by Miranda G. McLeod
Staff Writer
Larry Walshaw thought he’d be an attorney. But that didn’t work out. Instead, he played on his minor acting career as a young adult, built a business around commercial real estate and is the man you hear and see in commercials for Business Condos U.S.A. He’s also the president.
After 20 years in the commercial real estate market, it was an easy transition for Walshaw to be in front of a camera and behind a microphone. He was a thespian in high school, even did some commercials after college. But it’s through his company that he formed in 2002 that Walshaw is able to educate the public on his product — one he says has an overall theme of improving families and small businesses by building wealth through real estate ownership.
“It’s about explaining the concept of control,” said Walshaw, who is passionate about his product.
The Jacksonville-based company sells office, retail and small business condominiums to communities, and now the company is nationwide.
It has franchised out to territories in Atlanta, Tampa, Nashville, Houston and just last week, Los Angeles. Walshaw is also considering opening markets in South Carolina and Orlando.
“We are constantly fielding queries from national players wanting information,” said Walshaw. “We get 3-5 calls per day.”
But Walshaw said the company turns down more franchisees than it accepts based on strict criteria, mainly its dedication to the community.
“They (the franchisees) have to have lived in the community for a minimum of five years. They have to know the market. We want their good name to be associated,” he said, adding potential franchisees go through a rigorous background check including a personality test.
Walshaw said the company has also been approached by interested parties from Canada and South America. He said part of the international interest is due to the company’s marketing techniques that include buying the top space in Internet search engines such as Google or Yahoo!
“There is a real buzz going on right now,” said Walshaw adding that expansion is in the future, but he doesn’t have the staff right now.
Walshaw said Business Condos U.S.A. is the largest national business condo developer in the United States with more than 2.1 million square feet either built, under development or in the pipeline and there are only 12 employees at the main offices.
Walshaw said there will be 15 franchises by the end of the year and a minimum of 40 by the end of 2007. In 2008, he predicts 60 franchises, but that’s where it ends.
“You can only be in so many cities,” he said.
As far as more expansion in Jacksonville, Walshaw said he’s always looking for more places to build, but he needs a minimum of four acres of land. He said he will do teardowns, but not rehabilitation projects because he wants all the benefits of new construction and warranties for buyers.
“If I can justify being there with rooftops and demographics, I will. It’s finding locations. I’m always looking for good sites,” he said.
The company is currently building, or will soon be building, business condos on Blanding Boulevard, State Road 16 near Flagler College, at World Golf Village and 54,700 square feet of retail condo space near the Nocatee project that straddles the Duval and St. Johns county lines.