by Miranda G. McLeod
Staff Writer
Cantrell & Morgan and Cantrell Real Estate are expanding.
The staff of more than 20 have moved its downtown Jacksonville offices from 121 Hogan St. to 200 W. Forsyth Street to accommodate the five new hires and the boom of clients.
Walking into the offices, appraisers and brokers are still unpacking boxes, finding wall space for personal mementos and organizing an all-but-simple operation.
On the left side of the office, it’s Cantrell & Morgan, brokers. On the right side, Cantrell Real Estate, which appraises commercial real estate, consults and provides asset management.
The majority of Cantrell Real Estate clients are litigation attorneys who need expert witness testimony regarding the value of property or diminishment of property value caused by breach of agreement, among other services.
Approximately 65 percent of Cantrell’s work in appraising revolves around litigation — 50 percent of that is done in Dade and Broward counties, as well as Palm Beach.
“We travel a lot,” said Heyward Cantrell.
Cantrell started in the business by a chance meeting with Tom King, formerly of the Charter Company, an international oil and real estate holding company. King invited Cantrell to Jacksonville, where he learned the mortgage business. In 1972, Cantrell departed from Charter and worked for Barnett Winston, a Real Estate Investment Trust. In 1980, Cantrell formed his own company, Cantrell and Weaver. In 1994, he formed the real estate arm which is now Cantrell Real Estate.
Cantrell’s specialty is complex commercial real estate. He’s created more than 25 commercial and residential projects that are valued in excess of $200 million.
One of Cantrell’s most challenging and rewarding projects was St. Vincent’s parking garage completed in 1988. The negotiations brought together St. Vincent’s Medical Center and individual physicians to build the DePaul Building at St. Vincent’s. The project was built on leased land and was financed with tax-exempt bonds. There was a limited partnership for physician investors and a joint venture between the hospital and physician partnership for the six-story parking garage.
The now-defunct process of tax-exempt bonds is just one of the many things that have changed within the commercial real estate industry.
Cantrell said decades ago it used to be more simple: If you had a financial statement and a decent idea you could likely get financing. Today it’s a little more complicated.
“Now, you have to have a very good financial statement and a very good idea to get financing,” he said.
Cantrell holds to the notion that real estate is tangible as a continual draw to the profession, that and a commission check.
“Every day is different and that’s what makes it exciting,” he said. “Whether it’s a new legal case or helping build something, the days hardly ever repeat.”
Cantrell said one of the largest benefits to the two arms of his companies are their abilities to see the ins and outs of operations. But, he said, the two don’t conflict.
“We don’t appraise the same property we develop.”
Chris Morgan is the president of the brokerage arm, Cantrell & Morgan. (Cantrell is the chairman and CEO). Morgan joined Cantrell Real Estate in 1999 in the brokerage division as director of sales. Cantrell & Morgan was formed in 2003. In addition to overseeing the operation of Cantrell & Morgan, his responsibilities include site acquisition, consulting services and client representation.
In 2003-04, Cantrell & Morgan was responsible for helping its clients in $100 million of land sales throughout North Florida including single family residential tracts, condominium development parcels, commercial sites for gas stations, restaurants, banks and free-standing retail.
Morgan said he finds joy in the mediation process of complex negotiations, and likes the versatility in his workday.
“I love putting the parties together and finding the solution. I enjoy the challenge of the different personalities,” he said. “I couldn’t work in normal career. I’m not a 9-5 guy.”
Morgan said it was also the different personalities within the company that make it so successful. He said he surrounds himself with people that compliment his weaknesses.
“They’re there to accomplish the same goal.”
That goal is to stay true to company integrity, he said.
“We’re not going to do anything to compromise our integrity,” said Morgan. “Our reputation is more important than a deal.”