Brothers foster Aronov Realty

BY KATHY HAGOOD

        Brothers Jake and Owen Aronov work side by side, sharing company leadership, as they continue to foster Aronov Realty, the tremendously successful real estate company their father, Aaron, founded in 1952.
         “We take pride in continuing the tradition of integrity, creative vision and practicality he stressed,” says Jake Aronov, chief executive officer of the company, which positions itself as the largest privately held, full-service real estate company in the Southeast.
          Owen Aronov, who serves as president of the Montgomery-based company with more than 700 employees, agrees their father set the brothers on the right track to be successful in a wide-range of real estate ventures. The company has developed and managed a full spectrum of properties from residential to retail in 15 states.
        “We were extremely fortunately to have our father to mentor us from the time we were children,” Owen says.
        The senior Aronov, now deceased, began his business with ambitious projects, including the 700-acre mixed development that included residences and the Normandale Mall in Montgomery, which when it opened in 1954 was the second largest shopping center in the Southeast.
        “It was a tough sell because at that time there weren’t shopping centers to support suburban developments. But my father was a pioneer, and had a way of convincing people of the practicality of his dreams,” Owen Aronov says.
        Soon the visionary Aronov was such a leader in shopping center development that he helped found the International Council of Shopping Centers and a became a member of its first Board of Trustees.
         Jake Aronov remembers his younger brother pointing out shopping centers as child. “I think he knew he wanted to go into real estate almost from the cradle, but I had to be convinced,” Jake Aronov says.
          The senior Aronov convinced the older brother to come home from Boston and work for the company for a year under contract, just to give real estate a try.
         “I had planned to go into another industry all together, but I thought ‘what’s the harm in spending a year working for my Dad?’ ” Jake Aronov says. “It’s been just short of 40 years, and I’m still here.”
         Jake Aronov spends much of his time focusing on the development side of the company and his brother on management of properties. But the two make decisions together. Because the company is privately held, the brothers are able to act quickly on business venture that make sense for the company.
          “I tell our customers that whenever my brother and I are together, it’s like a board meeting because we have the power to make major decisions,” Jake Aronov says.
         The Aronovs have successfully navigated the sea change of the Great Recession and weathered its ups and downs. Today, the company has a strong financial base and is acquiring properties.
        “We’re selecting properties we believe can increase in value with the proper management,” Owen Aronov says.
         The brothers believe the next year will be one of “consolidation” where fewer real estate companies will develop, own and/or manage properties.
         New community shopping malls anchored by popular grocery stores such as Publix will grow in demand as will retail developments with value-priced anchors such as Kohl’s and Target, they believe. With tightened mortgage lending rentals are popular and the right multifamily developments will prosper.
         “Development continues, even in these tough economic times, but it has to be well planned and in the right market,” Jake Aronov says.