One day after the company chairman and founder announced his departure, Little Rock commercial real estate firm Flake & Kelley Commercial has rebranded to Kelley Commercial Partners.
John Flake, who founded the business in 1979, left the company this week to work for a new business launched by his daughter.
In a news release sent Friday (May 8), CEO Hank Kelley said an “amicable” stock purchase transaction was finalized on Wednesday, Flake’s final day with the company, and an agreement entered to purchase his ownership interests in Flake & Kelley Commercial.
Kelley, who joined the firm 35 years ago, will continue to lead Kelley Commercial Partners’ daily operations. Daryl Peeples (president), Maggie Hogan (CFO) and Nicholas Kelley (EVP) will hold executive management roles. The Little Rock partner team also includes Cheryl White, Bill Pendergist, Brooke Miller, Eric Varner, Cynthia Lu, and Kevin Pledger.
“Aside from a new name, Kelley Commercial Partners remains Arkansas’ premier commercial real estate firm with the same commitment to first-class client service,” Hank Kelley said in a statement.
Jay Pearcy serves as principal broker for the company’s Northwest Arkansas office. The two offices combined have approximately 80 employees.
“We are excited about the future of the company. While we are proud of what we have accomplished over the past three decades, looking forward, we know the best is yet to come,” said Kelley.