It’s quite an achievement. In fact, according to the U.S. Bureau of Labor Statistics, only 25% of businesses ever hit the 15-year milestone.
In the past 15 years, Foundry Commercial has built something special. Our challenge and our mission moving forward is to build a generational company. And as we grow, to maintain our culture, to keep it Personal, to Dare Greatly as we continue to build something different in our industry.
In communications distributed company-wide throughout the year, Foundry leaders have shared their perspectives and insights on how our company has grown, and what it has meant to be supported in our successes and hardships along the way. Please enjoy a few excerpts from those messages.
“We use the word ‘surreal’ a lot, but it’s the closest word that most accurately describes what we’ve accomplished over the last 15 years. The company that we’ve been able to build together, brick by brick, person by person, win by win, is far more than we ever dreamed was possible.
Fifteen years ago, what we had before us was a blank slate. There were a few friends who simply wanted to keep the band together after the CBRE acquisition of Trammell Crow Company. We loved working together and ultimately, it as our relationships and desire to continue working together that served as the catalyst of building something new, something special. It’s very rare to get an opportunity to create, and we will never take this opportunity and responsibility for granted. Thank you for being you. Thank you for being a part of something so special. Thank you for the stories, successes, and memories. There’s so much more to come.”
Excerpt from Blog by CEO Paul Ellis
“To our 400 associates – many of you have been here almost from the beginning, some of you have trusted us with the beginnings of your career, and still many of you are joining us at the end of your careers specifically to pass along what you have learned. How special is that? Thank you for how you care about Foundry and our culture. Our culture has never been one that was pressed down; it has always been shaped, refined, and made better by you. So many of you have your fingerprints on this company, and my hope is you will continue to do so over the years ahead.
Thank you to our clients – too many to name. I think about those first ones in 2007, the amount of trust you had to place in a startup firm to solve your needs was probably a little nerve-wracking. Today, I hope we still have that attitude serving your needs. We need to talk less about us and more about what we can do to solve your problems and create value. Many of you are still with us, and that is perhaps the greatest testament to who we are as a company. I hope our teams around the country still operate like this - focused on our clients’ needs like a start-up that must be successful. To be clear… Foundry exists today because of you. And finally, thank you to the communities we live in and serve. We have been given the privilege of building something special; it is not a right, and we are grateful for that privilege. The best way we can express that gratitude is to give back
Nobody gets anywhere on their own and I hope at Foundry we don’t ever forget that or ever lose that gratitude, for real gratitude is the most powerful motivation on the planet.”
Hitting a milestone like the 15th anniversary has encouraged us to not only reflect on how we got here, but also on where we are going. We’ve been fortunate to consistently exceed our objectives, making it a rewarding experience to look ahead with an eye toward continuing to grow while maintaining the company culture that makes us so special. During a recent Town Hall discussion, Paul Ellis unveiled an updated vision and mission for Foundry as we move into our next phase of growth.
Vision: It’s Personal – relationships and building something different are what drive us.
Mission: Building a generational real estate company centered on people, purpose, and performance. In our pursuit to live out these tenets, we have identified the integral standards of our business that comprise everything we do.
In every interaction, build lasting relationships by treating others the way we want to be treated with dignity and respect.
One team, have fun, no silos. Disruptive and agile.
Since 2007, getting to where we are today has been quite a journey. And we’re just getting started.
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It has been quite the journey! We could have never dreamed up all the amazing growth and people who would be a part of Foundry’s story, and with an eye to the future, we’re so proud of how far we’ve come. 40
From new market leaders to the launch of new service lines, catch up on the activity that’s been occurring throughout the company lately.
We were back and better than ever with 2022 Serve Week, where our associates served local charities within the different markets across the platform.
The most up-to-date statistics about Foundry Commercial. 42
CULTURE
Foundry associate milestones and much more.
Antrone Brodie, a Raleigh building engineer, picking strawberries during Serve Week 2022 at Inter-Faith Food Shuttle Farm Raleigh, NC
Foundry Commercial acquired Maxis Advisors at the beginning of 2021, and we have been maximizing their strengths and capabilities at every possible opportunity.
Pictured: Tom Croteau attending Foundry Live before the Foundry Summit in Orlando, FL
Given the milestone Foundry is celebrating this year, there have been many moments to pause and reflect on just how far the company has come in the past 15 years.
Pictured: Sarah Godwin and Karl Hudson with the Land Services team in Raleigh, NC
Our company grew substantially this year with the acquisition of Spring Arbor Senior Living, but one thing will always remain the same... our collective commitment to making every interaction personal.
Pictured: Spring Arbor of Cary in Cary, NC
Foundry has built a special relationship with the Greater Enrichment Program in Charlotte. Hear from Executive Director Bronica Glover on why she thinks Foundry’s approach to community engagement is changing the game.
Pictured: Bronica Glover and Denise Rice from the Greater Enrichment Program in Charlotte, NC
Many aspects of Foundry’s culture and structure set the company apart from others in the commercial real estate industry, but one that consistently floats to the top as a differentiator is Foundry’s Religious, Education, and Not-For-Profit Group. Read more about the group’s deep history and how they have grown into the amazing team they are today.
In a sit-down interview with the Orlando Business Journal, Paul Ellis shared details about Foundry’s latest venture with the acquisition of Spring Arbor Senior Living, adding 24 senior housing communities into Foundry’s platform, while also addressing the company’s 15-year anniversary and projected areas of growth.
