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FEATURES 7

Coming back: Detroit commercial real estate market regaining

GBT Realty, Monarch set to

COLUMNS/DEPARTMENTS

bring big changes to Nashville’s

momentum as Omicron surge fades:

Midtown district: Office buildings.

Remember those days before the COVID-19

Retailers and restaurants. Multifamily

pandemic? The commercial real estate

units. All these -- and maybe even new

market in Detroit – in both the city’s

hotel space -- will soon be coming to

downtown and suburban markets – was in

Nashville’s Midtown neighborhood

the middle of a sustained hot streak. Flash

thanks to a big acquisition from Monarch

estate this year: While it’s true that real

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

forward about two years to today: Detroit’s

Alternative Capital and GBT Realty

estate is generally one of the most reliable

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CRE market is regaining that 2019-era

Corporation.

markets for investment, it’s also a fact that

momentum.

6 16

Editor’s Letter

Wipfli’s prediction: Expect still more uncertainty in commercial real

the industry runs on cycles. The COVID-19

Cincinnati ready for a strong CRE market in 2022: The commercial

A century’s journey: Copaken

pandemic accelerated and even upended

Brooks celebrates 100 years

many of those cycles.

shaping the Kansas City CRE market:

real estate market in Cincinnati isn’t unlike

Look across the skyline of Kansas City. Visit

the markets in other major cities across the

all the bustling mixed-use developments

United States: Certain commercial sectors

that have boosted the economies in its

Fame It’s time for the 2021 edition of the

– most notably industrial and multifamily

surrounding communities. And know

Midwest Real Estate News Commercial

– are thriving today, while others are still

this: Kansas City-based CRE firm Copaken

Real Estate Hall of Fame. We’ve inducted

dealing with the fallout from the COVID-19

Brooks has played a key role in many

more than 35 new members into our Hall

pandemic.

of these iconic commercial real estate

of Fame, and these new members certainly

developments in and around the city.

earned their spots after the challenges that

Midwest Real Estate News Commercial Real Estate Hall of

2021 threw their way.

Commercial Real Estate Hall of Fame past winners Check out the

list of past inductees into our Commercial Real Estate Hall of Fame. It’s a who’s who of heavy hitters.

Light industrial still on a roll: Minneapolis-based Ryan Companies

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for this asset class – which CBRE defines as industrial facilities smaller than 120,000 square feet – has been soaring before and during the COVID-19 pandemic.

The office of tomorrow: The pandemic has shone a light on

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FROM THE EDITOR

Midwest Real Estate News

January/Feburary 2022

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Two years in, commercial real estate keeps chugging along through the pandemic

By Dan Rafter, Editor

arch is coming up. That means the two-year anniversary of COVID-19 upending the country is almost here.

anything, who remain fluid and agile, and can respond quickly to what’s happening - instead of being married to one idea or plan.” Members surveyed told SIOR that they are confident in the future strength of the office and industrial markets, with these members sharing an average confidence rating of 8.2 out of 10. This is an all-time high for the Snapshot Sentiment Report.

Back then, few would have predicted that COVID would still be dominating headlines two years later. But in good news? The commercial real estate industry has shown its resilience – especially in some sectors – throughout even the worst days of the pandemic. In yet another sign that the commercial real estate industry continues to rebound from the nearly two years of pandemic life, the Society of Industrial and Office Realtors reported that nearly 90 percent of all commercial industrial real estate transactions closed on time in the fourth quarter of 2021. Just 4 percent of industrial transac-

SIOR says that the boost in confidence is fueled by continued optimism among industrial brokers and rising confidence from office specialists. tions were cancelled, according to SIOR’s latest Snapshot Sentiment Report, which provides feedback from member brokers on the performance of CRE transactions during the fourth quarter of last year.

This is good news, showing that normalcy has largely returned to the commercial real estate business. Of course, the office sector, which SIOR also monitors, didn’t see results that were quite as strong. According to SIOR’s report, 69 percent of office transactions happened on time during the fourth quarter of 2021, down from 75 percent in the third quarter of last year. This represents a continued downward trend since the office sector saw 77 percent of transactions close on time in the second quarter of 2021. “Everyone is waiting for the next chapter in the pandemic story,” said SIOR chief executive officer Robert Thornburgh. “But what the report ultimately reveals is that the ongoing uncertainty isn’t slowing down the markets’ top brokers. These are the experts who are prepared for

On the state of the office market, SIOR’s global president Patrick Sentner said, “Most of the office growth has been with Class-A and -A+ buildings, which are receiving strong rent growth and longer terms in exchange for higher work-letters and more upfront rental abatement. Companies are looking to hire, and they know that quality office space offering amenities and location is one of the biggest factors in attracting high-level employees.” Industrial brokers told SIOR that vacancies are “historically low” and the lack of inventory is fueling the country’s supply chain issues. To compound the challenge, delays in the construction industry are preventing new properties from coming online fast enough to overcome demand.

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DETROIT

Midwest Real Estate News

Coming back: Detroit commercial real estate market regaining momentum as Omicron surge fades

By Dan Rafter, Editor

emember those days before the COVID-19 pandemic? The commercial real estate market in Detroit – in both the city’s downtown and suburban markets – was in the middle of a sustained hot streak. Flash forward about two years to today: Detroit’s CRE market is regaining that 2019-era momentum. This is in part because the Omicron variant of COVID-19 is starting to loosen its grip on the country. But it’s also because Detroit’s commercial real estate market did not collapse during even the worst days of the pandemic. Yes, commercial activity slowed and some sectors – such as retail and hospitality – were hit hard here. But overall, Detroit’s CRE market has remained resilient throughout the

“That is the strongest commercial sector in the Detroit MSA. There is a pandemic-driven need for logistics locations.” pandemic. And now as hope again emerges that the worst days of the pandemic are over, commercial activity in Detroit again appears ready to soar. Midwest Real Estate News spoke with Andrew Ledger, managing director of brokerage services with Farmington Hills, Michigan-based Friedman Real Estate, about the state of Detroit’s

commercial real estate market. Ledger said that the forecast here is largely positive. Let’s start with what has been the strongest commercial sector for a long time: industrial. How is industrial real estate performing in the Detroit market?

Andrew Ledger: That is the strongest commercial sector in the Detroit MSA. There is a pandemic-driven need for logistics locations. And it’s not just the Amazons of the world. The bigger retail players are now opening logistics facilities. Retailers like Target are opening locations with smaller footprints. They don’t have the need to carry that much inventory in-house. These retailers, then, are driving the need for more logistics facilities. They need more places to store their inventory so that they can get it to their retail locations more quickly. When you look back at Detroit, it’s typically not been a spec industrial market. Very rarely do you see spec industrial buildings here. Our rental DETROIT (continued on page 8)

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DETROIT

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DETROIT (continued from page 7)

rates were not growing at a rate that justified new construction costs if you did not have tenants in tow. We have seen that change in the last 18 months. We are now seeing more spec industrial, and that’s something I think we will continue to see in 2022 and 2023. That is a pretty big change for the industrial market in Detroit. Ledger: Take, for example, Assembly Park in Wixom, Michigan. It used to be an old auto-manufacturing facility. A developer bought it and is now putting industrial buildings on the site. It is almost 100 percent pre-leased. The rents in our industrial market have climbed from $6 to $7 a square foot now up to $9, $10 and in some instances $11 or $12 a square foot. Because our industrial rents are rising, spec development is justified. The industrial vacancy rates are so low. There is not enough product. Users need more product here. I tell my brokers, if you can get industrial-zoned land, list it. If you can list industrial buildings even if they are functionally obsolete with low ceiling heights, still list the buildings because the zoning is already in place. Someone will come in and demolish and retrofit the buildings to meet their needs. Industrial-zoned land in good locations trades rapidly. Industrial buildings trade rapidly and for prices that continue to increase. How is the retail sector doing? That sector has been hit far harder by the pandemic. Ledger: Everyone thought retail would die. We didn’t see that in Detroit. Those retailers who were able to adapt during COVID got even stronger. Those that were weak prior to COVID saw their demise accelerate during the pandemic. We did not see a drastic increase in retail rental rates last year, and we don’t expect to see that in Detroit in 2022. Bu the demise of retail as predicted in 2020 hasn’t played out as we move into 2022. The office sector has obviously been hit hard by the pandemic. How is this sector performing in Detroit?

Ledger: The new variant that came out around the holiday season has forced office tenants to postpone their return-to-office decisions again. Companies still have to determine if they are bringing back their workforce and in what capacity. Are they bringing them back full-time or hybrid? And what will that do to the amount of square footage that they need? There are some opportunities, though. Some office tenants have been very proactive. They understand that office rents have dropped for both urban and suburban assets. If their leases are up, they are considering a move to a higher-quality office space that they can lease at a lower rate. They can move from a C-class building to an A-class space that is fully amenitized at a lesser cost than they would have been able to get before the pandemic. What worries me more is the B-class and C-class office spaces. What happens with them? With rental compression, why should an office tenant move into those properties? How about the multifamily market? That’s been a strong market across the country even during the pandemic. Is it still doing well in the Detroit market? Ledger: First-time homebuyers are often priced out of single-family homes today because their prices are rising so quickly. Because of this,

many are turning to apartments when otherwise they might have looked to buy a single-family home. The demand for multifamily, because of this, is not going away. Occupancy rates are so high. And because rents are going up, the income for owners is rising, too.

