K&Hs Hagood passes baton
Quigley, Soehren, Johnson are real estate companys owners, top executives now
Kim CromptonJanuary 26th, 2001
Jerry Hagood, co-founder of Kiemle & Hagood Co., one of the Inland Northwests largest commercial real estate and property-management concerns, has sold his remaining interest in the company to three other executives there.
Tom Quigley, who had been vice president of the company, says that he, Larry Soehren, and Jeff Johnson became the owners of Kiemle & Hagood on Jan. 1. All three men already were shareholders in the company. Quigley and Hagood had shared equal parts of a majority interest in it, and Soehren and Johnson had owned minority interests.
Quigley now is majority owner of the company and has become its president and CEO. Soehren and Johnson, who had been secretary and treasurer, respectively, now are the companys vice president and secretary-treasurer.
Financial terms of the transaction werent disclosed.
Hagood was out of town and couldnt be reached immediately for comment. However, Quigley says, Jerry is not retiring. What hes principally doing is changing his role to consultant and project coordinator. Hes remaining on our management team.
Kiemle & Hagood has made a pretty significant commitment to the proposed development of a new office tower in downtown Spokane, and Hagood is coordinating the companys involvement in that effort, Quigley says. Thats going to be a very major role at Kiemle & Hagood for a while, he adds.
Hagood disclosed last February that the real estate concern was working with downtown property owner K. Wendell Reugh on plans for a proposed office tower at the southeast corner of Howard Street and Riverside Avenue.
Reugh and Reugh family interests would own the tower, and Kiemle & Hagood, which is acting as project coordinator, would be the managing and leasing agent for the building. Reugh owns most of the buildings on the block where the tower would be constructed.
Last fall, Reugh and Kiemle & Hagood selected a Portland architectural firm, Thompson Vaivoda & Associates Architects Inc., to design the building. Since then, that firm has been working with the Spokane development team to determine the overall scope of the project.
Kiemle & Hagood manages about 2.3 million square feet of commercial, office, retail, and industrial space here and about 1,300 apartment units. The company occupies the fourth floor of the Washington Mutual Financial Center, at 601 W. Main downtown, and has about 50 people working there. Kiemle & Hagood also employs about 140 people who are scattered among the various properties it manages.
Quigley says that he, Soehren, and Johnson dont plan any immediate changes at Kiemle & Hagood, and likely would proceed cautiously with any changes they decided to make later.
Well continue to grow as opportunities avail themselves to us and as the market says its time to grow, he says.
Quigley, 48, started his career with Kiemle & Hagood in 1975 as a commercial real estate salesman after receiving a bachelors degree in business from Washington State University. He became the companys brokerage-department manager in 1980 and has remained in that position ever since. He says he will continue to oversee the brokerage department in addition to his other administrative duties.
He joined co-founders Hagood and Ed Kiemle as an equal owner in the company in 1987. He and Hagood then bought out Kiemles interest in the company in the early 1990s when Kiemle was preparing to retire.
Soehren, 43, has been with Kiemle & Hagood since 1983 and oversees the companys commercial- and residential-property management activities. He became the companys director of commercial management in January 1992 and part owner of the company in 1996.
Johnson, 45, is the companys director of leasing. He worked for Kiemle & Hagood from 1985 to 1989, started and operated his own real estate company here for six years, then rejoined Kiemle & Hagood in 1995. He became a shareholder in the company about two years ago.
Kiemle & Hagood will observe its 30th anniversary on March 1. The two co-founders started the company here in 1971 after having gained real estate brokerage and management experience with other Spokane firms.