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 Joe
Montana, a future football legend, was born.
Beloved comedian Fred Allen died.
The Andrea Doria sank. Huntley
paired with Brinkley and Grace Kelly paired with Monaco’s Prince Rainier.
It
was 1956, a year like most of the post World War II years.
Expectations were high. We
were a country with destiny on our side ready for the changes that would
enhance and alter our lives.
For
Larry Klairmont, there were changes, too—profound changes.
For years, Klairmont has worked in the family business—valves and
fittings. Not exactly the most
exciting or creative business in the world, but a way to make a living.
In the mid-50’s, all of that changes.
That’s when real estate and Klairmont crossed paths.
The
real estate part of his life began when he acquired Imperial Cleaners, the
second largest dry cleaner in Chicago.
In those days, clothing that needed to be cleaned was trucked to a
central location, processed and trucked back to store fronts all over the
city. “On the premises”
dry cleaning was still down the road.
It
was the beginning of what is now Chicago-based Imperial Realty Company.
From the outset, Larry Klairmont seemed to have an affinity for
acquiring and redeveloping troubled or obsolete properties.
That expertise went hand in glove with commercial building
management. Today, Imperial
Realty owns and manages 70 buildings totaling more than 10,000,000 square
feet of commercial real estate, and the company manages all of its own
properties. The company’s
business philosophy can be summed up simply.
Make long-term decisions, once due diligence is started, follow
through on commitments and close the deal, often with just a business
handshake.
The
Klairmonts and the team at Imperial Realty specialize in taking
under-performing commercial properties and upgrading or redeveloping them.
The W.F. Hall Printing Company complex in the Belmont/Diversey/Cicero
area of Chicago is a good example of their strategy.
In the mid-80’s, Imperial Realty purchased this vast property,
demolishing it to make way for Hall Plaza, a 250,000 square foot shopping
center, anchored by Menard’s and other retail businesses, including
Aldi’s supermarket and McDonald’s.
Further north in this complex, Imperial built the state-of-the-art
W.F. Hall’s Self-Storage Facility. The
remaining 145,000 square feet of Hall Printing Company was converted into
high ceiling, efficient industrial space.
Finally on the Belmont Avenue side, a 9,000 square foot retail
center servicing the auto care industry was built.
A win-win for all who were involved.
The
older of Larry’s two sons, Alfred, had joined the company in 1978,
following quickly in 1980 by son Robert.
The brothers, known simply as Al and Bob, are president and vice
president of the company with their father retaining the role as CEO (Of
the three Klairmont daughters, Dorie, Lisa and Alison, only Dorie worked
for Imperial).
The
Klairmonts are definitely family and Al Klairmont believes that the
company’s success can be attributed to their family-owned “hands-on”
style of management and the commitment to service and excellence his
father established.
 “We
believe that our tenants and customers are our most important assets.
We want them to be able to lock in long-range plans,” says Al.
“It’s our father’s philosophy and it’s one that my brother
and I feel strongly about. The
aim of Imperial Realty is to provide reasonably priced commercial space
without compromising comfort or style.”
To
carry out that mission, the Klairmonts strategically located the
company’s headquarters at 4747 West Peterson Avenue, and just off the
Edens Expressway, so that all properties could be serviced and visiting
frequently. According to Dick
McCarty, Imperial’s brokerage manager, “All of our properties are
visited often as part of a regular management plan.”
To
keep this level of service, the company “grew” a staff that included
an in-house legal department, a staff architect, financial and accounting
services, a third-party brokerage department, construction, maintenance
and property management professionals.
Being a fully integrated firm allows Imperial to manage and
maintain their properties efficiently and without relying on the
“middleman”, which means lower rents and happier customers.
As
the company evolved, Imperial Realty added to the real estate services it
provides. It now offers
commercial real estate services, in addition to office, retail and
industrial property brokerage, investment property brokerage, asset
property and facilities management, tenant representation, acquisition,
receiverships, workouts, development and design/build construction.
At
first glance, Imperial may appear insular.
A second look reveals a company that welcomes outside brokers.
“We love to pay big commission to cooperating brokers as well as
to our own,” says Bob Klairmont. For Imperial, large
commissions, both internally and externally, ultimately mean that
properties are at or near capacity and that the company can grow and add
additional properties to its portfolio.
Growing
their business and keeping their word is the sustaining focus of the three
Klairmonts. “We’ve never
walked away from a financial obligation.
Our aim is to keep Imperial’s success stories coming and enjoy
our families.” The Klairmont
grandchildren now number twelve, with the oldest just being 22, just about
Al Klairmont’s age when he joined the company.
Could there be a third generation of Klairmont joining Imperial
Realty?
“Only
time will tell,” muses Al.
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