Detroit from the suburbs without too much hassle. You can rent in the suburbs and easily get to the museums, sporting events, restaurants and all the other activities of downtown. Living in the suburbs is not a detriment to getting to downtown Detroit.

Before the pandemic, downtown Detroit was on a hot streak with plenty of CRE activity. What is happening downtown now?

What type of amenities are renters looking for today from modern apartment spaces?

Ledger: I won’t say downtown Detroit is suffering. But it has lost a little bit of the momentum that was happening before COVID. That’s through no fault of the property owners. It’s the nature of what has happened with the pandemic. But downtown, while activity has slowed, is not suffering. How about in the suburban areas? Are renters seeking out multifamily properties in suburban Detroit? Ledger: During the start of the pandemic, people were trapped in their residences. A lot of them figured that if they were going to be in their residences and maybe working from home on a longer-term basis, they wanted as much room as possible. That extra space is easier to provide in the suburbs than it is in a high-rise apartment development in an urban setting. It’s important to realize, too, that in Detroit, the suburbs are closer to downtown. You can get to the city of

Ledger: They want a lot of storage and they want open space. They want pools. Bike storage is important. They want other types of outdoor activities. What do you see for the rest of 2022 in the Detroit CRE market? Ledger: It’s important to be an optimist but also a realist. The fundamentals are there for increased activity. These office tenants are making some decisions now. There is opportunity out there. Some tenants might downsize and others might upsize. Retailers and restaurants are open. People want to get out. They want to socialize again. You can never predict what might happen that is out of your control. Maybe the stock market will crash. We might get another variant. We don’t know. But as long as we continue on the right path, I’m optimistic that we will see positive growth in Detroit.

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CINCINNATI

Midwest Real Estate News

Cincinnati ready for a strong CRE market in 2022

By Dan Rafter, Editor

he commercial real estate market in Cincinnati isn’t unlike the markets in other major cities across the United States: Certain commercial sectors – most notably industrial and multifamily – are thriving today, while others are still dealing with the fallout from the COVID-19 pandemic. The good news in Cincinnati? CRE activity is trending up in this key Ohio city. And Alex Cate, research manager for the Greater Cincinnati region of Colliers, says he expects the fortunes of the local CRE market to only improve as 2022 moves on. Midwest Real Estate News recently spoke with Cate about the status of Cincinnati’s commercial real estate industry. Here is some of what he had to say. Let’s start with the one commercial

“This is not the norm for our market, so we do expect to see a tightening eventually. The demand is crazy right now. ” sector that seems to be booming everywhere, industrial. Alex Cate: The Cincinnati market saw record industrial absorption in the fourth quarter of 2021. The market absorbed 5.7 million square feet of industrial space. For all of 2021, our market saw 10.6 million square feet of net industrial absorption. For us, that is a massive number. Absorption skyrocketed for us in the fourth quarter,

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and this took place in all the submarkets in our area. The leasing activity has been crazy in our market. That came to a head in the fourth quarter. Does it look like industrial will remain hot in Cincinnati in 2022? Cate: We saw 725,000 square feet of completions for industrial in the fourth quarter of last year. This was all build-to-suit projects or projects

with tenants already lined up. We have about 6.5 million square feet of industrial space under construction. A lot of these facilities are buildto-suits, but we also have a decent amount of spec supply coming online. We have some major bulk-distribution facilities under construction. And vacancy rates are at 4.5 percent, which is very low. This is not the norm for our market, so we do expect to see a tightening eventually. The demand is crazy right now. The supply can’t keep up. We have our own internal market tracker, keeping track of which of our tenants are looking for space and what kind of space they are looking for. As of our last count, by the end of 2021 we had more than 170 tenants looking for a combined 15 million square feet of CINCINNATI (continued on page 10)

CINCINNATI

Midwest Real Estate News

January/Feburary 2022

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3CDC is developing The Foundry, in downtown Cincinnati, a mixed-use project that will include office and retail space.

CINCINNATI (continued from page 9)

industrial space. That is intense demand for the Cincinnati region. A lot of the demand is for bulk distribution. Everyone wants to grab that space. They want to solve some of the supply-chain issues they are facing. It sounds, then, like you are expecting another busy year for industrial in 2022. Cate: Once there is even a whiff of news of the spec supply going up, prospective tenants are chomping at the bit. We do expect there to be a slight tightening of the market in the summer. Any move-outs will have happened by then. We expect that leasing activity will slow a bit. We still expect growth in the industrial market this year, but not growth that looks like it did in 2021. Last year was truly incredible. How about the office market? Obviously, the office sector has been struggling with plenty of uncertainty. Is that the case in Cincinnati, too? Cate: Office is sort of the flipside of industrial. It’s a tale of two headlines: Industrial fourth-quarter activity set records. For office, the fourth quarter saw record occupancy losses. Not since the early 2000s have we seen negative absorption for the office

market in Cincinnati. But we saw that last year in our market. The losses have been dramatic. Since March of 2020, the start of the pandemic, we have had about 1 million square feet of negative office absorption. The vacancy rate in this sector is equally rough, hitting 16.2 percent in the fourth quarter of last year. That is up 180 basis points on a year-over-year basis. It has been rough for the office market in greater Cincinnati. Are you seeing any signs of hope in the local office market? Cate: There was some optimism in our fourth-quarter report. We had some office users that did take new space. But at the same time, there were some major move-outs and downsizings. This year it still looks a little murky. One of the big office stories is the redevelopment of the former Macy’s at Fountain Square in downtown Cincinnati. There is a mixed-use development being built there called the Foundry that will include about 162,000 square feet of office space. It will also include ground-level retail. We have already seen Deloitte move in, taking 30,000 square feet of office space. Turner Construction has also leased space in this new building. The Foundry project, we think, has the potential to revitalize downtown.

Are there new opportunities for tenants to move into higher-quality office space?

retail going forward, mixed-use developments will be a major driver of growth in our market.

Cate: We hope that tenants do want to lease in Class-A buildings. If a company decides that it wants high-quality, premium office space, it will have options today. The Foundry is an example. We think projects like that will attract companies.

A lot of our brokers, though, see a holding pattern in the retail sector. There is a lot of consolidation happening now. Major retailers that have locations in strip malls close to each other are making moves with those locations. They might be moving from the strip centers where their locations are one of only a couple of storefronts and moving to newer, more popular strip center locations.

There’s also the Ovation mixed-use development in Newport, Kentucky. That project will include a hotel, a concert venue and 103,000 square feet of premium Class-A office space. That’s another example of Class-A space in the middle of an amenity-rich area that should attract companies. We are cautiously optimistic about the office market in the long run. But for right now, it is hard to tell. Companies had announced their back-tothe-office plans but then put them on hold again because of the Omicron variant. But some companies already have their employees back, at least a couple of days of week. What are you seeing in the Cincinnati-area retail market? Cate: We did see some positive absorption in the retail sector in 2021, mostly within mixed-use developments. For both office and

If there is a success-story location, everyone is pouncing on that. They are leaving some of these strip centers that aren’t performing as well. The strip centers in the northern part of our market, which don’t have a lot of proximity to downtown, are adding to our negative absorption numbers now. I would guess that we’ll see some slight positive absorption this quarter. We might see some restaurant and shop openings in downtown Cincinnati. That would be great for the office market. We are slowly, very slowly, seeing activity returning to downtown. There is a slight positive in retail, but we are still largely in a waiting period.

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January/Feburary 2022

NASHVILLE

Midwest Real Estate News

GBT Realty, Monarch set to bring big changes to Nashville’s Midtown district By Dan Rafter, Editor

3CDC is developing The Foundry, in downtown Cincinnati, a mixed-use project that will include office and retail space.

ffice buildings. Retailers and restaurants. Multifamily units. All these -- and maybe even new hotel space -- will soon be coming to Nashville’s Midtown neighborhood thanks to a big acquisition from Monarch Alternative Capital and GBT Realty Corporation. Monarch, an investment firm, recently purchased eight acres of land in Nashville’s Midtown submarket in the heart of the city’s CBD. In partnership with Brentwood, Tennessee-based development firm GBT Realty Corporation, Monarch plans to create a major mixed-use development on the land, which is zoned for 1.75 million square feet of real estate. The site, which is currently home to Beaman Toyota, is near some of Nashville’s most popular commercial areas and attractions, including the Gulch, Music Row and Vanderbilt University. The land is also near downtown Nashville, and will bring much-needed retail and apartment space to the city’s urban center.

“This has been one of the most highly sought after and anticipated redevelopment sites in Nashville due to its importance in connecting Downtown to Midtown, its size and potential scope.” “This has been one of the most highly sought after and anticipated redevelopment sites in Nashville due to its importance in connecting Downtown to Midtown, its size and potential scope,” said George Tomlin, president and chief executive officer of GBT Realty. Jeff Pape, managing director with GBT Realty Corporation, told Midwest Real

Estate News that the Beaman site gives GBT and Monarch the opportunity to make a positive impact in the city. As Pape says, this land site today sits at the epicenter of Nashville’s CBD. This is largely because of a fairly recent shift in Nashville’s urban core. For years, Nashville basically had one CBD by the Cumberland River. That area has also been a main draw for

tourists. Today, that former CBD is transforming steadily into an entertainment and tourist area. At the same time, a greater number of businesses, retailers and restaurants are moving to the area surrounding this riverfront area, creating what Pape says is a true Midtown district. “The Beaman site is the epicenter of this new business and retail growth,” Pape said. “It is becoming the core area of Nashville. We have always had an eye on this site. We always thought it was great real estate.” GBT and Monarch closed on the land purchase Dec. 15 of last year. Pape says that GBT is now in the earliest stages of transforming the site, assembling the key teams that will work on the project and working on early concept plans. The goal is tranform the site into a mixed-use development that includes a core of retail, multifamily, condos, NASVILLE (continued from page 36)

SUBURBS

Midwest Real Estate News

January/Feburary 2022

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The Ruby at Brookfield Square is being built in the Milwaukee suburb of Brookfield.