Foundry Commercial, in partnership with Modlo, the logistics platform of GLP Capital Partners, announced that construction commenced on the Modlo Air Logistics Center located at 7777 NW 41st Street in Doral. When completed, the distribution complex will encompass three LEED-certified warehouse buildings totaling over 495,000 square feet.
It was announced in the Tampa Bay Business Journal that Foundry closed on the purchase of the Carroll’s Nursery site in Largo, making way for a new 125,000-square-foot dock-high warehouse. The acquisition marked the first for Foundry’s Development & Investments platform in Pinellas County.
Brad Chrischilles represented iMethods, an award-winning national healthcare IT consulting company, in the purchase of a 17,244-squarefoot office building in Jacksonville’s Southside. Said iMethods CEO Clint Drawdy: “We have worked with Brad and Foundry multiple times and love the blend of professional service with a genuine personal feel.”
MORE THAN $25M
Foundry Commercial represented the owner in the sale of the 30+ acre Franklin Summit development located along Interstate 65 and McEwen Avenue in Williamson County. “Situated in the heart of the Franklin’s Central Business District, Franklin Summit is one of the most prominent development sites in the Nashville area, featuring unparalleled visibility and access from I-65,” said Don Albright.
The Luxury Apartments at Foxwood in Raleigh sold to Mount Auburn Multifamily, a California-based private equity firm, in one of the largest multifamily trades to ever occur in the state. Foundry Commercial’s Multifamily Investments Group was exclusively retained as the listing broker for the property, which was sold by John Neal Manning, Trey Riddle, and Jennings Milholen.
A shopping center leased by Jill Gull received television attention prompted by area residents noticing some major upgrades happening at the Oak Grove Shoppes off a busy artery in the Altamonte Springs submarket of Orlando. National brands such as Marshalls, BurgerFi, Subway, Publix, and one of the first Torchy’s Tacos to enter the market signed on as tenants of the renovated shopping plaza.
We were thrilled to announce Foundry’s involvement in a new Portman-developed project that will be changing the skyline in Dallas. Dubbed ‘2500 Ross,’ and located at the intersection of Ross Avenue and Routh Street in downtown Dallas, the masterplanned, mixed-use development will feature three buildings. The anchor tower will incorporate 50 stories of office and luxury residential as well as 40,000 square feet of retail to support the development and surrounding area. Portman selected the Dallas office of Foundry Commercial to lease the approximately 400,000-square-foot office tower.
FOUNDRY’S RELIGIOUS, EDUCATION, NOT-FOR-PROFIT GROUP, ALONG WITH INVESTMENT ADVISORY GROUP, WORK COLLABORATIVELY TO SELL PORTLAND UNIVERSITY CAMPUS
On behalf of the Lutheran Church Extension Fund (LCEF), Foundry’s Religious, Education, Not-for-Profit Group – in coordination with IAG – helped to sell the former Concordia University campus in Portland to the University of Oregon. The campus will soon house the Ballmer Institute for Children’s Behavioral Health, which will be a first-of-its-kind mental health center dedicated to addressing children’s behavioral and mental health crises.
Capitalizing on the momentum the company started last year, Austin-based CapRidge Partners – aided by Foundry Commercial’s Jordan Camp and Reid Hanner – recently purchased the Dekalb Technology Center, a 285,000-square-foot flex park inside Atlanta’s coveted I-285 perimeter. The purchase marked nearly 900,000 square feet of Atlanta-area acquisitions for CapRidge in the previous 12 months alone.
The heart behind Foundry Launch is to ensure that we are constantly keeping our edge sharp and continuing to evolve. If you've got a great idea and are ready to champion that idea at Foundry, we want to hear about it! See below series three winners and their ideas.
One of the tenets upon which Foundry was created was that our company would be a different kind of real estate company. In that vein, Foundry is constantly seeking ways to elevate our business and differentiate ourselves from others in the industry. One of the ways we can successfully do that is by thoughtfully growing and adding to our service offerings.
As 2021 was coming to a close, something very exciting occurred within the Foundry platform. After five months of discussions, Maxis Advisors – a location analysis and incentives advisory firm – formally joined Foundry Commercial to provide added value to clients, new and old.
“From the beginning, it has been our desire to build a strong core that we can continue to hang additional services on,” said Paul Ellis, CEO of Foundry Commercial.
“Maxis provides services that fit well within the arsenal of services
Foundry currently offers allowing us to deepen our relationships with clients. But as important, in any of these opportunities, the Maxis team represents a great cultural fit, and we are confident they will make Foundry better.”
For more than 25 years, Maxis Advisors has provided incentive negotiations, location analysis, site selection, and robust labor analytics that have directly increased project return on investment and profitability for capital investment and jobcreating projects for Fortune 500 and middle-market companies. To date, the negotiated incentive packages by Maxis Advisors feature more than $12.5 billion in capital investment and 20,000 jobs in 44 states, in industries spanning manufacturing, distribution, office, and real estate development.
“Coming out of the pandemic, it has become more important than ever for companies to set themselves apart for a workforce that has become increasingly discerning about where they want to work and what those work environments need to provide for them,” said Patric Zimmer, President, Maxis Advisors. “Understanding the dynamics of a changing labor pool and working closely with the entities that are going to be able to provide the incentives to attract them is going to make a world of difference in such a competitive environment.”
