Ewing, both experienced real estate professionals, are also part of the team.
The new company plans a combination of both development and acquisition, Ewing Sr. tells GlobeSt.com. The principals already are considering buying a condominium property near the beach in Naples, FL and a retail development in metro Atlanta. They have at least two other deals in the offing.
Ewing says the new firm will focus on value-creation properties in high-growth areas with special attention to Atlanta and South Florida. "We especially like the growth in South Florida," he says. The company, however, does not plan to limit itself to those markets but will consider projects throughout the Southeast.
Ewing says W.B. Johnson Development will be deal-driven and entrepreneurial. "We have not set a goal for capital expenditure," he says. "If we can find a deal that makes sense, we'll do it." The new venture is housed in the W.B. Johnson Properties' offices in Buckhead, about eight miles from Downtown.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