The lure of the suburbs: New multifamily developments outside cities attract renters with urban amenities

By Dan Rafter, Editor

he suburbs are luring a greater number of renters, especially renters by choice who are ready to downsize their homes but don’t want to leave the communities in which they’ve long lived.

bring 231 luxury apartment units to the suburb of Brookfield, about 10 miles west of Milwaukee. The community will feature two four-story buildings connected by a skybridge and will be the first new Class-A rental property in Brookfield since 2019.

The Ruby at Brookfield Square is rising from the site of a former Toys “R” Us store in Brookfield. Coleman said that the property will include amenities that would have been impossible for renters to find in Brookfield until recently.

A company benefitting from the multifamily building boom in the suburbs? Wingspan Development Group, which has offices in Mount Prospect, Illinois, and Milwaukee.

Hub13 will bring 300 multifamily units to Oak Creek, just south of Milwaukee. It will be one of the first Class-A rental developments in the community that boasts resort-style amenities including a stand-alone clubhouse and Zen Garden.

“These amenities wouldn’t exist here in buildings that were built as recently as 10 years ago,” Coleman said. “Residents today demand a higher level of comfort. It’s almost like living at a resort. They are truly looking for a lifestyle.”

Chris Coleman, vice president of development for Wingspan, said that both projects are bringing something new to their markets. And both projects are just one more sign, he said, that renters are hunting for urban-style amenities in suburban apartment developments.

Amenities offered by the Ruby include a pool with sundeck, club room, gaming room and golf simulator. And for those residents working from home, the Ruby at Brookfield Square offers hoteling suites from which renters can work if they don’t want to spend an entire day working from their units.

Wingspan is currently developing two multifamily projects in the Milwaukee suburbs, one in Brookfield, Wisconsin, and the other in Oak Creek. Demand is already high for both projects, evidence that consumers’ appetite for new-construction apartment units in the suburbs is far from peaking. The Ruby at Brookfield Square will

Coleman says that the work-fromhome suites are especially important in new apartment developments today. “In some form or fashion, remote working will survive COVID,” Coleman said. “Some people are still working fully remote. Some are in the office two days and working remotely three. A lot of people think working remotely is attractive because it reduces your commuting time. It allows you to be more productive. A lot of renters are looking for that extra space in which they can work.” Hub13 also offers a top-level amenities package, Coleman said. But the development differs from the Ruby at Brookfield Square in that it looks more like a traditional suburban multifamily property in which the different buildings are spread across the property.

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SUBURBS

Midwest Real Estate News

but they no longer want to maintain a large home. They want to stay in the community they love but they want to stay in a place that doesn’t require all that maintenance. This is a growing new demographic of renters. It’s something we’ve not seen before.” But these renters by choice aren’t always older, Coleman said. Many younger people enjoy the amenities of the city but are also starting families. They want the convenience of the suburbs and are looking for modern apartment developments in suburban communities with strong schools, walkable downtowns and public transportation options. Hub13 is being built in Oak Creek, a suburb near Milwaukee.

But like the Ruby, Hub13 offers amenities such as a fitness center, pool, yoga studio and club house. It also offers a wine room. And for those looking for more outdoors space – something that has been become even more attractive during the COVID-19 pandemic

– Hub13 sits adjacent to about 10 acres of natural wooded preserve land. Coleman expects to see more projects like Hub13 and the Ruby at Brookfield Square as more people become renters by choice.

“There are so many more renters today who are renting because they want to, not because they have to,” Coleman said. “You have people, say, who have lived for years in a community like Brookfield. They’ve raised their families here. They like Brookfield,

“They don’t want to pay the price to live in an urban area when we can deliver the similar amenities and lifestyles, and sometimes a better lifestyle, at a lower price,” Coleman said.

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Midwest Real Estate News

January/Feburary 2022

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Lenexa City Center in Lenexa, Kansas.

A century’s journey: Copaken Brooks celebrates 100 years shaping the Kansas City CRE market

By Dan Rafter, Editor

ook across the skyline of Kansas City. Visit all the bustling mixed-use developments that have boosted the economies in its surrounding communities. And know this: Kansas City-based CRE firm Copaken Brooks has played a key role in many of these iconic commercial real estate developments in and around the city. This year is a key one for the busy Kansas City firm. That’s because 2022 marks Copaken Brooks’ 100th year in Kansas City, Missouri. That’s a rare feat: Most businesses struggle to last more than a few years. To make it to a century? That’s an impressive feat. During its 100 years, Copaken Brooks has shaped the geography of Kansas City through developing, leasing and managing many of the area’s most significant properties. Copaken Brooks currently manages and leases nearly 6 million square feet of properties. The company has also developed more than 14.5 million square feet of commercial real estate space to date. What is behind Copaken Brooks’ long

“We have always had a commitment and belief that we have been on the right track in this industry.” history of success? Keith Copaken, one of the firm’s principals and the grandson of the company’s founder, told Midwest Real Estate News that flexibility and commitment have been the keys. Copaken Brooks has been flexible enough to adjust to changing trends in the commercial real estate business. And the company has long been committed to developing quality spaces. Copaken pointed to the changes the company went through when his father, Paul Copaken, took a more active role in guiding the firm. The company

bolstered its base business of brokerage and rehabbing buildings by focusing, too, on land purchases. “They were flexible enough to see that demand was going a certain way,” Keith Copaken said. “They bought land in those areas in which they expected to see demand in the future.” Copaken Brooks also took an active role in developing indoor malls when that business began to boom. The company’s leaders saw that the United States was becoming a society driven by the automobile, something that

was changing the shopping habits of consumers. Copaken Brooks got into the mall business, and this turned out to be a lucrative move for many years. And when indoor malls began to fall out of favor? Copaken Brooks pivoted again, this time focusing on the office sector. Copaken Brooks has since focused, too, on mixed-use space. And today? The firm is working in the industrial and multifamily spaces as those sectors continue to soar. “We have always had a commitment and belief that we have been on the right track in this industry,” Keith Copaken said. “We can make the changes that we see fit to continue to grow. We are always assessing demand, and that has helped us stay strong for so many years.” Another reason for Copaken Brooks’ success? The company’s leaders are interested in what Keith Copaken calls place-making. Creating places in which people want to live, work and play differs depending on where a development is rising,

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January/Feburary 2022

KANSAS CITY

Midwest Real Estate News Keith Copaken said. “It’s important to us that the people who work here can see their kids’ basketball games. We think it’s important that our people can go to a doctor’s appointment when they need to. We are very understanding and flexible. We know that people have a life outside of work.” This doesn’t mean that the people at Copaken Brooks don’t work hard. They do. But Copaken says that work-life balance remains important.

Arterra is a 12-story residential tower developed by Copaken Brooks in the Crossroads Art District of downtown Kansas City.

Copaken said. In urban areas, office towers and trendy restaurants might be key. In communities that are still dense but not quite as dense as downtown Kansas City, creating an appropriate place might mean a multifamily building that doesn’t stretch 20-some stories in the air but instead spreads out over a campus-like setting. It might mean office spaces that also spread out more horizontally than they do vertically.

And the future looks bright, as Copaken Brooks continues to pivot along with the ever-evolving commercial real estate landscape.

“We are place-makers at heart,” Copaken said. “The places just happen to be different depending on where we are developing.”

Some of Copaken Brooks’ key developments in the Kansas City area include corporate office, industrial and retail mainstays such as Nordstrom at Oak Park Mall, Town Pavilion, City Center Lenexa, Cambridge Crest, The Plaza Colonnade, 1201 Walnut, Corrigan Station and Arterra.

A long history of success The story of Copaken Brooks started in 1922. That’s when Herman Copaken founded Copaken Realtors, Copaken Brooks’ predecessor firm. Thanks to Copaken’s sturdy work ethic, market knowledge and commitment to his clients – and his ability to hire talented people – Copaken Realtors thrived. Then in 1965, Copaken Realtors changed its name to Copaken White & Blitt, as brothers-in-law Lewis White, Irwin Blitt and Paul Copaken began running the company.

Making an impact Throughout its history, Copaken Brooks has made a significant impact on the skyline of Kansas City and the commercial districts of its surrounding communities.

Copaken Brooks was instrumental, too, in shaping the entire southeast quadrant of College Boulevard and Metcalf Avenue in Overland Park, Kansas, and in creating a new downtown in Lenexa, Kansas. The company also developed the iconic Town Pavilion and 1201 Walnut, two of the tallest buildings dotting Kansas City’s skyline. Copaken Brooks also led the development of two of the first high-rise apartment projects in the Crossroads Arts District.

In 2010, the firm adopted its current name through the merger of Copaken White & Blitt — which was then being led by Keith and Jon Copaken — and First Scout Realty Advisors, a real estate firm that was founded in 1991 by Bucky Brooks.

