November/December Midwest Real Estate News by RE Journals

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NOVEMBER/DECEMBER 2021 VOLUME34

ISSUE6

2021

MIDWEST WOMEN IN COMMERCIAL REAL ESTATE page 33

Indianapolis’ CRE market during pandemic? A model of resiliency By Dan Rafter, Editor

Birge & Held’s Legacy Park in Brownsburg, Indiana, like many local apartment developments is experiencing high occupancy rates.

esilient. That’s a good way to describe the Indianapolis commercial real estate market throughout the COVID-19 pandemic. And certain commercial sectors – industrial and multifamily – have been more than resilient. They’ve been strong. And the good news? Commercial real estate professionals serving this market say that they expect sales, leasing and development activity to remain strong throughout the Indianapolis market as 2021 slips into 2022. Indianapolis, they say, just has too many positives to

see a major slowdown in commercial real estate activity anytime soon. Andrew Held, president and chief operating officer of Indianapolis’ Birge & Held, which specializes in the multifamily sector, said that the apartment market has been especially strong in the Indianapolis suburbs. The only sluggish area for multifamily today? Held pointed to downtown Indianapolis, which isn’t surprising. Like many cities across the country, the pandemic has had a bigger impact on Indianapolis’ urban core than it has on its suburban areas. Many companies INDIANAPOLIS (continued on page 26)

DETROIT

As COVID – hopefully – eases, Detroit ready to recapture that 2019 momentum By Dan Rafter, Editor

Remember 2019? That’s when downtown Detroit was in the middle of a revitalization. It was when investors were sinking their dollars into this oft-maligned Midwest city. The year 2020 looked to be another strong year for Detroit’s commercial real estate market. Then the COVID-19 pandemic hit. And like the rest of the country, Detroit’s commercial market went into pause mode. Today? Things are looking strong again in DeDETROIT (continued on page 28)

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FEATURES 1

Indianapolis still a model of resiliency: Resilient. That’s a

A ghost kitchen coming to a neighborhood near you? Ordering

A big surprise? Retailers are opening more stores in 2021 than

good way to describe the Indianapolis

food from a delivery app? The odds are it

they are closing: Here’s a fact that might

commercial real estate market throughout

might come from a ghost kitchen. And if you

surprise many: Retailers have opened

the COVID-19 pandemic. And certain

don’t know what these are, you will soon.

more stores in 2021 than they’ve closed.

Hordes of pigeons, a mysterious

with the COVID-19 pandemic, national and

The Midwest’s commercial real estate publication, providing useful, unbiased and accurate coverage of the industry and its professionals since 1985.

interior and a neglected building:

regional retailers will have opened more

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commercial sectors – industrial and multifamily – have been more than resilient. They’ve been strong.

And this is a trend that isn’t slowing. Even

Some projects pose more challenges than

new locations this year than they will have

Detroit ready to recapture that

others. And turning a 100-year-old hotel,

closed.

2019 momentum: Remember 2019?

one overrun with pigeons, into a new

That’s when downtown Detroit was in the

apartment complex? That’s a big one.

middle of a revitalization period. The year 2020 looked to be another strong year for Detroit’s commercial real estate market. Then the COVID-19 pandemic hit.

The need for affordable housing and the future of office space:

Net lease doing what it’s supposed

Minneapolis and St. Paul, like most cities

to do: Any fears that the net lease

across the country, are still dealing with

market would crash under the weight of the

the impact of the COVID-19 pandemic.

COVID-19 pandemic disappeared quickly as

And this impact is most felt in the office

Staying strong in St. Louis:

the sector continued to draw the dollars of

market, where no one yet knows when or

Industrial might rank as the star

investors even during the most challenging

how companies will bring workers back to

days of 2020.

the office.

asset class during the COVID-19 pandemic, but multifamily isn’t far behind. Apartment markets throughout the Midwest have remained strong during COVID and show

Surge in demand propels student housing: Certain commercial sectors

LightBox-SIOR Industrial Sentiment Report shows record sales

no signs of hitting a slump anytime soon,

have performed well even during the

expected for 2021: The robust growth in

including in St. Louis.

COVID-19 pandemic, most notably industrial

e-commerce during the pandemic is fueling

and multifamily. But they’re not the only

an unprecedented race for space in the

commercial classes that are thriving today.

industrial sector and pushing investment

Student housing is on a hot streak, too.

sales activity to record levels.

DEPARTMENTS AND COLUMNS

6 21

Editor’s Letter

Publisher | Mark Menzies menzies@rejournals.com Editor | Dan Rafter drafter@rejournals.com ADVERTISING Vice President of Sales & MW Conference Series Manager | Ernest Abood eabood@rejournals.com Vice President of Sales | Frank E. Biondo frank.biondo@rejournals.com Vice President of Sales | Marianne Grierson mgrierson@rejournals.com Classified Director | Susan Mickey smickey@rejournals.com EVENTS/CONFERENCES Managing Director, National Events & Marketing | Allyssa Gawlinski agawlinski@rejournals.com Midwest Real Estate News brings real e state leaders together to explore the challenges and opportunities unique to their markets.

Flex space the key to office’s future? There’s plenty of uncertainty

remaining in the office market. What will employers do as COVID begins to ease?

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AMS Elite Solutions’ Julie Savitt: Don’t treat me as a ‘he’ or ‘she.’ Just

treat me as a professional.

Women in Real Estate

CRE Marketplace

special section

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FROM THE EDITOR

Midwest Real Estate News

NOVEMBER/DECEMBER 2021

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Retailers hoping for big shopping season this year

By Dan Rafter, Editor

he holiday shopping season is always a big deal for U.S. retailers. And this year? It might be even more important.

COVID-19 has hit different commercial real estate sectors in different ways. The industrial and multifamily markets continue to thrive even with the pandemic. The office market is in limbo. And the retail sector? Retailers have had to get creative to keep the customers coming in. Last year, the holiday shopping season was a strange one, especially for those operating physical locations. Still wary of COVID-19 case rates, many customers did most of their holiday shopping from the safety of their computer screens. This year? That remains to be seen. But recent research, and the results of the big Black Friday weekend following Thanksgiving, brought both good and not-so-great news for retailers. First, actual activity at physical retailers on Black Friday? Bricks-and-mortar locations weren’t quite as busy as retailers might have hoped for this year, according to research from Sensormatic Solutions. According to Sensormatic, visits to physical stores on Black Friday this year -- the day after Thanksgiving -- were down 28.3 percent when compared to 2019 levels. That’s an important comparison: Black Friday of 2019, of course, was the last one before the COVID-19 pandemic became headline news and threw the retail sector into chaos. And while retailers might have wished for more in-store traffic, there was some good news from the Sensormatic report, too. In a bit of that good news, Black Friday visits by shoppers this year were up a solid 47.5 percent when compared to 2020. That comparison might be a bit misleading because so many shoppers were still spending more time sheltering at home, but it is a good sign that the retail world might be returning to at least a semblance of normal this holiday season. To back this up, Sensormatic also re-

“Sensormatic Solutions predicts that the 10 busiest U.S. shopping days in 2021 will account for 40 percent of all holiday traffic. ”

ported that shoppers might be more likely to visit stores in person this year not just because they are more comfortable living with COVID but also because of the supply chain challenges that continue to hit the country. Simply put, many shoppers worry that the products they order online might not arrive in their homes in time for the holidays. To avoid this, they are instead picking up products in person at physical stores. “More shoppers felt comfortable visiting stores in person this Black Friday

than in 2020,” said Brian Field, senior director of global retail consulting with Sensormatic Solutions, in a written statement. “One driver of this increased traffic could be ongoing supply chain challenges and shipping delays, which are resulting in consumers shopping earlier to ensure their gifts arrive on time.” The survey results show that the rest of the 2021 holiday shopping season might be a strong one for physical retailers, too, some good news for an often-beleaguered sector of the commercial real estate industry.

According to Sensormatic Solutions’ 2021 Holiday Consumer Sentiment Survey, 65 percent of U.S. consumers say they plan to shop in-store at least some of the time this holiday season for product-related reasons, like browsing for gift ideas or to see or touch products before buying. And as usual, the holiday shopping season remains a crucial one for retailers hoping to enjoy a successful 2021. Sensormatic Solutions predicts that the 10 busiest U.S. shopping days in 2021 will account for 40 percent of all holiday traffic. U.S. in-store traffic for this year’s holiday season is also expected to be down between 10% and 15% compared to 2019. What’s it all mean for retailers? We’ll have to wait for the holiday season to end and for the results to be tabulated. But one thing seems likely: The 2021 holiday shopping season should be a stronger one for both physical and online retailers.

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ST. LOUIS

Midwest Real Estate News

NOVEMBER/DECEMBER 2021

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Staying strong in St. Louis: Midwest city ‘s multifamily financing market remains steady throughout pandemic

By Dan Rafter, Editor

ndustrial might rank as the star asset class during the COVID-19 pandemic, but multifamily isn’t far behind. Apartment markets throughout the Midwest have remained strong during COVID and show no signs of hitting a slump anytime soon. The St. Louis market is no exception. Investors are still putting their dollars into multifamily properties in St. Louis and its suburbs. Renters are still paying their monthly rents on time. And vacancy rates remain low. What’s behind the strength of St. Louis’ multifamily market? Midwest Real Estate News spoke to Christopher Will, vice president and commercial loan officer with the Clayton, Missouri, office of Gershman Mortgage, and Kevin Kozminske, senior managing director with the St. Louis office of Berkadia, to get their thoughts on the strength of the St. Louis apartment market and the demand for multifamily financing.

We saw exactly what the impact would be and could forecast for it. We could be prepared for it. And throughout the pandemic, we’ve seen that the demand for multifamily assets has remained high.

Here is some of what they had to say. How strong has the St. Louis multifamily market been throughout the pandemic and during 2021? Christopher Will: We are seeing a strong market today. With regards to FHA financing, we have seen all-time record highs. A lot of activity is taking place now in and around St. Louis. New apartment units are being brought online. We have seen a number of new assets come to market since the pandemic has begun. We have seen a number of multifamily deals that have closed. There was some uncertainty at the beginning of the pandemic. That led to delays and slowdowns when it came to multifamily deals. We didn’t know what the labor situation was going to be like. We didn’t know how bad the effect would be on the supply chain. Because of that, it was a little tougher to get multifamily deals done upfront. That uncertainty, though, would become a known quantity as the pandemic progressed.

Kevin Kozminske: Last year was a record year for us on the financing side. We have seen that continue in 2021, both on the investment sales and mortgage banking side. Buyer interest in St. Louis remains strong. There is still a lot of redevelopment happening and a lot of new construction of multifamily properties. The velocity of new projects remains strong even coming out of COVID. The big challenge is finding plots of land to build on. That is one of the bigger barriers to seeing even more new multifamily projects in our market. Has there been any impact from the pandemic that has surprised you when it comes to multifamily financing and deals? Will: Obviously, more people are working from home. That resulted in a slowdown at HUD because so many of their people were working from home and figuring out how to do it efficiently. That was an initial problem. The learning curve of HUD staff figuring out how to work from home did create some

slowdowns when it came to closing multifamily financing deals. Another challenge has been the record-low interest rates we’ve seen. They have caused a tremendous increase in the volume of loan requests at HUD. All of those loan requests have led to significant delays in the underwriting and processing of these loans. We are still getting deals done, but they are taking longer on a per-deal basis. How strong have rents been in the St. Louis apartment market? Will: Rents have stayed strong. In fact, we have seen some good upward rent trajectory. And certain projects have outperformed their rental assumptions. Many projects have leased up very quickly, quicker than could have been expected. How strong has demand been for commercial financing for multifamily deals in suburban St. Louis? Will: There is no question that people have been renting in the suburbs. People are definitely interested in the suburban areas. Wentzville is one of those suburbs that is doing well. It’s been a hot ticket for

renters. St. Charles County has been at the forefront of new multifamily development for the last several years. People are just getting more comfortable with moving further away from the city. Typically, we’d see new multifamily development occurring around strong employment centers. But that is changing. Out toward Wentzville, there are not a lot of major employers. But there is a lot of new housing being developed and leasing up. Some of this is related to work-from-home. When you are working from home, you don’t have to live right down the street from your job. At the same time, suburban areas are developing new amenities. They are adding recreational and retail centers. St. Louis is a pretty land-locked area. It is difficult to find large sites to develop. When we got our first Topgolf, it wasn’t built smack dab in the middle of the city. It was built in the suburbs. The suburbs had the ground for development. Kozminske: We are starting to see a strong growth in demand in the outer-ring suburbs of St. Louis, in St. Charles County and Lincoln County. Finding those large tracts of developST. LOUIS (continued on page 10)

ST. LOUIS ST. LOUIS (continued from page 8)

able land is difficult in St. Louis itself. There have been some infill redevelopment sites in the last three to six months in the city itself, but we are seeing a lot of multifamily development in the outer suburbs. We have about 800 units under construction or planned in Chesterfield, Missouri, where we haven’t seen much new construction in the multifamily market in the last 35 years. A lot of these projects were in the planning stages before COVID hit. I think the rising demand is a result of the natural migration into the suburbs overall in the St. Louis market. It’s just a continuation of the expansion of the St. Louis market into the suburbs and even further out at this point. What kind of infill multifamily development are you seeing in the urban centers of the St. Louis market? Kozminske: We are not seeing a lot of older office buildings being converted into apartments. What we are seeing are some larger, aging retail sites that

Midwest Real Estate News

NOVEMBER/DECEMBER 2021

are being knocked down and turned into multifamily. There are still a few sites, too, in the central corridor and the Central West End that developers have been able to start putting additional apartment units into.

If we want to see more affordable housing, we will have to see a continued emphasis on financial incentives from governments. The tax credit programs and incentives are necessary to offset the reduction in rental income.

In downtown, the Ballpark Village project has been highly successful. There are plans for two additional towers of multifamily housing to be built there because of that project’s success. The National Geospatial-Intelligence Agency that is opening in North St. Louis in 2025 is a major project, too. We think we’ll see more multifamily units added around that project, too.

What makes the St. Louis market so attractive to those looking to build or invest in multifamily projects?

How big of a need is there for more affordable multifamily housing in St. Louis? Will: There is definitely a need for more affordable multifamily housing. I would also say that in some ways, the pandemic has exacerbated this. The delays with HUD financing have slowed approvals for multifamily deals, too. HUD makes special considerations for deals that are affordable. The time delay to close on those deals has increased.

Kozminske: It’s the consistency of this market. Investors don’t see the wide fluctuations here that they see in markets on the east or west coasts. We have a tremendous amount of interest now from out-of-town investors. People are looking for nice, stable returns. They are being priced out of other locations where cap rates compressed to the point of no return. They are now looking for a market where they’ll get a little more yield. When your company is considering multifamily financing requests, what factors do you look at? Will: If we bringing a new development to market, we look at the factors that HUD would consider. HUD is looking

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for deals with minimal environmental risk and deals that are in a market that has adequate demand and not enough supply. We also like deals that have an experienced development team behind them. Experience in the market is a positive. We like to work with teams that have already built something like the project that they are proposing. Kozminske: On the development side, we want to see a location that is desirable. We want to work with clients that have had experience with the type and scope of project they are proposing. The team must have the experience to execute the business plan. We are seeing rising construction costs throughout the industry. There are rising materials costs and labor shortages. We want to make sure we are working with clients who have the expertise to navigate through these challenges. When it comes to requests for acquisitions and refinancings, we’ll look at the historical operations of the project. We want to make sure that buyers’ expectations and assumptions make sense and that they have an achievable business plan.

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RETAIL

Midwest Real Estate News

NOVEMBER/DECEMBER 2021

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One retail sector that’s thriving today? The ghost kitchen and the ghost franchise

By Dan Rafter, Editor

rdering food from a delivery app? The odds are it might come from a ghost kitchen. And if you don’t know what these are, you will soon. Industry analysts say that these kitchens – which prepare foods either from online-only restaurants or from several traditional restaurants in an area – are becoming a big part of the U.S. restaurant business. Ghost kitchens, at their most basic, are commercial kitchens that don’t come with storefronts. They also don’t come with any physical dine-in or drive-through restaurant attached. Instead, they are spaces that restaurant owners might rent to prepare food off-site so that they can deliver it more quickly to their customers. A single ghost kitchen space, then, might prepare the food from several different restaurants in an area. Then there are those restaurants that don’t have any actual dining or carry-out spaces at all. They instead rely on an Internet presence and several ghost kitchens across the country. These so-called ghost chains run no physical restaurants. Customers instead order food online where it is then prepared in a ghost kitchen near them. This allows entrepreneurs to open online restaurants without worrying about operating actual dine-in or drive-through facilities. Most of the ghost kitchens that prepare the food offered at these ghost franchises are located in less expensive parts of town, often on the edge of industrial areas, where rents are cheaper. Matt Giffune, co-founder of Occupier, a provider of transaction and portfolio management software, told Midwest Real Estate News that ghost kitchens are a smart business model in a world in which online ordering and food delivery has become so popular. “These were already an existing concept before the COVID-19 pandemic,” Giffune said. “The pandemic, though, just accelerated the demand for these operations. A lot of people were work-

ing from home. They had nothing in the fridge. If you ordered your salad on DoorDash, it was most likely made in a ghost kitchen than in the actual retail outlet you were ordering it from.” Consider MrBeast Burger. MrBeast, real name Jimmy Donaldson, is a YouTube star with more than 54 million subscribers to his channel. Late last year, Donaldson opened MrBeast Burger with locations across the country. The trick, though, is that diners can’t drive to any physical locations. The food from this ghost chain is created in other kitchens across the country and delivered to customers. Those hungry for a MrBeast Burger can only order the food through delivery apps. Another YouTube star, Larray, a musician, launched his own ghost franchise in October of this year, Larray’s Loaded Mac. On its website, Larray’s Loaded Mac advertises itself as a delivery only restaurant. Again, the food here is created in the kitchens of restaurants across the United States, depending on from where customers order it. These aren’t isolated examples. Ghost kitchens are growing, thanks in part to the COVID-19 pandemic. Throughout the pandemic, many customers have been hesitant to dine in-person at restaurants. That fueled an increase

in online ordering. As more diners ordered their food for delivery, restaurants that offered delivery only didn’t seem unusual. CBRE, in a May report, said that it expects ghost kitchens to account for 21 percent of the U.S. restaurant industry by 2025. Before the pandemic, CBRE said, ghost kitchens were only expected to account for 10 to 15 percent of the restaurant industry market share. It’s not surprising that ghost kitchens have gained traction. CBRE in its report said that online food ordering rose 17 percent in 2020, largely because of the pandemic. And those habits -- even people who might not have ordered much food delivery in the past have now learned how convenient it is -- are expected to stick, something that will keep demand high for ghost kitchens. “These ghost kitchens are 100 percent here to stay,” Giffune said. “The pandemic not only accelerated the demand for online food ordering, it created a new normal of expecting on-time delivery for pretty much anything. Ghost kitchens are just one example of this trend. If you need a gallon of milk or some toothpaste, you can order it online and someone on a scooter will deliver it to your house within 10 minutes. That is such a level of convenience that demand for it will only continue to increase.”

Giffune, who works in the Boston area, said that street-level retail is just starting to come back around the office building in which he works. This can make it difficult to know which nearby restaurants are actually open for lunch. But Giffune can go online and have lunch delivered to the office, without having to worry about which restaurants are open and which are still closed. “That solves a real need,” Giffune said. “It’s more convenient. I don’t see that trend going in the other direction.” And while ghost kitchens are mostly thought of as an urban trend, Giffune said that they are actually opening everywhere, including suburban areas. This trend will only gain strength as more companies move to a hybrid work schedule in which their employees work some days in the office and others at home. “People in the suburbs desire the same level of convenience that people living in the city do,” Giffune said. “The ability of people to work from anywhere will drive that expectation of convenience to more areas. Ghost kitchens will spread out from the urban areas and into the suburbs.”

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KANSAS CITY

Midwest Real Estate News

NOVEMBER/DECEMBER 2021

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Hordes of pigeons, a mysterious interior and a neglected building: BKV Group takes on the challenges to preserve Kansas City’s Midwest Hotel

By Dan Rafter, Editor

ome projects pose more challenges than others. And turning a 100-year-old hotel, one overrun with pigeons, into a new apartment complex? That’s a big one. But that’s exactly the task architecture and design firm BKV Group took on for developer client City Club Apartments.

though, was a stunning terracotta facade and good bones. BKV Group, then, devised a plan to retain the shell of the hotel. That part of the new City Club Apartments Crossroads Kansas City, which opened last year, now serves as the amenities hub of the development.

City Club Apartments saw potential in the dilapidated Midwest Hotel in Kansas City, Missouri. The hotel, built in 1915, was at risk of being demolished after decades of neglect. The interior was crumbling, and the massive population of pigeons that called the building home didn’t help.

Mike Krych, senior partner with Minneapolis-based BKV Group, said that transforming the Midwest Hotel into a modern apartment building was not an easy task. BKV Group was not even allowed inside the building because of the structure’s condition. This meant that BKV Group had to design the space without having access to its interior.

What the Midwest Hotel still featured,

“The building was in such environmen-

tally bad shape,” Krych said. “It was in a bad state. Healthwise, it was not safe for us to be in that building during the entire time we were designing the project. The interior, then, remained a bit of a mystery for us.” This meant that BKV Group’s designers were unable to measure the Midwest Hotel’s interior spaces. Instead, they had to rely on whatever architectural drawings they could find, drawings that were in limited supply. “This was very challenging,” Krych said. “We were able to get some surveyed measurements from the outside. We were able to discern and get some basic measurements. But that being said, we really relied on our knowledge of existing buildings and

historic buildings. Historic buildings are a big part of our portfolio, so we used that knowledge from buildings we have worked on in the past.” By relying on their past experiences, designers were able to make assumptions about what would work and what wouldn’t. BKV Group met these challenges. City Club Apartments Crossroads opened late last year in Kansas City’s Crossroads neighborhood. The mixed-use community combines a new seven-story building with the Midwest Hotel structure. It brought 283 new apartment units to this Kansas City neighborhood. Amenities include a rooftop Sky Park

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Midwest Real Estate News

with a pool and hot tub. There’s also a second-floor Sky Club with a theater, kitchen and lounge seating. The project’s courtyard area includes an outdoor movie theater, dog park, fire pits and a zen garden.

“It is valuable to keep these older projects from our past,” Krych said. “It’s a way to tell the story of who came before us. People built these beautiful, nicely crafted buildings that we can’t replicate today because of their cost. To preserve them is a way to retain our collective memory of yesteryear. It’s a sustainable approach, rather than tearing them down.”

Other amenities include a business center, bike racks, storage lockers and fitness center. Krych said that BKV’s designers wanted to preserve as much of the former Midwest Hotel as possible. This meant leaving portions of the building’s exterior sidewalls exposed so that those in the community’s courtyard could see how the old structure was built. BKV called for leaving most of the Midwest Hotel’s side facade exposed, too, so that it is visible from the mixed-use development’s streetside view. Then, of course, there was the terracotta front facade. That, Krych said, had to stay. “We made sure we kept that,” Krych said. “That was the crown jewel of that whole building and block. Being

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And in more good news? This is far from the only example of preserving old buildings in the Midwest. In cities across the region -- from Chicago to Minneapolis and St. Louis to Omaha -- developers are working to retain at least the shells of older buildings that have fallen into disrepair. And when they do this? They can look at the work on the former Midwest Hotel as an example of how to do this work properly.” able to keep that is the nice aspect of designing the rest of the project around the former hotel.” Krych said that preserving buildings

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such as the Midwest Hotel is important, especially during the construction building boom that many cities are seeing today.

Both Walgreens and dollar stores are popular net lease assets today.

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Net lease does what it’s built to do: Thriving during challenging times

ny fears that the net lease market would crash under the weight of the COVID19 pandemic disappeared quickly as the sector continued to draw the dollars of investors even during the most challenging days of 2020. And today? Net lease assets remain one of the most attractive options for investors. And those working in this field say they see few signs that this will change.

By Dan Rafter, Editor

“Net lease gives you the chance to get into real estate, with its returns and tax benefits, without having to be this active manager.”

BJ Feller, managing director and partner with the Chicago office of Stan Johnson Company, said he saw just a brief pause in net lease activity during the earliest months of the pandemic.

the net lease market? Feller points to several factors. First, there was a dramatic pullback in Treasury rates. Rates that were once north of 2 percent suddenly dipped to less than 1 percent.

But after June of last year? Investors again returned to net lease assets, he said.

At the same time, lenders remained active even during the height of the COVID-19 pandemic. This represented a significant difference from the Great Recession in 2008. Back then, lenders pulled back. During COVID, though, lenders were still willing to loan money to investors and developers.

“There was a moment of uncertainty when investors didn’t know how everything would play out,” Feller said. “But then in the summer of 2020, net lease assets saw this incredible rebound of activity. It has since been incredibly robust for all of the net lease commercial assets.” Why did activity rebound so quickly in

Then there’s the nature of net lease assets itself. Unlike other forms of real estate, net lease properties mostly run themselves. That makes them more attractive to investors who aren’t in-

terested in hiring property managers or managing a property themselves. “Net lease gives you the chance to get into real estate, with its returns and tax benefits, without having to be this active manager,” Feller said. “That’s what people like about net lease. As the Baby Boomers age, they are realizing that net lease real estate is a good investment for the later third of their lives.” Mark West, senior managing director for net lease in the Dallas office of JLL, focuses on net lease assets across the country. He said that this market has been active throughout the last 19plus months.

Why? West said that net lease assets are easier ones for investors to take on. “They are very passive investments,” West said. “They don’t require a lot of landlord responsibility, if any at all. They pay reoccurring dividends, which is very nice. In uncertain times, these are very attractive assets. They are passive, long-term investments, much like a bond, but you have a hard asset with very durable income.” Randy Blankstein, president of The Boulder Group in Wilmette, Illinois, agreed that the net lease sector is on a hot streak now. Part of the reason? The market at the end of the third quarter was seeing historically low cap rates. “Activity has been picking up as the year has gone on,” Blankstein said. “This is a market that is searching for yield. Investors are looking for safe, high-yield assets. Net lease is very much in vogue this year. This market has done extremely well. Volume has been really strong.” Different sectors, different results As Blankstein says, net lease assets during the pandemic did exactly what

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they were supposed to do: They yielded a steady return for investors. “Volume was down tremendously in the second quarter of last year,” Blankstein said. “But since then, month by month, quarter by quarter, the volume has picked up since that date. We are now in a very robust market.” But in little surprise, investors are focusing on the best-performing net lease assets, Blankstein said.

NET LEASE

Midwest Real Estate News

“This is the world we live in now,” Wolff said. “This is the new norm. There is no end date when we go back to normal. Real estate is included in that.” This always rising demand for industrial product has posed challenges for companies like Spirit Realty. Wolff said that with demand so high and cap rates so compressed, it can be difficult for investors to acquire properties with all the competition in the market.

Wolff said it takes a lot of work.

clothes and school supplies.

“We are fighting it out with everyone else,” he said. “If a broker has an opportunity to show something off-market, if brokers have the opportunity to show a property to six or seven of their best relationships, we get those calls. I have great relationships in the market. The certainty of close with Spirit Realty is very high.”

“You might have distributors of consumer products that are working in a 100,000-square-foot warehouse. The demand for their product might have soared 20 percent or 30 percent during the pandemic,” Wolff said. “Suddenly, they need more space for distribution. They are now out in the market looking. Everyone is still buying things, but they’re doing it differently.”

Wolff said that consumers have gotten comfortable with buying everything online, from food and medication to

How is Spirit Realty dealing with this?

NET LEASE (continued on page 18)

Not all net lease assets are performing equally today. Industrial and multifamily remain the favored classes for investors. It’s little surprise that industrial is performing so well. Even before the pandemic hit, customers were spending more of their shopping time online. And when they ordered products from Amazon or other online retailers, they wanted them to show up at their doors in fewer days. That led to pressure on companies to open a greater number of warehouses across the country, something that has led to demand soaring in the industrial market. The pandemic has only boosted the public’s appetite for online shopping.

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“The pandemic took trends that were probably going to take three to five years to play out and accelerated them,” Feller said. “We saw probably 60 months of change and progress happening in 12 months. People were already bullish on industrial. The pandemic transformed industrial from Miss America to Miss Universe.” Stephen Wolff, vice president for industrial at Dallas-based Spirit Realty, said that all types of industrial have been strong performers since the start of, and before, the pandemic. “There is a lot of demand across the board,” Wolff said. “It’s not just Amazon distribution facilities. Light manufacturing is in demand. Heavy manufacturing is seeing more demand than it has in years. Cold storage is a very active sector. Across all food groups, industrial is doing well.” Wolff doesn’t see this demand lessening anytime soon. The pandemic has changed the way people shop, travel and socialize. These changes aren’t disappearing, he said.

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Quick-service restaurants with drive-throughs remain popular in the net lease sector.

NET LEASE (continued from page 17)

Steady in multifamily The multifamily asset class has remained attractive to investors, too. When the pandemic started, the fear was that renters would stop paying their monthly rents. For the most part, that hasn’t happened. People have to live somewhere. This meant that for many, paying their apartment rent remained a priority, even during the pandemic. “Anywhere where people could do their jobs from home, we saw very little in missed rent payments,” Feller said. “That was the great line of demarcation when it came to the economic impact of the pandemic, people who could work from home and those who couldn’t. The disruption was not as severe as anyone thought it would be for multifamily.” Blankstein said that investors are focusing on better products today. That means industrial, of course. But it also means retailers that were deemed essential throughout the

pandemic, such as Walgreens, Target and Walmart. Quick-service restaurants with drivethroughs, too, have performed well throughout the last 19-plus months, and these assets continue to attract investors. “People are focused on tenants that are expanding,” Blankstein said. “Everyone understands how well McDonald’s and Chick-fil-A have done during the pandemic. The quick-service restaurant with a drive-through looks to be the future. If you want a quick-service restaurant today you need a drive-through or a double drive-through.” This trend might increase movement in the net lease space. Blankstein said that quick-service tenants locked into strip centers are eager to move to new locations that allow them to add drive-through service. Blankstein pointed to restaurants such as Panera and Dunkin’ that are now looking to increase their free-standing locations. Spots inside strip centers are no longer as attractive to these restaurants.

