A local auction house now has a big name behind it for commercial real estate deals.
Motley’s Auction & Realty Group is launching a brokerage wing and affiliating with the national firm Sperry Van Ness.
Sperry Van Ness/FreeMarkets CRE will be the in-house firm that Motley’s will use for properties that either don’t sell on the auction block or that the owners don’t want to auction off.
“We were looking to become more of an asset disposition firm and not just an auction,” said Mark Motley, owner of Motley’s and the new Sperry Van Ness affiliate brokerage. “By securing a relationship with Sperry Van Ness, it really fills the missing piece we needed.”
Motley’s already does some broker functions, along with auctions and appraisals, but Motley said the affiliation gives his company some extra clout.
“We really feel that we are now better qualified to offer our clients a wider array of services,” he said.
Motley said he is working on hiring a lead broker and hopes to announce by June who will lead the new arm.
“We’re looking for someone with experience who can come in and take ownership of it,” he said. “We have several candidates right now, and we’re hoping to select one soon.”
FreeMarkets CRE will do both tenant and landlord representation for all sorts of commercial property, all of which are already auctioned and sold through Motley’s. Motley said the sale of commercial property makes up about 60 percent of the company’s revenue.
Until now, Sperry Van Ness was one of the last major national commercial real estate brands that had not planted its flag in the Richmond market. Colliers International greatly expanded its presence in the market when Grubb & Ellis | Harrison & Bates affiliated with it in the fall.
And NAI Global reentered the Richmond market in August when it linked up with Eagle Commercial Realty.
CBRE, Cushman & Wakefield | Thalhimer and Jones Lang LaSalle have all been in the market for several years now.