Managing Director and Partner Warren Snowdon, in Foundry’s Charlotte office, had worked with the Maxis team for years on incentives deals for industrial clients, and noticed the synergies that existed between what the two companies provide for clients. While Paul spent more time in Charlotte in 2021, he and Patric began talking about potential partnership opportunities. It wasn’t long before the two
realized strong synergies in business development strategies, client targets, and perhaps most importantly –company culture.
Adding Maxis into the Foundry portfolio marks Foundry’s 11th acquisition in 15 years. And it’s already proving to be successful throughout the platform. From landing a base of East Coast operations for a nationwide marketing company to assisting Foundry’s D&I deal principals with securing incentives to offset infrastructure costs for their active projects, brokers throughout the company are bringing the site selection, location analysis, labor analytics, and incentive negotiation experts from Maxis to the table in order to up the ante for a number of client deals already in the works.
“The business synergy is everything we thought it would be. There has been and continues to be a tremendous opportunity to add value across most of the existing Foundry platforms,” said Patric Zimmer, President of Maxis Advisors. “What has been most rewarding has been to see the people side of the integration into the Foundry family. Any time you have a new business or new team come on board, there is
always potential for transitional issues. We have really seen none of that. Everyone has been very welcoming, helpful, and responsive, and everyone is interested to learn more about what we do and how we can best work together to drive value for clients and projects. It has been a very smooth transition, and the support from everyone has been fantastic.”
BY THE NUMBERSThe following case studies share just a smattering of how Maxis has helped clients over the course of the past several years.
Known for its design, manufacturing, and distribution of high-quality children’s clothing, LT Apparel Group – based in New York – was on the hunt for a new distribution center with an eye on the southeast. Despite a global pandemic, labor challenges, cost increases, and other obstacles, Maxis Advisors assisted LT Apparel Group with labor analytics and incentives advisory services to support the company’s expanded operations in Greensboro, N.C. With the expansion came 400 new jobs in the area, and the incentives negotiated by Maxis represented 11% of LT Apparel Group’s total investment.
Ariens Company is a privately owned manufacturer of outdoor power equipment for both consumer and commercial markets. The company had experienced rapid demand for its products before and during COVID-19 and was looking for a base of operations in the southeastern United States to be positioned geographically closer to its dealer partners, customers, and material suppliers in the southeastern U.S. Maxis Advisors conducted a multi-state site search for buildings in the company’s search radius, which included Kentucky, Alabama, Georgia, and Tennessee. In addition to identifying a building to meet Ariens’ needs in Fayetteville, TN, the team provided Ariens with comprehensive labor analysis and secured a significant incentives package for the company to support their growth. The company has committed to creating 369 new jobs, and the incentives negotiated by Maxis for AriensCo totaled nearly 15% of the company’s overall investment into the project.
Marketing logistics company Prisma, based in Phoenix, Ariz., was in hot pursuit of a 100,000+ square foot facility to serve as a base of their East Coast operations. Foundry rigorously searched the Nashville market, which only had a 3 percent vacancy at the time. Foundry’s Melissa Alexander brought Maxis into the equation to help negotiate an incentive package of approximately 20% of the project investment, which ultimately helped make the decision to open this base of East Coast operations in Tennessee. The property – at 2947 Brick Church Pike in Nashville – will soon house 109 net-new employees.
Given the milestone Foundry is celebrating this year, there have been many moments to pause and reflect on just how far the company has come in the past 15 years. For those who were a part of the company at the beginning, there were certainly times during which starting a company at the precipice of the “Great Recession” came into question. But as the well-known saying goes, “the only constant is change,” and in Foundry’s case, that change has overwhelmingly come in the form of growth.
This is perhaps never more evident than it is right at this very moment, as the company closed out it’s most successful year in it’s 15 year history. Within the past year, we have experienced some of the most exciting growth recorded in our entire history to date. All the while, we are intentional about how we’re growing, ensuring that we hold true to our standards and our special culture, and for that we should all be extremely proud.
Time seems to be moving at a breakneck pace, and our teams are working harder than ever to help the company continue on its trajectory of growth. In this vein, we want to revisit some of the monumental growth stories that have happened throughout the platform during the past year, pausing to take stock of how impressive these wins have been. Even during a ‘regular’ year, these achievements would have been extraordinary.
Given that these company milestones occurred as the world was learning to live with a global pandemic – which, of course, presents many challenges in our industry and to most of us personally – our collective achievements have been nothing short of incredible.
What started with the hire of Texas Market Leader Steve Bassett last spring has snowballed into one of the most impressive talent acquisition stories across the entire platform. Steve took on the role of Market Leader upon the retirement of Jimmy Grisham, joining an already established and successful Dallas team of nearly 20 associates. With more than 30 years experience in the commercial real estate industry, many which were spent with CBRE, Steve came to Foundry as an established and proven leader in overseeing and growing regions, recruiting and developing talent, and successfully forging and nurturing client relationships throughout the country.
Not long after Steve joined, Jim Traynor, Matt Hurlbut, and Dale Ray were hired in quick succession, filling roles in D&I and office agency leasing, respectively. It became clear fairly quickly that the growing Dallas team would no longer fit within the confines of Foundry’s Old Parkland office space, necessitating an expansion into Parkside Tower in the Oak Lawn submarket. Around the same time as the move, Jim Hayden joined the platform as Managing Director of Real Estate Solutions, in a role in which he develops solutions for occupier clients on a national basis. Concurrently, Lindsay Wolcott Brown was hired and joined Matt and Dale – both Principals – as Vice President of Office Agency Leasing. The addition of so much talent to the Dallas office has attracted the attention of clients who have worked with Foundry in other markets, namely Portman Holdings, which selected Foundry’s Dallas office to lease the approximately 400,000-square-foot office tower that’s part of a massive mixed-use project called 2500 Ross, which will include office, multifamily, and retail in the Dallas Arts District.