“People adjusted during the pandemic,” Blankstein said. “They want drive-through service. Many of the changes in consumer behavior during the pandemic are going to stick around.” Dollar stores, too, are an attractive option for investors, Blankstein said. These retailers, mostly serving more rural communities, have thrived during the pandemic largely because they give consumers the chance to get in and out quickly. As Blankstein said, when you need a few items on the way home from work, you’d rather run into a Family Dollar than a busy Walmart. Dollar stores are also a bargain for new investors. They’re a way for investors to get into the net lease market without spending the type of money it’d take to purchase a multifamily building or industrial property. Facing the challenges Other net lease sectors, though, are facing challenges. Plenty of uncertainty plagues the office market, for instance, as it’s unknown when

companies will start bringing their employees back to the office. And when employees do return, who knows how many will work full-time in the office? Many companies are contemplating hybrid work schedules in which their employees spend time every week working remotely. “People are realizing that this is a five-year story, potentially even longer,” Feller said. Feller said that public transit might be the biggest differentiator when it comes to office markets. Those office markets in which most people commute to work via public transportation might take longer to recover than those in which more people drive to work, he said. West, though, said that he is seeing a slow but steady rebound in the office market today. “The farther we get away from the start of the pandemic and the closer we get to our normal work environment, the closer to normal you see the office market becoming,” West said. “You are starting to see office

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NET LEASE

Midwest Real Estate News

Net lease pros expect dollar stores to remain attractive investments in the net lease sector.

building occupancies creeping up. In the net lease space, you have longterm net leases. So these assets are going to be desirable because there is no leasing risk.”

feature stronger, more successful tenants. These tenants are built to perform better even during challenging times.

Of course, not every city is seeing workers returning to offices at the same rate. West said that cities such as New York City and San Francisco are not reopening quite as fast as others. Offices in these cities, then, might not return to normalcy as soon.

“You have tenants like the Apple Store and Lululemon. These are high-volume destination retailers,” Blankstein said. “For the most part, it’s not the nail salons and dry cleaners. Net lease has better tenants to begin with. Those better tenants have outperformed the smaller ones during COVID in general.”

“But it’s undeniable that the whole business world is not going to work from home forever,” West said.

And what does the future hold for industrial? This sector is due for a slowdown, right?

Then there is retail. Feller said that much of the physical retail market already went through the pain associated with ecommerce long before the COVID-19 pandemic hit. Retailers already knew that they had to operate both in the physical and online spaces, taking an omnichannel approach, to be successful.

Wolff isn’t so sure when that might happen. The sector’s hot streak is unprecedented.

“People think of retail as being either online or brick-and-mortar,” Feller said. “But retailers know they have to operate in both environments.” A bright future? Why has the net lease sector been so resilient during COVID? Blankstein said that net lease assets typically

“We are now on an eight-year or nine-year bull run with industrial. It’s unlike anything I’ve ever seen,” Wolff said. “Generally, you see a falloff and change in the market for 12 to 18 months every five to seven years. I have to think the industrial market will level off eventually. When that happens? I don’t know.” West agreed that the future looks bright for net lease. He said that real estate in general has performed well even during the pandemic. West said that even the hospitality sector is performing better today.

“If the economy is strong and headed in the right direction, that is good news for real estate,” West said. “Real estate houses the econ-

omy. There is always a need for real estate. We are bullish on the future when it comes to real estate. Things are trending in a positive direction.”

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STUDENT HOUSING

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Surge in demand propels student housing as in-person learning resumes

By Dan Rafter, Editor

ertain commercial sectors have performed well even during the COVID-19 pandemic, most notably industrial and multifamily. But they’re not the only commercial classes that are thriving today. Student housing is on a hot streak, too. What’s behind the strong performance of student housing, even after so many universities and colleges suspended in-person classes last year? Fred Pierce, president and chief executive officer of Pierce Education Properties in San Diego, points to the big reason: Demand is up today for both on-campus and off-campus housing as students yearn to return to in-person education. Here are some of Pierce’s thoughts on the present and future of student housing. What has surprised you about the student housing sector during the COVID-19 crisis? Fred Pierce: Perhaps the surprise is that student housing insiders were not surprised. The student housing sector has proven once again that it is recession resistant. And this time, even pandemic resistant. During the pandemic, occupancies remained high, with only a 3 percent decline in occupancy for Fall 2020, which has been recaptured and then some in Fall 2021. Collections were high at 98 percent to 99 perceent for our portfolio in Spring 2020 and Fall 2020, respectively. And the show-up rate was approximately 99.5 percent. Student housing collections outpaced multi-family by 200 to 300 basis points during the pandemic. What may surprise the investment community is that the method of course delivery, ranging from substantially in-person to hybrid to substantially online, had no material impact on off-campus occupancies. Rather, the university markets which experienced declines in off-campus occupancies were in states and at universities where politicians and university administrators had confusing or negative messaging regarding

off-campus student housing are the highest in a very long time. The super majority of schools have returned to primarily in-person instruction and the kids are back at college. The freshman class is extra-large as most all college-bound high school seniors went off to school and the majority of the 9.5 percent decline in the Fall 2020 freshman class has matriculated to college this year.

COVID-19-related lock downs. Picture California and Michigan, in particular. How do you see the student housing industry now, more than 18 months into the pandemic? Pierce: The student housing sector has performed second to only industrial during the pandemic. Concerns about university course-delivery methods and closing of on-campus residence halls, if anything, had either no impact or a positive impact on the off-campus student housing sector during the pandemic. Debt and equity capital for new acquisitions and development initially seized-up in the second quarter and third quarter of 2020, but began flowing again with fourth quarter investment sales of about $2.5 billion, reaching the third-highest fourth-quarter volume in the last six years. Capital is flowing into the sector in 2021 at historic levels as multifamily cap rates have compressed into the 3s and even high 2s and student housing looks comparatively cheaper. How has the pandemic impacted on-campus versus off-campus student housing communities? Pierce: On-campus student housing has been dramatically impacted during the pandemic. In Spring 2020, virtually all American universities closed their residence halls starting in April and sent their students home for the balance of the academic year while providing ratable rebates of housing fees. In response to

social-distancing protocols, the typical university “de-densified” their on-campus housing for academic year 2020-21 by somewhere between 20 percent and 50 percent, representing a similar loss of housing revenues. Most universities have increased on-campus housing occupancies for academic year 2021-22, but not yet to pre-COVID levels. Most are expected to be back to pre-COVID on-campus occupancy for the 2022-23 academic year. Conversely, off-campus student housing occupancies were down only 3 percent for academic year 2020-21 according to College House and are back to above pre-COVID levels for academic year 2021-22. The Fall 2021 freshman class is widely projected to be the largest in more than a decade. In our portfolio, we achieved the highest occupancy of all time in Fall 2021 with the super majority of our properties at 100 percent occupancy with waiting lists. Kids are tired of being at home. High school seniors spent their senior years studying online and desperately wanted to go away to college. Similarly, parents want their kids at school and not at home, irrespective of the method of course delivery. What does student housing currently look like at the beginning of the new academic year? Which markets recorded the highest occupancy rates? Why? Pierce: With Fall move-in having just been completed, occupancies in

The strongest markets are at the Power Five football conference universities where applications continue at all-time highs. Students perceive the fullest college experience at those types of universities. That has facilitated enrollment growth at most of those universities. What can you tell us about investor sentiment across the country? Why is it a good idea to invest in student housing during these uncertain times? Pierce: Investor interest is again peaking in student housing. It is an asset class that prospers during economic upcycles and even more so during recessions and down cycles. The pandemic proved the sector’s recession-resistant characteristics once again. The sector’s strong performance as compared to multi-family during the pandemic has also resulted in more capital gravitating to student housing as most investors really like “habitational” real estate and have realized that a smart real estate portfolio asset allocation strategy includes a meaningful allocation of the residential allocation going to student housing, where cap rates are measurably higher than in multifamily. What are the biggest challenges in the student housing financing landscape? Pierce: Until just recently, the agencies had imposed new “COVID-19 reserves” to their student housing loan underwriting criteria. This was resulting in +/- 10 percent of loan amounts being set aside for 18 STUDENT HOUSING (continued on page 23)

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OFFICE

The time is now for office landlords to adopt flex strategies

By Jeremy Bernard

OVID-19 has drastically changed the relationship employees have with the office. When millions of professionals had no choice but to work remotely, companies and employees alike reconsidered what they need and want in an office setting. While some organizations are tentatively looking to implement a full-time return to the office, many are embracing hybrid models or flexible policies that give employees more choice about where they work. This shift in work and office policies is inevitably having an impact on landlords and workspace providers. It’s become apparent that landlords need to embrace flexible strategies that make the physical and digital workplace effective, efficient and, more importantly, engaging, to stay relevant in a fast-evolving market. More companies are looking for dynamic, turnkey spaces and services that suit their requirements. Much of that pressure then falls on landlords to deliver the spaces both employers and their employees want. Despite this reality, many landlords have been slower to adapt than their tenants. A recent study by independent market research firm Verdantix draws on 50 in-depth interviews with asset managers, owners and owner-operator landlords with combined office portfolios of more than 2.5 billion square feet, and heads of real estate at corporate enterprises such as American Express and Honeywell. They were looking to understand the real estate challenges and opportunities ahead for both landlords and occupiers. The research addresses the market trends driving the demand for flex space, the financial benefits for landlords that effectively provide flexible space and the key concerns tenants have with flexible space products. In response to the most pressing market trends, 90 percent of landlord respondents said that tenants’ rising focus on productivity and the overall tenant experience was very influential. On a similar note, 60 percent of

occupier respondents believe that supporting employee productivity through an enhanced occupant experience was the most important benefit of using flex space. Changes to indoor layouts and interior designs that do not resemble old office setups remain a priority. The study found that landlords must respond to changing tenant expectations around in-building experiences, from flexible design to flexible technology. In the coming years, a flight to quality for office tenants will dominate the discussion about the future of offices. Many tenants will opt for the services and customizations of spaces that come with technology-powered turnkey flex offerings if given a choice between that and a traditional alternative with a long-term lease. The ability to condense or expand rented spaces as teams scale up—or even set up new offices in new regions that can be seamlessly integrated into a corporate real estate portfolio—will be differentiators for building owners. Similarly, tenants—and importantly their talent—want frictionless environments where they can access everyday services, spaces and locations aligned with their needs (when they need them). The workplace is a major factor in attracting and retain-

ing talent, and so employers need it to be digitally enabled and seamless. In the increasingly popular hub-andspoke or distributed working model, an employee may work from the HQ office one day and a flexible workspace the next. Landlords, then, need to provide access to a fully connected campus of workspaces – whether in one city or across multiple regions. It’s about giving tenants flexibility, a consistent experience and easy movement across an entire network of spaces. Technology that enables these experiences is key. According to the research, one of the top-of market trends driving demand for flexible workspaces is technology services that offer amenities and seamless access for tenants. Lease flexibility is another top trend: 86 percent of landlords said it was either an influential or very influential factor in driving growth for flex space. Coincidentally, tenants also rated lease flexibility as one of the most important market trends, with 66 percent labeling it as very important. Historically, landlords have been wary of flexible leasing contracts and 87 percent of surveyed tenants believe this statement to be accurate. However, landlords must proactively

find ways to reduce vacancies without lengthy fit-out processes. Lease flexibility in turnkey spaces is an elegant solution that makes a commercial building a compelling option for tenants in the long-term. When underpinned with the right software and technology, workspaces can be activated quickly and efficiently. This ultimately goes back to the key factor at the heart of the future of office space: If there is a flight to quality underway, then landlords need to make sure that tenants see their buildings as premium. A renovated lobby and amenities are important, but a landlords need to be active partners for their tenants. This means having the flexibility to meet their evolving requirements one year or five years after the lease is signed. Ultimately, the demand for flex space is driven by three main factors: a desire for shorter leases, interior designs that support all work tasks, and technology services that allow for seamless entry and access to amenities. The shift to flexible office space has become universal, and landlords must provide the services and office experiences that occupiers demand. Jeremy Bernard is chief executive officer, North America, at essensys.

RETAIL

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A big surprise? Retailers are opening more stores in 2021 than they are closing By Dan Rafter, Editor

ere’s a fact that might surprise many: Retailers have opened more stores in 2021 than they’ve closed.

And this is a trend that isn’t slowing. Even with the COVID-19 pandemic, national and regional retailers will have opened more new locations this year than they will have closed. Dominating the list of retailers that are expanding? Grocers, convenience stores and fast-casual restaurants. This is the good news from Lehi, Utahbased Retailsphere, which earlier this year released a report on the expansion plans of national and regional retailers. According to the report, 52 percent of grocery-based retailers are expanding today, while 52.5 percent of fast-casual restaurants are doing the same. Retailsphere found, too, that 58 percent of value retailers -- such as dollar stores -- are also expanding this year. What’s behind the surprisingly strong

year for retailers? We spoke to Barton Strawn, director of marketing with Retailsphere, and Tim Benzinger, vice president of product for the company, to find out. What are some of the strategies retailers have taken to not only survive but grow during the pandemic? Barton Strawn: Our research team has spoken with a lot of retailers. One of the biggest moves retailers have made during the pandemic is to make it easier for consumers to buy online to pick up in the store or for curbside pickup. That was already happening before the pandemic, but the pandemic provided a shot in the arm to this trend. With more people staying home, retailers found that they could rely on their online presence and the convenience of having localized pick-up opportunities. If you look at the clothing sector, big boxes and places like Target, they all revamped their online platforms pretty aggressively.

Restaurants were already doing curbside pickup, too, before the pandemic. But that has become even more important today. Even the smaller retailers are offering curbside pickup. We’ve even seen that when restaurants are looking to open new locations, they are more explicit about saying that they need extra parking that they can dedicate to curbside pickup. Tim Benzinger: These retailers know that the more convenient they are, the more they’ll stay top-of-mind with consumers. The more convenience they offer, the more often people will shop with them. That’s a trend that will stick around after the pandemic ends. Do you think curbside pickup and online ordering will remain an important revenue stream for retailers even after the pandemic ends? Strawn: These options do add a more robust revenue stream for retailers. In-store shopping and in-restaurant dining will begin to recover again and

hopefully return close to normal numbers. But I think you will see curbside pickup and increased delivery options stay in place even after that happens. For me personally, I’ve gotten used to it. It is nice to pull up to Target and they run a bag out to your car. I don’t have to go into the store. It saves a lot of time. What are some of the more important trends you’re seeing in the expansion plans that retailers do have? Strawn: A lot of retailers are opening smaller locations. Look at Target. They had already been experimenting with stores with smaller footprints. The pandemic increased the need for that. I don’t know if the pandemic increased retailers’ plans for focusing on smaller-footprint locations, but it did make those stores more important. A lot of national brands are looking to open stores with smaller footprints. Benzinger: It’s about creating a more curated experience for customers.

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Target is doing this with its smaller stores in urban areas. They are trying to create a niche for their brand that is exclusive to that neighborhood. We have seen articles about Ikea considering the same thing. It’s more like shop-and-go instead of navigating the maze of a larger store. We are seeing some retailers experimenting with these options. It’s all pointing toward a trend of more curated and considered space for consumers. Strawn: We’re also seeing some larger brands partnering with smaller brands. Target, for instance, might sublease some of the space in one of its larger stores to someone else, like Starbucks or a CVS pharmacy. That ends up as a good partnership and both brands benefit from it. The stores with larger footprints are looking for partnerships to improve their space and curate it. They are finding ways to get creative with their larger square-footage buildings. How about downtown areas? Some of the retailers in the downtowns we cover are struggling because of the pandemic and the lack of office workers. Do you see that improving anytime soon? Benzinger: A lot of that depends on the businesses and offices. The sooner the big companies get their employees back to work, the more relevant retailers in downtowns will be from a convenience standpoint.

STUDENT HOUSING (continued from page 20)

months in COVID-19 reserves. This policy was implemented in summer 2020 when the fall university and student housing outlook was uncertain. Now that student housing occupancies, revenues and collections have proven very strong during the pandemic, the agencies have only recently rescinded those additional reserve requirements. In addition, banks and debt funds had stepped in to fill the agency voids, such that those sources are temporarily more cost-effective than agency loans. We don’t expect that to last, as we expect the agencies to start getting much more competitive with rates. The debt markets are now strong and plentiful for experienced student housing operators.

Midwest Real Estate News

“A lot of retailers in urban areas are moving out into more suburban areas, too. They want to reach and expand their brands further.” Strawn: Our researchers have found that some of the urban areas are starting to bounce back when it comes to retail. There are some interesting opportunities for retailers in urban core areas. Some places have closed and the landlords are looking to fill that space as quickly as they can. If retailers are in a position to expand or open something new, they will find a lot of interesting opportunities in those urban cores that they might not have been able to get into before the pandemic. I think mid-tier cities might see their urban cores bounce back more quickly. In some of the larger cities, it might take more time. When you look at some of the expansion plans for retailers, those that are looking at opening smaller-footprint spaces are looking at the urban cores of mid-tier cities for some of that expansion. There was a time when these spaces might not have been considered exciting opportunities for these nation-

Despite the economic fallout, student housing development did not slow down since the onset of the pandemic. How do you expect the new supply to impact the sector in the short and long term? Pierce: I do not agree that student housing development did not slow down during the pandemic, it did slow down. Projects that had procured financing commitments prior to the pandemic did largely proceed forward during the pandemic, but the volume of new construction did slow meaningfully in terms of new starts that had not procured financing pre-pandemic. For the foreseeable future, debt and equity is being much more selective in terms of development project markets and sponsorship. Seasoned student housing developers in strong mar-

al retailers. Now it has become a new avenue for them to pursue. How about retailers selling experiences? Before the pandemic, experiential retail was considered a strong bet. Is experiential retail coming back now? Strawn: At least from our research, it looks like experiential retail has come back. Topgolf is a good example. Topgolf is doing very well right now. As people get vaccinated and cities are pushing for that return to normalcy, we will see more of the experiential retail come back. Benzinger: People have picked up many hobbies during COVID. Experiential retail is a complement to that. Then there is the rise of social media. People want to share their experiences at interesting retail venues. They want to share with their friends and family members what they are doing, be it rock climbing or some other new

kets will continue to receive financing for new construction, but others will not.

What risks and challenges are you concerned about when it comes to student housing? Pierce: Student housing, like any other kind of commercial real estate, is not immune to over-development. What is key is to be at universities where enrollment demand remains very strong and where there are reasonable barriers to entry. During the decade of the 2000s, when national higher education enrollments increased by 38 percent, student housing prospered at most all universities.

RETAIL hobby. Experiential retail is here to stay. How about the suburbs? They are seeing a lot of retail expansion, right? Benzinger: A lot of retailers in urban areas are moving out into more suburban areas, too. They want to reach and expand their brands further. At the same time, consumers might go into urban areas and find places that are still closed because of the pandemic. In more suburban areas, that is usually not the case. Where we are, in the suburban areas all the restaurants are open. In downtown areas, that is sometimes a question mark. Retailers want to position themselves where they know the people are, and that includes the suburbs. Strawn: We also see that there is a shift in population from large urban centers to the urban areas of mid-tier cities and their surrounding areas. Some of the retailers see that many of their consumers have moved to cities like Indianapolis. This inspires them to consider expansion plans in those areas. They want to move to these mid-tier cities and capture an even larger market. For brands that are poised to grow, this is an exciting opportunity to reach into new markets. There has been the unfortunate demise of some retail concepts, but plenty of retailers are also looking to grow.

Today, just like other sectors of commercial real estate, market/ university selection is imperative. Our company seeks investments/ developments at Power Five football conference universities, where enrollment demand continues at incredibly high levels. We also purse opportunities at the Group-ofFive football conference universities when located in major metro areas, where the underlying real estate market fundamentals strengthen the markets. Before you think our strategy is shaped by a football fan, do understand that Division I football participation is a conduit for high visibility and marketing and high demand for admission applications. Fred Pierce is president and chief executive officer of Pierce Education Properties in San Diego.

HOUSING

Midwest Real Estate News

NOVEMBER/DECEMBER 2021

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Facing the challenges: The need for affordable housing and the future of office space

By Dan Rafter, Editor

inneapolis and St. Paul, like most cities across the country, are still dealing with the impact of the COVID-19 pandemic. And this impact is most felt in the office market, where no one yet knows when or how companies will bring workers back to the office.

That is why they are saying that without some give on the part of the governments, without some sort of incentives or subsidies, it is very difficult for them to build market-rate or lower-income developments.” There is hope, though. Kramer says that there are several developers who are skilled at putting low- and moderate-income housing projects together, taking advantage of various tax credits to do so.

At the same time, the Twin Cities – again, like other cities across the United States – faces a lack of affordable multifamily housing. While new apartment units are being added to the region’s housing stock, much of it is high-end, unaffordable to many renters. Turns out, the fate of the office market might have a direct impact on the stock of affordable housing. We recently spoke with Anita Kramer, senior vice president at the Urban Land Institute Center for Real Estate Economics and Capital Markets, about both the uncertainty facing the office market and the state of affordable housing. Our interview took place shortly after the Urban Land Institute released its 2022 Emerging Trends in Real Estate Report, which focused on both issues. As Kramer said, a lack of affordable multifamily housing is an issue in almost every city in the United States, including in the Twin Cities market. Even lower-cost markets are seeing monthly rents rise, making it more difficult for many residents to afford an apartment unit. The issue? A lack of supply. As Kramer says, there simply isn’t enough housing to meet the demand. “It’s not only that there isn’t enough housing for certain income levels, but there’s also not enough housing overall,” Kramer said. “When there’s not enough housing, it increases the prices of existing units.” That leads to the bigger question: Why isn’t there enough multifamily housing in the country? Kramer points to several factors.

“There is a segment of developers that has figured this out,” Kramer said. “These developers prove that this does work when there are strong government incentives.” The Redwell in the North Loop area of Minneapolis is an example of modern affordable multifamily housing.

The future of office space?

There are zoning issues. Many communities don’t want more multifamily housing. They prefer single-family homes. That constrains the supply of apartment units in many cities.

part to the COVID-19 pandemic. There has been a significant increase on all the costs involved in construction, from labor to materials. That, too, is leading to a rise in rental costs.

Another challenge facing the Twin Cities? All those vacant office spaces in the urban core. And it’s a problem that’s facing most major cities across the country.

Then whatever multifamily does get built today tends to be in the highend side of the market. That keeps most renters out of the market, Kramer said.

Multifamily solutions

Kramer said that Urban Land Institute researchers listened to nearly 2,000 senior real estate professionals across the country in putting together the 2022 Emerging Trends in Real Estate Report. And when it came to the future of office space, these professionals fell into one of two mostly similar camps, Kramer said.

A shortage of single-family housing is also impacting the multifamily market, Kramer said. “It’s true that the single-family housing market is going gangbusters today,” Kramer said. “But there is still not enough single-family housing to meet demand.” That means that the prices of single-family homes are rising, too. Because of this, some people who would normally buy into single-family housing are instead forced to look for apartments. This places more demand on the multifamily market. And that, again, causes monthly rents for apartment units to rise. “There is simply not enough housing out there to accommodate household formation,” Kramer said. Another challenge? The cost of construction continues to rise, thanks in

Kramer did point to some solutions to this challenge. First, communities need to change their zoning to allow for more multifamily development. Then there is technology. There is hope, Kramer said, that construction technologies and efficiencies will advance to the point that they will bring down the cost of building new multifamily developments. Unfortunately, that hasn’t happened yet, so it’s more of a long-term than a shortterm solution to the lack of affordable multifamily housing. Local and state governments can play a role, too, by offering developers financial incentives to build multifamily housing that is affordable to those earning less. “If people want to live closer to urban cores and to their jobs, that land is quite expensive. So developers are starting with expensive land, a major cost,” Kramer said. “Then you add the costs of construction and you can see how expensive it can be for developers to build these projects.

The extremes are those companies that say they are going 100 percent remote and those saying all their workers will return to the office. But most companies are somewhere in between. Kramer said one group of companies says it is bringing workers back to the office. They say this is important for their company culture. Employees need to interact with each other and form relationships at work. They need to find mentors. To accomplish this, their workers will be in the office at least three or four days a week. The other group says that remote work has been successful. The companies in this group say that they HOUSING (continued on page 25)

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Midwest Real Estate News

CRE

LightBox-SIOR Industrial Sentiment Report: Record sales expected for 2021; Many Midwest markets show robust leasing, construction The robust growth in e-commerce during the pandemic is fueling an unprecedented race for space in the industrial sector and pushing investment sales activity to record levels.

• Rents are expected to rise by 5 percent to 7 percent or more in 2022. Approximately 60 percent of survey respondents predicted rental rate increases of more than 5 percent, for example. Occupier demand, led by retailers and logistics providers, will push rents higher; rates could reach double digits in many markets. Asset pricing could increase the same or more. Among the top Midwest markets for year-over-year rent growth in 2021 is Louisville (20.2 percent), according to Colliers research.

According to a newly released LightBox-SIOR Industrial Investor Sentiment Report, vacancy rates are below 4 percent in many markets and 2021 investment sales activity is expected to exceed the record $120 billion set in 2019. According to the report, investors remain bullish on the outlook for the industrial sector going into 2022, with 71.7 percent of survey respondents expecting investment levels to increase and 49 percent of those respondents predicting a significant increase. Another 24.3 percent predicted the levels will remain the same. Only 4 percent of respondents expect a decrease in activity. Industry research shows that mid-year 2021 industrial sales volume reached nearly $52 billion, with the average sales price rising nearly 25 percent year-over-year to $120 per square foot. Midwest markets show low vacancy As Chicago continues its industrial growth streak, there is also significant

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can’t deny their workers the ability to work from home and avoid long commutes into the office. They say that their workers don’t need to be in the office more than two or three days a week. As you can see, these groups aren’t too far apart. Both types of companies are looking at bringing in workers at least part-time in the office, while letting them work remotely on other days. “We believe what the real estate

activity in many secondary and tertiary markets in the Midwest. According to CBRE Q2 2021 research, the following Midwest cities have low vacancy rates: Detroit (2.1 percent), Chicago (2.9 percent), Milwaukee (3.1 percent), Louisville (3.4 percent) and St. Louis (4 percent). While the industry is experiencing notable headwinds from supply chain disruption, rising construction costs and labor issues, investors remain bullish on the sector’s long-term outlook. “As e-commerce continues to transform our economy, investors are looking for every opportunity to gain entry or expand their positions in the industrial sector,” says Tina Lichens, Senior Vice President, Broker Opera-

professionals are telling us: The hybrid work model is here to stay,” Kramer said. “How it plays out, though, will be very interesting. There is such a full range of companies that is considering this model. There’s a recognition, too, that with a tight labor market workers and employees might be more in the driver’s seat today. They might want that hybrid model. Companies might need to offer it to attract the best talent.” Office space might change because of this trend. The office might now be a space where people come to collaborate while they handle their

tions, LightBox. “The industrial sector is attracting significant amounts of domestic and foreign capital and is well-positioned to withstand supply chain disruption or other volatility that might occur.” The report incorporates views from leading commercial real estate investors, brokers, and development professionals across the United States. Key findings of the 2021 LightBox-SIOR Investment Sentiment Report include: • E-commerce will continue to drive industrial space usage for the foreseeable future. E-commerce sales grew by 40 percent over the past year and are expected to reach $1.1 billion by 2025.

more heads-down type of work remotely, Kramer said. In terms of the office buildings themselves, there’s already been a flight to quality, Kramer said. Many companies are moving to higher-quality office buildings with better ventilation and other amenities. This could lead to a bifurcation in the office market: Newer, higher-quality office buildings will continue to attract tenants while older office space steadily grows obsolete. As Kramer said, this connects to the housing market. Will develop-

• Industrial construction continues at a strong pace, with 151.5 million square feet completed in the first half of 2021. The development pipeline is 410 million square feet, with 60 percent of it pre-leased. Among the top Midwest markets for buildings under construction are: Chicago (30.1 million square feet), Indianapolis (19.3 million square feet) and Columbus (10.1 million square feet), according to Colliers research. • Indianapolis and Columbus are among the top secondary markets for industrial growth -- along with Kansas City, Louisville, and Nashville.

ers transform those older office buildings into multifamily housing? And if they do, how will that impact the stock of affordable apartment units? “Office has this new demand factor that wasn’t there before the pandemic,” Kramer said. “There isn’t going to be an abrupt change, but as companies get closer to making long-term decisions, we’ll see how it affects the overall office demand. Companies still need their office space. But how they use that space will change.”

INDIANAPOLIS

Midwest Real Estate News

NOVEMBER/DECEMBER 2021

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INDIANAPOLIS (continued from page 1)

have not yet brought workers back to the office, leaving downtown emptier during the day. This has reduced demand for apartment living in the city’s urban center. “The downtown got hurt the most with the shutdowns and with businesses leaving,” Held said. “The restaurants downtown were impacted by COVID, too. So downtown has been a little slower to come back. The bright, shining star in Indianapolis has been the performance of suburban multifamily. That sector is as strong as it’s ever been.” Downtown’s struggles, though, are temporary, Held said. The city’s center just holds too many amenities to not bounce back, he said. “There is still a huge draw to living in downtowns and certainly in downtown Indianapolis,” Held said. “There is so much down there in terms of activities and sports, restaurants. All that is coming back. It is just taking a little more time. This is not a permanent issue for downtown.” The immediate fate of the downtown apartment market, though, does depend on what the city’s larger employers do, Held said. When will they decide to bring their employees back to the office? And will they move to hybrid work schedules in which employees work from home some days and in the office others? Until these big employers start filling their downtown offices with workers again, Held said, downtown Indianapolis’ apartment market will see slower leasing activity. “A lot of those people working downtown were living downtown, too, for the convenience,” Held said. “It will be interesting to see how the downtown office situation plays out. But I do think downtown will come back. Indianapolis has a great downtown.” While downtown’s apartment market remains sluggish, the suburban Indianapolis multifamily market is booming. Held said that renters here are looking for suburban areas that boast strong schools and convenient access to wherever they are working. Newer suburban multifamily apart-

Pullman Point, a Birge & Held multifamily development in Fishers, Indiana, is benefitting from the high demand for apartment living in Indianapolis’ nearby suburbs.

ment developments are coming with a greater number of amenities than these projects once featured, Held said. Some of the newer suburban projects include onsite fitness centers, pools and other perks that were once seen mostly in urban multifamily projects. “You are getting all the bells and whistles you’d expect with a highend, urban building,” Held said. “A lot of older suburban product did not focus as much on community amenities. That is now changing. That makes these suburban projects more appealing to people who once rented downtown but are now moving out.” While new urban multifamily projects tend to attract more attention, there has always been a draw to suburban apartment living, too. As Held said, many urban renters move to the suburbs as they get older and start their own families. They want the additional space that the suburbs offer. They might move to suburban locations to take advantage of highly rated public schools. But whether it’s urban or suburban, Held said that all indicators point to another strong year for Indianapolis’ multifamily market in 2022. If this sector could do well during the worst months of the pandemic, there’s little reason to think it will slow down in the coming months. “Apartments are an essential need,” Held said. “Food and shelter are the keys to existence. People need housing. That is the primary reason

why the multifamily sector has been as strong as it’s been during the pandemic. Regardless of what is going on in the world, people need a place to live.”

ing, whether you think it is monetary policy or supply chain-related or a little of both, it is going to be an issue,” Held said. “It will pose a real problem to creating more affordable housing.”

There’s also the issue of a lack of supply. As Held says, during the last 10 years, the country has not built enough housing to meet demand. There is especially a lack of affordable housing, both in the multifamily and single-family markets.

Held said that he does see some positive signs when it comes to affordable housing. He said that the supply of new affordable housing, in Indianapolis and the rest of the country, will increase during the next several years, with several affordable projects coming online in 2023 and 2024.