Today, a bit more than 80 people work for Copaken Brooks, with a staff of 35 in the company’s corporate office. The company is currently leasing, managing and developing space on behalf of about 30 investment groups.

The firm today is still led by principals Jon and Keith Copaken and Brooks.

“We try to treat each of our associates as we’d like to be treated ourselves,”

To help celebrate its century in business, Copaken Brooks has created a new 100-year logo. According to the company, this logo is a visual representation of the firm’s deep roots in Kansas City. While Copaken Brooks is celebrating its past this year, the company is also looking toward the future, with several major development projects active today.

ing Lenexa’s new downtown core. This project should be completed in the next year or two, he said. Copaken also points to the work that Copaken Brooks is doing in the Crossroads district of Kansas City and in the city’s CBD. Copaken Brooks has strategic land holdings in this slice of the city that are slated for residential and office development. Then there is the 1.6-million-squarefoot industrial warehouse portfolio that Copaken Brooks has purchased on Cambridge Circle Drive in Kansas City, Kansas. “I have truly enjoyed my time working here,” Keith Copaken said. “I have had the opportunity to work with my father and uncles, my brothers and my cousins. I have enjoyed the responsibility that came quickly for me here, responsibility that might not have come as quickly to me if I had been working at a larger company.”

Keith Copaken points to the Lenexa City Center in Lenexa, Kansas, as an example. This is a 2-million-squarefoot mixed-use project that is becom-

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Wipfli’s prediction: Expect still more uncertainty in commercial real estate this year By James Lockhart

hile it’s true that real estate is generally one of the most reliable markets for investment, it’s also a fact that the industry runs on cycles. The COVID-19 pandemic accelerated and even upended many of those cycles. Even now, nearly two years after it took hold in the United States, the pandemic continues to have a seesaw effect on markets. Consider the industrial sector’s upward trajectory in relation to retail’s brick-and-mortar downturn. This inverse relationship resulted from the accelerated adoption of e-commerce, which was accelerated by the pandemic. The commercial office market has taken a hit in urban centers, but suburban office leases are on an upward swing. Hospitality is beginning to come back to life after a prolonged slowdown. But now the industry is reeling from a labor shortage. The pandemic is not the only factor that is driving rapid change, of course. Multifamily housing continues to surge, thanks in part to a lack of single-family housing stock. The cost of living and discontent are also prompting people to rethink where they live and work. Population shifts are disrupting long-standing real estate investment strategies across geographical boundaries. In short, 2021 was a year of flux, and 2022 looks to promise more of the same. So how can investors, developers, owners and buyers prepare? Here are the trends to watch in the coming year: A return to the ‘burbs: Generous work-from-home policies, cost-of-living considerations and social unrest are fueling a shift from urban centers to the suburbs. Likewise, the success of remote-work arrangements has many commercial office occupiers rethinking just how much space they really need – and where it’s located. For now, suburban rings and smaller cities are the best bet for stability and investment opportunity.

The great migration: The migration of people isn’t limited to the urban/suburban divide. People are also moving away from the coasts and across state lines in search of lower-tax communities where their dollars will go farther. This movement will have far-reaching implications across all real-estate sectors, from housing to industrial to hospitality. Housing demand: A lack of housing stock, soaring housing prices and the movement away from the urban core means multifamily housing should remain strong in 2022, particularly in suburban and rural communities. However, a buyer’s market may be around the corner. As housing inventory increases, prices should come down and the demand for multifamily housing may likely level off over time. Expect to see a shift occur in late 2022 or early 2023. Evolving consumer behaviors: Even as people talk about a return to pre-pandemic normal, some things may never be the same – including retail shopping. E-commerce adoption by U.S. households skyrocketed during the early months of the pan-

demic. Now consumers have become accustomed to the convenience of on-demand delivery. It’s no surprise, then, that retail will probably see anemic growth while the industrial and logistics sector will flourish in the coming year. Workforce challenges: The COVID19 pandemic has reshuffled the workforce in ways that could not be anticipated last year. The hospitality sector was particularly hard hit as millions dropped out of the workforce or found work in other sectors that offered more stability. Now, as people return to traveling, the industry is scrambling to find enough help. This staffing shortage may depress growth until more people re-enter the workforce. Tax changes: Tax hikes appear to be on the horizon in the form of the Build Back Better Act. Owners, developers and investors will need to wait until a final bill is voted on before making long-term investment decisions. The good news? Many of the strategies that have been used in the past to defer tax liabilities will likely be available going forward.

Accelerated technology adoption: Technology services and solutions are rewriting how the real estate industry does business – and not just in terms of bridging the home and office environments. The ease of working with and for a company is emerging as a deciding factor in winning over clients and talent. Stakeholders will need to invest in a strategic digital transformation plan if they want to keep pace with stakeholder expectations. Digital capabilities will also be key to managing data and predicting outcomes – both of which will be necessary in this dynamic landscape. How Wipfli can help Our seasoned real estate professionals know how to turn obstacles into opportunities. Whether it’s tax, compliance, process, people or technology, we can help you achieve your goals. James Lockhart is the national leader of Wipfli’s real estate practice. He is based in the firm’s Minneapolis office.

January/February 2022

Midwest Real Estate News

HALL OF FAME - CLASS OF 2021

HALL OF FAME 2021 MIDWEST COMMERCIAL REAL ESTATE Midwest Real Estate News would like to congratulate the latest inductees in our Commercial Real Estate Hall of Fame: Jeffrey Abrams

Taft Stettinius & Hollister

Susan Lawson

Newmark

Marc Barlow, CCIM

CBRE

Robert Mack

Signature Associates

A.J. Beachum

Income Property Organization

Angela Mago

Key Commercial Bank and Real Estate Capital

Kofi Bonner

Bedrock

John Mays

Gould & Ratner

Jim Carris

Colliers

Matthew McFadden

Newmark Zimmer

Shawn Clark

CRG

Zeb McLaurin

McLaurin Development Partners

Jon Dahl

JLL

Shannon Morgan

Renovare Development

Chuck Delaney

Friedman Real Estate

Michelle Mosier

Berkadia

Lawrence Dudek

Miller Canfield

Sam Munaco

Advocate Advisors

Pete Evans

Berkadia

Becky Ober

Colliers

Kristy Hess

Commerce Bank

Geoffrey Orf, SIOR

Colliers

Zach Hubbard

Block Real Estate Services

Tony Smaniotto

Pepper Construction

Tony Hupp

Colliers

Carrie Szarzynski

Hiffman National

J. Kieran Jennings

Siegel Jennings

Deborah Tomczyk

Reinhart Boerner Van Deuren

Patrick Jordan

Berkadia

Patrick Tuohy

Marquette Bank

Adam Kaduce

R&R Real Estate Advisors

Robert Walker

Cushman & Wakefield|Commercial Kentucky

James Koman

ElmTree Funds

Tiffany Earl Williams

Skogman Realty

Paul Krimm

Colliers

Eteri Zaslavsky

Next Realty

Todd LaSala

Stinson

HALL OF FAME - CLASS OF 2021

Midwest Real Estate News

JEFFREY ABRAMS

M A R C B A R L O W, C C I M

Taft Stettinius & Hollister | Indianapolis, Indiana

CBRE | Louisville, Kentucky

Partner

During his 40-year career, Taft Indianapolis partner Jeffrey Abrams has successfully combined his deep commercial real estate experience with his vast knowledge of financial markets. He incorporates both areas to navigate and negotiate sophisticated legal counsel to accomplish his clients’ wide range of business growth strategies. Abrams represents banks and lending institutions, developers, landlords, tenants, builders, contractors and all types of business owners. His behind-the-scenes efforts for his clients have yielded impressive and visual results – structures including hotels, office and industrial buildings, retail spaces and shopping centers, multi-family projects, restaurants, offices and warehouses across Indianapolis and the Midwest. Abrams’ career can be summed up like this: If a client was not a friend, he became a friend. If a friend was not a client and needed legal advice, he became a client. “I love practicing law with my clients who are my friends,” Abrams said. “What better way to spend a day than working with my friends. That is why I do not call my job WORK.” Abrams also enjoys making a positive difference in the lives of his clients. That’s something that’s been especially important today as the country continues to deal with the COVID-19 pandemic. “The pandemic has created challenges for clients, ranging from the ability to secure funding to supply chain issues for construction,” Abrams said. “I regard challenges as opportunities to be nimble and to enact change. I think I’ve made a difference during these unprecedented times.” Given his financial prowess and his can-do attitude, charities often approach Abrams to lead significant fund-raising activities. Some of his notable accomplishments in the fund-raising arena include: • As co-chair of the 2018 Indy Bar Foundation capital campaign, Abrams exceeded the bar’s goal by more than $100,000. • As host of a private event to raise money for documentary film Eva, detailing the life of Auschwitz survivor Eva Kor, Abrams’ efforts raised more than $50,000 and were acknowledged by the film’s producers at the initial private showing in Indianapolis in 2019 and in the documentary seen worldwide. • Abrams is involved on the fundraising committee of the Indiana Golf Foundation to raise no less than $3.5 million to build a new headquarters for Indiana’s First Tee Program. This program, now in more than 311 elementary schools, impacts nearly 98,000 children by promoting lifelong skills and core values through the game of golf. Abrams’ work accomplishments are many, too. He’s earned the following major industry honors: • Zeff Weiss Award for Excellence in Real Estate, by the Indianapolis Bar Association (2020) • Top Ranked Real Estate Attorney, by Chambers USA (2003 – present) • AV Peer Review Rated, Martindale-Hubbell • Distinguished Barrister Honoree, The Indiana Lawyer Leadership in Law Awards (2019) • Honoree, Best Lawyers in America (2006 – present) • Top 50 Honoree, Indiana Super Lawyers (2015 – 2016) • Honoree, Indiana Super Lawyers (2004 – present) • Nominated to the American College of Real Estate Lawyers in 2006 “I pride myself on being highly accessible and responsive to clients and to my Taft colleagues,” Abrams said. “I respond promptly to emails and phone calls and initiate conversations to keep business moving forward and to avoid roadblocks. I can draft documents within hours to meet a critical timing need for a client.” When not working, Abrams says he enjoys spending time with his extended family. He is also an avid golfer.