In November, Rick Dehnert – a more than 25-year commercial real estate industry veteran – joined Foundry as Market Leader in Raleigh. John Kelly, who had served in a similar capacity, remains with Foundry in a full-time office brokerage role.
Since starting with Foundry, Rick has overseen a growing portfolio of brokerage as well as project and property management assignments in the region, increasing the footprint of Foundry’s services business, expanding the firm’s presence even further into leasing and management opportunities, all the while seeking out and making strategic hires in the area. The office has also welcomed Zac Vuncannon, who joined Foundry’s Raleigh office as Deal Principal on the Development & Investments team. David Kafel, based in our Raleigh office, has also been promoted to Director of Project Management within Foundry’s services platform. And longtime Carolinas land advisory powerhouse Sarah Godwin also joined the platform as Senior Vice President of Land Services, working alongside Karl Hudson IV, CCIM. With expanding presence in multi-family, retail, land, investment advisory services, healthcare, and senior housing all within the Raleigh metro,Rick and the Raleigh team have hit the ground running and have risen to meet the demand of one of the fastest growing metros in the country.
Of course, we cannot forget about the major senior housing acquisition that occurred earlier this summer as we welcomed Spring Arbor Senior Living to the Foundry family. This was a huge win for our entire company, and especially our Raleigh-based multifamily team, but more about Spring Arbor in the article on page 30.
2022 has truly been an eventful year for Foundry’s Charlotte office. In the span of just a few months, not only was John Ball announced as the new Market Leader for the 82-person office, but the entire Charlotte office moved from uptown to South End, where Foundry Commercial now resides on the 10th floor of The Line, a 16-story mixed-used tower fronting the recently reopened Rail Trail.
Foundry’s Charlotte office agency leasing team continues to work to lease the remainder of the office space in the building, and Keely Hines - having leased all the retail on the ground for of The Line - has already been tapped for retail leasing at the Portman Residential tower that’s going up across the street.
THE STUNNING NEW OFFICE SPACE FEATURES FLOOR-TO-CEILING GLASS, MODERN FURNISHINGS, AND A WELL THOUGHT-OUT LAYOUT FOR OUR GROWING TEAM.
The Charlotte office has also been busy with a number of key office, industrial, and retail transactions over the past year, including the delivery of the renovated 4600 Park Building in the Park Road Submarket, the announcement that Foundry is handling office and retail leasing at Savona Mill on behalf of Portman Holdings, the rebrand and reintroduction of 550 South in uptown Charlotte, the signing of a record number of retail leases at the upscale mixed-use shopping destination “Morrison in SouthPark,” the naming of Foundry to be the exclusive office leasing agent at Ballantyne Village, where we already lease and manage retail, and the announcement that Foundry has been selected to handle management and office leasing at The Pass – an adaptive reuse project in Charlotte’s NoDa Neighborhood – on behalf of client Third & Urban. Additionally, the Charlotte office welcomed Rhett Batanides as Vice President, specializing in national tenant representation, and brought back Mark Holoman, who is working alongside Bill Simerville on D&I projects in the Carolinas.
The majority of Foundry’s Human Capital team is based in Charlotte, of course serving as the basis of operations from where our company continues to attract and retain the talent that allows us to grow.
In addition to the aforementioned markets, there were several monumental changes that spotlights the company’s growth.
Foundry’s Debt and Structured Finance team has extensive backgrounds in capital structure solutions for commercial real estate transactions. Based in Foundry’s Tampa office, but with capabilities across the platform, the team specializes in advising clients in the evaluation, underwriting, sourcing, and execution of commercial real estate debt and equity across all real estate asset classes.
Foundry’s Debt and Structured Finance team has experience in every product type and in every stage of
Foundry Commercial’s Real Estate Solutions (RES) group focuses exclusively on users and occupiers of real estate. The group serves as an extension of internal real estate teams providing national portfolio strategy, transaction, construction, facility, and development services to clients of all sizes and industries. With real estate being one of the largest costs for a company, Foundry’s RES group can customize solutions that enable the core business with a focus on results, execution, partnership, and savings. Whether it’s an office, retail store, industrial facility, or mission critical data center, the RES group delivers an enterprise approach to support the entire real estate operation.
As Foundry’s Development & Investments (D&I) pipeline continues to grow, the company is uniquely positioned to grow its User Development Services portfolio. Foundry’s leverage and scale not only make build-to-suit assets a natural fit for the company’s growth trajectory, but associates on both the Services and D&I sides of the business also bring relationship capital with partners, clients, contractors, and suppliers, critical in today’s inflationary environment. Andy Sineni, recently appointed Senior Vice President of User Development Services, explains why this is an area of projected growth for Foundry. “There’s a massive in-migration to the Sun Belt, and many companies are looking at their real estate opportunities closer than ever before as they seek to find the most efficient, right-sized options for their growth. Given Foundry’s depth of experience and respect among clients and capital partners for all that the company is doing in spec development and property management, the time and place are ripe for opportunity to further grow with clients.”