The country needs to add more housing options, Held said. And it needs to add more apartment units and single-family homes that more of its residents can afford. “This has been a 10-year issue that has been bubbling up. Now it has become a critical issue that needs to be addressed,” Held said. “For owners, this high demand has been great. We are seeing occupancy levels that we’ve never seen before, demand that we’ve never seen before. But this is all driven by the fact that we don’t have enough affordable housing in Indianapolis or the United States. This has to be addressed.”

“The next couple of years will be tough,” Held said. “There isn’t as much coming. But if you look at the projects that are coming down the road, they will help. This is an issue that can’t be resolved overnight. It takes time. Interest rates, inflation and supply issues, all those things can slow that progress. But I do think that during the next three to five years, you will see a good ramp-up in delivery. The market will ultimately try to meet the demand that exists. It is clear the demand for affordable housing is there. It’s a matter of getting projects done.” Resilient all over

Held said that government incentives and tax credit programs have helped. These financial incentives make it easier for developers to earn money when developing affordable housing. Inflation, though, is another challenge for developers: Financial incentives need to keep pace with the rising costs of labor and materials, Held said. “The kind of inflation that we are see-

Multifamily isn’t the only commercial sector holding its own today in the Indianapolis market. James Winkler, director of market research with the Indianapolis office of Colliers, said that other sectors, especially industrial, are also thriving in this market.

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DETROIT

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troit. Midwest Real Estate News spoke to three local CRE pros – David Wilkins, managing director in the Bloomfield Hills, Michigan, office of Walker & Dunlop; Charlie Krisfalusi, director in the Bloomfield Hills office of Walker & Dunlop; and Jared Friedman, managing director in the Farmington Hills, Michigan, office of Friedman Real Estate -- about what they expect to see in Detroit’s CRE market as 2021 turns to 2022. How has the multifamily market in Detroit performed during the COVID19 pandemic? Has it been resilient? David Wilkins: In general, what has happened with our market here has not been unique to what most of the country has experienced. In the spring of 2020, those early months of March, April, May and June, we were on our phones with our CFOs asking them how thing were going, how collections were holding up. It was a bit like the movie WarGames. You think everyone is getting blown up everywhere else even though it seems like things are going OK in your own little shelter. Then you hear from the outposts that they are doing OK, too. That is what that first spring felt like. We were all waiting for this disaster, but we were all reporting that we were OK. We were all stabilized. Then into the summer of 2020, there was a bit of a pause in the market. No one was raising rents. It was all about maintaining occupancy as we were still getting our footing in those earlier months of COVID. We came into the fall and it was a little bit of disbelief, but we saw that we had made it through in the multifamily market. Occupancy and tenancy had held. Rents held. And we were seeing increased demand for apartment units. People had been locked up in their parents’ homes. They were ready to get out on their own. As demand rose in the fall, that started to result in rent increases. Have those positive trends continued? Wilkins: We are still seeing those rent increases. We are still seeing demand at a very high level. I spoke to a local appraiser recently and he told me he was shocked that multifamily rents aren’t increasing by an even higher level.

Charlie Krisfalusi: Part of the reason why rents aren’t rising even higher is that we had a bit of a rent pause during COVID. There were no rental increases during the earlier months of the pandemic. Now it is almost like the market is in a catch-up mode. We all tend to have short memories. We were just at a conference and people were wondering why rents weren’t increasing at a faster pace. It’s like they forgot that we are still playing catch-up. There is only so much of an increase that renters can take all at once. It is going to take time. Wilkins: We think demand will remain strong for multifamily units in Detroit because we haven’t added that many new apartment units since the Great Recession. The number of units we’ve added each year has been in the hundreds, which isn’t that much. We haven’t added to our supply greatly, so we can withstand a little more pressure. Absorption has always been very good. The newest product coming out is getting absorbed at record rates. There is certainly a demand for newer, more recently rehabbed products. Before the pandemic, we wrote a lot about people wanting to rent in urban apartment buildings. That trend slowed during the pandemic. Are you seeing people moving back to the urban areas of Detroit now? Wilkins: Like the whole country, Detroit went through an urbanization in the last 10 years. People wanted

to live in an urban area, so we tried to add a lot of apartment units. The actual completion of units was in the hundreds each year, though. We went from decades of no building to adding 100 units a year. So even as we added units, they were absorbed quickly. So we don’t have a lot of empty apartment space in our urban areas.

to move out as they get older and want to start families.

Krisfalusi: Just last weekend, I had a friend in from out of town. It was interesting to watch the consumer side of this. Detroit still has low vacancies in its urban apartments. There are few units available. As my friend was looking, he saw that a lot of two-bedroom units were available even during the push toward urban areas. The studios are the ones that are hard to find. A lot of people are having to consider two-bedroom units, and those rents can be high.

Krisfalusi: David and I are passionate about affordable housing, the true affordable housing. What we have found is that too often, companies just develop smaller units and then claim that those units are affordable. The smaller the unit, the lower the rent. But it is still a high rent-per-squarefoot situation. There is always a need for true affordable housing. There is a huge shortage of that everywhere in the country. There is only a small portion of affordable units in our market for people to choose from.

There has been a lot of talk about people running out to the suburbs, and it’s true that those suburban markets have rental increases. But those increases haven’t come at the detriment of the urban multifamily market. The challenges to the urban market in Detroit are factors like the short supply of studios and the fact that we don’t have the schools in the city of Detroit itself to keep people in downtown longer. Parking is expensive. There aren’t many grocery stores in downtown. There are certain aspects of our Midwest lifestyle that haven’t gotten to downtown Detroit yet. People live here when they are younger, but then have

How about affordable multifamily housing? Many Midwest markets are struggling with a lack of apartment units that are affordable to lower-income residents. Are you seeing that in Detroit, too?

Wilkins: To give credit where it is due, the administration in Detroit has brought in skilled people to look at preserving what affordable housing stock we do have. Keeping that stock is just as important as building new affordable units. We don’t want to lose Section 8 and heavily subsidized properties. There are cities like Ann Arbor and Detroit that are working hard to be creative and create public-private partnerships to bring about more affordable housing. That is incredibly important. Do you think we’ll see developers

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increasing the amount of multifamily units they add to the Detroit market each year? Wilkins: No. I think the stock will continue to grow at the rate it has been. We have a healthy flow of new units into the market, but it hasn’t been so many new units that we can’t absorb them. In general, developers will continue to build in the city, but at our typical measured pace. They do have to deal with the challenges you face in an urban environment, too. Not every outdated office building makes for a good apartment building. Detroit had decades of disinvestment. It will take decades of reinvestment to get us to the levels of some of the other big urban areas. But we are doing it. The city has had a solid foundation post-bankruptcy. It is fiscally sound. We have the ability now to invest in streetlights, police, firefighters and all the things that are important benefits to citizens and to making healthy communities. Why do you think multifamily has been so solid throughout the pandemic? Wilkins: If you have a pandemic, you need a home. You need a place to stay and be safe. We had work-from-home. People realized just how important their homes were. This pandemic was

Midwest Real Estate News

“Even during the Great Recession, renters were paying their rents on time. The resilience of multifamily is not a secret anymore. This asset class has always been a desirable one. COVID made it that much more visible to investors. ” ideally suited to reminding people of how important their homes are. Krisfalusi: Even during the Great Recession, renters were paying their rents on time. The resilience of multifamily is not a secret anymore. This asset class has always been a desirable one. COVID made it that much more visible to investors. Jared Friedman, managing director with Friedman Real Estate, agrees with Krisfalusi and Wilkins that most of the asset classes in Detroit’s commercial real estate market have remained steady during the pandemic.

www.DistrictCapitalDetroit.com 42 Watson Street, Suite D Detroit, MI 48201 313-241-9200

Here is some of what Friedman had to say about the performance of the commercial real estate market as a whole in Detroit and its surrounding communities. How has Detroit’s commercial real estate market fared so far during the pandemic? Jared Friedman: Historically, hiccups in the economy really affected Detroit. The auto industry for so many years was in really bad shape, for instance, and that led to fewer car purchases. COVID was one of those things that changed all industries, including the

DETROIT auto industry. For the first time in 20-plus years, an economic recession actually didn’t affect Detroit in a negative way but in a positive way. Electronic and autonomous vehicles are becoming so important today. Tech companies are coming to Michigan. They are investing in the auto industry. Because of how strong the auto industry has been, we are seeing signs of positivity in certain commercial sectors. A lot of companies based in Michigan are doing well. And that has had a positive impact on the commercial real estate industry. Let’s talk about the industrial market. Industrial has been thriving since the start of the pandemic. Has that been the same in Detroit? Friedman: The industrial market has been great here. Logistics and distribution has seen a massive surge in demand. Our market for those products is extremely strong. Historically, we have not been much of a distribution and logistics market. For the first time, a lot of logistics companies, led by Amazon, have taken space here. Companies in need of last-mile delivery are building distribution facilities to get product to their customers in less time.

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DETROIT DETROIT (continued from page 29)

The auto manufacturing business is extremely strong, too. We are pumping out cars, and not only gas-powered vehicles but electric vehicles, too. Both sectors – oil- and gas-powered and electric vehicles – are a strength. That is helping the industrial market here, too. With the supply chain shortages, auto companies are looking at onshoring a lot of their production. That will be a benefit for our market going forward. How important is the electric vehicle market to Detroit? Friedman: The electric vehicle market is a huge growth area for Detroit. The entire market only accounts for 3 percent to 5 percent of vehicles. So there’s a long way for this market to go. The research and development part of this market is thriving. Car companies are dedicated to it. They think that this is the wave of the future. The way you manufacture and build an electric vehicle is totally different from a gas vehicle. An engine for an electric vehicle takes less than 50 parts. It is really

Midwest Real Estate News changing the dynamic of the auto industry is a positive way, and this is only going to benefit Detroit. You mentioned last-mile delivery. Is the need for this only going to get stronger? Friedman: Yes. From a pragmatic standpoint, more and more people are ordering online. We will need more logistics space and last-mile delivery. A lot of people focus on customers ordering goods online. But they forget about the other end of the transaction. Returns are a huge part of the equation. How do they put that product back in the supply chain and back where I want it to go? The returns matter, too. What’s interesting today is that ecommerce companies are trying to figure out physical retail. They are determining if they need physical spaces or if they need physical locations that their customers can use when returning products. If you go on Amazon, order something and want to return it, Amazon will sometimes give you a refund and tell you to keep the product because the cost of shipping it and returning it is more expensive than

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letting you keep it. A lot of retailers need to figure out what they need for their total footprint. Amazon is opening physical locations. This trend will continue to force retailers to optimize their omnichannel approaches. How about the office market? I know office markets are facing uncertainty today. What is the office sector like in Detroit? Friedman: Companies are bringing workers back, but they’re doing it at a slower pace than I would have thought. We are almost two years into COVID and companies are not fully bringing their workers back. Because of this, we are seeing negative net absorption across the Detroit MSA, just like the rest of the country is seeing. The pace of that negative net absorption, though, is starting to slow. We are seeing some positive momentum. The office market here is just like what we see in the rest of the country. There is a lot of uncertainty coming out of COVID. Today, if you’re an owner, you need to have the best buildings in the best submarkets to attract tenants. Quite frankly, lesser-quality buildings in

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lesser locations are not getting leased. They are not as much in demand. The work-from-home trend is here to stay. It won’t be a full work-from-home, but a certain percentage of companies will go with a hybrid approach. That will have a big impact on the office market. Before the pandemic, there was a lot of momentum in downtown Detroit. Has the pandemic changed that? Friedman: A lot of the momentum in downtown Detroit was driven by Dan Gilbert before the pandemic. The wind has been taken out of those sails a bit because of the pandemic. Gilbert is not as big of a driving force downtown. Some other players are stepping up. Ford Motor Company is transforming the old train station in the Corktown neighborhood. The University of Michigan will be announcing something shortly in downtown. You are seeing some other players stepping up. But we used to have hockey-stick growth in downtown. Now the growth has normalized out to a slow and steady pace. That is probably good. Detroit and downtown is still in a positive direction.

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Midwest Real Estate News

OFFICE

Overcoming the most common hurdles of an office move By Peter Kontos and J.T. Garofalo

As we enter the last few months of the year, many businesses are preparing to move into new spaces come 2022. The economic and social impact of the pandemic has made the margin for error around a move budget and timeline as narrow as ever. To help businesses mitigate--if not sidestep-any challenges around their next office move, we’ve outlined some of the top hurdles to keep an eye out for based on our experience as project managers, and how to address them. 1. Identifying key decisionmakers, needs and approval processes. It is important to understand the flow of decision-making during the process of a move. Identifying who has the last say is key. Understanding departmental budget constraints and key decisionmakers from those departments upfront will help when it comes time to making critical time-sensitive decisions. Hiring experienced and objective outside consultants helps navigate this process and advances the most efficient and unprejudiced tactics of a move. 2. Maintaining productivity and change management. Taking workers out of their current office environment and putting them into a new space can disrupt productivity if not handled delicately. Often employees may encounter new workstations with different levels of privacy. If you plan to create alternative work environments, businesses must address this with the workers prior to arriving in the space.

INDIANAPOLIS (continued from page 26)

Winkler said that the Indianapolis industrial market continues to perform well and has done so throughout the pandemic. And this market shows no signs of slowing, he said. “Our industrial market has been established for years,” Winkler said. “It continues to rank in the top 10 in the country when it comes to construction and growth. It’s no surprise that industrial is our strongest sector today.” Why has Indianapolis’ industrial market been so strong throughout the pandemic? Winkler points to the rise in ecommerce activity. Before the pandemic, customers were comfortable ordering items online. The pandemic only accelerated this,

This is a process that usually starts even before construction. Businesses need to bring employees along with management through the journey of an office move and keep them informed step by step of what changes will be taking place. For example, if hot desking or flexible office space is utilized and people no longer have assigned offices/desks, it is crucial to work with the employees to downsize their needs months prior to a move. This often starts with digitizing files and identifying spaces in the new office such as lockers or files in which they can keep office materials that they don’t want to lug home at the end of the day but can access when at the office. Often engaging employees in some decisions (with limited options) is a great way to make them feel part of the process. 3. ntegrating new employee work-fromhome expectations. Transitioning to more work-from-home flexibility was a tough challenge for companies and employees prior to the pandemic, only to be accelerated during the last 18 months. Companies might not have invested in the needed technology (laptops vs. desktops) and investment infrastructure pre-pandemic. Now, companies must offer this alternative way of working and those that fought this prior to the pandemic had to quickly pivot and make the change. Many companies were already creating flexible work environments pre-pandemic, which put them at an advantage. When coordinating a move to a new office, decision-makers must lean on

causing even those customers who might have been hesitant to embrace online ordering and delivery. This increased the need that companies had for distribution centers. Indianapolis, with its location in the center of the country, became a desirable market for companies that wanted to build more warehouses so that they could ship their products to more customers in less time. “Logistically, we are a one-day drive to three-fourths of the U.S. population,” Winkler said. “Logistics users love that. We are also home to the second-largest FedEx air hub in the world, something that doesn’t get talked about enough. We are also fortunate to have a business-friendly environment in Indianapolis. We consistently rank high for infrastructure and fiscal stability.”

the operational flexibility work-from-home can offer while planning new office design and needs in recognition that work-fromhome is here to stay. 4. Connectivity! At the onset of any move, effective project managers and other decision makers make sure the IT department sets up their vendor for internet and connectivity to the new office. The lead time for this can be months out and the team needs to work with the building to make sure the desired vendors are in the building. If not, the client and the building need to work together to make sure a new vendor can get into the space. No matter how quick you can build a space, if the clients don’t have connectivity, they cannot run their business from the new space. 5. Identifying and budgeting for a variety of IT needs. Integrating remote and virtual collaboration technologies in the office space upfront makes a move and productivity upon arrival much easier. Business must get team members involved upfront in identifying IT needs so that the infrastructure makes it into the drawings (for pricing) and doesn’t become an afterthought and unexpected cost. Also, it’s important to remember that technology changes very quickly these days. Investing in furniture with heavy AV and technology can often be a waste and requires updates while furniture becomes antiquated quickly. When strategizing a new office move, businesses

With demand for new industrial product soaring, Indianapolis-area developers are adding plenty of spec industrial product to the market, Winkler said. This might be concerning if demand for this space wasn’t so strong, he said. “So many of these buildings are ready here when in other markets users might not find all that space available,” Winkler said. “Here, we can get a tenant to move in right away. That has caused us to win some deals that we might not have won if it had not been for the ready availability of those buildings.” Don’t expect industrial construction to slow anytime soon. Winkler said that at the end of the third quarter of 2021, Indianapolis had the third-

should make sure they are not committing significant investments to technology that may become quickly obsolete. 6. Delays in confirming external vendors. Identifying all the external service providers needed for a new space is critical to prevent delays for set up on day one of business in a new space. This includes anything from copier equipment vendors to coffee vendors. It’s important that the specifications for their products are designed as part of the construction documentation phase to save on change orders down the road. 7. Furniture procurement. Laying out the procurement process for furniture and integrating it into the schedule is key to making sure lead times are accounted for. Often clients handle this process on their own rather than engaging the design firm, but a good project manager helps layout the process and timing so all parties know what to expect. A good move project manager hopes for the best outcomes but is always prepared to handle the worst challenges. An office move is an important step for every business, and decisionmakers should approach and plan for the event in a manner that is reflective of where the trajectory of their business is headed. Peter Kontos and J.T. Garofalo lead project management for Alvarez & Marsal Property Solutions (AMPS).

most industrial buildings under construction in the country. “That goes to show how much developers are interested in Indianapolis,” Winkler said. The fact that ecommerce activity is only expected to increase also bodes well for Indianapolis’ industrial market. As Winkler says, a good slice of those people who weren’t comfortable with ordering products online are now. “For me personally, I have upped my purchasing online,” Winkler said. “During the pandemic, people found an alternative to shopping in stores. I think they will stick with that alternative. If anything, the pandemic has accelerated that trend as more people have gotten used to online ordering.”

WOMEN IN REAL ESTATE

Midwest Real Estate News

NOVEMBER/DECEMBER 2021

www.rejournals.com

AMS Elite Solutions’ Julie Savitt: Don’t treat me as a ‘he’ or ‘she.’ Just treat me as a professional

By Dan Rafter, Editor

unning your own business and raising three children at the same time? That’s tough. Doing it as a single mother? That adds even more challenges. And doing it in an industry still dominated by men? That’s yet one more hurdle. But that’s what Julie Savitt has done. Savitt is president and owner of AMS Elite Solutions, a construction hauler based in Lake Villa, Illinois. It’s a role she’s held since 2004, when she founded AMS with her former partner. And it’s a role she took on alone when four years later, that partner suddenly had to leave the United States. Savitt faced a new set of challenges, then, in 2008. She was determined to not let AMS die. But she uncovered debts that the business faced, debts she didn’t know existed. At the same time, the strain of raising a family on her own pulled at her time. Savitt, though, didn’t give up. Instead, she took classes at Cycle-of-Success Institute, a Chicago-based program that teaches entrepreneurs how to boost the profits and success rate of their businesses. She applied for and earned a spot in a seven-month executive training program offered through the e200 Emerging Leaders program of the U.S. Small Business Administration.

Left: Julie Savitt at the controls. Right: Savitt poses with some of AMS Elite Solutions’ equipment.

“Excitement is seeing small businesses succeed. It’s exciting to see women get the opportunity to work on jobs in this industry.”

But most of all, Savitt worked. Hard. And today? AMS has grown from one truck when it first opened to 12 trucks. The size of the jobs that AMS takes on has grown, too. An example? Savitt says that AMS recently landed a five-year project of $11 million to $13 million. This success is satisfying. But Savitt says that the best part of her job is helping to bring other women into a field that, despite progress, is mostly a male-dominated one. “There is still discrimination against women and minorities every day,” Savitt said. “But it has gotten better. When I first encountered it, it hurt. I wondered why I was even trying to work in this

field. But then I got involved in business and legislative organizations. I saw changes being made. I saw that by being involved in these organizations, I could make a difference. That became my mission in life. I knew that I could help make an impact for women and minorities in this industry.” This is why Savitt spends so much of her time serving as a mentor to women and minorities, helping them make their own inroads in commercial real estate and construction. Seeing her fellow women succeed has become a passion for Savitt. “It’s not the everyday running of the

business that is exciting to me,” Savitt said. “Excitement is seeing small businesses succeed. It’s exciting to see women get the opportunity to work on jobs in this industry that they might in the past not have had the chance to participate in. The mentality once was that everyone in this industry expected to see a white male on the jobs or in the field. I saw that and decided to try to make a difference. It’s about opening this industry to everyone.” An early inspiration Savitt was exposed to commercial real estate early in life. Her grandfa-

ther, Maury Young, was a developer who worked in Chicago. Savitt said that Young’s dream was to connect the Chinatown neighborhood with the rest of Chicago. Young helped do this by building parking lots, taking down buildings that weren’t up to code and working with famed advocate for the poor, Jane Addams, to build affordable places for Chicagoans to live. Savitt refers to her grandfather as a visionary. But Savitt didn’t go into the commercial hauling business because of him. Before taking over AMS, she worked in the education and healthcare fields. Savitt’s former husband, though, wanted to work as a truck driver. After he accomplished this goal, Savitt began working in the industry almost by default, she said. It was a struggle at first for Savitt’s ex-husband to land trucking jobs. Savitt saw that her former husband was discriminated against because he was Hispanic. Savitt advised him to cut his hair shorter and shave off SAVITT (continued on page 37)

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

year in an industry still largely dominated by men. And last year? It was an even more challenging year for everyone involved in the industry. COVID-19, of course, is the reason. The pandemic, and fears over whether cases are rising and government officials might reenact restrictions on businesses, continue to foster uncertainty in the commercial real estate business. And while certain sectors are thriving -- multifamily and industrial, most notably -- others continue to struggle as the country continues to fight against the pandemic. esiliency. That’s a trait that the women working in commercial real estate have long displayed. After all, they succeed year after

But despite the challenges, there is also hope this year. Vaccines continue to roll out, and they’re a weapon we lacked in 2020. We’re all optimistic that the last months of 2021 will be

strong and that next year will see a further return to normalcy. Last year -- not to mention the beginning of 2021 -- truly showcased the amazing talent of those women who have risen to the top of the CRE business. After all, if you could succeed during the pandemic, you should be able to thrive in any other year. We hope that the profiles of these top professionals will inspire you, too, to boost your own business in 2022.

all the work they do in advancing the careers of women in real estate. Their continued outreach efforts, networking programs and scholarships have helped countless women reach their CRE goals. Again, here’s to a post-pandemic future and to even more success for the women in commercial real estate. My best, Susan Mickey

Welcome, then, to the 2021 edition of Midwest Women in Commercial Real Estate, a special section highlighting the success stories of the women CRE pros thriving throughout the Midwest. I’d like to thank CREW Network for

Women are Underrepresented in CRE -- Here’s How We Change It By Lauren Martin, Head of Product, AnthemIQ

balance the scales. Let’s examine some of the primary driving forces behind the unimpressive gender gap that still exists:

t may be 2021, but the gender gap is still alive and well, and Commercial Real Estate (CRE) is no exception. While 64% of all residential realtors are women, this glass ceiling-shattering statistic isn’t reflective of CRE, where only 36.7% of workers are female. This begs the question -- what can be done to attract more women into CRE and keep them there? But, before we can answer that question, let’s consider a few reasons why female talent has struggled to break into the CRE industry. Then we can talk about some creative ways firms can evolve to attract and retain more women: Where Are The Women in CRE? Make no mistake, there are some powerful women in the world of CRE that I look up to and admire for making an impact, shattering stereotypes, and inspiring positive evolution within the field. That being said, we still have a lot of work to do to

1. Like father, like son. The systemic nepotism entrenched within the CRE industry is clear as day and understandable: in a relationship-driven business, it’s not what you know but who you know. But when the CEO hires his COO’s nephew as an intern because of a favor-owed, it perpetuates the problem. While there is nothing fundamentally wrong with working in the family business or returning a favor, issues arise when that’s the primary funnel for sourcing new talent. The result is a narrow, one-dimensional organization that has historically left highly qualified female candidates overlooked or encouraged into more gender-traditional career paths. 2. Lack of leadership opportunities. Unconscious bias, the lack of well-defined promotional rubrics, and outdated management styles can fuel gender imbalances across the highest levels within a firm. Women hold only just 9% of C-suite positions in the CRE industry, making a path to executive leadership seemingly vague and unattainable for the remaining female workforce in addition to their interests not being well represented. By building clear, merit-based paths for growth and career advancement in lock-step with competitive compensation, firms can begin to move towards a more balanced C-Suite which studies have shown to positively boost the bottom line. 3. Resistance to change. A notable inflection point was reached during COVID-19 when baby boomers who had previously resisted technology out of fear of disintermediation were quickly forced to embrace digital tools

to manage their entire workflows, many – for the first time in their careers. This resistance to change also permeated through the CRE industry’s culture for decades resulting in a staunch, old-school workplace which made attracting a wider pool of qualified, tech-savvy new hires hungry to leverage technology and work in a diverse place an uphill battle. Here’s How to Change It

1. Cast a Wider Net & Invest in Outlier Talent Early. CRE firms can partner with local universities & clubs to expose more female students to the myriad of lucrative opportunities within CRE. Lifting the veil on a historically opaque industry could encourage more students to consider a wider set of career options that may suit their unique personalities and skill sets. Firms could set a goal to bring an equal number of qualified female candidates into their programs early and invest in providing access to training, mentorship, and certifications for top female talent. 2. Seats in the C-Suite. If your C-Suite is absent of any female or diverse representation, how can you expect the rest of your company to look any different? By diversifying your leadership, you’ll be sending an encouraging message that growth is attainable and good work is rewarded. Before looking to make an external hire to balance the scales, look at your pool of internal candidates to reverse some of the promotional favoritism that’s transpired. 3. Reimagine The Culture. The industry, by and large, has a brand problem: a good

ol’ boys’ club image that firms will need to address as the Boomers retire. Maybe the problem takes care of itself with that turnover, but the process of addressing a culture must be genuine and thoughtful. The new generation of workers are smart, connected, and can instantly sniff out something inauthentic– your company’s culture is no exception. Unfortunately, a new logo, TikTok account, and a fresh mission statement won’t cut it. Start by revamping your recruiting process, addressing equal compensation, and building an inclusive culture that rewards great work. But then again, maybe learning a TikTok dance or two wouldn’t be half bad.

In 2021, there’s never been a better time in history for women to enter and advance in any industry they want to pursue. But to my fellow females, it’s our responsibility to show up, ask for the raise, be vocal about what we need and be willing to help work collaboratively to inspire positive changes desperately needed within the industry. If CRE leaders are willing to honestly address the historical challenges that have previously prevented more women from entering and remaining in the CRE industry–the future begins to look a lot more bright and balanced.

About Lauren Martin Lauren Martin is the Head of Product at AnthemIQ, a CREtech company. She’s also a licensed Tenant Rep Specialist at Elevate Growth Partners in Austin, Tex

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

Akrete

AMS Elite Solutions, Inc.

Founder and CEO

President

Margy Sweeney 909 Davis Street, Suite 500 Evanston, IL 60201 P: 312.612.0343 | F: 847.556.0738 margy@akrete.com www.akrete.com I am the Founder and CEO of Team Akrete, where we articulate & amplify thought leadership and ideas that drive change. I pioneered a hybrid work model that we’ve been improving since 2011, and advocate for economic empowerment via Board Director and other roles at SomerCor, IMEC & other organizations. Akrete articulates and amplifies thought leadership in the commercial real estate, finance, professional services and cannabis industries. Our senior teams deliver outstanding value via marketing, PR and content writing services.

Do you have a favorite quote or saying?

John Quincy Adams (one of my favorite family tree members) said, “If your actions inspire others to dream more, learn more, do more and become more, you are a leader.”

What is a skill or talent you have that you might not put on a resumé? Hairdressing game is strong, thanks to 10+ years as an ice- skating mom. I’m a feminist—but I never undervalue the power of sequins and hairspray!

Where you may find me when I’m NOT working:

Julie Savitt

11 N Skokie Hwy, 207 Lake Bluff, IL 60044 P: 847.838.9501 j.savitt@ams-es.net Julie Savitt is an industry leader in construction. She works tirelessly to promote small, diverse businesses and has been recognized nationally for her environmental and civic contributions. Julie can spot talents and strengths in people and help them develop to be their best and then share their abilities with others.

AMS Elite Solutions, Inc is a Midwest leader in semi dump, flatbed and lowboy hauling as well as a supplier of aggregate. AMS is an industry influencer and business resource, providing safe, expert, and efficient solutions.

Do you have a favorite quote or saying?

My favorite sayings came from my grandmother. They are -You can see a fly on another but you can’t see an elephant on your own and DO WHAT MAKES YOU HAPPY!

What is a skill or talent you have that you might not put on a resumé? I am told I can take an every day occurrence and turn it into a well told story.

Where you may find me when I’m NOT working:

You may find me enjoying my home in the country or hanging out with family and friends. I may be at a local venue listening to live music, or traveling.

You’ll find me hanging out with my adult children and other family members; practicing yoga; visiting vegan health retreats; and traveling the world whenever I can.

AREA Real Estate Advisors

Office Broker

Valerie McCracken Office Broker

4800 Main Street, Suite 400, Kansas City, MO, 64112 P: 816.895.4800 info@openarea.com

4800 Main Street, Suite 400 Kansas City, MO, 64112 P: 816.895.4800 info@openarea.com

Mary Crowe joined AREA as an associate with the office team in August of 2016 after spending two summers interning with the firm. Mary quickly became a significant producer at AREA due to her long-established relationships within the community as well as her analytical prowess. Managing the companyâ€™s most valuable relationships is her greatest value-add to AREA. Her communication and reporting skills combined with her analytical abilities makes her a valuable advisor to AREA’ s most demanding clients.

Valerie joined AREA Real Estate Advisors in 2020 to focus on the niche market of healthcare office space in and around the Kansas City metro area. After 14 years as a Registered Dental Hygienist, her working knowledge of how these spaces should flow helps her clients find precisely what they need. Her ties to the dentists/doctors, practice brokers and sales reps in the area affords her clients an inside advantage when looking to buy, sell, lease or renew their contracts. In her first year, Valerie successfully negotiated and closed deals all around the Kansas City Metro, including: Blue Springs, Leeâ€™s Summit, Independence, Overland Park, Leawood, Claycomo, Westwood, Parkville, North KC, River Market, Ottawa, Topeka and Manhattan.

Mary Crowe

AREA Real Estate Advisors is a full-suite commercial real estate firm specializing in office, retail, industrial, multi-family, property management and project management services. AREA is the hometown team that plays in the big leagues. Our size and scope allow us to be nimble and apply a team-driven approach while providing best-in-class service.