A miscast accountant. That’s how Marc Barlow with the Louisville, Kentucky, office of CBRE describes himself after he graduated from the University of Kentucky in 1981. Fortunately for Barlow, now one of the most successful CRE professionals in the Louisville market, he didn’t remain in that role for long. After a short stint at PriceWaterhouse Coopers, Barlow went to work for a client bank and ultimately became responsible for the institution’s REO portfolio. His financial and lending background served him well when he was recruited by a local developer as the leasing agent for a sizeable office portfolio. Barlow got his taste of brokerage and never looked back. In 2000, Barlow moved to CBRE. This allowed him to continue to develop his skills while enjoying a career that never felt like work. But Barlow didn’t truly fall in love with the commercial real estate industry until a peer recommended that he pursue his CCIM designation. Once he learned even more about the fundamentals of commercial real estate and the difference that it could make in his clients’ lives, Barlow knew that he had truly found his passion. “I appreciate the relationships I’ve developed with my clients. I’m grateful for the vision and courage my developer clients have demonstrated to the benefit of my career in commercial real estate,” Barlow said. “I’m still excited by the prospects of each new deal and meeting the people that make it happen. My approach has been to treat every deal as a diamond; some are just bigger than others.” With three decades in the industry, Barlow has seen the best and worst of the market. From the dot-com bust to the mortgage bubble and now the pandemic reset, he has worked hard to make a positive difference for his clients. “While we are all in this business for the peaks, the valleys have made me a more resilient professional,” Barlow said. One of the secrets to this real estate pro’s success? He’s been surrounded by strong mentors during his entire career. Recognizing how important these mentors have been, Barlow now pays it back by mentoring CRE pros just beginning their careers. “Returning the favor by counselling young people new to this business has been my greatest reward,” Barlow said. “New talent is the lifeblood of a successful practice, and their energy and enthusiasm are contagious, benefitting the entire team.” While work is important, Barlow says that his greatest joy is his family. He and his wife recently celebrated 40 years of marriage and are looking forward to their first grandchild in February. Barlow is also a fan of golf, thanks to his knees becoming too creaky for tennis, and has a daughter that shares his passion for the game and now pursues golf as a professional near Orlando, Florida.

KOFI BONNER

Income Property Organization | Bloomfield Hills, Michigan

Bedrock | Detroit, Michigan

A.J Beachum is no stranger to big production numbers. Since joining Michigan’s Income Property Organization in 2007, Beachum has sold 420 multifamily properties and counting. That comes out to 28,100 apartment units and over $1 billion in transactional volume. Beachum has also sold about 100 multifamily properties on behalf of lenders. Income Property Organization is unaware of any other broker who has sold more multifamily properties in Michigan during the past decade than Beachum. This industry pro traces part of this success back to his training as an attorney; something that allows him to understand the often-complex landscape of a commercial real estate transaction. When asked about his successes, Beachum credits his passion for real estate. As he says, he has found the career best suited for his personality and talents. “Honestly, I really don’t know exactly why I have found success in this business,” Beachum said. “I do feel that I was born for this job. I’m exactly where I want to and need to be. This understanding is both very powerful and comforting. And it enables me to be deeply passionate about what I do. My clients seem to convey that the passion I display is what makes them choose IPO over our competitors. I have real relationships with my clients because they know how real my passion is for the business we do together.” After graduating from Michigan State University, Beachum attended Thomas M. Cooley Law School. In his final year he focused on real estate law, acquiring in-depth knowledge on the legalities of nearly every aspect of real estate transactions. Beachum graduated cum laude from law school, ranking fifth in his class. Beachum’s peers have also recognized his abilities. In 2016 and 2020, he was awarded the CoStar Power Broker designation. He also qualified as one of the top commercial brokers in Michigan in 2021, based on the total sales transactions he closed during the year. Despite his many successes, Beachum has faced significant challenges in his career. He points to the Great Recession as an example. In 2008, Beachum was given the Flint, Michigan market as his territory, and trying to build his business during those tough economic times was no easy task. “Getting started as an investment broker is tough sledding no matter the market or market cycle,” Beachum said. “This was different. So, to work that tough of a market during the second biggest economic collapse this country has ever known was a serious challenge, but I would not trade it for the world. It made me tough and forced work ethic and humility that I believe laid the foundation for the success that I have been fortunate enough to be part of at IPO.” Outside of work, Beachum is a man of Faith and a fan of sports and the outdoors. His favorite activity, though? Spending time with his daughter, Cecilia.

January/February 2022

First Vice President

A.J. BEACHUM Broker

Chief Executive Officer

It’s no stretch to say that Kofi Bonner is one of the most important executives in the commercial real estate markets of both Detroit and Cleveland. That’s because Bonner is now leading Detroit-based CRE firm Bedrock as the company’s chief executive officer. And the work that Bedrock has done, and continues to do, is helping to fuel the rejuvenation of both downtown Cleveland and Detroit. Since its founding, Bedrock and its affiliates have invested and committed more than $5.6 billion in acquiring and developing more than 100 properties in downtown Detroit and Cleveland that have totaled more than 18 million square feet. It’s an impressive effort and has helped provide new energy to both Midwest cities’ downtown areas. And Bonner is the executive today that is guiding this effort. “Detroit has by far been one of the most interesting markets I have worked in,” Bonner said. “When I first arrived, I was incredibly impressed by the growth that had taken place here. I knew then that I wanted to be involved in Detroit, and it has so far been an amazing opportunity to work alongside community leaders to positively impact Detroit and Cleveland.” Bonner is certainly up for the challenge of helping to reinvigorate the business hubs of both cities. During most of his career, Bonner has focused on leading complex development projects in metropolitan areas. As an example, Bonner previously served as co-chief operating officer at Irvine, California-based FivePoint Holdings, where he led the entitlement and development of the San Francisco Shipyard and Candlestick Communities. And before joining Bedrock, Bonner most recently focused on real estate development and technology ventures through his own company, Bonner Enterprises. Here, he took on real estate ventures in the San Francisco area and Ghana. So Bonner is ready to take on the challenges that face him in Detroit and Cleveland. “My biggest challenge in Detroit and Cleveland is the same challenge I have had with every major urban development I have led,” Bonner said. “How do we collectively lead, direct and manage change in a global economy to the advantage of Detroit and Cleveland businesses and our communities? “How can I lead Bedrock to provide direction and leadership, such that our real estate activities provide a platform to encourage growth and innovation while improving the quality of life and experience for the city’s residents and visitors?” Bonner will work toward these goals by focusing on the power of public/private partnerships. Bonner points to his years spent as a public official leading business and economic development in several cities in the San Francisco Bay area, including in Emeryville, San Francisco and Oakland. It was then, he says, that he learned just how effective partnerships between the public and private sectors could be. “When private capital is aligned and leveraged by public financing and strategy, the resultant developments are bolder, more visionary and have far-reaching impacts,” Bonner said. An example? In Emeryville, the city expanded so quickly that traditional transit routes could no longer serve its communities. The transit system refused to expand its service. The solution? The city created a city-wide shuttle service to fill the gaps in public transit. “Because of the business sector’s belief in the direction of the city, it stepped up, positively and holistically impacting the entire city,” Bonner said. Outside of work, Bonner enjoys spending time with his wife, Gladys, and exploring the dining and entertainment options that Detroit and Cleveland offer.

Congratulations

KIERAN JENNINGS MIDWEST COMMERCIAL REAL ESTATE

2021 HALL OF FAME INDUCTEE

With more than 30 years of industry experience along with a commitment to excellence and outstanding client service, we proudly acknowledge your exceptional accomplishments. Here’s to many more years of success serving our communities.