Afew months before the close of 2021, Jennings Milholen, a senior analyst on Foundry’s Multifamily Investments Team in the Raleigh office, learned that a large seniors housing portfolio in the mid-Atlantic was potentially coming on the market. Jennings approached Senior Vice President Trey Riddle, MBA about the possibility, and before long, Kevin Maddron and Foundry’s Healthcare and Seniors Housing platform were brought up to speed.
Fast forward nine months and countless hours of behind-thescenes conversations, planning, and logistics, and Foundry finalized its largest-ever acquisition in the company’s history, not only bringing on board 24 assisted living and memory care communities totaling over 1,400 units, but also welcoming 1,500 new associates into the Foundry family.
“When evaluating potential investment opportunities, it’s important we find organizations with a similar culture fit, as relationships and building something different are what drives us,” said Paul Ellis, CEO of Foundry Commercial. “It was clear from the start that the Spring Arbor Senior Living team shares our passion for treating others the way we want to be treated, and takes great pride in what they do, providing exemplary care to the residents in each of the Spring Arbor communities. We’re thrilled to welcome these communities and the talented teams operating them to the Foundry family.”
Fortunately, the acquisition also included the long-time successful operator of the Spring Arbor Living platform, who has continued – and will continue – managing the properties in North Carolina, Virginia, and Maryland. That entity is led by President Greg Fox,
“It is no secret that the past few years have been challenging, to say the least, within our industry,” stated Fox, who has been with the organization for over 8 years. “It’s an amazing feeling to know that our platform is becoming a part of a company that cares so deeply for people – whether that be team members, residents, or family members –and we’re all very excited about what the future holds for Spring Arbor.”
I THOUGHT I KNEW WHAT ‘IT’S PERSONAL’ WAS ALL ABOUT UNTIL I WALKED THROUGH THE DOORS OF A SPRING ARBOR COMMUNITY… AS WE WALKED THROUGH THE FRONT DOOR, SOMETHING HAPPENED THAT WILL BE FOREVER IMPRINTED IN MY MIND. WE WERE GIVEN THE RED-CARPET WELCOME.Paul Ellis, Greg Fox, Nick McKinney, and Kevin Maddron ORLANDO, FL
Over the past year, a number of Foundry associates have had the opportunity to work alongside Spring Arbor Senior Living team members, and some have even had the chance to experience the culture of caring within Spring Arbor’s senior living communities firsthand.
In a recent Front Porch Friday newsletter, Chief Strategy Officer Nick McKinney noted: “I thought I knew what ‘It’s Personal’ was all about until I walked through the doors of a Spring Arbor community… As we walked through the front door, something happened that will be forever imprinted in my mind. We were given the red-carpet welcome. We really did feel like we were on the red carpet, like we were the most important people in the world. Each staff member introduced themselves and shared a little about what they do and what they love about the community. That’s what every new resident receives when they come to [that community] for the first time. Imagine if you were assisting your parent or grandparent into a community and they were welcomed in this fashion? It was such an illustration of an ‘It’s Personal’ environment that was found and observed in a thousand different ways through the property. From how they speak and interact with the residents, from the weight and emotions that are felt when a family is leaving their loved one for the first time in a memory care community, to the staff leading the residents through an activity. [We] have often said that a culture is not formed from grand gestures, rather it is built by the aggregation of small interactions on a daily basis. And our new Spring Arbor teammates are living that every day.”
It is no accident that Spring Arbor Senior Living’s recently unveiled new tagline is “Leading with Heart. Because It’s Personal.” As a part of the broader Foundry family, we are all one team, working towards leaving a lasting legacy on those we are privileged to serve.
While the day-to-day job functions and activities of our Spring Arbor associates may look a bit different than what we’re used to in the commercial real estate space, all associates are encouraged to dig a little further into what makes the Spring Arbor team so special, in hopes that you, too, will learn more about how well they are caring for others, and how proud they are to be a part of Foundry.
“We were given the red-carpet welcome. We really did feel like we were on the red carpet, like we were the most important people in the world.”
Nick McKinney
Many aspects of Foundry’s culture and structure set the company apart from others in the commercial real estate industry, but one that consistently floats to the top as a differentiator is Foundry’s Religious, Education, and NotFor-Profit Group (RENFPG). In fact, the platform even predates the broader Foundry platform, having launched in the late 1960s by real estate broker Richard Messier, father of Matt Messier, SIOR, CCIM, who today leads the RENFPG.
The Messier family learned early that real estate involving churches, not-for-profits, and educational facilities was a very niche market. The expectations and interests were different, the pool of potential buyers much smaller and, as it turned out, the stakes could be higher. In many cases, transactions involved more than brick and mortar; they directly translated to helping a cause or ministry grow and prosper.
Over 50 years later, Foundry’s RENFPG continues to serve this unique client-base, and as the real estate needs of these entities have evolved, so too has Foundry’s team grown to meet those needs. Joining Matt in the Orlando office but serving clients in varying geographies are Joey Blakley, Senior Vice President, who leads Foundry’s private and charter schools’ practice, as well as Project Director Mark Meyer, who often leads comprehensive studies on behalf of clients with a focus on an organization’s real estate, facilities/programs, and functional requirements. In Atlanta, the team has grown to include Associate Bill Palaski, who leads the acquisition and disposition of assets throughout the state of Georgia, while in Dallas, Associate Stuart Ashmun has the same responsibilities for the state of Texas. Foundry’s RENFPG even stretches all the way to the Pacific Ocean, where Partner Chris Bury, Senior Associate Charlie Howarth, and Operations Manager John Schneider manage the acquisition, disposition and management efforts assisting churches, schools, lenders, denominations, and other not-for-profit organizations on the west coast of the U.S. The team has been growing in diverse talent as well. Just last year, Carlin Beekman, who has worked with the group since 2019, earned her brokerage license and transitioned to the role of Brokerage Associate on the team.