AREA Real Estate Advisors

Vice President

Rachel West Retail Broker

4800 Main Street, Suite 400, Kansas City, MO, 64112 P: 816.895.4800 info@openarea.com

4800 Main Street, Suite 400 Kansas City, MO, 64112 P: 816.895.4800 info@openarea.com

Tiffany Ruzicka is a leading member of the AREA Real Estate Advisors team focusing on the sale and leasing of retail properties, tenant representation and entertainment concepts. Tiffany has gained significant credibility through her keen business insight, lasting relationships and competitive drive. Her retail clients range from nationally expanding tenants to local start-up businesses. Understanding both the tenant side and the landlord side, her experience runs deep. She has handled large and small shopping centers, ground-up development, historic buildings, neighborhood centers, and destination and lifestyle centers.

Rachel joined AREA Real Estate Advisors as an associate of the retail team in 2019. Rachel specializes in landlord and tenant representation and site selection. As a lifelong resident of Kansas City, Rachelâ€™s focus is building lasting relationships with clients, and making a positive impact on the retail scene that she grew up around.

Tiffany Ruzicka

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Ashley Capital

Bamboo Equity Partners

Industrial Property Manager

Principal, Managing Director

Sharane Funk, CPM, RPA

Alice C. Benner

2575 S. Haggerty Rd., Suite 500 Canton, MI 48188 P: 734.394.1900 sfunk@ashleycapital.com ashleycapital.com

11701 Borman Drive, 2nd Floor, Maryland Heights, Missouri 63146 P: 314.744.8998 abenner@bambooequity.com Alice Benner, Principal and Managing Director of Bamboo Equity Partners, is responsible for overseeing all new equity and real estate investments as well as strategic asset management of the existing portfolio of properties. Her more than fifteen years of experience started at Colliers Turley Martin, Tucker where she managed a commercial real estate portfolio located across, the Saint Louis metro area. From there, she became a financial analyst at TriStar Properties overseeing new acquisitions and presenting strategic development recommendations to the investment committee. Most recently, Alice was an advisor to high net worth families with Alvery Bartlett Group, helping identify investment opportunities in hard asset classes such as real estate, energy and natural resource portfolios.

Sharane has worked as an industrial property manager for over 20 years with Ashley Capital. She manages approximately 10 million SF of their metro Detroit portfolio and holds her BA in Finance from the University of Akron as well as her CPM and RPA designations through IREM and BOMI respectively. Ashley Capital is among the largest privately-held real estate investment companies in the country. With approximately 25 million SF in its portfolio, Ashley provides innovative, flexible methods of enhancing real estate value.

Do you have a favorite quote or saying?

Bamboo Equity Partners provide access to investment opportunities that ordinarily were only available to high net worth individual and institutional investors. Bamboo is a fully integrated real estate investment and advisory firm founded in 2012. We specialize in acquiring and repositioning undervalued and mismanaged U.S. real estate assets by utilizing our entrepreneurial and market valueadd strategies. We offer investors over four decades of experience in solving complex real estate challenges with proven innovative and flexible solutions.

I have a few: “Know your audience.” “Don’t keep score.” “Hope is NEVER a mistake. Love is NEVER wasted. Faith is NEVER unanswered.”

Do you have a favorite quote or saying?

What is a skill or talent you have that you might not put on a resumé?

I have never met a stranger. I’ve been blessed with a talent to be able to talk with people of all ages and from all walks of life.

Where you may find me when I’m NOT working:

On a golf course whenever possible. If not, a beach, reading, or spending time with family and friends.

“People will forget what you said, people will forget what you did, but people will always remember how you made them feel.” - Maya Angelou

I do a mean load of laundry. It is a secret obsession with clean clothing that is neatly folded and put away just right.

Where you may find me when I’m NOT working:

I am usually outside with my two young boys at the park, working in my garden or taking a walk around my neighborhood. I have always been a serial real estate stalker, so when the weather isn’t ideal, I drive around to see new commercial developments and homes that went on the market.

Bankers Trust

Brinkmann Constructors

Vice President/Manager Commercial Real Estate

Senior Director of Client Development & Marketing

Rebecca Randolph

Jennifer Cooper

16650 Chesterfield Grove Road | Suite 100 Chesterfield, MO 63005 P: 636.537.9700 rrandolph@brinkmannconstructors.com www.brinkmannconstructors.com

453 7th Street, Des Moines, IA, 50309 P: 515.245.2401 JCooper@BankersTrust.com Jeni has been active in commercial real estate for 30+ years. She joined Bankers Trust in 2004 after 14 years with Wells Fargo, managing commercial real estate and construction lending, community reinvestment, and portfolio auditing. Jeni has an emphasis in commercial lending for LIHTC and multifamily, historic rehab, retail, office, industrial, and land development. Bankers Trust is the largest privately held commercial bank in Iowa with $5.8 billion in total assets serving small- and mid-sized businesses through locations in Central and Eastern Iowa, Omaha, NE, and Phoenix, AZ. The Commercial Real Estate Division manages over a $900 million investor/developer loan portfolio and provides support for owner-occupied and specialty property financing.

Do you have a favorite quote or saying?

My favorite quote is, “Expectation is the root of all heartache,” from William Shakespeare. Finance is a science, but to me, successful client relationships are all about managing expectations and deliverables.

Rebecca Randolph is the Senior Director of Client Development & Marketing at Brinkmann Constructors, a national general contractor specializing in industrial, senior living, student housing and more. She is responsible for aligning strategic priorities with new project opportunities, growing and expanding relationships and working with other senior leaders to develop markets that align with company growth. Brinkmann Constructors is an employee-owned, creative leader in the construction industry. We advocate for clients through straight talk, unwavering integrity and smart solutions that drive down costs, save time and deliver value.

Do you have a favorite quote or saying?

What is a skill or talent you have that you might not put on a resumé?

“The biggest risk in life is taking no risk at all.”

Where you may find me when I’m NOT working:

I’m the daughter of a mortician and grew up in a funeral home.

By age 2, my father taught my twin sister and me to recite Hamlet’s soliloquy, “To be, or not to be, that is the question” and had us perform for guests at parties. Maybe that explains my favorite quote being Shakespeare? Reading, walking my dog, golfing or lounging on our boat at Lake of the Ozarks.

What is a skill or talent you have that you might not put on a resumé? Where you may find me when I’m NOT working: Running or biking on the Katy Trail.

Buckingham Companies

Byline Bank

Vice President, Production Operations and Design

Sarah Hunter Vice President

941 N. Meridian St., Indianapolis, IN, 46204 P: 317.554.6640 Justine.massonnier@buckingham.com

180 N LaSalle Chicago, IL, 60601 P: 847.256.9531 shunter@bylinebank.com

Justine holds the responsibility for overall execution of Buckingham’s new construction projects from inception to completion and strategic consideration for future product development. Justine brings over 15 years of international experience in real estate development and project management in Germany, France and in the USA. Justine is a licensed architect, a member of the ULI Indiana District Council Management Committee and mentor for the NAIOP University Challenge.

Sarah is a commercial real estate lender for Byline Bank. Her target clients include developers and owners investing in multi-family, medical office, and industrial/ warehouse for bridge, construction, value-add, and permanent financing. Sarah has been with Byline for two years after a 10 year career with the former MB Financial Bank. Sarah is also an active member in NAIOP, serving as NAIOP’s Developing Leaders Board President in 2021. Sarah graduated from Illinois Wesleyan University with a degree in Business Administration.

Justine Massonnier

Founded in 1984, Buckingham Companies is a fully integrated real estate firm specializing in the development, acquisition, management and construction of multifamily, mixed-use, commercial and hospitality projects across the United States.

Do you have a favorite quote or saying?

Headquartered in Chicago, Byline Bank is a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $6.7 billion in assets and operates more than 40 full service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top five Small Business Administration lenders in the United States.

What is a skill or talent you have that you might not put on a resumé?

Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that. ~ Martin Luther King, Jr.

Less is more – Mies Van Der Rohe

With a passion for design, Justine enjoys renovating homes, building a personal art collection and creating her own pieces.

Where you may find me when I’m NOT working

When Justine is not at work, she enjoys traveling, learning, and visiting her family in France.

Do you have a favorite quote or saying?

Where you may find me when I’m NOT working:

I enjoy spending time with my husband and two daughters traveling, playing sports, swimming and visiting our family farm. Member FDIC | Equal Housing Lender

SAVITT (continued from page 32)

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

his moustache to look less “ethnic.” “It was day and night after that,” Savitt said. “People didn’t recognize him. He started getting jobs. That partly inspired my mission to help make the construction industry a more even playing field. I said to myself, ‘If I am going to be in this business, something good has to come from it.’” There are more women in commercial real estate and construction today. But Savitt said that both industries still remain mostly dominated by men. Empowering women Savitt is taking steps to bring more women into the business. She works closely with officials at organizations such as the Illinois Department of Transportation, the Illinois Tollway, City of Chicago and the Metropolitan Water Reclamation District of Greater Chicago, recommending women-owned businesses to them and sharing projects from these agencies with her fellow female industry professionals. Savitt also mentors younger women trying to enter the business, often helping them through the process of earning their certifications. When she hires women at her firm, she makes sure they earn a fair wage. “I am seeing a generational change happening,” Savitt said. “More women are coming to the table. It’s about education. It’s about empowerment.” Savitt points to a woman on one of AMS’ recent jobs who drives a massive 18-wheeler. Women, Savitt said, need to see professionals like this to understand the opportunities that are available to them in commercial real estate and construction. “I should have taken a picture of her and asked her permission to post it on Facebook,” Savitt said. “I want women to get empowered by this amazing person driving 70,000 pounds down the street. What does that story tell other women? That they can do anything.”

Savitt stepping into one of her company’s vehicles.

“I am seeing a generational change happening,” Savitt said. “More women are coming to the table. It’s about education. It’s about empowerment.” more women into the business, Savitt said. She tells the story of her father who ran a shoe business. When he was ready to retire, he offered the business to Savitt’s brothers. He never asked Savitt, though, if she wanted to take over the enterprise. And it’s not as if Savitt wasn’t familiar with the business. She worked in her father’s shop on Saturdays regularly, something she started when she was 9.

was doing a spectacular job with their businesses. He said he felt bad that he never sought to embrace my talent for business. That is the mentality women have been up against. It has to change over time. It is inbred in how we were raised. It’s about empowering women and showing them by example what we can do.” Gaining the confidence

Savitt also participates in industry panels and is a willing interview subject for industry trade publications. This, too, is important in inspiring other women to join the industry.

Later, Savitt’s father accompanied Savitt to an awards ceremony in Florida for women who ran successful businesses. He saw then just how much Savitt had accomplished with AMS Elite Solutions.

Savitt understands the hesitancy some women might have about entering commercial real estate. She understands because she experienced the comments and disrespect when she was starting in the business herself.

“We have to tell our stories,” Savitt said. “We have to tell women that they can do anything.”

“He cried when he told me how he never realized how much I had achieved,” Savitt said. “He was amazed at how much revenue the business was doing. He realized that every woman in that room

“I never thought being a woman would impact my ability to be successful in my business,” Savitt said. “It was really surprising. I didn’t think people would be so disrespectful. I didn’t think they’d

This is an important step in bringing

call me ‘sweetie,’ ‘honey’ or ‘babe.’” But they did. And Savitt worked through it. She steadily built her confidence as she gained more success in the industry. Confidence, though, was only one hurdle. Savitt had to make connections, too. As a shy person, networking didn’t come naturally to Savitt. But Savitt worked on that. She made connections, which helped AMS pick up more work. And as more work came her way, Savitt’s confidence continued to rise. “As I gained confidence and experience and became established, I began to feel that I had a voice and that I needed to use it,” Savitt said. “When I felt that there was something that was unjust or not OK, I’d do my best to say something about it.” For instance, when male counterparts called her “sweetie,” Savitt responded by saying that she was already someone else’s sweetie. She’d instead ask these men to call her “Julie.” “I had to figure it out,” Savitt said. “I never wanted to burn bridges in this business. I had to find my voice. People had to learn who I was. That got me the respect. And once I had the respect, that gave me the confidence to make sure that people treated me as a professional. I didn’t want to be treated as a ‘he’ or a ‘she,’ just as a professional.”

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Caton Commercial Real Estate Group

Partner, Senior Vice President - Retail

Amy J. Hall, CRRP, CRX, CLS, SLD Chief Operating Officer

1296 Rickert Dr, Suite 200, Naperville, Illinois, 60540 P: 815.436.5700 Christina@CatonCommercial.com

1296 Rickert Dr., Suite 200, Naperville, IL, 60540 P: 815.436.5700 Amy@CatonCommercial.com

Christina has over 14 years of experience in commercial real estate focusing on retail leasing, investment sales, and groundup mixed-use property development. With her experience representing both landlords and tenants she understands the deal points on both sides of the table and can bring parties together in a transaction.

Since 1997, Amy has enjoyed a fruitful career in the commercial real estate industry, involved in both ground up development of master planned communities, enclosed regional shopping centers and established retail shopping centers. As Caton Commercial’s COO Amy oversees the day to day operations and growth of Caton.

Christina Caton Kitchel

Caton Commercial Real Estate Group is a family founded regional commercial brokerage and property management firm with offices in Naperville, Aurora, and Chicago. Representing the interests of landlords, tenants, investors and property owners.

Where you may find me when I’m NOT working:

As President of the Naperville Area Chamber of Commerce, Christina can often be found at ribbon cuttings welcoming new member businesses to the community or busy shuttling around her three kids.

Caton Commercial Real Estate Group is a family founded regional commercial real estate firm. Caton represents the interests of landlords, tenants, investors and property owners throughout the city and suburbs.

Do you have a favorite quote or saying?

“It is not enough to be busy - The question is: What are we busy about” -Henry David Thoreau

What is a skill or talent you have that you might not put on a resumé?

I am a published poetess, hobby artist and photographer, and have sang first soprano in chancel choirs my entire life.

Caton Property Management

Clayco

Managing Director

Executive Vice President, General Counsel

Barbara Montes, CPM, CAPS

Carmen Hernandez

1296 Rickert Dr, Suite 200, Naperville, IL, 60540 P: 815.436.5700 Barbara@CatonCommercial.com

35 E. Wacker Drive, #1300 Chicago, IL 60601 P: 312.229.6424 HernandezC@claycorp.com www.claycorp.com

Barbara oversees the property management operations; providing guidance to staff, due diligence, training, assessment of operations, assisting with property performance evaluation, repositioning properties, creating standard operating procedures, budget preparation, market studies, and providing consulting services to clients.

Carmen has nearly 30 years of experience practicing law, representing clients in commercial real estate, corporate and financial litigation matters. She routinely leads representation of Clayco and its affiliates in the preparation of complex design-build and construction management agreements as well as in corporate, employment, and litigation matters.

Caton Property Management strives to maximize the value of every client’s property, managing each property from an owner’s perspective and always keeping the owner’s best interest and investment goals in mind.

Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely delivers clients across North America the highest quality solutions on time, on budget, and above and beyond expectations.

Do you have a favorite quote or saying?

“Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it.” —Johann Wolfgang von Goethe

To every problem there is a solution; you just have to think outside the box.

What is a skill or talent you have that you might not put on a resumé? Love to work on puzzles with breathtaking sceneries.

Do you have a favorite quote or saying?

What is a skill or talent you have that you might not put on a resumé?

Motorcycle enthusiast with more than 28,000 miles on my 2003 Harley (Softail Heritage Classic) in addition to various motorcycle trips in Europe.

Where you may find me when I’m NOT working: I enjoy gardening and skiing whenever possible..

Clayco

Senior Project Manager

Sandra Marks

Senior Vice President

35 E. Wacker Drive, #1300 Chicago, IL 60601 P: 312.994.1580 KolinS@claycorp.com www.claycorp.com

35 E. Wacker Drive, #1300 Chicago, IL 60601 P: 314.595.6330 markssa@claycorp.com www.claycorp.com

Sally is a Senior MEP Project Manager at Clayco with more than 30 years of industry experience. She is responsible for safety, contract management, quality and coordination of the mechanical, electrical and plumbing subcontractors.

Sandra is responsible for addressing external areas of outreach, aligning community resources, and coordinating minority and women-owned business and mentoring opportunities. She has over30 years of experience in the industry.

Sally Kolin

Do you have a favorite quote or saying?

“Nothing ventured, nothing gained!!!” Benjamin Franklin

“What you treasure, you measure.”

What is a skill or talent you have that you might not put on a resumé?

I am passionate about furniture painting.

Singing.

Where you may find me when I’m NOT working:

Spending invaluable time with my family listening to music, enjoying good food and laughing!

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

Clayco

Colliers | Greater Cincinnati & Dayton

Senior Vice President, Public-Private Initiatives

Brokerage Senior Vice President

Mary Person

35 E. Wacker Drive, #1300 Chicago, IL 60601 P: 773.606.7888 PersonM@claycorp.com www.claycorp.com Mary is responsible for establishing public-private market expansion opportunities across the Clayco enterprise, as well as leading programmatic efforts to promote and increase diversity, equity and inclusion on Clayco projects. Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely delivers clients across North America the highest quality solutions on time, on budget, and above and beyond expectations.

Do you have a favorite quote or saying?

“Learn to sit back and observe. Not everything needs a reaction.” Or “Wisdom is the principal thing; therefore get wisdom. And with all thy getting get understanding.” -Proverbs 4:7

What is a skill or talent you have that you might not put on a resumé? I am passionate about helping to develop our youth

Erin Casey

425 Walnut Street, suite 1200, Cincinnati, Ohio, 45202 P: 513.562.2225 erin.casey@colliers.com 15 years ago Erin left a successful career that she loved as an Environmental Consultant. Erin left because she listened to what her clients saw in her, that her business sense and natural competitiveness coupled with her genuine passion for helping people was “made for commercial real estate.” Colliers is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors.

Do you have a favorite quote or saying?

“No one can make you feel inferior without your consent” Eleanor Roosevelt

Where you may find me when I’m NOT working:

Erin enjoys spending time with friends and family, traveling, reading, hiking, and attending concerts and sporting events.

and exposing them to new things.

Where you may find me when I’m NOT working:

When I am not a work you can find me either watching my daughter Madison and her friends play volleyball or watching our favorite college volleyball team play.

Colliers | Greater Cincinnati & Dayton

Brokerage Senior Vice President

Sloane Nichols

Brokerage Senior Vice President

425 Walnut Street, suite 1200, Cincinnati, Ohio, 45202 P: 513.562.2238 elaine.gillespie@colliers.com

425 Walnut Street, suite 1200, Cincinnati, Ohio, 45202 P: 513.562.2239 sloane.nichols@colliers.com

Elaine launched her career in commercial real estate on a curious and optimistic whim, 20 years later it is still one of the best decisions she has ever made. She loves the changing day-to-day ingredients in her broker recipe for success.

Sloane has dedicated over 20 years to the industry, conditioning her professional focus in both Office and Health Care Services, where she has been able to implement and evolve her love and talent for both relationship building and tactical sales.

Elaine Gillespie

Colliers is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors.

Do you have a favorite quote or saying?

“Success is a journey, not a destination” -- Arthur Ashe

What is a skill or talent you have that you might not put on a resumé? Elaine is known to play a mean game of ping pong.

Where you may find me when I’m NOT working:

Elaine loves to travel, hike, play the piano and any racquet sports.

Do you have a favorite quote or saying?

When you get into a tight place and everything goes against you never give up then, for that is just the place and time that the tide will turn. Harriet Beecher Stowe

What is a skill or talent you have that you might not put on a resumé? Sloane is great at knitting and making creative cakes for her friends and family.

Where you may find me when I’m NOT working:

You can find Sloane taking walks in nature, finding a quiet place to read and traveling.

Colliers | Greater Cincinnati & Dayton

Colliers International

Director of Marketing & Public Relations

Fabi Miller Vice President

425 Walnut Street, suite 1200, Cincinnati, Ohio, 45202 P: 513.562.2213 catherine.williams@colliers.com

200 Public Square, Suite 1200, Cleveland, OH, 44114 P: 216.239.5130 fabi.miller@colliers.com

Catherine has overall responsibility for the marketing and brokerage support teams. She oversees the strategic direction of marketing and public relation for all service lines delivery and corporate efforts. She does not only lead the development of the overall marketing strategy for the firm but also the execution of it.

Fabi is a Vice President with Colliers International with 15 years in the commercial real estate industry with a multidisciplinary background and extensive knowledge in real estate development, leasing, and landlord and tenant representation, sales and property management. During her years in real estate, she has travelled extensively and has handled assignments throughout several estates in the Midwest, and Upstate New York. She specializes in retail and hospitality leasing of mixed-use lifestyle projects in urban, suburban and university campuses, as well as tenant representation of national, regional, and local accounts. Fabi is a native of Brazil and fluent in 3 languages.

Catherine Williams

Do you have a favorite quote or saying? Live your life for significance, not for success.

Where you may find me when I’m NOT working:

You can find Catherine traveling, attending concerts and searching out new restaurants.

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @ Colliers or LinkedIn.

Do you have a favorite quote or saying?

Go confidently in the direction of your dreams, Live the life you’ve imagined. Henry David Thoreau

Where you may find me when I’m NOT working: I enjoy cooking for my family and friends and cycling through our amazing Metroparks.

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Colliers International

First Vice President

Senior Associate

Lauren White

Cyndie O’Bryon, SIOR 200 Public Square Suite 1200, Cleveland, OH, 44114 P: 216.239.5074 cyndie.obryon@colliers.com

200 Public Square, Suite 1200, Cleveland, OH, 44114 P: 216.239.5120 lauren.white@colliers.com

Cyndie is a first vice president at Colliers Cleveland, specializing in office leasing. She works with both tenants and landlords in the northeast Ohio market as well as national representation. Known for her responsiveness, client-centered approach and deep industry knowledge, Cyndie is a tireless advocate for those she represents.

Lauren has ten years of experience in commercial real estate, working in property management, real estate development, and most recently Colliers as a member of Cleveland’s retail practice group. She specializes in landlord and tenant representation, handling many assignments throughout Northeast Ohio. Lauren’s favorite thing about her job is how many different people she gets to work with and the array of projects she is a part of every single day. Lauren maintains a consistent record of success in the Cleveland market and has received several awards for her achievements, including the Colliers Cleveland Rookie of the Year Award and the CoStar Power Broker Award in 2019 and 2020.

Do you have a favorite quote or saying?

“Success is liking yourself, liking what you do, and liking how you do it” - Maya Angelou

If you work hard enough long enough, eventually you’ll get lucky.

Do you have a favorite quote or saying?

What is a skill or talent you have that you might not put on a resumé? Baking!

Where you may find me when I’m NOT working:

Spending time with her husband and son, taking long walks outdoors, enjoying family and friends, cooking and baking.

Colliers International

Conor Commercial Real Estate

Senior Vice President

Vice President of Capital Transactions

Katie Watts

200 Public Square, Suite 1200, Cleveland, OH, 44114 P: 216.239.5061 katie.watts@colliers.com Katie specializes in tenant and buyer representation, and is a proud member of the national Tenant Advisory Council within the Colliers Occupier Services Group. Katie is a distinguished top producer in the Cleveland market and has received numerous awards for her professional accomplishments, including Crain’s Forty Under 40, and Notable Women in Real Estate. Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @ Colliers or LinkedIn.

Do you have a favorite quote or saying?

Vicki Mutchler

9500 W. Bryn Mawr Ave., Suite 200 Rosemont, IL 60018 P: 847.692.8831 | F: 847.292.4313 vmutchler@conor.com www.conor.com Vicki offers 15 years of experience managing land acquisition, development and financing within the commercial and residential RE industries. Vicki’s attributes include a strong financial background with extensive experience in cash flow modeling, valuation work, acquisitions, development and project financing. She manages all of Conor’s lending and equity partner relationships. Conor Commercial develops, repositions, acquires, constructs, consults and provides management resources. We specialize in the core commercial markets such as industrial and office while orchestrating the continued success of the firm’s multi-family market interests.

“The most effective way to do it, is to do it” Amelia Earhart

Where you may find me when I’m NOT working:

Enjoying Cleveland’s amazing arts, entertainment and restaurant scene, playing tennis, supporting nonprofits, and planning my next international trip.

Conor Commercial Real Estate

Cornerstone Companies, Inc.

Vice President of Capital Transactions

Gretchen Mensch, CPM

9500 W. Bryn Mawr Ave., Suite 200 Rosemont, IL 60018 P: 847.692.8857 | F: 847.292.4310 jprotas@conor.com www.conor.com

Chief Operating Officer and EVP, Property Management

8902 N Meridian St, Suite 205 Indianapolis, IN, 46260 P: 317.841.9900 gmensch@cornerstonecompaniesinc.com

Janet Protas

As Senior Vice President – Multi-Family, Janet is responsible for overseeing multi-family efforts and growing Conor’s development portfolio. Conor Commercial develops, repositions, acquires, constructs, consults and provides management resources. We specialize in the core commercial markets such as industrial and office while orchestrating the continued success of the firm’s multi-family market interests.

Do you have a favorite quote or saying?

When faced with a tough choice or a difficult decision, my mother used to always say to me “You have to be able to look yourself in the mirror”. I still think of her words today - it is my barometer for decision making.

What is a skill or talent you have that you might not put on a resumé? I am an avid baker and won the Chicago Tribune Holiday Cookie Contest a while back.

Where you may find me when I’m NOT working: Walking along the lakefront or Millennium Park or exploring neighborhoods that I haven’t been to before.

As COO and EVP, Gretchen leads Cornerstone’s property management division and company operations. She has been instrumental in developing processes, procedures and operations which have enabled the company to grow rapidly and manage for institutional owners across the country. Gretchen views Cornerstone’s healthcare-specific focus as the company’s greatest strength. Cornerstone, a leading, fully-integrated healthcare real estate firm, helps physicians, hospitals and third-party owners develop, build, lease, manage and optimize healthcare real estate while enhancing the patient and provider experience.

Do you have a favorite quote or saying?

There is no substitute for working hard and doing the right thing. Success will follow you down that path. Also, handle all situations with grace and honesty.

Where you may find me when I’m NOT working: Outside of work, I enjoy spending time with my husband and our three daughters. We enjoy movie nights as well as attending the girls’ activities volleyball and dance.

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Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

CRG

Vice President of Real Estate and Community Development

Senior Design Associate

Ciere Boatright

Alba Colavitti

35 E. Wacker Drive, #1300 Chicago, IL 60601 P: 312.884.8009 ColavittiA@realcrg.com www.RealCRG.com

35 E. Wacker Drive, #1300 Chicago, IL 60601 P: 312.239.1573 BoatrightC@realcrg.com www.RealCRG.com

Ciere helps oversee planning and development of CRG’s high-impact real estate projects, including securing land entitlements and public and private financing, negotiating terms of agreements with government, working closely and engaging with community organizations, developing feasibility studies, and contributing to the full scope of CRG’s real estate development efforts. She works closely with the Chicago Business Unit of CRG’s parent company, Clayco, to advance real estate and construction opportunities and oversee the successful execution of its high-profile pursuits. In collaboration with leadership teams, Ciere is developing a program to mentor and support aspiring commercial developers of color, as well as help establish and launch a national CRG Cares philanthropic program in the numerous markets where CRG is active. CRG is a national real estate development firm that has developed over 9,000 acres of land and delivered over 200 million square feet of assets exceeding $12 billion in value.

Do you have a favorite quote or saying?

“My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor and some style.” Maya Angelou

What is a skill or talent you have that you might not put on a resumé? I’m a mom of two—the ability to multitask is my superpower.

Alba is a Senior Design Associate with over 20 years of experience serving global and Fortune 1000 companies in the industrial and commercial markets. Involved in all phases of a project from design concept through construction, Alba’s projects span between 10,000and 1.3 million-square-feet, in the U.S. and Mexico.

exceeding $12 billion in value.

CRG is a national real estate development firm that has developed over 9,000 acres of land and delivered over 200 million square feet of assets

Do you have a favorite quote or saying?

There is always a way!

What is a skill or talent you have that you might not put on a resumé? I wear something teal 98% of the time.

Where you may find me when I’m NOT working:

Spending time with my family or volunteering for a charitable cause.

Where you may find me when I’m NOT working: Gardening in my backyard and spending time with my family.

CRG

Vice President & Senior Associate General Counsel

Hannah Kiem

Vice President of Development, Southwest Region

2199 Innerbelt Business Center Drive St. Louis, MO 63114 P: 314.592.5606 GroteS@realcrg.com www.RealCRG.com

2199 Innerbelt Business Center Drive St. Louis, MO 63114 P: 314.680.2125 KiemH@realcrg.com www.RealCRG.com

Stacey specializes in real estate development with an emphasis on incentivized development and is experienced in managing complex real estate and finance transactions from inception to completion.

Hannah is responsible for overseeing CRG’s Southwest pursuits. She administers teams for the region and helps lead the sourcing of new land and development opportunities.

CRG is a national real estate development firm that has developed over 9,000 acres of land and delivered over 200 million square feet of assets exceeding $12 billion in value.

Stacey Grote

Do you have a favorite quote or saying?

“The best way to predict the future is to create it.” —Abraham Lincoln

What is a skill or talent you have that you might not put on a resumé? Salsa dancing

Where you may find me when I’m NOT working. Running through Tower Grove Park

CRG

Senior Vice President & General Counsel

Josie Peacock

Director of Capital Markets

35 E. Wacker Drive, #1300 Chicago, IL 60601 P: 312.919.4575 NicholsJ@realcrg.com www.RealCRG.com

35 E. Wacker Drive, #1300 Chicago, IL 60601 P: 312.239.1580 PeacockJ@realcrg.com www.RealCRG.com

Jennifer Nichols

Jen leads the legal team at CRG and is responsible for overseeing all legal matters and initiatives. With more than 15 years of legal experience counseling corporate clients on all aspects of real estate, corporate, tax, and commercial matters, together with her business bacz faround, Jen brings a unique perspective to CRG. CRG is a national real estate development firm that has developed over 9,000 acres of land and delivered over 200 million square feet of assets exceeding $12 billion in value.

Josie Peacock is a Director of Capital Markets for CRG. Josie has eight years of commercial real estate experience in Chicago and New York and has been with CRG since 2018. As Director of Capital Markets, Josie oversees the capitalization, development, and disposition for CRG’s Industrial team. Josie has also been instrumental in the closing and operations of CRG’s first three investment funds: USLF I, CRG GP Fund I and USLF II.

Do you have a favorite quote or saying?

CRG is a national real estate development firm that has developed over 9,000 acres of land and delivered over 200 million square feet of assets exceeding $12 billion in value.

What is a skill or talent you have that you might not put on a resumé?

“Life is either a great adventure or nothing.” —Helen Keller

Where you may find me when I’m NOT working:

I’m a super social person and also an excellent planner – to the point where I have helped my friends plan whole weddings, showers, etc. Bringing people together is what “sparks joy” for me.

Obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it. – Michael Jordan I have an amazing ability to capture professional caliber photos with an iPhone (even before iPhones came with amazing cameras). I also make an amazing poke bowl from scratch! Riding my peloton, cooking an adventurous meal, reading a great book, or hanging out with family and friends.

Do you have a favorite quote or saying?

What is a skill or talent you have that you might not put on a resumé?

Where you may find me when I’m NOT working: Probably at one of the aforementioned social events!

