Petoskey residents Adam Cross and Jack Van Treese have joined together to oversee the longstanding real estate brokerage Van Treese has built over many decades.
Cross purchased Jack Van Treese & Associates in June, with Van Treese staying on to provide client service and lead the day-to-day client work. Cross will handle back-office operations and will take all the advice Van Treese can offer about the local real estate market as he looks to transition to a more permanent role over time.
“We decided it would be a good exit strategy for (Van Treese),” said Cross, who has owned Cross Law Firm, PLC for about 10 years. “We’ve worked together for several years both personally and professionally.”
With over 50 years of commercial real estate experience, Van Treese has a lot of insight into how the business works best.
“I’ll keep Jack around as long as I can,” Cross said. “He doesn’t have a lot of hobbies but now won’t have to worry about paying the bills and other things. He’s been a staple here in Petoskey for many years and is very well respected. He’ll be holding my hand for a bit while I learn the business.”
In a statement, Van Treese added that “I am very pleased to welcome Adam to the business. His experience, professionalism and commitment to this community make him an ideal person to lead the next chapter of Jack Van Treese & Associates. I look forward to continuing to serve our clients and working together.”
The Jack Van Treese and Associates team remains the same, so Cross said clients will see no significant changes. The firm’s name will also stay as Cross looks to ramp up branding and business development over the next few years.
In a press release, the brokerage stated it will continue to provide professional representation in residential, waterfront, recreational, commercial and investment real estate throughout Petoskey and Northern Michigan.
Market trends
The Northern Michigan commercial real estate market is unique in that many buildings are bought and sold by small business owner/operators who use the building for their organization. There are relatively few external investors given the limited commercial real estate capacity in cities like Petoskey and Charlevoix, Cross said.
“Most people looking to buy (commercial buildings) will be operating their business out of (that location),” Cross said. “It’s more about transactions where people are looking to hang their hat. We’re a bit insulated like that.”
The COVID-19 pandemic had an adverse impact on the commercial real estate market both nationally and statewide, but it wasn’t as drastic in Northern Michigan, Cross said. While Van Treese’s brokerage mainly focused on commercial buildings, Cross does hope to expand on their residential real estate work as part of his expansion efforts.
Cross will also maintain his client work at his law firm but says he will “dial back” on new client intake there.
“I’ll dedicate as much as time as possible to the real estate side,” he said. “The law firm pays the bills, and I have some great clients, but I will need more time to navigate the commercial real estate side.”
This article originally appeared on The Petoskey News-Review: Real estate brokerage Jack Van Treese & Associates finds new ownership
Reporting by M. Alan Scott, The Petoskey News-Review / The Petoskey News-Review
USA TODAY Network via Reuters Connect
By M. Alan Scott, The Petoskey News-Review | USA TODAY Network