Matt Messier reflects on Carlin’s career growth at Foundry to date. “From the time that Carlin entered the doors at Foundry, I knew she was going to be a superstar. Along with her strong work ethic and desire for excellence in everything she does, she quickly became a favorite of both clients and coworkers. When she mentioned she would like to enter into brokerage, I was very excited because I knew that she had everything needed to be successful. I’m not quite sure what I or Foundry would do without her, she is one of our greatest assets.”
With Carlin’s move, Jess Henderson was tapped to serve as the group’s Marketing Coordinator, supporting the team through the preparation and distribution of marketing and other client materials. The timing of the additional (wo)manpower to the team has been opportune, as the past couple of years have marked a time period of unprecedented crossplatform growth for the group we’ve affectionately come to know as “Church World.”
While the pandemic and its resulting impacts have caused extraordinary circumstances across a number of industries, religious, education, and not-for-profit real estate was especially hard-hit. With state and local mandates calling for people to stay home for almost all their traditional activities, ministry had to move online, and most were quick to adapt. If they had not already instituted an online giving platform
or ways to connect in community with one another, churches learned quickly how to adopt such measures while ministering to people who were facing an array of emotions during the various phases of the pandemic.
As with most periods of uncertainty, opportunities arise, and the pandemic opened doors for Foundry’s RENFPG to help churches reimagine the ways their real estate was being utilized. What the pandemic did was speed up the realization by both church leaders and churchgoers that physical buildings were not necessarily essential for continuing ministry. In some cases, buildings that had long been unoccupied and that were sitting on desirable tracts of real estate could be repositioned to provide a new income source for churches that often find themselves looking for better ways to steward their funds.
Fortunately, Foundry’s RENFPG has decades of experience in helping to shepherd religious organizations through such transactions, often starting at the point of determining what use cases the churches would be comfortable with the real estate being used for.
Recently, Foundry represented the Pacific Southwest District of the Lutheran Church-Missouri Synod (LCMS) in the sale of a Los Angeles-based property it had owned since the mid-1950s. Over the course of the past 70+ years, the denomination provided chapel with worship services, bible studies, community outreach, and student residential units, primarily for UCLA students, at the property. As the deferred maintenance mounted and services dwindled, the LCMS chose to set up a foundation, from which the proceeds of a property sale could be used to fund student ministries across southern California and even into Arizona. Landmark Properties purchased the property and is turning it into a student housing community, with several units set aside to provide affordable housing.
“Landmark was a tremendous partner throughout the entire process,” said Chris Bury, a Partner for Foundry’s RENFPG. “They saw the vision for both the district and the property. We worked through all development issues together as a team. Their creativity and expertise maximized value while protecting the seller from liability.”
As Foundry’s service lines grow, so too do opportunities for cross-platform transactions. The RENFPG often pulls in other service lines within the company – or vice versa – to assist clients with a full spectrum of real estate services. Just recently, Foundry represented the Lutheran Church Extension Fund (LCEF) – owner of the northeast Portland Concordia campus – in a sale to the University of Oregon. Matt pulled in Rick Helton and Ally Lanahan of Foundry’s Investment Advisory Group (IAG), who assisted with preparing marketing materials required to sell a college campus in addition to helping advise LCEF during the sale process. The 19-acre campus will be the new home of the Ballmer Institute for Children’s Behavioral Health, a first-of-its-kind children’s mental health center aimed at addressing children’s behavioral and mental health issues that have become even more evident since the start of the pandemic.
“LCEF was intentional in finding a buyer for this property that would serve in the best interests not only of the immediate surrounding community, but of children and families that will be impacted by the positive outcomes to come out of the Ballmer Institute for Children’s Behavioral Health far into the future,” said Matt.
Last year, Foundry’s RENFPG worked closely with Gabe De Jesus, Brokerage Principal in the Orlando office, to facilitate the headquarters move of the Christian and Missionary Alliance family of churches from Colorado Springs to Columbus, Ohio. Serving in a tenant rep role, Foundry helped the Alliance purchase 11 acres, including a blighted former Kmart building that had been vacant for over a decade, to make way for a mixed-used development – called “Alliance Place” – set to feature housing, a conference center and hotel, in addition to the Alliance operations and other office and retail spaces. Located in the Columbus suburb of Reynoldsburg, residents and community leaders had long since given up hope that a partner of the Alliance’s caliber would come into the equation to provide the economic injection the community had been longing for, but when Matt Messier, the “Church World” team, and others throughout the Foundry platform come together to strategize something as large as the relocation of an entire denomination’s headquarters’ operations, every involved party seems to win.
This summer, the team partnered again with IAG to complete the sale of the Music Circle North building, representing the United Methodist Church (UMC) as the seller in the transaction. Up until that point, the four-story, 27,000-square-foot building had been home to the UMC’s general council and financial administration (GCFA) services. The new owner is Austin-based development company Endeavor Real Estate Group. Foundry team members who were a part of this cross-platform transaction included Matt Messier, Scott McKinney, Rick Helton, Ally Lanahan, and Lucas McIntosh.