SIEGEL JENNINGS P R O P E R T Y TA X L AW

BOLD RESULTS Cleveland

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Chicago

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Columbus

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216-763-1004 • siegeltax.com

Pittsburgh

HALL OF FAME - CLASS OF 2021 JIM CARRIS

Managing Principal | Executive Managing Director | Market Leader Colliers | Chicago, Illinois

During a career that has spanned more than three decades, Jim Carris has built a reputation as a hard worker, true leader and dedicated advisor to his clients. This work ethic and market knowledge have led Carris to his current position as executive managing director and market lead for Chicago with Colliers. In this role, Carris oversees Colliers’ Rosemont, Illinois, and downtown Chicago offices. He guides the office advisory, industrial advisory, agency leasing, land, retail and investment groups. “I think I’ve been successful in the business for two reasons,” Carris said. “I treat everyone with honesty and respect, and try to create an environment that I would want my family to work in. And I keep striving to learn. I started out as a real estate lawyer, pursued my CCIM, earned my MBA and still take classes on finance and real estate development. You can never stop improving.” It’s not surprising that Carris has earned this leadership position. Throughout his career, he’s demonstrated a true knowledge and aptitude for the commercial real estate business. Before joining Colliers in 2018, Carris served as senior managing director of CBRE’s Chicago region. In this position, Carris was a member of CBRE’s Executive Committee and led the firm’s overall regional operations and business strategy. Before his time at CBRE, Carris worked as a senior vice president at JLL, where he managed account teams that completed more than 400 transactions involving 13 million square feet of space, $250 million of invested capital and sustainable cost savings of more than $50 million. And that’s not the full extent of Carris’ career. Before joining JLL, he oversaw global real estate operations, including office, industrial and land transactions in Europe, Asia and the United States, for BP’s former chemical subsidiary, Innovene. Carris also served as project executive for BP’s 640-acre multi-use commercial development Cantera in Chicago’s west suburbs. That’s a long and busy career. Carris says that he’s never regretted his decision to enter this field some 33 years ago.

Midwest Real Estate News

January/February 2022

SHAWN CLARK President CRG | Chicago, Illinois

How much of an influence does Shawn Clark have on the commercial real estate market? As president of CRG, he has helped turn the Chicago-based firm into a national powerhouse, one that has developed more than 10,000 acres of land and delivered more than 210 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. That’s a big impact. And Clark is still working to make CRG an even bigger player in the CRE world. Under Clark’s leadership, CRG has grown from six people into a national real estate and development powerhouse with a team of 75+ executing over $1 billion in new development starts annually. In 2021 alone, CRG commenced nearly $1.5 billion in new development starts. “My favorite part about the real estate industry is the community,” Clark said. “There are many smart and talented people who collaborate every day to create the real estate market and I’ve been lucky to learn so much from great mentors and partners along the way. Coming up with creative solutions to structuring investments that can accommodate all parties is one of the most enjoyable aspects of my role. There is always a path that ensures everyone walks away with their most crucial deal point.” With more than 15 years of commercial real estate experience, Clark is responsible for CRG’s strategic direction. In addition, he provides active leadership for the firm’s project and fund-level financing activities and oversight for development management and asset management operations. An example of Clark’s leadership? In 2018, he established CRG’s national pipeline of investment opportunities and led fund-raising activity for U.S. Logistics Fund I. This fund supported the development of more than $420 million of Class-A industrial assets delivered by the close of 2019. Also under Clark’s leadership, CRG launched U.S. Logistics Fund II in 2021, opening access to industrial deals for an entirely new investor type. The key to this change is the fund’s focus on inclusion. USLF II targeted 10 percent investment from minority investors, providing access to historically disadvantaged groups. Clark is always looking to challenge the status quo. He developed CRG with the goal of creating the most vertically integrated real estate investment management firm with investment management, development, design and build platforms. Clark further expanded CRG’s asset class focus to include multifamily and mixed-use projects. In 2020, he recruited a team of residential experts to scale CRG’s multifamily, mixed-use and student housing platform, which has already closed more than $300 million of new projects. Clark is also a philanthropic and community leader. He oversees research grants at the Clayco Foundation and partners with universities and medical institutions to help fight Retinal Vasculopathy and Cerebral Leukodystrophy (“RVCL”), a rare genetic disease. Clark oversees a team of scientists who discovered the gene mutation and provides education and support for patients, researchers, and doctors via RVCL.org. He also founded The Clayco Foundation and created Illumination, an annual Halloween Gala in Chicago, which has raised more than $5 million to support this life-saving mission.

“I truly enjoy the people I’ve worked with,” Carris said. “The talent in the real estate industry is truly remarkable. From the risk-taking investors to the creative architects and designers to the brokers who strategize for the best deal for their clients, real estate people are some of the most talented, creative, client-oriented people of any industry I’ve been involved with.”

Clark’s success stems from his willingness to work hard. But when asked why he’s managed to succeed in this business, Clark also pointed to the people with whom he works.

Despite his busy career, Carris does find some time for himself. When he’s not working, he likes to spend time with his wife and three children. He enjoys coaching his children’s sports teams, studying history and politics, riding motorcycles, hiking and lifting weights.

Outside of work, Clark prefers spending time with his family. This is especially true today: He and his wife had a baby this year. “We have fun keeping him entertained and enjoy every moment watching him grow,” Clark said.

“Honesty and hard work,” Clark said. “We have focused very hard on strategy and hiring the industry’s best talent to join us in our mission. It’s a combination of great people, vision and doing what you say you will do.”

JON DAHL

CHUCK DELANEY

JLL | Minneapolis, Minnesota

Friedman Real Estate | Farmington Hills, Michigan

Managing Director

Jon Dahl has worked on some of the largest and most complicated lease transactions in the Minneapolis market. And has done this with an amazing level of success. An example? In 2009, Dahl successfully negotiated the largest U.S. office transaction, one encompassing almost 900,000 square feet. This industry veteran -- he’s worked in commercial real estate for more than 23 years -- has also leased some of the most challenging spaces in investors’ portfolios. But these challenges are part of what make commercial real estate the perfect career for Dahl. No two days are the same in this business, and success usually comes from working hard, serving clients and studying the market. Then there are the people. Dahl says that he’s formed long-lasting friendships through his work. “I truly enjoy the other professionals in our industry,” Dahl said. “Some people say it’s a cut-throat business, but I’ve never witnessed that. I pride myself on being open, honest and trying to work in everyone’s best interests. That is the key to success and enjoyment, in my opinion. It can be such a fun career if you just open yourself up to it.”

Executive Managing Director

Hard work matters to Chuck Delaney. Consider his college years. He worked 70-75 hours a week at his grandfather’s garden center earning $4 per hour each summer to pay for college at the University of Michigan. That might seem like a lot of hours for little money, but Delaney says that the lessons he learned have served him well through his life and career. “I learned early on the value of a strong work ethic and the importance of providing top notch service to achieve results and gain customer loyalty,” he said. These life lessons have served Delaney well during his 40 years in CRE. Fresh out of college, Delaney worked as an accountant for a large corporation where he met several key mentors who taught him much that he couldn’t learn from instructors or textbooks in school. One friend played a particularly important role in his future career by convincing Delaney to take the CPA exam. Soon after, Delaney went to work for a small law firm that invested in commercial real estate to shelter income and generate passive income and grow equity. Little did he know that would be the catalyst for developing his passion for CRE. “While there, I learned a little bit about many areas of commercial real estate,” Delaney said. “Learning the value of owning real estate while utilizing leverage and creating value through a combination of revenue creation and debt pay-down were a few of my biggest life lessons. Eventually, I made my way to Friedman and have never looked back.”

In addition to leasing services, Dahl also has experience in the appraisal, sales and development sides of the business. In 2011, he formed the Agency Leasing Group with his business partner Brent Robertson. The current version of this team includes seven professionals responsible for more than 10 million rentable square feet in the Minneapolis market. This team averages more than 100 transactions each year.

During Delaney’s 20+ years at Friedman, it has become one of the nation’s largest full-service CRE companies offering Brokerage, Management, Construction and Advisory Services to some of the nations largest institutions as well as individual owners. Today, Delaney serves as Executive Managing Director at Farmington Hills, Michigan based Friedman Real Estate. His responsibilities include oversight of the entire shared-services platform and strategic oversight of the firm’s multi-family management division.

Dahl credits both luck and hard work for his success. He learned the basics of cold-calling and what he calls “old-fashioned” sales work early in his career. He then had the good fortune to get thrown into the spotlight leasing high-profile assets for Brookfield Properties in downtown Minneapolis.

“One of my best skills was identifying, hiring and eventually retaining strong team members with complementary skill sets, Delaney explained. “My greatest achievements include seeing the growth they have accomplished in their careers and the value they now provide to Friedman’s success.”

“That experience really helped when my partner and I started up the JLL Agency arm of JLL,” he said. “We have never looked back, and it’s been an amazing journey. Now I’m just so excited to help our younger teammates grow in this amazing business while keeping our clients’ best interests in mind at all times.”

“In an everchanging environment, continual learning and adaptability remain the keys to success,” Delaney added. “Utilizing professional networks and attending seminars, conventions, and trade shows play an important role in that education.” Delaney is fortunate to not only be skilled at CRE but also to love his profession. When asked what he enjoyed most about the CRE industry, Delaney points to, “while the challenges are demanding, each day presents new and exciting opportunities.”

And when newer brokers ask Dahl how to grow a thriving CRE career? He has some simple, but important, advice: “My answer will be to always work hard but to keep your clients’ interests first. Success will follow. Don’t follow the paycheck.” When not working, Dahl enjoys spending time with his wife and two sons. This means spending plenty of time watching school sports. Dahl also enjoys fishing as a way to fully unwind from the challenges of commercial real estate.

When not working, Delaney says that he enjoys exercising for health and following Detroit’s professional sports teams. He happily follows University of Michigan sports, as well. But mostly, he enjoys spending time with his family and very active grandchildren. “On a personal level, my greatest blessings are the health and well-being of my family,” Delaney proclaimed. “As my full-time career winds down, giving-back will be the next chapter in my life’s book.”