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

Crossroads Real Estate Partners dba Crossroads Partners

Curry Real Estate Services

Sr. VP of Real Estate Brokerage & Development

2700 NE Kendallwood Parkway, Kansas City, MO, 64119 P: 816.414.5200 etodd@curryre.com

Ellen Todd

Christine Simek

President & CEO

4201 Lake Cook Road, Suite 100, Northbrook, IL, 60062 P: 847.239.7512 christine@xr-partners.com

Christine has been in Commercial Real Estate for over 15 years, and passionately fulfills various roles and responsibilities. Her experience includes Leasing Medical Office, General Office, Retail, and Industrial Real Estate, as well as managing several properties that she has listed for Lease and for Sale. She has vast experience in contract negotiations, overseeing tenant buildouts and space design. In addition to managing the daily operations, she specializes in canvasing the surrounding properties and the marketing of the properties she manages and leases. As a Tenant representative for new Leases or Lease Renewals as well as a Building Owner representative, her leadership style enables her to impact the lives of those she serves. Christine has represented clients in the purchase of commercial, medical and retail properties. Crossroads Partners is a boutique Real Estate firm specializing in Property Management and Commercial Real Estate Brokerage Services.

Do you have a favorite quote or saying?

You are the director and producer of your own LIFE!

What is a skill or talent you have that you might not put on a resumé? I love to Hula Hoop.

Where you may find me when I’m NOT working:

For fun I enjoy attending art festivals and all outdoor sporting events. For relaxation I take long walks around the pond and seek out a quiet spot to meditate. I also love listening to all genres of music.

Ellen Todd is president and CEO of Curry Real Estate Services, responsible for strategic planning, business development and day-today oversight. With more than 30 years’ experience in the company and industry, Ellen has guided Curry to be one of the top real estate companies in the area. Curry Real Estate Services, a full-service real estate company, manages, leases, sells and provides consulting services for commercial and multifamily properties, treating clients’ assets as if they are our own since 1924.

Do you have a favorite quote or saying?

“I’ll sleep when I am dead.” ~ Warren Zevon

What is a skill or talent you have that you might not put on a resumé?

I enjoy sourcing and creating gifts of appreciation. I am surrounded by so many dedicated, talented, hard working people there is never a lack for a reason to say thank you. It satisfies my need to be creative in a wholly different way and it is gratifying to pull something together that does our best to say, you’re the best, thank you!

Where you may find me when I’m NOT working: I love to read and I am most relaxed around water.

Duncan Commercial Real Estate, LLC/ CORFAC International

District Capital

Crystal Kalinowski

Anne Marchal

Managing Director

Senior Vice President Property Management

42 Watson Street Detroit, MI, 48201 13132419200 Sue@DcapDetroit.com Crystal Kalinowski is Managing Director of District Capital and District Servicing, a mortgage banking and servicing firm based in Detroit. She enjoys every aspect of the loan closing process from origination to pay off. In addition to overseeing the closing and servicing operations, she is also an active member of CREW and the MBA. District Capital is a full-service mortgage banking firm in Detroit. District Capital will not only be placing commercial mortgage loans but also providing servicing through our numerous correspondent agreements with various life companies and CMBS lenders.

Do you have a favorite quote or saying?

“To succeed, planning alone is insufficient. One must improvise as well.” - Isaac Asimov

150 Thierman Lane, Louisville, KY, 40207 P: 502.292.5464 amarchal@duncancre.com One of Anne’s primary roles at Duncan is leading and expanding the Property Management portfolio. Her broad scope of experience provides her clients with excellent service whether it is leasing or selling their properties. Anne joined Duncan Commercial Real Estate in 2011. She has twenty years of experience in both commercial and residential property management. After graduating from the University of Kentucky, Anne moved to Boca Raton, Florida where she started her career in real estate. She worked for Trammell Crow and The Altman Company, leasing and managing apartment communities for both established and new construction projects.

What is a skill or talent you have that you might not put on a resumé? Painting...landscapes, portraiture, or abstracts.

What is a skill or talent you have that you might not put on a resumé? I have the ability to mesh well with a variety of personality types.

Where you may find me when I’m NOT working: In my backyard pub, playing my bass guitar.

Duncan Commercial Real Estate, LLC/ CORFAC International

F.C. Tucker Commercial

Senior Vice President Land Sales

7820 Eagle Crest Blvd, Suite 200 Evansville, IN, 47715 P: 812.455.0001 kristind@fctuckercommercial.com

Suzanne Cheek

150 Thierman Lane, Louisville, KY, 40207 P: 502.292.5464 scheek@duncancre.com Suzanne was named to Louisville Business First’s 2018 “20 People to Know in Real Estate” list. Cheek is a member of the International Council of Shopping Centers, Kentucky Commercial Real Estate Alliance and Commercial Real Estate Women. Suzanne joined Duncan Commercial Real Estate in February of 2019. She has been active in commercial real estate since 1987. She is experienced in both buyer and seller representation and has generated more than $100-million in land sales and acquisitions, primarily out-lot, big box retail, commercial, residential and multi-family.

Where you may find me when I’m NOT working: You can find me at the Lake House, just relaxing!

Kristin Dannheiser Commercial Broker

Kristin is an experienced broker with over 27 years in the Commercial Real Estate industry. Her specialties range from leasing and selling investment property to selling commercial land and business park developments. To better serve her clients across the Tri-state, Kristin holds Real Estate Licenses in both Indiana and Kentucky. F.C. Tucker Commercial is a full service commercial real estate firm with over 100 years of combined experience and industry knowledge in all aspects of the commercial market.

Do you have a favorite quote or saying?

“You’ve always had the power my dear, you just had to learn it for yourself !” Glenda the Good Witch, Wizard Of Oz

What is a skill or talent you have that you might not put on a resumé?

Understanding and connecting with clients is a very important talent. Getting to really know people (interests, motivations, skills, family) leads to transactions that are generally more beneficial to everyone involved.

Where you may find me when I’m NOT working:

Tailgating at Purdue; exploring NYC; sitting on my favorite beach or flying off to find new adventures. If not traveling, you will find me volunteering where needed in my community.

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Gould & Ratner LLP

Managing Partner

Linsey N. Cohen

Chair, Real Estate Practice

222 N. LaSalle St., Ste 300 Chicago, IL 60601 P: 312.899.1664 | F: 312.236.3241 ablumenthal@gouldratner.com www.gouldratner.com

222 N. LaSalle St., Ste 300 Chicago, IL 60601 P: 312.899.1659 | F: 312.236.3241 lcohen@gouldratner.com www.gouldratner.com

Amy M. Blumenthal

Recognized by her peers and clients as a leader in commercial real estate, Amy Blumenthal has more than 35 years of experience in all areas of real estate, including office, retail, hotel, industrial and luxury residential properties, often concentrating on financing, acquisitions and sales, as well as real estate development and land use. Her clients, from a variety of industries such as manufacturing, hospitality, food and beverage, and publishing, value her ability to listen and understand their priorities and needs to best help them achieve their business goals. Amy currently serves on the inaugural Distinguished and Notable Advisory Board (“DNA)” of CREW Chicago, after serving as a Board member and President of CREW Chicago. She also serves on the board of directors of the Erie Family Health Foundation, supporting the provision of high-quality, affordable health care for lower-income Chicago residents. In addition to her firm leadership role as a Managing Partner, Amy is also the firm’s Chief Diversity & Inclusion Officer. In this role, she oversees the D&I efforts for the firm, including providing operational leadership of all diversity and inclusion efforts and driving awareness, accountability and commitment. Amy was named an inaugural honoree for Chicago Daily Law Bulletin and Chicago Lawyer Magazine’s “Influential Women in Law Awards” for 2020. She also has been recognized by Crain’s Chicago Business as a “Notable Woman Executive Over 50” for 2020 and 2019, and a “Chicago Notable Woman Lawyer” for 2020 and 2018. In January 2018, Amy was inducted into the Commercial Real Estate Hall of Fame by Midwest Real Estate News. Gould & Ratner’s Real Estate Practice is national in scope and experience, supporting clients with interests in some of the most desirable, iconic and innovative properties in our hometown of Chicago and across the United States. The sophistication and business practicality of our full-service counsel matches the complexity of our clients’ projects and transactions. We represent property owners, developers, lenders, franchisees and investors in their acquisitions, dispositions, sales, financings, leasing and development of vacant land, office buildings, residential properties, and retail, commercial and industrial projects.

As chair of Gould & Ratner’s Real Estate Practice, Linsey Cohen draws upon more than 20 years of experience in all areas of real estate, including retail, office and multifamily. Her deal-making experience strikes the strategic balance between risk and executing her clients’ vision. Linsey represents developers, owners, investors, property managers and entrepreneurs with property interests in Chicago and throughout the United States. Linsey has an indefatigable business acumen that keeps good deals alive, even in the most complex negotiations. In handling sophisticated commercial real estate acquisitions, dispositions, financing and leasing transactions, Linsey advises an impressive roster of clients, including: One of the nation’s largest drugstore retailers, Philz Coffee, a discount supermarket chain and a Pennsylvania-based national media company and radio network. Linsey has been named a “GenX Leader in Law” by Crain’s Chicago Business for 2021. She has also been recognized previously as a “2020 Notable Woman in Law” by Crain’s Chicago Business and “2020 Real Estate Lawyer of the Year” by the Illinois Real Estate Journals. In February 2020, Linsey was inducted into the Midwest Commercial Real Estate Hall of Fame by Midwest Real Estate News. Linsey is a member of the board of directors of ZCenter, a suburban Chicago-based nonprofit organization providing support to sexual abuse survivors. Gould & Ratner’s Real Estate Practice is national in scope and experience, supporting clients with interests in some of the most desirable, iconic and innovative properties in our hometown of Chicago and across the United States. The sophistication and business practicality of our full-service counsel matches the complexity of our clients’ projects and transactions. We represent property owners, developers, lenders, franchisees and investors in their acquisitions, dispositions, sales, financings, leasing and development of vacant land, office buildings, residential properties, and retail, commercial and industrial projects.

Gould & Ratner LLP

Of Counsel

Jessica G. Lingertat Managing Partner

222 N. LaSalle St., Ste 300 Chicago, IL 60601 P: 312.899.1683 | F: 312.236.3241 thibbard@gouldratner.com www.gouldratner.com

222 N. LaSalle St., Ste 300 Chicago, IL 60601 P: 312.899.1679 | F: 312.236.3241 jlingertat@gouldratner.com www.gouldratner.com

Tamara K. Hibbard

With more than 20 years of real estate law experience, Tamara Hibbard represents developers, landlords, tenants, buyers and sellers in virtually all aspects of real estate law. Specific experience includes: Facilitation of a retailer’s transition from a build-to-suit to self-development model for a new store roll-out, creation and improvement of an organization’s form transactional documents, process map and reporting dashboard and collaborating with other practices and departments to complete multiple site acquisitions. Acting as both in-house and outside counsel throughout her career, Tamara has a unique understanding of stakeholder interests in real estate transactions that allow her to anticipate issues and formulate alternatives for her clients that help transactions move forward quickly and effectively.. Gould & Ratner’s Real Estate Practice is national in scope and experience, supporting clients with interests in some of the most desirable, iconic and innovative properties in our hometown of Chicago and across the United States. The sophistication and business practicality of our full-service counsel matches the complexity of our clients’ projects and transactions. We represent property owners, developers, lenders, franchisees and investors in their acquisitions, dispositions, sales, financings, leasing and development of vacant land, office buildings, residential properties, and retail, commercial and industrial projects.

Jessica Lingertat steers financings and other transactions related to the construction, development and acquisition of offices, multifamily, hospitality and other large-scale properties. She concentrates on middle-market lender representation, typically loans ranging from $5 million to $40 million. Jessica’s recent matters include: transit-oriented development in connection with multifamily housing projects in Chicago, multiple industrial site acquisitions by national clients, complex construction financings ($15-20 million) and value-add loans and vertical subdivision projects. In addition, Jessica serves as local Chicago and Midwest real estate counsel to national clients seeking on-theground due diligence, local lender opinion work and project guidance. To address clients’ competitive pressures, Jessica creates an efficient deal environment for her lender clients, which include traditional banks and other lending institutions with significant real estate portfolios. Jessica has earned a reputation within Chicago’s commercial real estate community as a practical deal closer who “finds practical solutions rather than causes trouble,” as her clients say. Along the path to closing, Jessica secures the full range of protections for clients while preserving their important business relationships. In addition to her representation of real estate lenders, Jessica also advises and counsels investors, developers, operators, landlords and tenants. Her more than 20-year career includes significant experience in mortgage and construction loans, asset-based lending, operating lines of credit and other commercial loans, including those involving complex distressed assets. Jessica has been named a “Best Lawyer” for 2022 by U.S. News. She was also recognized as a “Notable Woman in Law” for 2020 and as a “Notable Gen X Leader in Law” for 2019 by Crain’s Chicago Business. In February 2019, Jessica was inducted into the Midwest Commercial Real Estate Hall of Fame by Midwest Real Estate News. Gould & Ratner’s Real Estate Practice is national in scope and experience, supporting clients with interests in some of the most desirable, iconic and innovative properties in our hometown of Chicago and across the United States. The sophistication and business practicality of our full-service counsel matches the complexity of our clients’ projects and transactions. We represent property owners, developers, lenders, franchisees and investors in their acquisitions, dispositions, sales, financings, leasing and development of vacant land, office buildings, residential properties, and retail, commercial and industrial projects.

Gould & Ratner LLP

Inland Bank

Partner

Gia Tomaszewski Vice President

222 N. LaSalle St., Ste 300 Chicago, IL 60601 P: 312.899.1602 | F: 312.236.3241 kmeehan@gouldratner.com www.gouldratner.com

2805 Butterfield Road, Suite 200, Oak Brook, IL, 60523 P: 630.908.6551 gtomaszewski@inlandbank.com www.inlandbank.com

Karen Osiecki Meehan

Karen Meehan represents clients involved in a myriad of real estate activities and enjoys guiding them through the purchase and sale of low-rise apartment buildings, industrial buildings, mid-range and luxury residences (including co-ops), and vacation homes and properties. She has also worked with clients in matters arising after renovations, and represented clients purchasing vacant land for development. Karen frequently represents Habitat for Humanity in affordable housing focused, pro bono matters. In 2016, Karen was awarded Habitat for Humanity’s “Golden Hammer” in recognition of her extraordinary legal service to the organization and to its clients. Gould & Ratner’s Real Estate Practice is national in scope and experience, supporting clients with interests in some of the most desirable, iconic and innovative properties in our hometown of Chicago and across the United States. The sophistication and business practicality of our full-service counsel matches the complexity of our clients’ projects and transactions. We represent property owners, developers, lenders, franchisees and investors in their acquisitions, dispositions, sales, financings, leasing and development of vacant land, office buildings, residential properties, and retail, commercial and industrial projects.

Gia Tomaszewski is Vice President, Commercial Real Estate with Inland Bank. She represents clients in commercial real estate purchase and refinance transactions across multiple asset classes, primarily industrial, multifamily and retail properties. Gia has been with Inland Bank for over 14 years and brings real estate expertise from her previous roles as a commercial real estate analyst, credit manager and loan portfolio manager. She has been recognized as a top performer in business development and prides herself on building strong, lasting relationships with her clients. Gia is a graduate of Northern Illinois University with a BA in Business Administration. Inland Bank and Trust, a subsidiary of Inland Bancorp, Inc. has 11 locations throughout the Chicagoland area. Inland Bancorp, Inc. holds over $1.2 billion in bank assets.

Do you have a favorite quote or saying?

You don’t have to be great to start, but you have to start to be great.

Where you may find me when I’m NOT working:

You can find me chasing my two boys...when I am not chasing loan opportunities!

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

Interior Construction Group, Inc.

JLL

Vice President/ Project Executive

Jessica Mogilka

Executive Vice President

210 S. Clark St., Suite 1300 Chicago, IL 60603-4009 P: 312.224.3958 dhorsley@icgconstruction.com

801 Grand Ave. #330, Des Moines, Iowa, 50309 P: 515.419.2963 Jessica.Mogilka@am.jll.com

Denise Horsley serves as Vice President/Project Executive for Interior Construction Group, Inc. (ICG). As a member of the leadership team, Denise is responsible for strategic planning and the overall financial success of ICG. On projects, Denise serves as the primary team leader to ensure relationships, budgets and deadlines are built/maintained.

As an Executive Vice President for the Minneapolis Tenant Representation team, Jessica advises clients of all sizes, from single location offices to businesses with a global portfolio. Her expertise is aligning business strategy with real estate by supporting the full life cycle of real estate decisions.

With a focus on interior commercial/tenant development projects in the Chicago area for more than 30 years, ICG is a partner in your vision for general contracting and construction management needs.

JLL is a leading professional services firm that specializes in commercial real estate and investment management to shape the future of real estate for a better world.

Denise Horsley

Do you have a favorite quote or saying?

Women belong in all places where decisions are being made. It shouldn’t be that women are the exception -Ruth Bader Ginsburg

“May your choices reflect your hopes, not your fears.” - Nelson Mandela

What is a skill or talent you have that you might not put on a resumé?

Where you may find me when I’m NOT working:

Making effort to always put myself in someone else’s shoes in order to understand a situation from their perspective prior to discussing said situation.

Denise enjoys golfing with her husband, walking her dog Maizey, getting her hands dirty in flower beds, and trading funny TikToks with her daughter while having a nice glass of wine.

I have an offensively loud singing voice that only gets louder when the Christmas carols start.

In the garden, in the woods hiking, or on a plane/train/automobile leaving for an extended stay anywhere that sounds interesting.

JLL

Senior Associate

Meredith Young Senior Associate

801 Grand Ave. #330, Des Moines, Iowa, 50309 P: 515.419.2963 abi.Reiland@am.jll.com

801 Grand Ave. #330, Des Moines, Iowa, 50309 P: 515.419.2963 meredith.young@am.jll.com

As a Senior Associate for the Des Moines team, Abi works with clients on both the agency leasing and tenant representation side to analyze their real estate needs and

As a Senior Associate for the Des Moines team, Meredith works on both the agency leasing and tenant representation sides, evaluating her clients’ needs,

JLL is a leading professional services firm that specializes in commercial real estate and investment management to shape the future of real estate for a better world.

JLL is a leading professional services firm that specializes in commercial real estate

Abi Reiland

develop strategies that align real estate initiatives with overall business plans.

Do you have a favorite quote or saying?

“The world needs strong women - women who will lift and build others, who will love and be loved, women who live bravely, both

developing strategic solutions for them and closing deals across a wide variety of retail properties.

and investment management to shape the future of real estate for a better world.

Do you have a favorite quote or saying?

tender and fierce, women of indomitable will.” - Amy Tenney

“Stand tall, wear a crown, and be sweet on the inside.”

What is a skill or talent you have that you might not put on a resumé?

My kids say I make the world’s greatest mac-n-cheese (about the extent of my cooking talent), and as a former collegiate diver I have some solid poolside and trampoline tricks.

Where you may find me when I’m NOT working:

I love traveling. Whether it’s snorkeling in the Caribbean, hiking in the mountains or attending concerts/sporting events, creating memories in new places is my favorite free-time activity!

I’ve been told I’m a pool shark.

Where you may find me when I’m NOT working:

You can find me hanging out with my french bulldog, amazing nephew (and family) or shopping!

Kessinger Hunter

Senior Office Broker

Debbie Schulte, SIOR Principal, Office Brokerage

2600 Grand Blvd., Suite 700 Kansas City, MO 64108 P: 816.842.2690 | F: 816.421.5659 sgartin@kessingerhunter.com www.kessingerhunter.com

2600 Grand Blvd., Suite 700 Kansas City, MO 64108 P: 816.842.2690 | F: 816.421.5659 dschulte@kessingerhunter.com www.kessingerhunter.com

Thirty plus years of specializing in office leasing with an emphasis in landlord representation of institutional clients, Sharon handles nearly 1,000,000 SF of office space. As a recipient of many awards, Sharon understands the art of balancing her clients’ needs with multi-tasking all aspects of leasing, negotiating, and reporting.

Debbie is a 33-year office brokerage veteran and Principal at Kessinger Hunter. Debbie specializes in both Landlord and Tenant Representation in addition to sales transactions services. She is the past President and current marketing chair of the Western Missouri/Kansas City Chapter of SIOR.

Sharon Gartin, SIOR

Kessinger Hunter is a full-service commercial real estate company headquartered in Kansas City, Missouri providing development, management, and brokerage services. The firm was founded in 1879 and currently has over 200 associates. The firm manages nearly 26 MSF in 23 U.S. states and two European countries. In the last 40 years, KH has developed or acquired upwards of 14 MSF of properties and consistently ranks among the area’s largest commercial real estate companies.

Do you have a favorite quote or saying?

“Here’s to the crazy ones...the rebels, the troublemakers, the ones who see things differently. They’re not fond of rules. You can quote them, disagree, glorify or vilify them, but you can’t ignore them because they change things. They push the human race forward and while some may see crazy, we see genius. The ones who are crazy enough to think they can change the world are the ones who do.” - Steve Jobs

What is a skill or talent you have that you might not put on a resumé? Walking dozens of dogs in one day.

“I believe luck is preparation meeting opportunity. If you hadn’t been prepared when the opportunity came along, you wouldn’t have been lucky.” - Oprah Winfrey

What is a skill or talent you have that you might not put on a resumé? I enjoy playing racquetball and pickleball.

Where you may find me when I’m NOT working: Outside working in my yard or traveling to the beach or mountains.

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Krieg DeVault LLP

Partner

Sarah Jones Senior Associate

12800 N. Meridian St., Suite 300, Carmel, IN, 46032 P: 317.238.6242 thaney@kdlegal.com

12800 N. Meridian St., Suite 300, Carmel, IN, 46032 P: 317.238.6314 sjones@kdlegal.com

Tammy Haney is a Partner with Krieg DeVault and concentrates her practice in commercial and residential development, acquisitions, dispositions, leasing, and financing. She also has experience with municipalities, public utilities and other public entities related to real estate acquisitions, dispositions, development, rights of way, eminent domain and recreational trails.

Sarah Jones concentrates her practice in a blend of corporate and real estate transactions for a variety of established and start-up companies, banks, and individuals. Her practice includes corporate transactions such as entity formation and organization, stock and asset sales, mergers, reorganizations, joint ventures, and other general business matters.

Krieg DeVault LLP is a diversified law firm headquartered in Indianapolis, Indiana. The firm’s Real Estate Practice helps real estate developers in all segments of the market including commercial, industrial, health care, banking, multi-family dwellings, and residential and student housing developments.

Tammy Haney

Do you have a favorite quote or saying?

“Start where you are, use what you have, do what you can.” - Arthur Ashe

“Nobody cares about how much you know until they know about how much you care.” - This quote is so powerful for relationships & trust with clients and in the community.

What is a skill or talent you have that you might not put on a resumé?

I go all out decorating the house for pretty much all holidays.

Where you may find me when I’m NOT working:

Depending on the day, traveling, hiking, reading, cooking, at the movies, at a sporting event, just enjoying life with family and friends.

I love creating new and healthy twists on family favorites and appetizers and truly enjoy spending time in the kitchen with my family and children.

Where you may find me when I’m NOT working: I love spending free time with my family. My husband and I have 2 young boys and a puppy so we are constantly doing everything active and being outdoors.

LANE4 Property Group

The Lerner Company

Executive Vice President

Associate Broker

Lisa Kallmeyer CPM 4705 Central Street, Kansas City, Missouri, 64112 P: 816.268.9116 lkallmeyer@lane4group.com

As Executive Vice President, Lisa oversees every facet of the management divison, implementing highly successful systems for LANE4’s entire property portfolio and management team. An industry veteran and invaluable leader at LANE4, Lisa has been with the company for over a decade providing service to owners, tenants, and asset managers. Her approach to property management is at once detail-focused and broad-thinking. She began her career with Corporate Woods, one of the largest and premier office parks in the Midwest, and has since become an expert in properties of all types, including true vertical mixed-use with retail, hospitality, office and medical space in a single building. Her portfolio includes many of LANE4’s premier projects as well as third-party assignments, and she also provides consulting services on new projects. LANE4 is a premier, full-service commercial real estate and investment firm, with over $850 million in development and acquisition projects and a reputation for working with the best in the industry. Today, our projects span the Midwest and include infill industrial projects, multifamily and mixed-use developments, office, retail, hospitality and senior living. Beyond the scope of her work, you can find Lisa spending time with her beautiful family and finding new ways to give back to the community.

Mandi Backhaus

10855 W. Dodge Rd. Suite 270 Omaha, NE 68154 P: 402.330.5480 | F: 402.330.3109 mbackhaus@lernerco.com www.lernerco.com Mandi joined The Lerner Company in 2019 as a Commercial Real Estate Broker, licensed in Nebraska, Iowa, and Minnesota, with a focus on Landlord Leasing, Tenant Representation, and Development. The Lerner Company is a retail commercial real estate brokerage with over 120 years of combined proven experience in development, brokerage, landlord leasing, property management, investment sales, and tenant representation.

Do you have a favorite quote or saying?

“Give a girl the right shoes, and she can conquer the world.” – Marilyn Monroe

What is a skill or talent you have that you might not put on a resumé? I can make tasty homemade breads or banana muffins. My last name means “bakery house” in German for a reason!

Where you may find me when I’m NOT working:

Walking my French Bulldog, Bonnie, or enjoying time with family and friends.

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

The Lerner Company

Marcus & Millichap

Associate Broker

Senior Associate

Sara Hanke

Marla Čolić

10855 W. Dodge Rd. Suite 270 Omaha, NE 68154 P: 402.330.5480 | F: 402.330.3109 shanke@lernerco.com www.lernerco.com

7800 Forsyth Blvd, St. Louis, MO, 63105 P: 314.889.2524 marla.colic@marcusmillichap.com

With a professional background in medical sales and residential real estate investing, Marla first entered the Storage Industry in 2010 as a investor. Marla’s knowledge of the storage asset class includes storage ownership, management, consulting and brokerage. In 2016, Marla joined Marcus & Millichap as a real estate broker where she facilitates the acquisition and disposition of Self Storage assets across Missouri and the Midwest. Marla’s extensive storage industry expertise combined with Marcus & Millichap’s national platform grants her the unique opportunity to share both local and national economic trends with the storage investors she serves. Marla is a partner with First Vice President Investments Anne Williams-Blackwell and the Williams Storage Group. The Williams Storage Group sold over $66 million in storage in 2021. Marla graduated from John Brown University with a Bachelor’s Degree in Public Relations.

Sara joined The Lerner Company with a background in commercial real estate, sales, management and financial services. With licenses in Nebraska and Iowa, she specializes in sales and leasing, working with landlords, tenants and investors. Sara is heavily involved within her professional community where she is a Co-Chair for Special Events with CREW Omaha, and on the Leadership Team for RISE Omaha The Lerner Company is a retail commercial real estate brokerage with over 120 years of combined proven experience in development, brokerage, landlord leasing, property management, investment sales, and tenant representation.

Do you have a favorite quote or saying?

“Often a sign of expertise is noticing what doesn’t happen.” – Malcom Gladwell

What is a skill or talent you have that you might not put on a resumé? I can find anything that has been misplaced by a member of my family in a matter of seconds. It’s a true gift.

Where you may find me when I’m NOT working:

At a committee or board meeting (CREW, RISE, PTA) planning events and working on the projects I’m passionate about.

The St. Louis office of Marcus & Millichap provides real estate investment sales, research information and advisory services for multifamily, retail, office, single-tenant net lease and special assets. St. Louis agents leverage the firm’s national marketing platform to provide real estate investors with access to the industry’s largest inventory of deliverable commercial property as well as to the largest pool of qualified private and institutional buyers and sellers. Investment specialists conduct business within the St. Louis MSA, Missouri and the central Midwest.

Do you have a favorite quote or saying?

Every morning en route to school, my kids hear me say, Today’s gonna be a great day! CRE is a rollercoaster of wins and loses. When life is tough, I’ve found that claiming the best with my mouth while walking with grit and tenacity in my spirit forces my mind to accept that the best is yet to come!

What is a skill or talent you have that you might not put on a resumé?

I discovered weight lifting about 5 years ago. It’s proven to be an amazing stress reliever and self-confidence booster. To date, I can squat 225 pounds.

Where you may find me when I’m NOT working:

You’ll find me exploring one of Missouri’s many beautiful bike trails with my family, reading a book or in church.

Marcus & Millichap

First Vice President Investments

Kelly Flowers Associate Agent

600 E 96th St, Suite 500, Indianapolis, Indiana, 46240 P: 317.218.5366

Milwaukee, WI P: 262.364.1923 kelly.flowers@marcusmillichap.com

Julia Evinger

julia.evinger@marcusmillichap.com

Kelly represents commercial real estate investors in sales and acquisitions of single tenant net leased and multi-tenant retail properties throughout the Midwest. Kelly applies best-in-class marketing tactics to her firm’s large, nationwide pool of qualified buyers to help owners sell for top-dollar with a smooth process from listing to closing.

Julia has been an Investment Sales Advisor since 2015 with Marcus & Millichap. She quickly built a business across the Midwest specializing in Industrial, Office, and Retail income producing properties. Since joining the firm, Julia has been awarded Rookie of the Year, multiple Sales Awards, promoted to Director of NOIPG, and recently promoted to First Vice President Investments. In the past six years, she has sourced and closed over 60 transactions across the Midwest, Mid-Atlantic, and beyond for a valuation of over $250 Million and at a closing price of 97% list price to sales price. For more than 50 years, Marcus & Millichap has worked tirelessly to help our clients create and preserve wealth through commercial real estate investment sales as well as debt and equity advisory. Since our founding in 1971, we have grown to more than 80 offices throughout the United States and Canada, including twelve offices here in the Midwest.

Do you have a favorite quote or saying?

To quote John Chang, Marcus & Millichap, “Keep your eye on the horizon.”

What is a or talent you have that you might not put on a resume? Logistics-I am a master planner and juggler of all schedules and events

Where you may find me when i’m NOT working

For more than 50 years, Marcus & Millichap has worked tirelessly to help our clients create and preserve wealth through commercial real estate investment sales as well as debt and equity advisory. Since our founding in 1971, we have grown to more than 80 offices throughout the United States and Canada, including twelve offices here in the Midwest.

Do you have a favorite quote or saying?

You miss 100% of the shots you don’t take.

Where you may find me when I’m NOT working:

I’m an avid skier and hiker and enjoy spending my down time at Milwaukee’s restaurants and breweries or playing card and board games with friends and family.

Active outdoors-running, biking, walking my dog

Marcus & Millichap

First Vice President Investments

Suzanne Schefcik Associate

600 E 96th St, Suite 500, Indianapolis, Indiana, 46240 P: 317.218.5325 madison.harman@marcusmillichap.com

1350 Lagoon Ave Suite 840, Minneapolis, MN, 55408 P: 952.852.9722 suzanne.schefcik@marcusmillichap.com

Madison joined Marcus & Millichap in 2014 as an associate and has since procured and closed over 75 investment deals primarily in the Midwest. In 2016, Madison became a member of the National Retail Group and Net Leased Properties Group of Marcus & Millichap. In 2018 she earned Senior Associate, in 2019 she earned Associate Director and in 2021 she earned First Vice President.