“This transaction represented another example of Foundry’s ability to field the right collaborative team to benefit our client,” said Ally Lanahan.
As just another example of the cross-platform reach that Foundry’s RENFPG can have, Brokerage Principal Jimmy Johnson in Tampa reached out to Joey Blakley about selling a church property in south Tampa. As of this writing, the site is already under contract with a scheduled closing on the first half of the property in November and then closing on the second half in the first quarter of 2023. The buyer plans to redevelop the property for townhomes.
These are just several examples from the past couple of years; and they aren’t inclusive of all the transactions Foundry’s RENFPG has worked on with others across the company.
Fifteen years into Foundry’s existence, the company is growing at an accelerated pace. Our “Church World” team has been integrated into the company from the beginning and has always had a keen eye for spotting opportunities that will allow them to reach out to other service lines within Foundry, providing a win-win for clients and associates alike. It has been incredible to watch others adopting the same approach as we continue to add more services and lines of business to our diversified company. We can all take a page from the “Church World” playbook to think outside our core functions and find ways to leverage our platform to benefit our clients in big ways.
THE RELATIONSHIP WE HAVE WITH FOUNDRY COMMERCIAL HAS LITERALLY BECOME A STAPLE IN OUR PROGRAM.
When Bronica Glover started volunteering with the Greater Enrichment Program (GEP) in Charlotte over 20 years ago, she instantly knew she wanted to work for the organization. Founded in 1975, GEP serves at-risk elementary-aged children in the community by providing a quality after-school, and summer, enrichment program. All services, including transportation, are of no cost to GEP participants. By providing support to the whole family, GEP helps children gain knowledge, confidence, and character to achieve their personal best in school and in their community.
Bronica officially started with GEP in 2003, managing year-round programs for the students. In 2012, she became Executive Director. Several years later, a GEP board member who worked for Foundry at the time brought the two organizations together during Serve Week, and a relationship was officially forged that has been strengthened and continues to this day.
Each year during Serve Week, Foundry Commercial’s Charlotte office spends at least one day volunteering with school-aged children in the GEP program at one of five elementary school sites. Bronica recalls wanting to start a program that tied back to the line of business that Foundry was in, so the volunteer day initially involved STEM activities. Over time, it has evolved into an outdoor field day, during which the kids (and Foundry associates) get outside, play, and celebrate community with one another.
“I remember the first time the Foundry team came to volunteer; I saw an army of people arriving in orange shirts. There had to be at least 100 people. We were overjoyed,” Bronica stated. “I share our experience with Foundry volunteers with other businesses that are looking for a model to follow when volunteering with our organization,” she added. “You’re showing people – and especially these children – how important it is to give back. The relationship we have with Foundry Commercial has literally become a staple in our program. The kids look forward to our time together; the teachers and administrators do too; and we think Foundry’s team members get fulfillment from our relationship as well.”
This year, as part of Foundry’s 15th anniversary celebration, the company donated $10,000 to GEP following a day of service.
“I almost passed out when Paul [Ellis] handed that check to me,” Bronica added. “We had gone through two straight years of not being able to hold any traditional fundraisers due to COVID, so the extra blessing came at just the right time.”
Over time, the level of involvement between Foundry associates and GEP has grown, with many individual associates volunteering time, talent, and treasure well beyond Serve Week. To learn more about GEP or how you can contribute to this amazing organization, visit www.gepinc.org.
This year, Foundry was proud to serve a variety of worthy causes in our communities during our annual Serve Week.
ONE DAY ONE DAY TWO
The Raleigh office served at the Inter-Faith Food Shuttle Farm. This farm provides locally grown, chemical-free produce throughout the community. In addition to planting tomato plants that will produce harvest in the coming months, Foundry’s Serve Team picked 25 beds of ripe, delicious strawberries that were donated directly to school pantries, mobile markets, grocery bags for seniors, and The Spinning Plate food truck.
The Nashville office served with Friends of Shelby Park and Bottoms, a 110-year-old park that plays a critical role for the Nashville community. There they helped re-paint a pavilion as well as prepped picnic tables for painting.
ATLANTA REBUILDING TOGETHER ATLANTA
Our Charlotte team spent the afternoon teaming up with the Greater Enrichment Program, where we’ve volunteered previously. We had a blast facilitating (and participating in) activities like Olympics-themed games, cotton candy spinning, and face-painting, to name a few – with some of the children served by GEP.
Charles Jonas joined the Boca Raton and Coral Gables offices joined forces to serve at Feeding South Florida, a food bank serving Palm Beach, Broward, Miami-Dade, and Monroe counties. We are so proud to have once again served alongside this amazing organization.
The Dallas team made an impact at the North Texas Food Bank, which distributes donated, purchased, and prepared foods. The growing Dallas office worked hard sorting and packing food that – at the end of the day – will provide 16,740 meals to people in need.
In Orlando, a morning group and an afternoon group of associates from Foundry’s HQ office served at Second Harvest Food Bank, a private, non-profit organization that collects, stores, and distributes donated food to more than 500 feeding partners in six Central Florida counties.
Gregg Ickes, Brittney Wimberly, and Justin Ruby joined Foundry’s Tampa team where they volunteered at the warehouse and food-sorting facility of Metropolitan Ministries, a local food bank serving the homeless and those at risk of becoming homeless.
