Since 1983, Kerioth Corporation (Kerioth) has filled a unique role in the commercial real estate market. Not only is the Mississippi-based firm a full service real estate developer, Kerioth also builds, owns and manages properties, providing related services for tenants, property owners and real estate professionals across the country.
“Few provide this full scope of services, because it’s hard to execute,” reveals Clint Herring, CEO and president of Kerioth. “Our creeds are: creating special places and do it right, or not at all. We either bring good things to a community or we do not develop there at all.”
Herring established Kerioth in 1983 after years of running a small construction company. “I started out when I was very young – 14 years old to be exact – laboring on construction sites,” he recalls. “Then between ages 15 and 18, I got into carpentry and concrete work. In college, while playing football, I started my own company doing high-end residential and small commercial work. I continued to run the business through college.”
A better builder-developer
Eventually, Herring decided to merge his real estate and finance knowledge with his construction background. “We became builder-developers in 1985,” he recounts. “Historically, master builders controlled all of the steps in the development process, but the industry has changed that model. We have endeavored to merge all development steps back together again and after over 30 years, I still love what I do and that keeps it interesting.”
Today, Kerioth delivers full service property management throughout the southeast with its corporate headquarters in Jackson, Miss., and a small satellite office in Phoenix. “Our work is primarily in the southeast,” notes Herring. “We now have approximately 50 employees.”
Kerioth owns, develops, manages, designs and builds a range of products, including office, industrial, multifamily and retail. “Our main product categories are Class A office and mixed-use space, but we’ve been doing a lot within the hospitality sector recently,” reveals Herring.
The company serves a broad range of clients throughout the development process, beginning with site location analysis and acquisition, purchase, sale and lease representation, preconstruction space planning and consultation and build-to-suit management. Additionally, Kerioth also offers innovative marketing strategies for leasing and sales, tenant and corporate representation in lease negotiations, market and project feasibility studies, comprehensive transaction negotiations management and oversight from due diligence through the contract, including financing and closing.
Catering to clients
In the past, Kerioth has excelled in the Class A office, mixed-use and retail sectors; however, Herring says the company has delved into the hospitality sector, as well. From 2012 to late December 2013, Kerioth has increased its presence in the hospitality industry, including developing the TownePlace Suites by Marriott, which is located in the company’s development, The Township at Colony Park (Township), Ridgeland, Miss.
“This is the first Marriott extended stay TownePlace Suites in the state,” details Herring. “The 94-room facility opened in late December 2013. It was a bit of a challenge, because it took a long time to get financing in the troubled hospitality industry. It’s a beautiful lakefront property that is exceeding our financial projections.”
Also within Township is Kerioth’s 141 Township Avenue mixed-use retail-office development. “This is a special mixed-use product,” reveals Herring. “The first floor is made up of multiple specialty retailers and the second and third floors are Class A law firm offices. The approximate 55,000-square-foot building is comprised of brick and stone with a steel and concrete superstructure.”
But as Kerioth’s motto outlines, the company doesn’t build unless it benefits the community. “The Township is being developed with the utmost in consideration for the area’s natural features, appropriate scale and design, desired amenities and retail, office, hospitality, retirement and varied residential offerings to better serve the community,” explains Herring. “The goal is to provide a pleasant experience for daily life and work.”
Herring adds that the company is also gearing up to complete a sizable, 150-unit residential condominium project. “Other mixed-use developments are in the works, as well,” he notes.
Development and acquisitions keep moving forward for Kerioth as the market begins to recover. “Our Phoenix location is still not in full recovery,” admits Herring. “We’re going to focus on continuing our distributed development in retail and Class A office, as well as mixed-used projects in the southeast. We anticipate an announcement in the next six months of another large mixed-use development similar to the Township.”
The 30-year-old firm continues to fill a unique niche in the real estate market in the southeast, satisfying the demands of business, while maintaining sensitivity for the community. Kerioth Corporation creates special places with genuine regard for supportive surroundings.
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