Isakson Barnhart Times Two: Trusted Atlanta developer spins off into two separate companies
January 8, 2009ATLANTA - Isakson Barnhart, the 20-year-old Atlanta company that has developed millions of square feet of retail and residential real estate across the Southeast, announces the spin-off of its operating divisions into two separate companies, Andy Isakson will head the new residential company focusing on communities offering a continuum of care, and Dave Barnhart will continue the retail development side and head the new retail company alongside long time Isakson-Barnhart Retail development partner Frank Guess. The companies will operate under the names Barnhart Guess Retail and Isakson Living.
"This split is just a formalization of the way we have been operating internally for the past 8-10 years. Andy has been concentrating on the senior living side throughout that time. I have been working mainly in retail with some overlap into senior living up until 18 months ago," Barnhart said.
"Our operating divisions are related in that they both develop and operate real estate, but they require very different sets of abilities. By refocusing our vision into two separate points, we'll be better equipped to bring each company to its potential," said Andy Isakson. "I'm looking forward to placing my full attention on what I enjoy the most, which is developing and operating residential communities that offer a continuum of care," continued Isakson.
Barnhart's attention on retail projects allows him to focus solely on his primary interests, too. "We are as busy today in retail as we have ever been in our 30 year careers although the emphasis has shifted from ground up development because of the current lack of construction financing," said Barnhart. "The spin-off allows me to be more focused while working at what I do best and enjoy most. It is certainly a challenging time for all owners of income producing real estate."
"At various times in the past, both Andy and I were each, partially in retail development and partially in residential development which wasn't the most efficient application of our time and energy. The businesses are so different from a development and operational standpoint, that we both felt that we could operate much more efficiently and effectively by each of us concentrating solely on a separate division," Barnhart and Isakson agreed.
"Additionally, I felt that dividing into these two specialties allowed us to provide more opportunity for younger retail team members to gain a wider range of experience as we look to the future years," Barnhart continued.
Isakson also notes that the change also is part of planning for a successful future. "Our residential business is a long term commitment," he said. "With Kevin Isakson, David Wahn and other younger team leaders, we have the pieces in place to have a long sustained run in a growing and critically needed real estate and service industry."