The Foundry Jacksonville office volunteered at the Down Syndrome Association of Jacksonville’s Charity Golf Classic. This non-profit organization is the only agency in northeast Florida and southeast Georgia area that assists families of those with Down Syndrome from prenatal diagnosis, early intervention, the school-aged years, and throughout adulthood.
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Brittney Wimberly from the Orlando office, and husband Brent, welcomed their first baby, Violet on September 4, 2021.
Brittany Bulgarella from the Charlotte office welcomed baby girl, Nina, into the family.
Trey Riddle and wife, Mary, from the Raleigh office welcomed baby Wiley on May 10, 2021 and the next year welcomed daughter Birdie on July 31, 2022.
Ivonne Hernandez from South Florida shares his Foundry gear with son Elias and welcomed their second child, a daughter, into the family on February 21, 2022.
Lauren Marquess from the Orlando office has fostered close to 100 kittens for a local shelter.
Stuart Ashmun, from the Dallas office and his wife welcomed their first daughter, Violet, in the Fall of 2021.
Carlin Beekman from the Orlando office adopted a new cat, Canyon, in May 2022.
Anibal Agosto from the Orlando office adopted a new puppy named Goose.
Brittney Love from the Charlotte office welcomed daughter Kennedy into the family.
Hillary Stamas from the Orlando office welcomed baby Hazel on September 18, 2022.
Paula Andrews from the Raleigh office visited Austria in May 2022. This photo was taken in Austria’s Melk Abbey.
Charlie Howarth from the California office proposed to now fiancée in March 2022.
AJ Jivan and Ted Elam from the Atlanta and South Florida offices enjoyed a successful fishing trip.
Patrick Blackley from the Raleigh office and Blair Whaley got married on July 9, 2021 in North Carolina.
Britney Ruffo from the Orlando office got engaged on January 15 in Savannah, GA.
Tara Hasenour from the Nashville office bought her first home in July 2022.
Karl Hudson from the Raleigh office and Jenna Cooper got married in New Orleans.
Rick Dehnert from the Raleigh office, his wife, and their two daughters visited Italy in July 2022. Photo taken in Florence Italy.
Blair Davenport from the Raleigh office adopted two kittens named Betts and Melly.
David Blount from South Florida hiked the Rocky Mountains along with Ted Elam.
Michael Juarbe and his family adopted a puppy named Blue Belle.
David Kafel from the Raleigh office and his wife, Iliana, welcomed baby, Calista Kafel, on November 25, 2021.
Wedding
Ringing Kate Short from the Charlotte office tied the knot on September 3, 2022.
Mike Dempsey from the Charlotte office walked down the aisle on June 30, 2022.
Devin Tarantino from the Charlotte office proposed on June 18, 2022, while enjoying a beach-side picnic.
Ben Rowell from the Charlotte office got married on February 12, 2022.
Taylor Murray from the Atlanta office and now wife, Sara, were married on September 24, 2022.
The Charlotte property managers and engineers had a ‘tee-rrific’ time at a team outing to the Puttery!
From Charlotte to Nashville, our teams were busy celebrating Valentine’s Day filled with yummy sweets and treats.
Our in-office celebrations honored International Women’s Day. We are so grateful for the incredible women at Foundry who continually share their talents with our growing platform.
Our Orlando office were all dressed in green for St. Patrick’s day!
Our Charlotte Plaza property management team celebrated with an eco-friendly tenant event. They handed out adorable seeded paper in biodegradable planters and reusable bags.
We are proud of the various ways our offices came together to celebrate and support Black History Month. Take a look at some of the activities that occurred around the platform.
You can always ‘count’ on our accounting team to have a good time! Our Orlando accounting team had a blast doing a scavenger hunt with Wildly Different Team Building Experiences.
Who can resist a good Star Wars reference and excuse to party? Not us!
A delicious 4th of July potluck was the perfect way to celebrate Independence day in the office!
Our Raleigh property management team set up a delicious Popsicle Social for tenants at Research Tri-Center. Locopops was the perfect summer treat!
Our Orlando office organized a month-long donation drive for The Center’s Pride Pantry that helps over 300 families in need a month.
We’re paws-itive this story will make you smile! Our Charlotte retail brokerage team went on a site visit and saw this little puppy on the side of the highway. Nicole Hoogland, Senior Associate, decided to adopt her!
She has named the sweet pup ‘Kona’ and she reports that she is happily fitting in with her older doggy brother.
For the first official day of Fall, the Orlando office celebrated with all things pumpkin to kick off this cozy season. The Dallas team didn’t want to miss out on any fun and celebrated with a ‘Goodbye to Summer’ sundae party.
Dogs + Happy Hour = the perfect combo! Some of Charlotte’s furriest friends got together for our first-ever ‘Yappy Hour’ at Lucky Dog Bark & Brew Charlotte.
The Atlanta office teamed up with Maxis Advisors for an amazing serve opportunity at Seven Bridges to Recovery.
It’s no secret that many of our associates are fans of the pigskin. We had a great time across the platform getting ready for an exciting football season!Our stellar Charlotte graphic designers, Olivia Griffin & Ashtin Hmielewski, won the 2022 People’s Choice award for AIGA Charlotte and NoDa Brewing Company’s Beer + Branding event.
The environment here is relaxed, personal, and fun, but still productive.Chelsea Graham, Accounting, Orlando FL