IBJNews

Veritas Realty owner sells stake to partner

Back to TopCommentsE-mailPrintBookmark and Share

Veteran developer Danny Marr has sold his stake in Indianapolis-based Veritas Realty to a partner and plans to work as a residential real estate agent in Florida.

Marr, who co-founded the development, brokerage and property management firm in 2001 with partner Bill Stoops, still is an owner in 13 shopping centers the firm developed or acquired over the years, mostly in central Indiana. Stoops bought out Marr's stake in the company, which now has Kyle T. Hughes as its principal broker.

Marr, 56, said in an email exchange that he wanted to return to his residential real estate roots in Sarasota, Fla., an area where he and his wife have owned a home for years. He'll be selling waterfront homes for Michael Saunders & Co.

Veritas, which is based in Broad Ripple, manages more than 3 million square feet of mostly retail space in seven states, including Markland Mall in Kokomo and Fair Oaks Mall in Columbus.

Among the local properties Veritas owns: Chapel Hill Shopping Center along West 10th Street; a former Movie Gallery at 52nd Street and College Avenue where the restaurant Calle 52 is planned; and a couple of small retail centers along 96th Street east of Interstate 69 in Fishers.

Hughes, who represents tenants including Starbucks and Cardinal Fitness, said Veritas will keep its name. The firm has about 10 employees, about half of whom are commercial real estate brokers, he said.

Marr began his real estate career selling residential properties for F.C. Tucker Co. in 1977, before joining Duke Realty Corp. as an office leasing agent in 1984. He launched Olympia Partners in 1990. Last year, NAI Olympia shut down after a 20-year run.

When Marr left Olympia to start Veritas, Stoops joined him to lead the firm's property-management efforts.

Marr and Stoops had been partners in one form or another since 1990, when they founded retail developer Glendale Partners. Over the years, they developed 49 projects worth about $200 million, Marr said, including multitenant retail buildings, four Walgreens locations, two self-storage facilities and an apartment complex at 75th Street and Shadeland Avenue.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

ADVERTISEMENT