Chang Adds SullivanHayes to Brokerage Portfolio

Sullivan grew up on the South Side of Chicago and moved here after serving two tours in Vietnam. Sullivan, who sold 100% of his stock in the privately held company to Mission Viejo, CA-based Chang, will remain as a consultant to the company for at least three years. The sales price wasn't disclosed.

At different times, SullivanHayes has handled seven out of every 10 retail deals in the metro area, Sullivan claims. His was the first boutique firm to focus on one sector--retail--and the first tenant rep firm in Denver, he says. Clients over the years, he adds, have included Target, Costco, TJ Maxx, Ross, Chili's, Applebee's, Chipotle, Starbucks, Wild Oats, OfficeMax, Office Depot, Bass Pro Bass Shops, Toys R' Us and Kids R' Us.

"Our goal is to create a major regional real estate platform primarily focused on the retail sector," says Carl Chang, Michael's brother and president of Chang Enterprises. Last year, Chang bought the 100-year-old locally based Dunton Real Estate, which he renamed as Dunton Commercial.

In 2003, SullivanHayes brokered a total lease value of $125 million in property with 15 brokers. It currently manages three million sf of retail space. Dunton Commercial manages more than 65 properties representing three million sf in the metropolitan area including retail, office and industrial. Dunton Commercial has a staff of 35, including 23 brokers.

"Dunton Commercial and SullivanHayes will enable us to effectively offer the entire spectrum of real estate services for retail and industrial asset classes," Chang says. "We will be well positioned to offer best-in-class third-party property management, tenant representation, owner representation, and investment services."

Sullivan plans to devote his time to developing. "Building things is my passion," Sullivan says. He will be looking at developing high-end retail, restaurants, hotels, and housing, including high rises.

Chang is in the process of opening a satellite office of Dunton Commercial in Mission Viejo. Initially, the staff will manage the western holdings of Chang Enterprises, located in major markets including Scottsdale, San Diego, San Jose, Palos Verde, Orange County and the Inland Empire.