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.