Suzanne is a results-driven, charismatic leader with substantial experience in sales, marketing and entrepreneurship. She uses her communication and interpersonal skills to build strong client relationships that lead to sustained business and overall financial success. Suzanne is an office and industrial specialist in the firm’s Minneapolis office. She exclusively represents buyers and sellers of investment properties throughout the Midwest.

Madison Harman

Do you have a favorite quote or saying? “The harder you work, the luckier you get!” My father

What is a or talent you have that you might not put on a resume? I have a knack for learning romance languages and love navigating new cities by asking people directions.

Where you may find me when i’m NOT working

Recently, at home teaching my daughter how to walk or at Shred 415 workout class beating the person on the treadmill next to me.

Do you have a favorite quote or saying?

“Do one thing every day that scares you.” - Eleanor Roosevelt.

What is a skill or talent you have that you might not put on a resumé? Suzanne is an experienced sea kayaking guide and has a global track record of leading immersive adventures from the backwaters of the Boundary Waters to the plains of the Serengeti.

Where you may find me when I’m NOT working:

In her free time Suzanne enjoys all things outdoors, exploring new places, raucous dance parties and creating new recipes.

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

The McShane Companies

Morgan Harbour Construction

CEO

Assistant Project Manager

Annalie Garcia

Molly McShane

7510 South Madison Street Willowbrook, IL 60527 P: 630.734.8800 agarcia@morganharbour.com

9500 W, Bryn Mawr Ave., Suite 200 Rosemont, IL 60018 P: 847.692.8854 | F: 847.292.4310 mmcshane@mcshane.com www.mcshane.com

Annalie is an Assistant Project Manager with construction experience in warehouse/distribution projects and tenant improvements with correlating office space. Her technical proficiency, collaborative style and strong communication skills are an asset for both project teams and clients alike. She holds a Bachelor’s Degree in Civil Engineering from Florida International University.

Molly provides day-to-day leadership and management of The McShane Companies, focusing her efforts on long-term strategic growth and operational excellence. She consistently delivers innovative thinking on behalf of a wide range of projects, markets and geographical areas and possesses extensive knowledge of the industrial, multi-family, office and commercial market sectors. The McShane Companies is a multi-faceted national real estate and construction organization comprised of various professional disciplines that provides its clients with tailored real estate and construction solutions.

Morgan Harbour Construction is a design-build general contractor with longstanding relationships in Illinois, Wisconsin, Michigan and mid-Atlantic. Our clients span multiple markets including logistics, warehouse/distribution, office, medical, and business aviation.

Do you have a favorite quote or saying?

“It is a sin not to do what one is capable of doing” - Jose Marti.

What is a skill or talent you have that you might not put on a resumé? I am a perfectionist. Whenever a problem presents itself at work, I would investigate the issue with the team to the slightest detail, before making any ultimate decisions.

Where you may find me when I’m NOT working:

I love to travel to random destinations and explore the locations on my own.

Morgan Harbour Construction

MEP Project Manager

Sarah Stolzman, LEED GA Project Manager

7510 South Madison Street Willowbrook, IL 60527 P: 630.734.8800 sparlato@morganharbour.com

7510 South Madison Street Willowbrook, IL 60527 P: 630.734.8800 sstolzman@morganharbour.com

Susan is a proficient MEPFP Project Manager with deep technical knowledge and seasoned expertise for the demands of today’s sophisticated high-performance buildings. She manages the MEPFP trades from preconstruction through completion, assists in coordinating scopes of work, and monitors quality control on many diverse and complex construction projects.

Named NYC’s “20 under 40 Outstanding Women in Construction”, Sarah’s drive and integrity has led her to a dynamic and multifaceted career. Sarah holds a BS in Interior Design, Master’s in Construction Management and is LEED certified. A champion for women, Sarah is Vice Chair of PWC’s Mentorship program.

Susan Parlato, LEED AP

Do you have a favorite quote or saying?

A quote I try to live by is: Treat everyone with kindness and respect, even those who are rude to you- not because they are nice, but because you are.

What is a skill or talent you have that you might not put on a resumé? I am a runner and I start each day off with a run. It is my me-time that I love. The harder you run the better you feel.

Where you may find me when I’m NOT working:

In Arlington Heights running my kids to sporting events and activities or wining and dining on my patio with my husband, kids and friends.

Do you have a favorite quote or saying?

Persistence guarantees that results are inevitable.

What is a skill or talent you have that you might not put on a resumé? I can do a mean handstand and I’m certified in teaching hot yoga.

Where you may find me when I’m NOT working:

When not working, I am inseparable from my Frenchie, Delancey - kayaking, hiking and indulging in sweets! I never pass up a hot yoga session or brunch with my sister.

Morgan Harbour Construction

Meltzer, Purtill & Stelle LLC

Assistant Project Manager

Partner

Waltz Tsang, PE

7510 South Madison Street Willowbrook, IL 60527 P: 630.734.8800 wtsang@morganharbour.com Waltz is an Assistant Project Manager with a civil engineering background and construction experience in complex multidisciplinary projects including commercial, life sciences, and industrial buildings. Working with varied scopes including MEP, structure, and TI buildouts, she is a strong advocate of team work using her collaborative work style. Morgan Harbour Construction is a design-build general contractor with longstanding relationships in Illinois, Wisconsin, Michigan and mid-Atlantic. Our clients span multiple markets including logistics, warehouse/distribution, office, medical, and business aviation.

Do you have a favorite quote or saying?

“The past can hurt. But the way I see it, you can either run from it or learn from it” - The Lion King.

What is a skill or talent you have that you might not put on a resumé? I like to play volleyball in my free time, and I have also started taking voice lessons. Hopefully one day I can sing in public!

Where you may find me when I’m NOT working:

I love to travel and explore, including looking at different types of architecture, hiking and experiencing different foods and cultures. There is so much to see out there!

Victoria C. Bresnahan

300 South Wacker Drive, Suite 2300 Chicago, IL 60606 P: 312.461.4332 | F: 312.987.9854 vbresnahan@mpslaw.com www.mpslaw.com Victoria C. Bresnahan concentrates her practice of law in the area of Real Estate, with an emphasis on Condominiums and Planned Unit Developments. She is experienced in complicated title and survey matters, commercial real estate developments and leasing. She has represented builders, developers and lenders in development and entitlement issues. Meltzer, Purtill & Stelle LLC is one of the Chicago area’s most successful and respected business law firms, with exceptionally strong capabilities in commercial real estate. The firm provides a fully range of transactional and litigation services to real estate developers, financial institutions, and businesses engaged in corporate, industrial, and retail development as well as financing, leasing, and investment.

What is a skill or talent you have that you might not put on a resume?

For four years, I coached my son’s basketball team. There is a lot to be said about coordinating and teaching a group of young boys, who have short attention spans and all think they know more than you know, and still make it fun.”

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

Meltzer, Purtill & Stelle LLC

Of Counsel

Joy Goldman Partner

300 South Wacker Drive, Suite 2300 Chicago, IL 60606 P: 312.461.4329 | F: 312.987.9854 jcunniff@mpslaw.com www.mpslaw.com

300 South Wacker Drive, Suite 2300 Chicago, IL 60606 P: 312.461.4321 | F: 312.987.9854 jgoldman@mpslaw.com www.mpslaw.com

Julie focuses her practice in real estate, representing banks and other lenders in commercial transactions, advising clients in land acquisition and development, and representing landlords and tenants in leasing transactions. Prior to joining MPS, Julie practiced law in Florida for over a decade and remains licensed in both Illinois and Florida.

Joy’s experience in the real estate area is extensive from all seats at the table--developer, buyer, seller, lender and JV partner -- and across multiple property classes, such as retail, office, senior housing and industrial projects.

Julie Cunniff

Meltzer, Purtill & Stelle LLC is one of the Chicago area’s most successful and respected business law firms, with exceptionally strong capabilities in commercial real estate. The firm provides a fully range of transactional and litigation services to real estate developers, financial institutions, and businesses engaged in corporate, industrial, and retail development as well as financing, leasing, and investment.

Do you have a favorite quote or saying?

We gain strength, and courage, and confidence by each experience in which we really stop to look fear in the face . . . we must do that which we think we cannot.” – Eleanor Roosevelt

Where you may find me when I’m NOT working: “Cooking for friends and family.”

Meltzer, Purtill & Stelle LLC

MSI General Corporation

Partner

AIA, Manager of Select Projects

Julie Mitchell

Holly Shuman

W215 E. Wisconsin Ave, Nashotah, Wisconsin, 53058 262.367.3661 juliem@msigeneral.com

300 South Wacker Drive, Suite 2300 Chicago, IL 60606 P: 312.461.4319 | F: 312.987.9854 hshuman@mpslaw.com www.mpslaw.com

Employed by MSI General for 24 years, I am a registered architect managing the Select Projects Division, a team dedicated to smaller projects with budgets under $500,000. My responsibilities include prospecting clients, mentoring project directors, monitoring project progress, and boosting sales and margins.

Holly Shuman concentrates her law practice in the areas of commercial finance, commercial tenant leasing, acquisitions, dispositions, and general real estate matters. Holly regularly represents financial institutions in connection with real estate based construction, acquisition, and refinance loans. Holly also regularly represents tenants across the United States and Canada with their lease negotiations. Meltzer, Purtill & Stelle LLC is one of the Chicago area’s most successful and respected business law firms, with exceptionally strong capabilities in commercial real estate. The firm provides a fully range of transactional and litigation services to real estate developers, financial institutions, and businesses engaged in corporate, industrial, and retail development as well as financing, leasing, and investment.

Where you may find me when I’m NOT working:

“I enjoy traveling with friends and family, spending time with my dogs and cat, and watching Michigan State football and basketball – especially when they win.”

MSI General is a design/build general contractor that employs designers, engineers, estimators and construction managers under one roof. Our teams work together on each project from start to finish.

Do you have a favorite quote or saying?

“I am aware that I am surrounded by people who feel that they could do the job better, strong people with powerful characters, but for better or worse, the crown has landed on my head and I say we go”- Queen Elizabeth II, from the TV show The Crown

What is a skill or talent you have that you might not put on a resumé? Listening comes naturally to me. I pay attention to all sides and ideas to develop a shared solution or happy compromise. I guide and encourage others to perform their best.

Where you may find me when I’m NOT working:

You might find me with my grown daughters and their families, in my garden, in my barn tending to my horse, or painting watercolors of dogs.

NAI DESCO

Director of Property Management

Meghan Donovan Associate Broker

8112 Maryland Ave, Suite 300, St. Louis, MO, 63105 P: 314.994.2330 kchatman@naidesco.com

8112 Maryland Ave, Suite 300 St. Louis, MO, 63105 P: 314.994.2320 mdonovan@naidesco.com

Katie oversees a portfolio of over 900,000 SF of commercial product encompassing office, industrial and retail properties. Her responsibilities include managing operational and financial performance of the portfolio as well as supervising property management and maintenance personnel. Additionally, Katie is responsible for finding new business opportunities and expanding the portfolio.

Meghan works with the retail, industrial and office teams securing new business opportunities throughout the St. Louis MSA. Meghan assists both landlords and tenants in identifying opportunities and negotiating agreements.

Katie Chatman

As an affiliate of NAI Global, NAI DESCO provides commercial real estate brokerage and management services to Eastern Missouri and Southern Illinois, providing international services with a local focus.

Do you have a favorite quote or saying?

Great things come from hard work and perseverance. No Excuses. ~ Kobe Bryant

What is a skill or talent you have that you might not put on a resumé? I took piano lessons for 13 years.

Where you may find me when i’m NOT working:

I enjoy working out, hanging out with friends and family, traveling, and cooking.

Do you have a favorite quote or saying?

Do one thing every day that scares you. Those small things that make us uncomfortable help us build courage to do the work we do. -Eleanor Roosevelt

What is a skill or talent you have that you might not put on a resumé?

A skill I don’t put on my resume is volleyball. I played at the collegiate level at the University of Georgia, and now play for fun in sand volleyball leagues.

Where you may find me when i’m NOT working:

I love to go to the beach for fun. My favorite place is Naples, Florida where I walk to the Pier, play tennis, and get to relax by the ocean.

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

NAI DESCO

NAI FMA Realty

Vice President

Property Manager

Tammy Walter, ARM, AHWD

Michelle Miller

1248 O Street, Suite 550 Lincoln, NE 68508 P: 402.441.5800 twalter@naifma.com www.naifmarealty.com

8112 Maryland Ave, Suite 300 St. Louis, MO, 63105 P: 314.994.4944 mmiller@naidesco.com Michelle specializes in brokerage within the retail and industrial markets focusing on tenant and landlord representation - including the leasing and disposition of commercial properties and investment real estate. Michelle’s strong work ethic and communication skills allow her to provide her clients with exceptional service and achieve their desired results.

As a property manager for over 15 years, she oversees the day-to-day operations for a portfolio of 1.4 million square feet of office, retail, and residential properties. Tammy earned her B.A. in business management from the University of Phoenix of Arizona and holds the Accredited Residential Manager (ARM) certification through IREM.

Do you have a favorite quote or saying?

I’m a great believer in luck, and I find the harder I work the more I have of it” - Thomas Jefferson

What is a skill or talent you have that you might not put on a resumé? Empathy, the ability to put myself in someone else’s shoes and find a compromise or the best way forward.

Where you may find me when i’m NOT working:

I enjoy traveling and am usually planning a trip, but if travel is not an option, you’ll find me trying out a new recipe with a glass of wine in hand.

NAI FMA Realty is a commercial real estate firm providing expertise and market intelligence in brokerage, landlord leasing, property management, facility maintenance, investment sales and tenant representation for over 60 years.

Do you have a favorite quote or saying?

“Real change, enduring change, happens one step at a time” - Ruth Bader Ginsburg

What is a skill or talent you have that you might not put on a resumé?

I am a DEVO Volunteer Mountain Bike Instructor and during the summer months teach kids ages 5-17 how to ride a mountain bike.

Where you may find me when i’m NOT working Riding my mountain bike on a dirt trail in the forest. I have been an avid mountain biker for over 10 years and love being outdoors.

NorthPoint Development

O’Donnell Commercial Real Estate, Inc.

Project Manager

Broker

Christina Hubacek, P.E.

Meredith Klug

Downers Grove, IL 60515 P: 331.251.3111 chubacek@northpointkc.com

311 N. Second Street, Suite 300, St. Charles, IL 60174 P: 630.444.0444 meredith@odcre.com

Christina is a licensed engineer, turned real estate developer. As a project manager at NorthPoint Development, her focus is industrial development of complex sites throughout the United States. She has extensive experience in both entitlement and construction. Christina brings the technical knowledge to each development with a precise and strategic approach. NorthPoint Development is a privately held real estate development firm specializing in the development of Class A Real Estate facilities. Our firm combines an innovative business approach with an entrepreneurial spirit.

Do you have a favorite quote or saying? It always seems impossible until it’s done.

Meredith has extensive experience in the commercial real estate industry, with emphasis on medical office. She has helped a number of Chicagoland tenants in their search for space, as well as represented local and national owners/institutions. Current clients include Healthcare Trust of America, Healthcare Realty, and Everest Healthcare Properties. Her background in corporate technology allows her to provide clients with unique analysis skills and attention to detail as a commercial broker. O’Donnell Commercial Real Estate is dedicated to providing clients with unparalleled commercial expertise paired with local knowledge, for both tenant and product representation, for all types of commercial real estate, including medical, industrial, office, retail, land, and investment sales. Please visit www.odcre.com for more information.

Do you have a favorite quote or saying?

What is a skill or talent you have that you might not put on a resumé?

My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose. Somehow we win out. - Ronald Reagan

Where you may find me when I’m NOT working:

What is a skill or talent you have that you might not put on a resumé?

Party Planning! I love throwing themed parties and have a knack for focusing on all aspects down to the small details.

Wrangling my two active boys who love dirt bikes, basketball and everything else outdoors!

A skill I have gained is being able to do barre classes with ease... as long as I go regularly.

Where you may find me when I’m NOT working:

Spending time with my family and supporting my girls at their basketball and volleyball games.

Pace Properties

Associate - Brokerage

Elise Bozzi

Associate - Brokerage

St. Louis, MO 63144 P: 314.785.7632 lberry@paceproperties.com www.paceproperties.com

St. Louis, MO 63144 P: 314.785.7624 ebozzi@paceproperties.com www.paceproperties.com

With six years of Commercial Real Estate experience, Lauren Berry, CCIM, is a part of the retail leasing team specializing in landlord representation, tenant representation, and investment sales. Her experience in commercial real estate includes financial, analytical, and prospecting responsibilities for retail investment transactions.

With one year of experience in Commercial Real Estate, Elise is responsible for both office and industrial property transactions. Previously interning in the commercial real estate industry, she gained the knowledge and experience to launch her career.

Lauren Berry, CCIM

Founded in 1984, Pace Properties is a multi-service commercial real estate company with dedicated professionals who have intimate market knowledge and are dedicated to creating real estate solutions for clients.

Do you have a favorite quote or saying?

My mentor once told me the difference between a good broker and a great broker is the amount of work that falls through the crack – Great brokers don’t let much slip through.

What is a skill or talent you have that you might not put on a resume? Horseback riding – I have ridden horses for 15+ years.

Where might we find you when you’re NOT working? The barn, hanging out with friends, family or traveling!

Do you have a favorite quote or saying?

“Don’t stop until you’re proud.” – Anna Colibri

What is a skill or talent you have that you might not put on a resumé?

I’m secretly Giada De Laurentiis! I’m actually a really great cook and my specialty is Italian cuisine. Mangia!

Where you may find me when I’m NOT working:

The mountains or beach are always calling my name, and in 2022, Aruba and Turks & Caicos shouted loud and clear!

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

Pace Properties

Associate - Brokerage

Kate Grewe

Associate - Brokerage

Kansas City, MO 64112 P: 816.866.9898 mgraham@paceproperties.com www.paceproperties.com

St. Louis, MO 63144 P: 314.785.7662 kgrewe@paceproperties.com www.paceproperties.com

With eight years in Commercial Real Estate, Madison Graham is responsible for tenant representation and landlord leasing services for national and regional/local property owners. Madison joined the brokerage team after five years as a Property Manager on the Asset Management team. Most recently, she was named to IREM’s 30 under 30 class of 2020.

With five years in Commercial Real Estate, Kate Grewe is responsible for tenant representation and landlord leasing services for national and regional/local property owners. Kate also has a background in Property Management overseeing commercial properties. Armed with this experience, Kate strives for the highest level of excellence in communicating and analyzing St. Louis’ unique demographics and trends.

Madison Graham, CPM

Do you have a favorite quote or saying?

“Vulnerability is the birthplace of innovation, creativity and change.”– Brene Brown

What is a skill or talent you have that you might not put on a resumé?

Do you have a favorite quote or saying?

“Don’t worry about failures, worry about the chances you miss when you don’t even try. “ - Jack Canfield

What is a skill or talent you have that you might not put on a resumé?

I once heard that life speeds up because we get into a routine, which ultimately runs together over time. Since learning this, I’ve made a point to take every opportunity to try something new.

I work to support my needlepoint addiction! Okay, that’s stretch, but I do enjoy it from time to time.

Where you may find me when I’m NOT working:

Traveling is my passion. If I’m not working, you can find me taking a weekend trip or immersing myself in another culture.

Outside of work, you might find me at my family farm.

Pace Properties

Pepper Construction Company

Director – Brokerage

Vice President of High Performance and Sustainable construction

Elizabeth Schenk St. Louis, MO 63144 P: 314.785.7633 eschenk@paceproperties.com www.paceproperties.com With 16 years in Commercial Real Estate, Elizabeth Schenk is responsible for tenant representation, landlord representation, and property disposition for retail clients. She also provides strategic consulting services to assist retailers in their store roll-outs throughout Missouri and Central Illinois. Founded in 1984, Pace Properties is a multi-service commercial real estate company with dedicated professionals who have intimate market knowledge and are dedicated to creating real estate solutions for clients.

Do you have a favorite quote or saying?

An excerpt from President Calvin Coolidge, “Persistence and determination alone are omnipotent”. It has so many applications to life and work ethic, but especially suitable to Brokerage!

What is a skill or talent you have that you might not put on a resumé?

I am comfortable talking with most everyone and think that’s a social skill that is important, yet unmarketable on a resume. Listening and learning from others is powerful, especially when their experiences share lessons with simple virtues like integrity, honesty, loyalty, compassion, or work ethic.

Where you may find me when I’m NOT working:

Planting TREEBUTE memorial trees with my husband or at home with our three incredible kiddos!

Susan Heinking AIA, LEED Fellow 643 N. Orleans Street, Chicago, IL, 60654 P: 847.620.4155 sheinking@pepperconstruction.com As a licensed architect and LEED Fellow, Susan leads High Performance and Sustainable Construction Group. She provides decision-making tools to determine investment paybacks and reduce operating costs, leads projects to their sustainability goals, assists clients with corporate environmental compliance during construction and puts existing buildings on a path to sustainability. Pepper Construction serves clients in virtually every vertical market. By integrating high-performance and technological expertise into their operational processes, Pepper is transforming the future.

Do you have a favorite quote or saying?

“Outstanding people have one thing in common: an absolute sense of mission”

What is a skill or talent you have that you might not put on a resumé? Hiking and backpacking are a talent and a joy of mine, so much so that I hiked the Appalachian Trail.

Where you may find me when I’m NOT working:

You can find me on the golf course with my husband and 9-year-old triplets.

Pepper Construction Company

Senior Vice President, CMO and Chief Strategy Officer

Vice President, Technical Services

Jacqueline Lavigne, LEED AP

Jennifer Suerth, LEED AP

643 N. Orleans Street, Chicago, IL, 60654 P: 312.649.7675 jlavigne@pepperconstruction.com

643 N. Orleans Street, Chicago, IL, 60654 P: 312.649.7616 jsuerth@pepperconstruction.com

As Chief Strategy Officer and CMO of Pepper Construction Group, Jacqueline helps establish business plans and growth strategy, focusing on relational approaches that drive metrics-based results. Jacqueline also provides strategic expertise at the project level through kick-off and team-building strategies, which particularly benefits teams with shared agreements.

Jen provides strategic direction at Pepper with regard to Building Information Modeling (BIM), Virtual Design and Construction (VDC), consulting services, and enterprise technology. She advises project teams on constructability and implementation and provides leadership on construction, fabrication and facility management.

Pepper Construction serves clients in virtually every vertical market. By integrating high-performance and technological expertise into their operational processes, Pepper is transforming the future.

Do you have a favorite quote or saying?

The farther back you can look, the farther forward you are likely to see. - Winston Churchill

The most dangerous phrase in the English language is, “we’ve always done it this way” -- Unknown

What is a skill or talent you have that you might not put on a resumé?

I’m working on my conversational French.

Where you may find me when I’m NOT working: Discovering new places with my daughters - the further away, the better.

Improv comedy. It has translated well in my professional life, as I am able to appropriately react to any situation thrown at me while also listening better.

Where you may find me when I’m NOT working:

Exploring everything the city of Chicago has to offer, including walking along the Chicago lakefront path with my new baby, adorable Goldendoodle dog, and husband.

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

REINHART BOERNER VAN DEUREN s.c.

Shepard Schwartz & Harris LLP

Shareholder, Co-Chair of Real Estate Practice and Entitlements Group

123 N. Wacker Drive, #1400, Chicago, IL, 60606 P: 312.726.8353 mfuller@ssh-cpa.com

Deborah Tomczyk

1000 N Water Street, Suite 1700 Milwaukee, WI 53202 P: 414.298.8331| F: 414.298.8097 dtomczyk@reinhartlaw.com reinhartlaw.com As co-chair of Reinhart Boerner Van Deuren’s Real Estate Practice, Deborah helps her clients in all aspects of real estate development. She specializes in government relations, zoning, land use, eminent domain, licensing, tax incremental financing and business improvement districts. Reinhart is a full-service, business-oriented law firm that delivers cost-effective solutions for today’s most important real estate needs, including land use and zoning; taxincremental financing; tax credits; and condemnation and eminent domain issues. With the largest real estate practice in Wisconsin and offices throughout the Midwest and across the county, Reinhart’s attorneys offer clients customized real estate insight rooted in broad knowledge and deep experience.

Mary Fuller Managing Partner

Mary Fuller is Managing Partner of Shepard Schwartz & Harris LLP (“SS&H), and specializes in real estate audit, tax and consulting work related to all areas of commercial real estate including multi-family housing, office properties, shopping centers, and senior housing. She advises developers, property management companies and investment entities on a wide range of structure, tax efficiency and due diligence matters. Mary was named a “Woman to Watch” by the Illinois CPA Society and is the current ICPAS’s Vice-Chair. She is a past President of CREW Chicago and is a Distinguished and Notable Advisory Board member. She has served as a mentor for Roosevelt University’s Goldie Wolfe Miller Women’s Leaders in Real Estate Initiative and is an active mentor to all of SS&H’s young professionals. Founded in 1935, Shepard Schwartz & Harris LLP is the accounting and advisory firm of choice for some of Chicago’s most successful and prominent office, shopping center, mixed-use and condominium developers; property managers; home builders, contractors and real estate private equity investment groups.

Do you have a favorite quote or saying?

“Inspire others by doing amazing work and make them want to follow your lead”

What is a skill or talent you have that you might not put on a resumé? I am secretly “Martha Stewart” and besides cooking and cake decorating, I love to sew and create when I have free time.

Where you may find me when I’m NOT working:

Either with my family in Delevan or on a sunny beach vacation memorized by the rolling waves.

Signature Associates | AERES Team

Signature Associates

Principal

Megan Malczewski, CCIM, SIOR Principal

One Towne Square, Suite 1200, Southfield, MI, 48076 P: 248.359.3808 edunlap@signatureassociates.com

Four SeaGate, Suite 608 Toledo, Ohio, 43604 P: 419.249.6314 mmalczewski@signatureassociates.com

Erica joined Signature in 2013, coming from an architecture firm in Washington, D.C. Erica attended Georgetown University for her Masters and University of Michigan for undergraduate. Angela and Erica formed AERES in 2017 to maximize their relationships and knowledge of downtown markets. Since 2017, the AERES Team completed 208 transactions totaling 37 acres and 2.66 million square feet, valued over $191 million.

With more than 20 years of experience in the Toledo CRE marketplace, I make it my goal to establish meaningful connections with all my clients. I specialize in relationships with a primary focus on office and industrial sales/leasing. My organized and goal-driven approach enables me to close over 80 sale and lease transactions per year.

Erica Dunlap

Founded in 1989, Signature Associates is the region’s largest volume, full-service commercial real estate firm with eight offices throughout Michigan and Northwest Ohio.

Do you have a favorite quote or saying?

“I never dreamed about success, I worked for it” - Estee Lauder

What is a skill or talent you have that you might not put on a resumé? My love for sports. I played Division 1 soccer at the University of Michigan and grew up playing competitive sports my entire life.

Where you may find me when I’m NOT working:

Considering I will have three boys, three and under, playing with dinosaurs, sports gear, and trucks.

Founded in 1989, Signature Associates is the region’s largest volume, full-service commercial real estate firm with eight offices throughout Michigan and Northwest Ohio.

Do you have a favorite quote or saying?

“Pray as though everything depends on God. Work as though everything depends on me.” - Saint Augustine

What is a skill or talent you have that you might not put on a resumé?

I am a triathlon athlete, most recently completing my first Iron Man in July 2021. To complete this test of endurance, it took focus, training, perseverance, grit and tenacity, all of which I use every day selling and leasing real estate.

Where you may find me when I’m NOT working:

Savoring time with my family! Our weekends and off hours are filled with watching our daughters sporting events and enjoying time with friends and family. I also squeeze in time to train and compete in triathlons.

Signature Associates | AERES Team

Skender

Principal | Associate Broker

Kelly Allen Project Engineer

One Towne Square, Suite 1200, Southfield, MI, 48076 P: 248.359.3838 athomas@signatureassociates.com

1330 W Fulton Street, Suite 200 Chicago, IL 60607 P: 312.781.0265 skender.com

Angela joined the Signature Team in September of 2005 after graduating from the University of Michigan. Angela and Erica formed AERES in 2017 to hone in on their greatest strengths, their relationships and knowledge in the downtown markets. Since 2017, the AERES team completed 208 transactions totaling 37 acres and 2.66 million square feet, valued over $191 million.

Kelly joined Skender in 2019 and has helped to deliver a multitude of interior build-outs and renovations, including projects for CCC Intelligent Solutions, and Schiller DuCanto & Fleck, as well as preconstruction for a 500,000-SF interiors project. Kelly earned a degree in Civil & Environmental Engineering from Villanova University.

Angela Thomas

Founded in 1989, Signature Associates is the region’s largest volume, full-service commercial real estate firm with eight offices throughout Michigan and Northwest Ohio.

Do you have a favorite quote or saying?

Headquartered in Chicago with an office in Indianapolis, Skender is one of the nation’s top 100 building contractors with full-service construction capabilities in every major project sector. It is routinely recognized as a Best Place to Work and widely known for its Lean project delivery that maximizes value, efficiency and results for its clients.

Do you have a favorite quote or saying?

“Never problems, only opportunities” - my dad, Frank Arcori “Be the Change you Wish to See in the World” - Mother Theresa

I often quote the Postman’s Oath: “Neither Rain, Nor Sleet, Nor Dark Of Night Shall Stay These Couriers From The Swift Completion Of Their Appointed Rounds.”

What is a skill or talent you have that you might not put on a resumé?

My love for people. I think every encounter with a person is an opportunity to make someone smile or feel good about themselves or make their day a little sweeter.

Where you may find me when I’m NOT working:

Before I was a mom, on the golf course. Now as a mom, in my kitchen,. How life has changed - for the better!

My greatest skill is that I get very invested in my hobbies. Whether it is taking care of my saltwater fish tank or learning a new instrument, I work really hard at perfecting my crafts.

Where you may find me when I’m NOT working:

When I am not working you can find me outside. I am happiest when I am on a fun hike, bike ride or even just a walk around the neighborhood. I love active outings with my friends and family.

The Power of Partnership

At CREW Chicago, we have a simple mission: To positively impact the commercial real estate industry by advancing the power and success of women. We’ve been doing just that for over 30 years.

When you join CREW Chicago, you become a member of the premier professional organization for women in commercial real estate in Chicago and globally. Members enjoy an active program schedule featuring indepth analysis of the latest issues in real estate by industry leaders. You will also have the opportunity to join a select group of high-level professionals at exclusive memberonly events, social gatherings and volunteer opportunities.

BECOME A MEMBER TODAY To find out how, visit us at www.CREWChicago.org or email us at info@CREWChicago.org. North America | Canada | United Kingdom

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Skender

Project Manager

Taylor Betthauser Project Engineer

1330 W Fulton Street, Suite 200 Chicago, IL 60607 P: 312.781.0265 skender.com

Lauren joined Skender in 2019 and is part of the firm’s Commercial group, which focuses on new construction of high-rise office, hotel, multifamily and mixed-use developments. She is currently wrapping up construction of a 15-story office building at 609 W Randolph. Lauren earned a degree in Civil Engineering from the University of Illinois at Urbana-Champaign.

