DALLAS-Three years after it lost a dream team, Grubb & Ellis Co. is ready to jump full force back into multifamily investment sales. To lead the charge, the brokerage house has hired a 25-year executive with a black book of institutional clients.
Grubb & Ellis' newest vice president is Bob Helterbran, who quietly exited the Seattle-based Pinnacle Realty's local office about two weeks ago. Helterbran's challenge is to fill a void in the local platform created in September 2002 when Don Ostroff and Will Balthrope left for Cushman & Wakefield of Texas Inc. after two back-to-back years of sales topping $300 million. Pinnacle Realty didn't respond by publication time on the departure of its vice president of investment sales.
"We want to be good in all service lines," says Moody Younger, executive vice president and managing director in Grubb's Dallas office, "and that's the one line we were absent." He tells GlobeSt.com that he's been talking with prospects, including Helterbran, since he took over Grubb & Ellis' top job in Dallas about 18 months ago. "The stars just lined up for Bob to come over," he says. "He's a great addition." Helterbran's 25-year track record exceeds $600 million and 6,000 apartment units.
Helterbran's sidekick will be Grubb associate John Irish, who's been soloing in the role since Ostroff and Balthrope made their exit. Younger says the team will be expanded on an as-need basis. "First, we want to get in, get established and get the foundation set right," he stresses.
Younger has tossed in a support staff of two and an analyst to help the region's newest multifamily team gain traction in a highly competitive arena for primarily garden-style, class A, B and C assets. Meanwhile, Helterbran's already knocking on doors to get listings to add to Irish's cache and scouring the region on behalf of some value-add buyers.
Helterbran's client lineup includes Lynch Investors, L&B Realty Advisors Inc., Aimco, GMAC and Lennar Partners Inc. He says the Northbrook, IL-based Grubb & Ellis' national platform "allows me to be responsive to my clients' needs expeditiously and fill the void that they've [Grubb & Ellis] got."
Helterbran's keeping his expectation for the team's first-year sales volume to himself. "There's no shortage of capital and the condition of the product type in the metroplex is improving," he says, indicating the timing is right to rebuild a team and expressing confidence in the outcome. "Once we're up and running, we'll add as needed and I'm pretty sure we'll be adding."
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