January/February 2022

Midwest Real Estate News

HALL OF FAME - CLASS OF 2021

LAWRENCE DUDEK Principal

Miller Canfield | Detroit, Michigan Lawrence Dudek shines when he is working on large, complex real estate projects with several stakeholders and multiple moving parts. That’s when his knowledge of commercial real estate law truly benefits his clients. Dudek, a principal with Detroit law firm Miller Canfield, boasts more than 45 years of experience in the field of commercial real estate law. During his long career, Dudek has helped his clients navigate the legal challenges that come with developing major projects. This often means that Dudek is dealing with a multitude of project participants at any one time, including ownership, design professionals, owner reps, construction managers, specialty contractors and several commercial and professional liability insurers and sureties. An example of this? Dudek played a crucial role in advising and representing project participants in the construction of some of Detroit’s most important developments including Comerica Park, home of the Detroit Tigers, and Ford Field, home of the NFL’s Detroit Lions. He has also represented project participants in the renovation for the Renaissance Center GM World Headquarters, Dime building and 1001 Woodward building, all key projects in Detroit’s current rejuvenation. Working with so many people on so many projects can sometimes lead to challenges. When asked what the biggest challenges in his career have been, Dudek points to “Trying to find consensus among constituencies with different, and sometimes competing, interests.” Dudek overcomes this challenge by listening to his clients, presenting them with the legal facts and advising them on the best possible strategies they can take to reach the outcomes they need to complete their projects. By dealing with his clients in this fact-based manner, Dudek has earned their trust. And this has earned Dudek plenty of repeat business throughout his career. Another secret to Dudek’s success? He works with highly skilled partners. “I have surrounded myself with highly competent people over the years, and I have stayed abreast of developments in the industry,” he said. Not all of Dudek’s work is on projects generating big headlines, of course. This legal veteran has also guided owners through the challenges posed by contractor default and developed the strategies they need, while explaining the risks involved, when declaring contractor default and contract termination. This work includes dealing with the surety on matters where performance bonds have been provided and assisting ownership in arranging for the completion of the work by the trades after a contractor default.

PETE EVANS

Senior Managing Director of Investment Sales Berkadia | Chicago, Illinois Pete Evans has worked in commercial real estate for more than three decades, starting his career as a commercial appraiser and today focusing on brokering the sales of apartment communities. What has kept Evans in this career for so long? This industry veteran points to the good that his work does, for both his clients and the U.S. housing market. As Evans says, apartment investors have played a vital role in increasing the U.S. housing stock through development and by preventing units from becoming obsolete through renovations. This is important: The United States remains undersupplied when it comes to housing, with the apartment industry a leader in addressing this issue. Evans says he is proud to play a role in boosting the U.S. housing stock. “Most of my clients throughout my career have been truly interested in improving the quality of life of their clients by increasing the quality of apartment homes,” Evans said. “This is such an important contribution to society, and I am grateful to be a part of it.” Evans boasts experience in selling apartments of all classes across multiple midwestern states, and his clients include family offices, individual investors, institutions, pension funds and other public entities. He often is involved in some of the largest and most complex transactions in the markets that he covers. Some of his notable recent assignments include Springs at Kenosha (+$100 million in 2021 – largest apartment transaction in Wisconsin), The Summit at Heritage (+$50 million in 2021 – Des Moines), The Belden-Stratford (+$100 million in 2018 – downtown Chicago), and The Nic on Fifth (+$100 million in 2015 – downtown Minneapolis), “I believe that apartments are the best risk-adjusted investment returns available,” Evans said. “The durability of apartment income and the long-term growth potential is exceptional. So, I eat my own cooking.” Even the apartment sector, though, has faced challenges during Evans’ long career. This industry veteran has worked through at least four major economic disruptions, including the savings-and-loan crisis and the impact of the Gulf War and the Asian financial crisis. He also worked through the impact of 9/11, the 2008-2009 Great Recession and now a global pandemic. “We seem to be much better prepared with economic responses to these volatile events,” Evans said. “As an apartment/ housing specialist, I have always been proud of Freddie Mac, Fannie Mae and the Department of Housing and Urban Development during these times of volatility. They have been steadfast in markets devoid of any other liquidity, staving off significant stress on the housing market and giving all of the debt market essential support.” Before joining Berkadia, Evans was the president and managing partner in Moran & Company’s Chicago office. Here, he was responsible for managing marketing assignments and client relationships throughout the Midwest. Before this assignment, Evans worked for more than 15 years of experience in multifamily financing, underwriting and appraisal. Throughout his career, Evans has completed almost $9.5 billion in total sales, including almost $8.0 billion in investment sales transactions. When not closing deals, Evans said he enjoys giving back through volunteering with charitable organizations. He also enjoys traveling, scuba diving, dive bars with live music and cooking family dinners, both big and small

4622 Pennsylvania Ave., Suite 700, Kansas City, Missouri 64112 816.756.1400 | www.BLOCKLLC.com

HALL OF FAME - CLASS OF 2021 KRISTY HESS

Senior vice president, CRE division manager Commerce Bank | St. Louis, Missouri

Midwest Real Estate News

Senior Vice President Block Real Estate Services | Kansas City, Missouri Zach Hubbard has logged some impressive numbers during his more than 20-year career in commercial real estate. This senior vice president with Kansas City’s Block Real Estate Services, has now completed transactions worth more than $400 million. With such an impressive number of transactions, it’s not surprising that Hubbard has represented several big names during his career. This includes Seaboard, Central Garden & Pet, Virbac Corporation and Hostess Brands, as well as institutional owners such as Colony Capital, the Missouri State Employees Retirement System, Nationwide Realty Investors and the Colorado Public Employees Retirement Association.

Hess’ expertise includes traditional investment real estate finance, both acquisition and development, across all property types, along with experience in niche sectors such as Affordable Housing, New Market Tax Credits, Historic Tax Credits and C-PACE financing.

This success doesn’t mean that Hubbard hasn’t faced challenges. Like all CRE professionals, he faces the reality that his industry is one that is filled with uncertainty.

During the last eight years, Hess helped grow Enterprise Bank & Trust’s St. Louis CRE portfolio to more than $500 million through the addition of 15 new client relationships and more than $265 million in new loan originations. And during the last four years, Hess has coached the team and provided strategic direction to support the bank’s continued growth in this sector.

Despite her success, Hess has faced challenges. The commercial real estate industry remains one largely dominated by men. This has meant that Hess has had to work even harder to build her successful career. “Establishing my credibility being both young and female in the industry, whether internally at the companies I’ve worked with or externally with clients, has been a challenge,” Hess said. But Hess has overcome this. What’s her formula for success? She works hard, provides the best possible service to her clients and has forged strong relationships with industry mentors. “Hard work, persistence, and surrounding myself with great people to learn from,” Hess said, when asked the reasons for her success. “Building a strong network of supportive professionals and friends through organizations like CREW St. Louis has helped, too.” With a passion for education and furthering women’s careers in the commercial real estate industry, Hess has been an active member and leader within CREW St. Louis, currently serving on the Finance Committee but also having been a past Director as well as co-chair of the group’s annual golf tournament and CREW Careers event. Hess also participates as a Finance Mentor in ULI’s Real Estate Diversity Initiative program. She serves the greater St. Louis community through her involvement as a board member for Independence Center, a community-based rehabilitation program for adults with severe and persistent mental illness.

January/February 2022

ZACH HUBBARD

Kristy Hess has worked in the commercial banking industry, focusing on real estate finance, for more than 17 years. And during this time, she has been a top producer and has built an effective sales team that excels at underwriting and deepening relationships with top CRE developers, investors and owners.

Hess began 2022 by returning to Commerce Bank, where she spent the first half of her career, to lead its St. Louis CRE Team.

“Uncertainty. It comes during big economic swings and little everyday decisions,” Hubbard said. “Real estate is a quirky, sometimes unpredictable business. Things happen that don’t always make sense. First identifying then effectively articulating risks and opportunities to clients with different core competencies is always the challenge, but that’s what makes it fun.” And Hubbard isn’t content with being one of the busiest brokers in the Kansas City market. After 15 years as a senior broker and top producer with Block Real Estate Services, and two decades in real estate, Hubbard has diversified to include corporate services, investment brokerage and development, while remaining active in tenant/buyer representation nationally and landlord representation in the Kansas City market. Since joining Block Real Estate Services, Hubbard has continued and enhanced his investor and user services. He has also been involved in real estate development projects for both users and investors that have ranged from the redevelopment of second-generation, functionally obsolete buildings to ground-up development of Class-A single-tenant buildings and multi-tenant business parks. Those projects have included both speculative development for investors and build-to-suit projects for user clients. “I’ve continued to improve my understanding of the motivations that move the market,” Hubbard said. “That education has been fed by a genuine curiosity in people. There are so many interesting people that impact the real estate markets. Listening to them and trying to understand their unique challenges and motivations helps me better understand and anticipate the opportunities and risks my clients will face.” Despite building such a busy career, Hubbard has found time to serve his community and profession. He serves on the Heartland Roundtable of the Council of Supply Chain Management Professionals and the Western Missouri/Kansas Chapter of the Society of Industrial and Office Realtors, where he is currently Vice President. When not closing deals, Hubbard likes to travel, meet new people and experience different cultures. “We have an international family, so some of that is built into our annual routine, but it’s a great impetus to explore further,” Hubbard said.

Hess was recently named to the St. Louis Business Journal’s 40 Under 40 Class of 2021.