Taylor joined Skender in 2018 and has helped deliver numerous healthcare construction projects for Northwestern Medicine and Ann and Robert H. Lurie Children’s Hospital. She has also worked on tenant interiors projects such as LinkedIn and Brookfield Properties. Taylor earned a degree in Civil Engineering from the University of Wisconsin at Madison.

Lauren Bauer

Do you have a favorite quote or saying?

“A job worth doing is a job worth doing well.” Both of my parents used this phrase when I was younger about anything: extracurriculars, chores, school projects, etc. The phrase shaped my work ethic.

What is a skill or talent you have that you might not put on a resumé?

I’ve played the piano since I was 7 years old. I practiced every day for hours until I was 18. I’ve since realized it taught me diligence and commitment that has been extremely helpful in my career.

Where you may find me when I’m NOT working:

Golfing and hiking! I love the outdoors. During Chicago winters, I also like to sit by the fireplace with my dog, Lucy.

Do you have a favorite quote or saying?

“Do not go where the path may lead, go instead where there is no path and leave a trail.” – Ralph Waldo Emerson. I love all his writing, but that’s one of my favorites.

What is a skill or talent you have that you might not put on a resumé? Not to brag, but I’m pretty speedy at Sudoku. I typically do several a day to unwind. Not a very applicable skill for the workforce, but it keeps me on my toes.

Where you may find me when I’m NOT working:

Out and about outside! I love traveling and hiking in places with beautiful scenery. You can find me exploring local parks and hanging out around the lake.

Skender

Project Engineer

Savanna Eaglen Project Manager

1330 W Fulton Street, Suite 200 Chicago, IL 60607 P: 312.781.0265 skender.com

Mallory joined Skender in 2018 and has worked on both healthcare and tenant interiors projects, including renovations and expansions for clients like Google, Equity Residential, AbelsonTaylor and Northwestern Medicine. Mallory earned a degree in Earth and Environmental Sustainability from the University of Illinois at Urbana-Champaign.

Savanna has been a member of Skender’s award-winning Interiors team since 2016. During her tenure she has helped deliver projects for some of the world’s most recognized companies, including Facebook, Morgan Stanley and Google. Savanna earned a degree in Interior Design from Indiana University.

Mallory Church

Do you have a favorite quote or saying?

“You can’t make an omelet without cracking a few eggs.” Random, but true.

As Tracy Morgan says, live every week like it’s Shark Week.

What is a skill or talent you have that you might not put on a resumé?

Where you may find me when I’m NOT working:

Enneagram Type 5 all the way - perceptive, observant and self-reliant (sometimes not always a good thing!) In the summer you can find me doing anything outdoors; biking, walking around the neighborhood or sipping drinks on a nearby patio. In the winter I love staying in to watch movies or to try to cook or bake something new.

Working on my camper van.

Skender

Strategic Account Manager

Luz Mewes Project Engineer

1330 W Fulton Street, Suite 200 Chicago, IL 60607 P: 312.781.0265 skender.com

Michelle joined Skender in 2018 and works closely with clients to achieve meaningful results on their construction projects. She has over 10 years of experience, including commercial real estate leasing, site selection and market research. Michelle earned a degree in communications from the University of Kansas and is active in many professional organizations.

Luz joined Skender in 2021 and has more than 15 years of construction industry experience, including time working in California and Honduras. She is currently busy on the new construction of a 200,000-SF office and retail building in Fulton Market. Luz earned a degree in Civil Engineering from Jose Cecilio del Valle University in Guatemala.

Michelle Levy

results for its clients.

I received classroom training in welding and carpentry – definitely a random skill set, but it has for sure come in handy!

Do you have a favorite quote or saying?

“Taking on a challenge is a lot like riding a horse, isn’t it? If you’re comfortable while you’re doing it, you’re probably doing it wrong.” -Ted Lasso

My two favorite quotes: “Do what is right, not what is easy” and “condemnation without investigation is the highest form of ignorance.”

What is a skill or talent you have that you might not put on a resumé?

Interior decorating, cooking and snowboarding are all skills, but the talent I use most often is connecting people. I love helping others find solutions or achieve their goals.

Where you may find me when I’m NOT working:I love

Hanging out with my dog, Frank, or traveling and learning about new cultures. I have been all over the world from Africa to Vietnam to Patagonia. I’m also a huge outdoors fan – camping, hiking, kayaking, etc.

I am not sure if it is a skill or talent, but I have learned how to fix some electronics. I enjoy figuring things out on my own and I also like to learn about the electrical components.

Where you may find me when I’m NOT working:

Either at my house relaxing with my two Golden Retrievers and my husband or hiking. When the weather is nice, I love to be outdoors.

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

Skender

Project Engineer

Jamie Nieves

Vice President, Business Relationships

1330 W Fulton Street, Suite 200 Chicago, IL 60607 P: 312.781.0265 skender.com

333 N Alabama St, Suite 350 Indianapolis, IN 46204 P: 859.907.3988 skender.com

Erin Monnin is one of Skender’s newest members. She works with the Healthcare group to deliver construction projects for Northwestern Medicine and Ann and Robert H. Lurie Children’s Hospital. Erin earned a degree in Architectural Engineering from the University of Cincinnati. She is also a volunteer for Habitat for Humanity.

Jamie works out of Skender’s Indiana office, collaborating with clients to achieve meaningful results on their construction projects. She has over 13 years of experience in economic development, business development, civil engineering and marketing. Jamie earned degrees in marketing and finance from Franklin College and is active in many professional organizations.

Erin Monnin

Do you have a favorite quote or saying?

“Be who you are and say what you feel, because in the end those who matter don’t mind and those who mind don’t matter.” – Dr. Seuss

What is a skill or talent you have that you might not put on a resumé?

I love photography. When I am in a new city, I make sure to find new areas outside to take photos of nature!

Skender is one of the nation’s top 100 building contractors with full-service construction capabilities in every major project sector. It is routinely recognized as a Best Place to Work and widely known for its Lean project delivery that maximizes value, efficiency and results for its clients.

Do you have a favorite quote or saying?

“You can’t go back and change the beginning, but you can start where you are and change the ending.” -C.S. Lewis

What is a skill or talent you have that you might not put on a resumé? I can do several handstand push-ups consecutively.

Where you may find me when I’m NOT working: Relaxing at home with any Marvel movie playing in the background.

Where you may find me when I’m NOT working:

A perfect non-workday for me would be hanging out with friends. I do something with them just about every weekend, and we always end up traveling to a different city!

Skender

Project Engineer

Ashlee Pforr Project Executive

1330 W Fulton Street, Suite 200 Chicago, IL 60607 P: 312.781.0265 skender.com

Allison joined Skender in 2019 and has since been an integral member of the Multifamily team, helping to deliver affordable housing projects, such as the Presbyterian Homes ABC Wing and Sarah’s on Sheridan, a six-story supportive housing facility for women on Chicago’s North Side. Allison earned a degree in Civil Engineering from the University of Illinois at Urbana-Champaign.

Since joining the firm in 2010, Ashlee has overseen numerous teams on awardwinning buildouts, including HERE Technologies, Bank of America, SRAM and Echo Global Logistics. She is recognized for her mentorship and talent development, and she was twice named one of Crain’s Chicago Business’ Notable Women in Construction and Design. Ashlee earned a degree in Civil Engineering from Iowa State University.

Allison Pales

Do you have a favorite quote or saying?

Being a math and physics nerd, I have always loved Albert Einstein. One of my favorite quotes from him is: “In the middle of every difficulty lies opportunity.” It never seems to stop being relevant in life.

What is a skill or talent you have that you might not put on a resumé? I do not believe this is a useful skill, but I can do the worm with my eyebrows. It makes for a weird and awkward icebreaker in tense situations. So, I guess it actually is somewhat useful!

Where you may find me when I’m NOT working:

I love being outside. My husband and I like to take our dog on long walks and check out the new stores and restaurants in our town.

Do you have a favorite quote or saying?

I always say, “Choose your own adventure,” especially when mentoring young women in our industry. There are so many amazing career opportunities in construction.

What is a skill or talent you have that you might not put on a resumé? I’m not much of a cook, but I do have quite the knack for baking. One day I decided to make French macarons and they are now my specialty.

Where you may find me when I’m NOT working:I love to travel. You can find me on a road trip to visit friends and family or in some exotic location perusing the local shops and restaurants.

Skender

Project Engineer

Golzar Shobeiri Project Engineer

1330 W Fulton Street, Suite 200 Chicago, IL 60607 P: 312.781.0265 skender.com

Arianna joined Skender earlier this year as a member of the Multifamily construction team. She is currently working on Torrence Place, a 3-story, mixed-use affordable housing and health clinic project in Lansing; and Maywood Supportive Living, a five-story, 133,000-SF supportive living facility for seniors. Arianna earned a degree in Civil Engineering from the University of Illinois at Urbana Champaign.

Golzar joined Skender in early 2021 and is currently working on the expansion of LinkedIn’s fifth floor. Before joining Skender, she worked on the CareerBuilder headquarters and Slalom Consulting projects. Golzar earned a degree in Engineering Management from the Illinois Institute of Technology.

Arianna Roldan

Do you have a favorite quote or saying?

Mais vale um pássaro na mão do que dois voando. It means “A bird in the hand is worth two in the bush.”

What is a skill or talent you have that you might not put on a resumé?

I’m a pretty good skater, actually. It makes the cold Chicago winters a bit more bearable.

Where you may find me when I’m NOT working:

I have family scattered everywhere, so I am always off visiting someone somewhere. Either that or binge-watching anime with my brother when he’s home.

results for its clients.

Do you have a favorite quote or saying?

I have two! Never take life for granted. And live every day like it’s your last.

What is a skill or talent you have that you might not put on a resumé? Baking. It’s a hobby I enjoy doing, and I love to share what I create with colleagues, friends and family.

Where you may find me when I’m NOT working:

Curled-up in my couch watching something on Disney+ while waiting for the cookies I made to bake in the oven.

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Skender

Stream Realty

Senior Project Manager, Team Leader

Executive Vice President

Lauren Torres

1330 W Fulton Street, Suite 200 Chicago, IL 60607 P: 312.781.0265 skender.com Lauren graduated from Purdue University in 2008 and began her career in construction graphics before finding her path in construction project management. In 2013, Lauren began working for Skender, where she was part of the teams that built Motorola Mobility, 1871, Matter, Braintree, Google, Sprout Social, LinkedIn and many more exciting projects Headquartered in Chicago with an office in Indianapolis, Skender is one of the nation’s top 100 building contractors with full-service construction capabilities in every major project sector. It is routinely recognized as a Best Place to Work and widely known for its Lean project delivery that maximizes value, efficiency and results for its clients.

Do you have a favorite quote or saying?

My favorite is a quote from the late RBG: “Fight for the things you care about, but do it in a way that will lead others to join you.”

What is a skill or talent you have that you might not put on a resumé?

Juggling! Yes, the physical skill, but also keeping all the balls in the air! Life is about steadily balancing everything, which for me, includes raising a healthy, happy one-year-old.

Where you may find me when I’m NOT working:

You can find me perfecting my home interiors! I enjoy searching for the perfect furniture piece, collaborating and sourcing from local artisans and collecting noteworthy travel mementos.

226 N. Morgan Street | Suite 500 Chicago IL 60607 P: 312.213.2219 Wendy.Katz@streamrealty.com www.streamrealty.com Wendy Katz serves as an Executive Vice President for Stream Realty Partners’ Chicago office. With more than 25 years of experience in commercial real estate, Wendy brings a wealth of experience and expertise to her new role with Stream. Having worked with current and past clients such as Vornado, KBS, Starwood Capital, The Irvine Company and Tishman Speyer Properties, Wendy will continue to partner with owners and developers on leasing assignments with the added responsibility for identifying new opportunities in Chicago’s office market. Before joining Stream Chicago, Wendy was an Executive Director with Cushman & Wakefield Chicago. Wendy began her career in commercial real estate right out of college, and she has worked as a landlord representative with such companies as Tishman Speyer Properties, CB Richard Ellis and J.F. McKinney & Associates. Stream Realty Partners, a national real estate development, services and investment firm.

Do you have a favorite quote or saying?

I love this quote from Maya Angelou - “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

What is a skill or talent you have that you might not put on a resumé? I took all types of dance classes when I was younger, and I still love to dance.

Where you may find me when i’m NOT working

Walking our dog, working out, trying new restaurants with friends, and traveling.

Stream Realty

Partner & National Leader of Property Management

Jessica O’Hara Senior Vice President

6250 N. River Road, Suite 6025 Rosemont IL 60018 P: 708.667.8472 Victoria.knudson@streamrealty.com www.streamrealty.com

226 N. Morgan Street | Suite 500 Chicago IL 60607 P: 312.801.9395 Jessica.ohara@streamrealty.com www.streamrealty.com

Victoria Knudson joined Stream Realty Partners in 2016 as Executive Vice President – Leader of National Industrial Property Management and is now a Partner with the firm. She brings 34 years of real estate experience and focuses on strengthening and overseeing the company’s industrial property management operations with a significant concentration on expanding the platform while supporting Stream Realty Partners full array of integrated services.

Focuses on office landlord representation. Specializing in maximizing an asset’s value through creative leasing efforts, systematic market and financial analysis, and comprehensive lease negotiations. In addition, some of her other responsibilities include expanding Stream’s acquisition, development, leasing, and property management platforms and growing Stream’s presence in the greater Chicago market.

Victoria Knudson

Prior to joining Stream Realty Partners, Victoria served as Senior Managing Director – National Industrial Property Management Leader for Cushman & Wakefield where she was an accomplished Senior Executive responsible for the development and growth of the United States Industrial Platform totaling 280 million square feet. Prior to that, Victoria served as Vice President of Operations for AMB Property Corporation and also worked as an executive for Trammell Crow from 1987 through 2004. Stream Realty Partners, a national real estate development, services and investment firm.

Do you have a favorite quote or saying?

When you educate a man; you educate a man . When you educate a women; you educate a generation. Brigham Young

What is a skill or talent you have that you might not put on a resumé? “One of my talents is cooking Italian cuisine and bringing people together, Famiglia!”

Where you may find me when I’m NOT working: Hanging out with my grandchildren and living my best life!

Stream Realty Partners, a national real estate development, services and investment firm.

Do you have a favorite quote or saying?

“Hire people with the potential to do more than the job they are hired for.”

What is a skill or talent you have that you might not put on a resumé? I wouldn’t call it a skill or talent, but I love to dance. Just not very well.

Where you may find me when I’m NOT working:

Lately, at home with my 1 year crawling through tunnels, which he loves.

Stream Realty

SVN Chicago Commercial

Executive Vice President

Vice President

Andrea Saewitz

226 N. Morgan Street | Suite 500 Chicago IL 60607 P: 312.919.1740 Andrea.saewitz@streamrealty.com www.streamrealty.com Andrea Saewitz serves as an Executive Vice President for Stream Realty Partners’ Chicago office. In her new role, Andrea will continue to focus on agency leasing efforts, representing institutional owners and landlords and the assets they own in the central business district. Andrea has historically worked with institutional owners including Vornado and Manulife. Andrea brings more than 41 years of experience in office leasing and has completed over 3,000 transactions totaling more than eighteen million square feet. Prior to joining Stream Chicago, Andrea was the Executive Managing Director with Cushman & Wakefield Chicago. Stream Realty Partners, a national real estate development, services and investment firm.

Do you have a favorite quote or saying?

I have a few. Treat others as you would like to be treated. Stress should be a powerful driving force, not an obstacle. You cannot control what goes on outside yourself, but you can control what goes on inside.

What is a skill or talent you have that you might not put on a resumé? In college I was a competitive synchronized swimmer

Where you may find me when I’m NOT working: Walking outside for exercise and to enjoy nature.

Wendy Katz

Olivia Czyzynski

940 W Adams St, Suite 200 Chicago, IL, 60607 P: 312.676.1862 olivia.czyzynski@svn.com Olivia Czyzynski is a top producer and has 15 years of commercial real estate experience. She is part of the all-woman SVN Suburban Next Level Team, specializing in investment sales and leasing of office and industrial, with a light focus on retail. She focuses specifically in North Chicagoland, Northwest and Western Suburbs. SVN Chicago Commercial is a full-service commercial real estate firm complete with an in-house Property Management company based in Chicago’s West Loop. Additional sister offices include Rosemont, IL, Denver, CO and Boca Raton, FL.

Do you have a favorite quote or saying?

“The only place success comes before work is in the dictionary.” - Vince Lombardi

What is a skill or talent you have that you might not put on a resumé? I run marathons and have run many across the country. Running a marathon is a lot like real estate, persistence gets you to the finish line!

Where you may find me when I’m NOT working: Riding my Harley and hanging out with my little boy.

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

SVN Chicago Commercial

Advisor

Beverly Hayes

Senior Industrial Advisor

940 W Adams St, Suite 200 Chicago, IL, 60607 P: 312.414 .0602 nfisher@svn.com

940 W Adams St, Suite 200 Chicago, IL, 60607 P: 312.756.7330 beverly.hayes@svn.com

Nathalie Fisher is a top producer with SVN Chicago Commercial and part of an all-woman SVN Suburban Next Level Team, concentrating on the Chicago suburban market focusing on office, industrial and retail.

I have been an Industrial Broker for more than 10 years focusing on industrial owner/user properties in Chicago and the surrounding suburbs.

Nathalie Fisher

SVN Chicago Commercial is a full-service commercial real estate firm complete with an in-house Property Management company based in Chicago’s West Loop. Additional sister offices include Rosemont, IL, Denver, CO and Boca Raton, FL.

Do you have a favorite quote or saying? People are more important than deals.

Do you have a favorite quote or saying?

What is a skill or talent you have that you might not put on a resumé?

Where you may find me when I’m NOT working:

“You never know how strong you are until being strong is your only choice.” I enjoy working out, traveling and spending time with my family.

I’m really good at charades!

Gardening; especially in the spring and summer. On a bad day, I go home and relocate a few bushes or perennials.

SVN Chicago Commercial

Vice President

Karen Kulczycki Senior Advisor

940 W Adams St, Suite 200 Chicago, IL, 60607 P: 312.676.1865 jennifer.hopkins@svn.com

940 W Adams St, Suite 200 Chicago, IL, 60607 P: 312.602.5346 kkulczycki@svn.com

Jennifer has 30+ years of experience in commercial real estate working all sides of the business. Part of a three-woman team, concentrating on the Chicago suburban market with a focus on office, retail, industrial leasing and investment sales, she is consistently a top producer while always keeping the needs of her client as the top priority.

Karen specializes in investment sales and leasing in office, industrial and retail property assets. She started in Commercial Real Estate from a personal development project and has expanded her skills and knowledge to assist clients with their portfolio holdings. Karen has amassed over $15M in transactions since joining SVN Chicago Commercial in 2019.

Jennifer Hopkins

Do you have a favorite quote or saying?

“ The Smallest step in the right direction can turn out to be the biggest step in your life.”

“If opportunity doesn’t knock, build a door.” -Milton Berle

What is a skill or talent you have that you might not put on a resumé?

Where you may find me when I’m NOT working:

Cooking is one of my passions. I love having family and friends over and cooking for them. I love to travel and visit new places. I love reading, working in my yard, and enjoying the company of good friends. Lots of laughing helps me enjoy life!

I am able to find a way to connect with everyone I meet regardless of our backgrounds and experiences. I enjoy living life as an adventure with the ones closest to me. Always open to spontaneous experiences and places. I’m still working on my golf game! Enjoy supporting all the Chicago professional team sports and boating in the summer.

SVN Chicago Commercial

Assistant Vice President

Vice President

Dawn Overstreet

Deena Zimmerman

940 W Adams St, Suite 200 Chicago, IL, 60607 P: 312.756.7335 dawn.overstreet@svn.com

940 W Adams St, Suite 200 Chicago, IL, 60 607 dzimmerman@svn.com

Dawn Overstreet, PhD serves as Assistant Vice President for SVN Chicago, specializing in multifamily with a focus on SRO (Single Room Occupancy) properties. Her focus on affordable housing comes from a desire to help alleviate the shortage of affordable housing in Chicago by assisting sellers, non-profits, affordable developers, and market-rate buyers with a more challenging transaction process.

Deena Zimmerman is an award-winning VP at SVN Chicago Commercial. She specializes in identifying sites throughout Chicagoland and across the Country for national operators, franchisees, first-time entrepreneurs, developers and investors. She is also a trusted expert in Cannabis real estate. Deena is the Co-Chair of the Retail Product Council with SVN International Corp and she is a recognized industry leader and public speaker nationwide.

Do you have a favorite quote or saying?

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” -Maya Angelou

What is a skill or talent you have that you might not put on a resumé? Back in the day, I was a fierce competitor in equestrian events.

Where you may find me when I’m NOT working: Go exploring with my 5-year-old twins and our 8 lb rescue pup named Roo.

Do you have a favorite quote or saying?

Stay Humble, Be Kind, Work Hard.

What is a skill or talent you have that you might not put on a resumé? I consider myself almost genius status at useless knowledge and all things 6 Degrees of Kevin Bacon, or any actor for that matter!

Where you may find me when I’m NOT working: I am an avid college football fan and a lover of anything outdoors, especially if it involves hiking, fishing, and boating.

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Taft Law

Partner and Chair, Real Estate and Condominium Practice Groups

Partner

Kathryn Kovitz Arnold

Julie A. Drewes 2200 IDS Center, 80 South Eighth Street Minneapolis, MN 55402 P: 612.977.8635 | F: 612.977.8650 jdrewes@taftlaw.com www.taftlaw.com

111 East Wacker, Ste. 2800 Chicago IL 60601 P: 312.836.4031 | F: 312.966.8469 karnold@taftlaw.com www.taftlaw.com

Julie represents real estate investment funds, REITs, and development companies in transactions including acquisitions, dispositions, and financings involving multi-property and multi-state portfolios. She received her J.D. from the University of Minnesota Law School, magna cum laude, Order of the Coif.

For 30 years, Kathryn has played a key role in shaping the landscape of Chicago’s most diverse neighborhoods and business communities. She continues to serve as lead counsel to the purchasers of many of Chicago’s largest condominium de-conversion projects. The collaborative approach of our 650+ attorneys, in addition to our advanced technological resources, and depth of legal services, transforms what clients can expect from their legal team.

Do you have a favorite quote or saying?

Never presume that a person’s actions or words are indicative of their intentions, trust your instincts.

What is a skill or talent you have that you might not put on a resumé? Ability to connect with other people.

Where you may find me when I’m NOT working:

The collaborative approach of our 650+ attorneys, in addition to our advanced technological resources, and depth of legal services, transforms what clients can expect from their legal team.

Do you have a favorite quote or saying?

From Lou Holtz: “Your talent determines what you can do. Your motivation determines how much you’re willing to do. Your attitude determines how well you do it.”

Name a charity or cause that you are passionate about: Minnesota Teen Challenge, www.mntc.org

I love time with my family, running, reading, and watching the latest offerings on the streaming platforms.

Tovar Snow Professionals Outworx Group

Trelleum Real Estate

National Sales Executive

132 N Washington, Naperville, IL, 60540 P: 630.715.9999 info@theresamueller.com

Theresa Mueller

Toni Sawilchik

Managing Broker

195 Penny Ave, East Dundee, IL, 60118 P: 847.980.2239 tsawilchik@tovarsnow.com

Theresa Mueller has a masters degree in engineering and now with over two decades experience loves selling real estate, teaching, and connecting real estate professionals.

Toni has over 17 years experience in exterior facility maintenance with an emphasis on Snow and Ice Management. She has one of the highest customer retention percentages in the company because of her strong relationships and communication style.

Trelleum is an international, commercial and residential brokerage based out of Chicago and Naperville servicing all real estate needs.

Tovar Snow Professionals is part of the Outworx group of companies, the hardest working companies in exterior facilities maintenance. Services offered include; Snow and Ice Management, Landscaping, Sweeping and Paving.

Do you have a favorite quote or saying? Any quote from Eckhart Tolle

Do you have a favorite quote or saying?

What is a skill or talent you have that you might not put on a resumé?

Where you may find me when I’m NOT working:

“The most important conversations you’ll ever have are the ones you’ll have with yourself.” - David Goggins I have run 13 Marathons and completed the Ironman. I am very determined and like to see things through to the end which make long distance sports a perfect fit.

Where you may find me when I’m NOT working:

Meditation, former competitive athlete and adventure seeker.

Traveling, working out, experiencing nature, listening to a podcast or audiobook, dining at an eclectic restaurant and open to other suggestions.

I love being outdoors. When I am not working you can find me hiking or relaxing in my yard with my dogs.

Ulmer & Berne LLP

Urban Innovations

Partner – Group Leader, Real Estate Practice Group

Leasing Associate

Lori Pittman Haas

Candice Murphy 445 N Wells St. Suite 200 Chicago, IL 60654 P: 312.970.3237 cmurphy@urbaninnovations.com www.urbaninnovations.com

1660 West 2nd Street, Suite 1100 Cleveland , OH 44113 P: 216.583.7432 lhaas@ulmer.com www.Ulmer.com Lori represents clients in the acquisition, disposition, and development of commercial property, including convenience stores with fuel facilities, retail centers, office buildings, warehouses, and mixed-use developments. She has experience with eminent domain cases and financing of projects utilizing Historic Tax Credits, New Markets Tax Credits, and construction and conventional financing. From acquisition and financing of corporate headquarters to construction of mixed use facilities, Ulmer’s real estate attorneys offer a broad scope of talent and expertise in serving clients nationwide.

What advice would you give to your younger self?

Remember there will be people in your life who see the potential in you that you don’t see in yourself. They will be there pushing you forward and will share in the joy of your success as if it’s their own. It’s up to you to pay it forward with others.

Name a charity or cause that you are passionate about: I don’t have a favorite charity but I open my home and heart on a regular basis to young people who have difficult home situations. They have a chance to get a home cooked meal and be part of a family.

For over 9 years, Candice has been working in real estate at Urban Innovations, an integrated, forward-looking commercial real estate developer. Initially in a compliance role on the affordable housing side of the business, Candice is now Leasing Associate, supporting all leasing activities for UI’s River North commercial portfolio. Urban Innovations is a Chicago-based real estate developer offering construction, leasing and property management for a growing portfolio of commercial properties currently totaling over 1 million SF.

Do you have a favorite quote or saying?

“The price of doing the same old thing is far higher than the price of change”. --Bill Clinton

What is a skill or talent you have that you might not put on a resumé? I love to cook and make a great goulash.

Where you may find me when I’m NOT working:

I love sports so any stadium or park watching football, soccer or rugby.

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Midwest Real Estate News

V3 Companies

Project Manager - Environmental

Sarah Hurt Evans, PLA, GIP Landscape Architect

444 N. Wells St, Suite 602 Chicago IL 60654 P: 630.724.9200 rberthiaume@v3co.com www.v3co.com

619 North Pennsylvania Street Indianapolis, IN 46204 317.423.0690 sevans@v3co.com www.v3co.com

Rachael is a professional engineer with consulting, project management and technical expertise in environmental engineering and hydrogeology. Rachael’s focus is directing environmental investigations, developing riskbased remediation objectives and defining cleanup strategies. Her primary interest is providing practical environmental solutions that support urban renewal and sustainable land use.

Sarah is a landscape architect with a passion for connecting people to natural resources and each other. Her interests lie in parks and trails development, adaptive reuse and urban renewal projects that aim to improve people’s everyday experiences. Sarah has created green infrastructure maintenance training programs working with ex-offenders and is the first woman in Indiana to receive certification as a Green Infrastructure Practitioner.

Rachael Berthiaume, LEED AP BD+C

Founded in 1983, V3 is an employee-owned, multi-disciplinary engineering, natural resources, landscape architecture, construction, and surveying firm with offices in Illinois, Indiana, Ohio, Canada and Haiti.

Do you have a favorite quote or saying?

What you think, you become. What you feel, you attract. What you imagine, you Create- Buddha

“Vulnerability is the birthplace of innovation, creativity and change.” Brene Brown

What is a skill or talent you have that you might not put on a resumé?

Where you may find me when I’m NOT working:

Flexibility to accommodate schedule and task changes. Trying different restaurants.

I feel that I am a good listener and people tend to open up to me. Hiking in the woods with my family.

V3 Companies

Survey Project Coordinator

Laura Shafer , P.E., LEED AP BD+C Sustainability Services Leader

494 Gradle Drive Carmel, IN 46032 P: 317.844.3333 mjarvis@v3co.com www.v3co.com

7325 Janes Avenue Woodridge IL 60517 P: 630.724.9200 lshafer@v3co.com www.v3co.com

Michelle is a Survey Project Coordinator with V3 Companies. She has been

Laura is a Senior Project Manager with civil engineering experience focused on redevelopment projects and the design of sustainable infrastructure solutions. Laura has developed a strong resume for urban infrastructure. She is also responsible for the creation of V3’s sustainable design practices, standards and the mentoring of V3 staff.

Michelle Jarvis

a part of survey firms for 15 years and worked with other CRE professionals across many practice areas, as well as Accounting and Business Development roles. In addition to her work at V3, Michelle is a longtime member of IndyCREW and currently serving as a board member for the organization. As a member she served in leadership roles for golf, marketing and sponsorship committees. In 2022 she will serve as the board liaison for their newly formed Diversity Equality and Inclusion committee, which is a cause she feels passionately about. Founded in 1983, V3 is an employee-owned, multi-disciplinary engineering, natural resources, landscape architecture, construction, and surveying firm with offices in Illinois, Indiana, Ohio, Canada and Haiti.

Do you have a favorite quote or saying?

Transformation isn’t a future event, it’s a present-day activity. -Jillian Michaels

What is a skill or talent you have that you might not put on a resumé? Professionally trained photographer.

Where you may find me when I’m NOT working: Spending time with family, craft beer festivals or maybe roller skating.

Do you have a favorite quote or saying?

It’s not just engineering or project management. Especially now. Take the time to laugh with your clients. There will be good and bad days, but your clients will remember that you helped them enjoy the process.

What is a skill or talent you have that you might not put on a resumé?

About 10 years ago I took up recreational competitive dancing of the genre West Coast Swing; traveled throughout the US, France, and Norway to compete and vacation.

Where you may find me when I’m NOT working:

Generally outside. Find a green area on a map and I want to explore or hike it.

Warner Norcross + Judd LLP

Wipfli

Partner

Anita Mahamed, CPA, CFP Partner

180 E Water St., Ste 7000 Kalamazoo, Michigan, 49007 P: 269.276.8117 rfoster@wnj.com

2501 West Beltline Highway, Madison, WI, 53713 P: 608.270.2971 amahamed@wipfli.com

Rachel Foster is a real estate partner at Warner Norcross + Judd whose practice encompasses a variety of real estate transactional matters. She counsels buyers, sellers and developers on real estate construction, property acquisitions and sales, low-income housing tax credits, foreclosures and condominiums. Learn more about Rachel’s practice at https://www.wnj.com/Professionals/Attorneys/Foster-Rachel.

With 20 years of experience, Anita Mahamed understands tax laws. As leader of the Madison construction and real estate practice, she provides a spectrum of tax-related services to businesses ranging from large, multinational corporations to small, closely held companies. Anita’s expertise also includes high-net-worth individuals.

Rachel Foster

With over 230 attorneys and 14 industry and 26 practice areas, Warner Norcross + Judd counsels and represents clients in the U.S. and around the world. Learn more https://www.wnj.com.

With more than 100,000 clients and 3,000 associates, Wipfli ranks among the top 20 accounting and business consulting firms in the nation.

Do you have a favorite quote or saying?

“Don’t judge each day by the harvest you reap but by the seeds that you plant” -Robert Louis Stevenson

What is a skill or talent you have that you might not put on a resumé?

Ballroom dancing

Enjoy the little things because some day they become the big things.

I’m a good listener and empathetic. It helps me solve my client’s problems.

Where you may find me when I’m NOT working:

Travel! Or a long walk with my boyfriend and our three dogs on our wooded property. We have beautiful walking trails.

What is a skill or talent you have that you might not put on a resumé? Where you may find me when I’m NOT working: Spending time with my family

Midwest Real Estate News

2021 MIDWEST WOMEN IN COMMERCIAL REAL ESTATE

Worsek & Vihon, LLP

Zeller

Partner

Vice President, Job Cost Management

Jessica L. MacLean

Mary Darwin

Chicago, IL 60601 P: 312.917.2312 jmaclean@wvproptax.com www.wvproptax.com

Chicago, IL, 60611 P: 312.595.2267 mdarwin@zeller.us As Vice President, Job Cost Management, Mary is the liaison between all Zeller departments and entities, ensuring each project delivers on time and within budget. Additionally, she oversees preparation of all draws and manages training of project teams during management transitions or asset acquisitions.

Jessica MacLean is a Partner with the law firm of Worsek & Vihon, LLP. Ms. MacLean has practiced in ad valorem property taxation for thirteen years. The past seven years, Ms. MacLean has represented tax payers by limiting their tax liabilities through ad valorem appeals. Ms. MacLean has experience representing owners of office buildings, shopping centers, retail stores, manufacturing plants, distribution centers, mixed-use developments, nursing homes, hospitals, condominium associations, cooperatives, apartments and single family residences. In addition to filing hundreds of appeals with the Cook County Assessor, Ms. MacLean has been involved in numerous proceedings before various Boards of Review, the Illinois Property Tax Appeal Board and the Circuit Court of Illinois. Her experience also includes active membership in the Women’s Property Tax Association of Illinois, the Chicago Bar Association, the Illinois State Bar Association, the American Bar Association and the Institute for Professionals in Taxation. Worsek & Vihon LLP, is a team of experienced attorneys singularly focused on real estate tax law. The firm is dedicated to minimizing property tax liabilities through strategic tax portfolio management; well-researched, creative appeal preparation and aggressive advocacy. Worsek & Vihon, LLP represents commercial, industrial and multi-family property owners, users and developers, as well as condominium associations. The firm is committed to offering the dependable, personalized attention our clients deserve.

Zeller is a vertically integrated commercial real estate investment and development firm that provides a full spectrum of real estate services, including development, leasing, management, and construction.

Do you have a favorite quote or saying?

“Teamwork makes the dreamwork.” I feel it is important to always remember that each member of any team plays an integral part of accomplishing any objective.

Do you have a favorite quote or saying?

What is a skill or talent you have that you might not put on a resumé?

Where you may find me when I’m NOT working:

Women belong in all places where decisions are being made (Ruth Bader Ginsburg) I can get about 100 things done in the two hours I have in the morning before heading out the door

Where you may find me when I’m NOT working:

I love to knit and craft. I find both to be very relaxing.

I can be found spending quality time with my family. We love to walk in the park, hike at a small lake near our home or have game nights.

Coaching youth softball and volleyball.

Zeller

Vice President, Marketing & Communications

Senior Vice President, Human Resources

Chrissy Jensen

Krista Owens Chicago, IL, 60611 P: 312.640.7643 kowens@zeller.us

Chicago, IL, 60611 P: 312.229.8914 cjensen@zeller.us

As Senior Vice President, Human Resources, Krista directs all aspects of human resources including employee relations, recruiting, compensation and benefits programs, performance management, learning and development and human

As VP, Marketing & Communications, Chrissy is responsible for the corporate brand management and public communications for Zeller. She oversees property

resource systems. Krista is a performance-driven Human Resources leader leveraging a wealth of experience successfully developing and delivering HR solutions.

marketing strategies and implements and manages corporate marketing campaigns and advertising campaigns. Chrissy works closely with senior management to support marketing and PR operations for the overall Zeller Portfolio.

leasing, management, and construction.

Zeller is a vertically integrated commercial real estate investment and development firm that provides a full spectrum of real estate services, including development,

Do you have a favorite quote or saying?

Sometimes the bravest and most important thing you can do is just show up.

Where you may find me when I’m NOT working:

You can find me at our seasonal campground with my family or at a concert.

Do you have a favorite quote or saying?

Everything happens for a reason.

What is a skill or talent you have that you might not put on a resumé? It took a long time, but I believe that I have learned to be a good listener. Sometimes people just need to be heard.

Where you may find me when I’m NOT working:

My husband says that I am a workaholic, and he might be right. I do enjoy traveling and being with family and friends. Mixing the two is a bonus.

Zeller

Vice President

Lindsey Telford Director of Design

Indianapolis, IN, 46204 P: 317.580.2427 jsmith@zeller.us

Chicago, IL, 60611 P: 312.229.8969 ltelford@zeller.us

As Vice President, Jessica oversees improvement projects in the Indianapolis portfolio. During her tenure, Jessica has overseen more than $17M in tenant improvement projects and another $10M in capital work. She is also actively involved in the purchase and sale of assets, supporting all aspects of the due diligence process.

As Director of Design, Lindsey is responsible for the development, budgeting, and execution of capital improvement projects that are central to the business plans of Zeller assets. Lindsey actively works with the acquisition, leasing, asset management and construction teams to deliver transformative design projects and increase value.

Jessica Smith

Do you have a favorite quote or saying?

Always ask for what you want, because you might just get it. - My Mom

What is a skill or talent you have that you might not put on a resumé? I own almost every tool sold at Lowe’s and I actually enjoy using them, whether it’s tiling a bathroom or routing wood for a fireplace mantle.

Where you may find me when I’m NOT working:

Traveling! I’m happiest when experiencing new adventures, meeting new people and creating great memories!

Do you have a favorite quote or saying?

Occam’s Razor, put simply, states: “the simplest solution is almost always the best”

What is a skill or talent you have that you might not put on a resumé? Assembling IKEA furniture, and enjoying it.

Where you may find me when I’m NOT working: Biking along the Lakeshore path or wandering the Art Institute.

marketplace

www.rejournals.com

NOVEMBER/DECEMBER 2021

Midwest Real Estate News

2021 ANNUAL RESOURCE GUIDE

ASSET/PROPERTY MANAGEMENT FIRMS AREA REAL ESTATE ADVISORS

4800 Main Street, Suite 400 Kansas City, MO 64112 P: 816.895.4800 Website: openarea.com Key Contacts: Doug Grossenbacher, EVP, Director of Property Management, dgrossenbacher@openarea.com Services Provided: AREA Real Estate Advisors is a full service real estate company, who embraces the entrepreneurial spirit of our roots as we grow, evolve and expand. As a local provider of property management services, we try to streamline policies, procedures and guidelines, and focus on the basics of property management: COLLECT THE RENT, PAY THE BILLS AND MAKE GREAT REAL ESTATE. AREA to focus on understanding the specific needs of our clients and their assets, and spend more time on-site talking with tenants and dealing with issues. By focusing on the basics of property management, we remain nimble, flexible, and able to customize a unique management plan designed to deliver high quality service. Company Profile: AREA Real Estate Advisors is a Kansas City commercial real estate firm with national reach. We offer bespoke consulting, strategy, execution, and partnership to help our clients reach their commercial real estate goals, whether in landlord and tenant representation, multi-family brokerage, investment, property management, project management, research analytics, or consulting. AREA’s in-depth knowledge of commercial real estate across all enterprises is matched with the knowhow needed to execute the most complex transactions efficiently and to our clients’ advantage. Notable Properties Managed: Lightwell, Kansas City, MO – 668,032 SF; Plaza Vista, Kansas City, MO – 253,720 SF; Regency Park Shopping Center – Overland Park, KS – 201,751 SF.

CENTERPOINT PROPERTIES

1808 Swift Drive Oak Brook, IL 60523 P: 630.586.8000 Website: centerpoint.com Key Contacts: Bob Chapman, Chief Executive Officer; bchapman@centerpoint.com; Nate Rexroth, Executive Vice President, Asset Management; nrexroth@centerpoint.com Services Provided: CenterPoint Properties is an innovator in the investment, development and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases and sells state-of-the-art warehouse, distribution and manufacturing facilities near major transportation nodes. Our experts focus on large rail, port and trucking infrastructure assets. Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics and supply chain problems. With an agile team, substantial access to capital and industry-leading expertise, we provide our customers with a competitive edge and ensure their success—no matter how great the challenge.

CRESSY COMMERCIAL REAL ESTATE

4100 Edison Lakes Pkwy., Suite 350 Mishawaka, IN 46545 P: 574.271.4060 Website: cressy.com Key Contact: Brad Meier, Vice President Services Provided: Brokerage Services, Property Management, Financial Management & Reporting, Maintenance & Mechanical Services, Development, Architectural Services, Design Services, Project Management, Construction Services. Company Profile: Cressy Commercial Real Estate’s skilled, experienced staff specialize in the construction and professional management of office, retail, industrial, multi-housing communities and associations. Our experts design and construct improvement projects; and develop and implement customized management and maintenance strategies that integrate proactive, cost-efficient property management and tenant/resident retention.

CUSHMAN & WAKEFIELD/THE LUND COMPANY

450 Regency Parkway, Suite 200 Omaha, NE 68114 P: 402.393.8811 | F: 402.393.2402 Website: lundco.com Key Contacts: John Lund, CEO, john.lund@lundco.com; Jason Fisher, President, jfisher@lundco.com Services Provided: Our staff of innovative and creative professionals offer a wide range of real estate services including brokerage, commercial and multi-family property management, real estate consulting, investment acquisition, and project and development services. Company Profile: Cushman & Wakefield/The Lund Company markets and manages over eight million square feet of commercial properties valued at over $1 billion. Also, included in our management portfolio are more than 15,000 apartment units.

FRIEDMAN REAL ESTATE

34975 W. Twelve Mile Road Farmington Hills, MI 48331 P: 888.848.1671 Website: friedmanrealestate.com Key Contacts: David B. Friedman, President/CEO; Gary Goodman, Sr. Managing Director-Brokerage Services Services Provided: Friedman offers a full range of real estate services including commercial and multifamily property and asset management, tenant and landlord representation, investment and loan sale advisory, space planning, design and construction and a unique platform of lenderfocused bankruptcy, receivership and distressed asset services. All services are provided inhouse, though a single point of contact, which guarantees that clients receive the most timely and efficient service available in the marketplace. Company Profile: Founded in 1987, Friedman Real Estate is one of the largest privately held commercial real estate organizations in the nation; currently managing over 15M SF of commercial space and more than 15,000 apartment homes located throughout the country. Friedman’s commercial brokerage team has over 800 current listings with $20 billion in closed transactions. Notable Transactions/Clients: • Hovis Light Industry Park – Dekalb • Poplar Creek Office Plaza – Hoffman Estates • 801 North Route 83 – Bensenville • Crystal lake Office – Crystal Lake • Broadway Village – Pekin • National Railway Equipment – Dixmoor • Daycare Building – Bolingbrook • Freeport Shopko – Freeport

KESSINGER HUNTER & COMPANY, LC

2600 Grand Boulevard, Suite 700 Kansas City, MO 64108 P: 816.842.2690 | F: 816.421.5659 Website: kessingerhunter.com Key Contact: John DeHardt Services Provided: Kessinger Hunter & Company, LC is a full-service, commercial real estate firm. Full service includes management, brokerage, development, accounting, and consulting services throughout the United States and globally. Company Profile: What really sets us apart is our People. Integrity, Passion, Knowledge, and Experience are a way of everyday life for us at Kessinger Hunter. Each group responds to our clients’ needs, and they work together to utilize the resources that come with more than 140 years of experience and 200 associates. We manage over 25,922,000 square feet of property and have developed in excess of 14,000,000 square feet of projects.

OUTLOOK MANAGEMENT GROUP, LLC AMO

S74 W16853 Janesville Road Muskego, WI 53150 P: 414.369.3511 | F: 414.435.0251 Website: outlookmgmt.com Key Contact: Ray Balfanz, President/Partner, ray@outlookmgmt.com Services Provided: Full service property and asset management services, financial analysis and reporting; budget preparation and expense reconciliations; lease administration; construction management; preventative maintenance and consulting services. Company Profile: Outlook Management Group, LLC AMO provides comprehensive property and asset management services for all asset classes in multiple states and markets in the Midwest.

SUNTIDE COMMERCIAL REALTY, INC.

2550 University Ave W. Suite 416s St. Paul, MN 55114 P: 651.603-0321 Website: Suntide.com Key Contacts: Barb Schuba, bschuba@suntide.com; Mitch Robertson, mitch@suntide.com Services Provided: Suntide Commercial Realty is a full service commercial real estate agency that provides third party property management, construction and brokerage services for investors and business owners in the Twin Cities. Company Profile: Suntide manages over 3 million square feet of office, retail, industrial and mixeduse property throughout the Twin Cities metro area. With over 30 years of experience, our team of experts provide creative solutions for property owners including energy efficiency upgrades, asset management, financial analysis, leasing results, construction and remodeling services, 24/7 property management, maintenance and repairs. Notable Transactions/Clients: Court International and Case

Midwest Real Estate News

| NOVEMBER/DECEMBER 2021 |

www.rejournals.com

CONSTRUCTION COMPANIES/GENERAL CONTRACTORS ALSTON CONSTRUCTION COMPANY

1900 Butterfield Road, Suite 1020 Downers Grove, IL 60515 P: 630.437.5810 Website: alstonco.com Key Contact: Greg Kolinski, Director of Business Development, gkolinski@alstonco.com Services Provided: Alston offers a diverse background of design-build experience, general contracting and construction management of industrial, commercial, healthcare, retail, and municipal projects. Company Profile: Alston Construction is celebrating 35 years of excellence in 2021, and we believe our success comes from being a true partner. With 21 offices nationwide, we have market knowledge throughout the country, which provides clients with the best building methods and materials available. Our goal is to provide quality, cost efficient projects that leave a positive experience for our clients and their communities. Notable/Recent Projects: 1.5M SF Distribution Center for General Mills. John Pennycuff Memorial Apartments 7-story, 88-units. Call Center with open offices with full-service café, gymnasium, and fitness center for Medline Industries. Freestanding Medical Office Building with 33 exam rooms, rehabilitation gym, and support service/diagnostic space for CHI Health and NexCore Group.

BRINKMANN CONSTRUCTORS

16650 Chesterfield Grove Road, Suite 100 Chesterfield, MO 63005 P: 636.537.9700 Website: BrinkmannConstructors.com Key Contacts: Brian Satterthwaite, President, bsatterthwaite@brinkmannconstructors.com; Thomas Oberle, EVP, toberle@brinkmannconstructors.com; Rebecca Randolph, Director of Client Relations, RRandolph@brinkmannconstructors.com Services Provided: General contracting services including design-build, design-assist, and construction management. Company Profile: Brinkmann Constructors is an employee-owned construction company focusing on finding the best right answer to save clients money and time. From our office in St. Louis, Denver, Kansas City and Richmond, Va., Brinkmann works nationwide on construction projects in the senior living, multifamily/ student housing, warehouse/distribution, retail/mixed use, office, healthcare, and hospitality/ entertainment markets. Notable/Recent Projects: Expo at Forest Park – St. Louis, MO – Transit-oriented development with 2 buildings totaling 457,100 SF with 287 apartment units, retail and parking; Raymore Commerce Center – Raymore, MO – 565,000 SF design/build warehouse part of a larger industrial logistics park planned; Zeppelin Buildings 3&4 – Colorado Springs, CO – two industrial warehouses totaling 240,000 SF.

CLAYCO, INC.

35 E. Wacker Drive, Ste. 1300 Chicago, IL 60601 P: 312.658.0747 Website: www.claycorp.com Key Contacts: Bob Clark, Executive Chairman & Founder, clarkb@claycorp.com; Kevin McKenna, President - Construction Group, mckennak@claycorp.com Services Provided: Clayco is a full-service turnkey real estate, architecture, engineering, design-build and construction firm. Company Profile: Clayco specializes in “the art and science of building”, by providing fast track, turnkey design build solutions in North America for commercial, institutional, industrial and residential building types. Clayco looks “beyond these walls” focusing on helping our clients fulfill their mission. Notable/Recent Projects: St. Louis – Centene Campus, 100 Above the Park, Benson Hill, Delmar Devine Chicago - Willis Tower Transformation Project, Macy’s Flagship Redevelopment, Fulton East, Upshore Chapter National – Blue Origin, Dominion, Centene East Coast HQ, Amazon E Commerce, Penn State.

GILBANE BUILDING COMPANY

123 N. Wacker Drive, 26th Floor Chicago, IL 60606 P: 312.614.4100 Website: GilbaneCo.com Key Contact: Karrie Kratz, Vice President, kkratz@gilbaneco.com Services Provided: Gilbane provides a full slate of construction and facilities-related services - from preconstruction planning and integrated consulting capabilities to comprehensive construction management, close-out and facility management services - for clients across various markets. Company Profile: One of the nation’s oldest construction services companies, Gilbane Building Company began in 1870 and the fourth and fifth generations of the Gilbane family currently manage the company. Gilbane is recognized as an industry leader that delivers innovative construction services – from state-of-the-art sustainable buildings to the latest applications in construction technology for clients in a variety of market segments. Gilbane’s Notable/Recent Projects Include: • Will County Courthouse • Fresenius Kabi Melrose Park Expansion | Renovation • The Orchard Condominiums • The Lumen at Playhouse Square • Purdue University Third Street North Residence Hall and Meredith South Residence Hall • R1VER Development

GREENFIRE MANAGEMENT SERVICES

3215 W. State Street, Suite 200 Milwaukee, WI 53208 P: 414.290.9400 Website: greenfire.com Key Contacts: Jeb Meier, President, jeb.meier@greenfire.com Brian Kraus, CFO, brian.kraus@greenfire.com Services Provided: Greenfire is an accomplished builder with a high-powered team delivering innovative commercial construction services including construction management, general contracting, and design-build. Our experience, consistent and transparent communication, in addition to continuous value engineering, mitigates risk and produces highly successful projects across various markets. Company Profile: Greenfire is headquartered in Milwaukee with a regional office in Wausau, WI. Greenfire is a wholly owned company of the Potawatomi Business Development Corporation, as such, maintains minority contractor status. Driven by our mission, our goal is to deliver peace of mind for clients by providing the best value possible. Notable/Recent Projects: Community Within the Corridor (Mixed-Use); Forest County Potawatomi Community Center (Commercial Recreation); The Common Place (Mixed-Use); Door County Granary (Event & Hospitality)

HUNTINGTON CONSTRUCTION COMPANY

28400 Northwestern Highway, Suite 400 Southfield, MI 48034 P: 248.353.0500 Website: farbman.com Key Contacts: Andrew Gutman, President, gutman@farbman.com; John Line, Executive Vice President of Property Management and Construction, line@farbman.com Services Provided: Huntington Construction offers General Contractor, Construction Management, Owner/ User representation options for all commercial real estate throughout the Midwest. Specializes in ground up construction and tenant improvement work as well as specialized construction. We are your full service, one-stop shop for all of your construction needs. Company Profile: Huntington Construction is a recognized leader in the commercial construction industry serving as a General Contractor and Construction Manager. Huntington has over 30 years of experience in all areas of commercial construction and specializes in tenant improvement work for office, industrial, retail, medical office and medical office as well as design build and ground up construction. Notable/Recent Projects: Recently Huntington has performed on several ground-up, single tenant developments, a corporate headquarter construction job and hundreds of jobs in-between, in 2019

LAMP INCORPORATED

460 North Grove Ave. Elgin, IL 60120 P: 847.741.7220 | F: 847.741.9677 Website: lampinc.net Key Contact: Ian Lamp, President, ilamp@lampinc.net Services Provided: Design/Build, General Construction, and Construction Management services for additions, build outs, renovations, and new facilities for office, industrial, logistic, technology, and commercial buildings. Company Profile: Lamp Incorporated has been providing professional construction services for over 80 years. Our commitment of exemplary service to our clients creates projects that are completed early and with exceptional value. Notable/Recent Projects: Mitutoyo America Corporation North American Headquarters, Aurora, IL. 96,000 SF warehouse addition; 63,000 SF, three-story office addition, which includes high tech showroom, two story atrium, corporate offices/ conference room, cafeteria, and locker rooms.

MCSHANE CONSTRUCTION COMPANY

9500 West Bryn Mawr Avenue Ste. 200 Rosemont, IL 60018 P: 847.292.4300 | F: 847.292.4310 Website: www.mcshaneconstruction.com Mat Dougherty, PE, President, mdougherty@mcshane.com Services Provided: McShane Construction Company offers over 30 years of experience providing design/build, design-assist and general construction services on a national basis. The firm’s diverse expertise includes build-to-suit and speculative developments for the industrial, food processing, multi-family, senior and student housing, office, retail, hospitality, recreational and institutional markets. Company Profile: Headquartered in Rosemont, Illinois with regional offices in Auburn, Alabama, Irvine, California, Phoenix, Arizona and Madison, Wisconsin, McShane Construction Company provides comprehensive construction services on a local, regional and national basis for a wide variety of market segments. The firm is recognized as one of the Chicago area’s most diversified and active contracting organizations with a reputation built on honesty, integrity and dependability.

MERIDIAN DESIGN BUILD

9550 W. Higgins Road, Suite 400 Rosemont, IL 60018 P: 847.374.9200 | F: 847.374.9222 Website: meridiandb.com Key Contacts: Paul Chuma, President; Howard Green, Executive Vice President Services Provided: Meridian Design Build provides construction and design/ build construction services on a national basis with a primary focus on industrial, office, medical office, retail and food and beverage work. Company Profile: With a team of in-house professional project managers, Meridian has extensive experience coordinating the design and construction of new buildings, tenant improvements, and additions/ renovations from 15,000 square feet to 1,000,000+ square feet. Meridian Design Build has been a Member of the U.S. Green Building Council since 2007. Notable/Recent Projects: HSA Shorewood, Shorewood, IL - 757,880 sf speculative industrial facility for HSA Commercial Real Estate. Banner Wholesale, Chicago, IL - 75,000 sf wholesale grocery warehouse and corporate headquarters

www.rejournals.com PEAK CONSTRUCTION CORPORATION

1011 E. Touhy Ave., Ste. 100 Des Plaines, IL 60018 P: 630.737.1500 | F: 630.737.1600 Website: peakconstruction.com Key Contacts: Michael P. Sullivan, Jr., CEO & Founder, msullivan@peakconstruction.com; John Reilly, President, jreilly@peakconstruction.com Services Provided: Peak Construction Corporation offers design/build and construction management services through a strategically developed culture, highly regarded for dynamic problem-solving abilities and a network of alliances that allow Peak to bring in experts and partners from a wide spectrum of fields and roles. Company Profile: Peak Construction Corporation is a privately-held, well-capitalized design/ build firm. For over 20 years Peak has delivered industrial, office, hospitality, healthcare, retail, multifamily and specialty construction projects on-time and on-budget. Notable/Recent Projects: Peak’s recent Midwest projects include Scannell Properties’ DuPage Business Center Phase II in West Chicago, IL and Strongsville Commerce Center in Strongsville, OH, NorthPoint Development’s Heartland 94 Logistics Center Building 1, IDI Logistics’ Gateway Romeoville, Janko Group’s Bristol Business Park and various tenant improvements throughout Chicagoland.

SUMMIT DESIGN + BUILD, LLC

1036 W. Fulton Market, Suite 500 Chicago, IL 60607 P: 312.229.4630 | F: 312.229.1147 Website: summitdb.com Key Contacts: Adam Miller, President, amiller@summitdb.com; Deanna Pegoraro, Vice President, dpegoraro@summitdb.com: Larry Blouin, Vice President, lblouin@summitdb.com Services Provided: Summit Design + Build, LLC is a provider of full service general contracting, construction management and design/ build construction services for the commercial, industrial, multi-family residential, office/tenant interiors, hospitality and institutional markets. Company Profile: Located in Chicago’s Fulton Market and with regional offices in Tampa, FL and Austin, TX, Summit Design + Build has been involved in the design and construction of over 330 buildings and spaces totaling more than 7 million square feet over the firm’s 17 year history. Notable/Recently Completed Projects: 1400 W Monroe (Luxury Multifamily Residential), 113 E Oak (Ground-up Retail), Open Kitchens (Industrial), Glen Oak Country Club (Recreational) , 448 N LaSalle – WeWork (Co-working office), Elmhurst Hall (Restaurant) and La Galera Produce (Industrial).

NOVEMBER/DECEMBER 2021

Midwest Real Estate News

CHASE COMMERCIAL TERM LENDING

10 South Dearborn, Floor 19 Chicago, IL 60603 P: (844) 853-7814 Website: chase.com/CTL Key Executives: David Fetter, Multifamily Lending Regional Manager; Jake Bade, Commercial Mortgage Lending Regional Manager Services Provided: Chase Commercial Term Lending is the nation’s #1 multifamily lender providing owners the best financing solutions for purchasing or refinancing stabilized apartment buildings, and industrial, office, retail, and mixed use properties. Description: Our Commercial Real Estate teams provide clients the insights, hands-on service, array of comprehensive financial solutions, and unrivaled certainty of execution they need to be successful throughout the cycle. Clients benefit from our no hassle loan process, simplified documentation, competitive pricing, low fees, exclusive industry insights, and excellent customer service from start to finish. Our goal is to provide the best, straightforward multifamily and commercial property loan financing experience in the industry. Call us today to learn how to put our resources to use on your next deal. Service Territory: Nationwide

COLLIERS MORTGAGE (FORMERLY DOUGHERTY MORTGAGE | DOUGHERTY FUNDING)

90 South Seventh Street, Suite 4300z Minneapolis, MN 55402 P: 612.376.4000 Website: colliers.com ( find us under services) Key Contacts: Tim Larkin, SVP Agency Financing, tim.larkin@colliers.com; Gregory Bolin, SVP Commercial Financing, greg.bolin@colliers.com Services Provided: Colliers Mortgage offers a comprehensive and wide range of products and services designed to meet our clients’ financing, funding and capitalization needs. Our experts are available to help clients’ access federal agency loan programs, structure competitive financing packages for borrowers and lenders, or identify capital sources for capitalization requirements. Company Profile: Colliers Mortgage is a full-service nationwide mortgage banking firm. We connect multifamily owners and developers with the appropriate financing and funding options to execute their project plans. We are one of the industry’s top providers of multifamily financing and are currently servicing in excess of $10 billion of loans. Service Territory: Nationwide

GRANDBRIDGE REAL ESTATE CAPITAL LLC

MULTIFAMILY FINANCE FIRMS ASSOCIATED BANK

45 South 7th Street, Suite 2900 Minneapolis, MN 55402 P: 612.359.4414 Website: associatedbank.com/cre Key Contact: Paul Schmidt, Executive Vice President / Head of Commercial Real Estate, Paul.Schmidt@associatedbank.com Services Provided: Our clients include professional developers of income producing commercial real estate, including multi-family properties, retail, office, storage, student housing, and industrial. Company Profile: Commercial Real Estates offices are located in Chicago, Milwaukee, Madison, Green Bay, Cincinnati, Indianapolis, Minneapolis, Detroit, St. Louis and Dallas. Associated Banc-Corp has total assets of $35 billion and is one of the top 50 financial services holding companies in the United States.

BELLWETHER ENTERPRISE

1375 E. 9th Street, Suite 2400 Cleveland, OH 44114 Website: BellwetherEnterprise.com Key Contacts: Ned Huffman, CEO; DJ Effler, President Services Provided: As part of the Enterprise family of companies, we support its mission of creating and preserving affordable housing in thriving communities. With an unwavering commitment to regional expertise and unmatched customer service, we are making an impact beyond the bottom line. With offices throughout the country, we provide a wide variety of loan products from Life Insurance Companies and Pension Funds, Freddie Mac Optigo™ seller/servicer, Fannie Mae DUS Lender (Multifamily affordable and Market Rate Housing Lender), FHA, USDA and CMBS to name a few. We are Capital on a Mission! Company Profile: Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company that puts people and communities first. We provide flexible, competitive financing solutions with streamlined underwriting and enhanced loan servicing for Market Rate, Affordable Housing, Workforce Housing, Manufactured Housing Communities, Seniors Housing, Senior Communities, and Long-term Care Facilities. Service Territory: We originate, close and service loans for multifamily and commercial real estate properties throughout the country.

14 North Tryon Street, Suite 2000 Charlotte, NC 28202 P: 704.332.4454 | F: 704.332.1931 Website: grandbridge.com Key Contacts: Matthew Rocco; Chairman of the Board / CEO, MRocco@Grandbridge.com; John Randall; EVP / National Production Manager, JRandall@Grandbridge.com Services Provided: Grandbridge provides comprehensive CRE and capital markets solutions on a national basis. As a full-service leader in commercial/multifamily finance, Grandbridge is a fully integrated commercial investment banking company that originates commercial/multifamily real estate loans, services loan portfolios, provides asset and portfolio management, and offers investments sales, and estate brokerage services. Company Profile: Grandbridge’s lender relationships include leading insurance companies, pension fund advisors, CMBS investors, investment banks and capital markets. Grandbridge is a Fannie Mae DUS® lender, a Freddie Mac Optigo® lender for Conventional Multifamily, Seniors Housing and Targeted Affordable Housing, and an FHA MAP and LEAN approved lender. Service Territory: The company operates its comprehensive CRE and capital markets, loan origination, investment sales, and servicing and asset management services nationwide (27 offices).

MONEY360

999 Corporate Drive, Suite 110 Ladera Ranch, CA 92694 P: 949.525.4222 Website: Money360.com Key Contact: Sean Giblin, Managing Director, Midwest Tom MacManus, President Services Provided: BROAD FUNDING CRITERIA PROPERTY TYPES: Commercial & multifamily PROPERTY LOCATION: Nationwide LOAN SIZE: $5 million to $30 million LOAN-TO-VALUE: Up to 75% SECURITY INTEREST: First lien Company Profile: Money360 is a CRE lender with discretionary capital that ensures certainty of execution and timely closings. Our seasoned deal team understands the needs of mortgage bankers, brokers, and borrowers and can create custom bridge loan solutions to finance transitional or unstabilized properties throughout the United States.

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