And when Hubbard truly wants to unplug? He heads to the outdoors.

When not working, Hess likes to spend time with her husband and two children and her friends. She’s also a proponent of regular exercise, a way for her to stay healthy and relieve stress.

“I love my job and the excitement of solving new problems, but there is a simplicity to hiking, biking or skiing that focuses the mind in a different way and can be a great way to blow off steam,” he said.

TONY HUPP

J. KIERAN JENNINGS

Colliers | Indianapolis, Indiana

Siegel Jennings | Cleveland, Ohio

Senior Vice President, Industrial Advisor

The first person to work at his office? That is almost always Tony Hupp, senior vice president with the Indianapolis office of Colliers. This work ethic, along with his market knowledge and dedication to his colleagues, has helped Hupp build one of the busiest CRE careers in the Indianapolis market.

Managing Partner

Kieran Jennings, managing partner with Cleveland based law firm Siegel Jennings, has built a lengthy career on helping his clients reduce their property taxes. He’s also helped them navigate the often-complex world of state and local tax litigation. This work has made a positive difference in the bottom-line profits of Jennings’ clients.

Hupp, who has worked in commercial real estate for more than 36 years, perennially, always a strong producer on the Colliers Industrial team. He is well-connected within the industrial sector and has earned a reputation as one of the leading listing brokers in the Indianapolis market, particularly in the East, CBD and Southeast markets and surrounding counties.

“Other than debt service, property taxes are typically the largest annual expense that investors face,” Jennings said. “We help to minimize those expenses, so investors only pay their fair share. As an attorney, I enjoy the challenge of solving problems for people. We are typically involved from due diligence, upon acquisition, during ownership and through disposition.”

“What I enjoy most about the business is staying informed on a market that changes daily,” Hupp said. “And I enjoy staying connected – with my commercial real estate peers; with the at-large Indianapolis business community; and staying informed and dialed in to what all is cooking in our city. And the diversity of the people, the interesting roles and personalities and the different projects. It’s never dull!”

During his career of three decades, Jennings has successfully tried cases before administrative boards, tribunals, courts and appellate courts. This includes appearing before the Ohio Supreme Court.

Hupp’s peers describe him as a tireless worker, one who is always striving to bring his clients the best possible results. Drawing from his extensive brokerage and property management experience, Hupp anticipates potential challenges within an assignment and proactively manages the transaction toward the most effective solution. Of course, even the most skilled CRE professional faces challenges in this industry. When asked what he considers the biggest challenge in this business, Hupp said: “Keeping all participants of a project dialed in and on point to move a project forward. Things can move quickly (or stall), status can change, tasks and deadlines can get challenging. I am always focused on keeping communications open.” Tony received the 2021 Indiana Realtor of the Year for both the Indiana Commercial Board of Realtors and Indiana Association of Realtors. These honors are evidence of Hupp’s contributions to the community and impact on the commercial real estate industry. His leadership at ICBR includes serving as Past President; Board Member -- District 3 Representative; ICREX Chair and Committee member; and Conference Chairman. Additionally, in recognition of his production, marketing and overall contribution to the company, Hupp has won the Peak Performance Award for Colliers Indianapolis. He is also a past recipient of the firm’s “Most Transactions Award.” “I believe my clients and co-workers always know they can count on me to complete tasks or respond to an email as needed, and to be respectful,” Hupp said. “Throughout the years and various roles, my commitment to the Indiana Commercial Board of Realtors has been particularly rewarding. I feel it is important to support your industry’s driving organization.” Hupp can always be counted on to be a hands-on participant for the Indianapolis office of Colliers’ community field day work, the heavy lifter hauling a full wheelbarrow of mulch, the brave one on the ladder trimming the trees and the volunteer driving around making deliveries. He sets a great example of giving back. And when not working, Hupp enjoys spending time with his family and friends, especially when that involves hours on his boat and family vacations to warm destinations. Hupp is also a new grandfather, a role that he says he relishes.

Jennings also has experience in managing real property tax appeals throughout the United States and Canada and assists clients in due diligence property acquisitions, tax planning and structured agreements between taxpayers and taxing jurisdictions. Part of the reason for the success that both Jennings and his firm have enjoyed? It’s about looking at the big picture. “My greatest challenge has been managing the pace of our growth,” Jennings said. “We are selective about who we work with. Our clients meet certain criteria. They need to have a long-term view on relationships and results. We are not about getting short-term results. We fight for our clients and advocate for fair tax policies for all taxpayers.” Jennings also works on bettering himself and serving his profession. He is the vice president and a member of the executive board of the American Property Tax Counsel, a national organization of which Siegel Jennings is a founding member. Jennings also sits on the board of directors for the Northern Ohio Chapter of NAIOP. Because of his experience and industry knowledge, Jennings regularly conducts seminars and workshops on numerous property tax issues for industry groups like the National Retail Round Table, The Ohio Society of CPAs, Institute for Professionals in Taxation, International Association of Assessing Officers, National Business Institute and Lorman Education Service. In 2016, Kieran was awarded the CRE (Counselor of Real Estate) credential by The Counselors of Real Estate, an international group of high-profile real estate practitioners. This is a significant achievement: Of the more than 150,000 practitioners in commercial real estate today, fewer than 1,100 currently hold the CRE credential. Jennings currently serves as the chair of the Central and Northern Ohio Chapter of The Counselors of Real Estate. “I have been successful because our team is made up of diverse yet like-minded people,” Jennings said. “We are relentless problem-solvers who enjoy helping others. When assisting a client, no job is too small for our team. When a client has a need, we solve the problem. It is a way of living to serve others, and it is a mindset that has made us successful.” When he’s not working for his clients, Jennings enjoys spending time with his family and dogs. But he does admit that the real estate bug never leaves him, even when he’s supposed to be relaxing. “I cannot seem to stop looking at property,” Jennings said. “Even when I am just driving down the street, I might be thinking about adaptive reuse for a troubled property that I am passing.”

January/February 2022

Midwest Real Estate News

HALL OF FAME - CLASS OF 2021

PAT R I C K J O R D A N

ADAM KADUCE

Berkadia | Memphis, Tennessee

R&R Real Estate Advisors | West Des Moines, Iowa

Senior Director

Patrick Jordan’s commercial real estate career is just more than 11 years old. Jordan has already established himself as one of the top-producing commercial real estate professionals in his Memphis market. Jordan, a senior director in the Memphis office of Berkadia, has sold just more than $1 billion in transactional volume during his still-young career. That covers more than 17,000 units sold. It’s a good start for this CRE pro who sill has a long career to look forward to. Today, Jordan is the principal broker with Berkadia for both Tennessee and Arkansas. His overall reach, though, expands throughout the Midwest and Midsouth regions.

share with his clients.

Jordan has earned his success by delivering the best possible results for his clients. He’s also known in the industry as a hard worker, one who doesn’t mind logging long hours to close deals. And when it comes to studying his market? He never stops learning, always hoping to gain knowledge that he can

During his time in commercial real estate, Jordan has learned an important truth about the business: It’s takes persistence to succeed. This lesson has helped Jordan as he’s built his already successful career. “This is not an immediate gratification business and relationships and deals are not created overnight,” Jordan said. “It requires perseverance, determination and grit. I set both short-term and long-term goals for myself. I continue to update, shift and create new goals to keep up with the everchanging industry.” Jordan’s peers have recognized his success. He has received the CoStar Power Broker Award in 2011 and from 2013 through 2020. And the Commercial Council of the Memphis Area Association of Realtors has honored Jordan with its Pinnacle Award. This award recognizes the top 25 commercial brokers in Memphis. Jordan has earned it every year since joining the association in 2019. This attitude and commitment to his industry has helped Jordan overcome the challenges of commercial real estate. “This is a very competitive marketplace with many other skilled peers and firms,” Jordan said. “It doesn’t get easier hearing ‘no’ or that I wasn’t selected for an opportunity that I was in the running for.” But these setbacks don’t slow Jordan down. He simply keeps working and keeps delivering for his clients. That has made those “no”s far less common. When not working, Jordan and his wife have four sons that keep them extremely busy. Jordan enjoys coaching his sons’ sports. And if the family does have free time, something that is rare, they like to head off to the beach.

Managing Director, Senior Vice President

The numbers tell the story: R&R Real Estate Advisors’ Adam Kaduce has been one of the most successful CRE pros in the Des Moines market since entering the business more than 10 years ago. How successful has he been? During his career, Kaduce has completed more than $100 million in lease transactions. And as managing director and senior vice president at R&R, Kaduce oversees leasing in the company’s 8-million-square-foot office, industrial, retail and land portfolio. He also manages a team of six commercial real estate professionals. Kaduce’s peers recognize his success. That’s why this industry pro has been selected as the Best Commercial Real Estate Broker by the Des Moines Business Record and Broker of the Year by the Iowa Commercial Real Estate Association. What fuels Kaduce’s impressive success? He’s fortunate to not only be an extremely talented CRE broker, but to also love his career. “The opportunity to build lifelong relationships,” Kaduce said when asked what he enjoys most about commercial real estate. “As CRE professionals, our primary role is helping businesses find the right workspace where their business will thrive and grow. Being an advocate for a wide range of businesses makes our job challenging and fulfilling.” Kaduce also provides the best possible service to his clients. His hard work for them has led to a steady stream of repeat clients. “I’ve succeeded in the CRE industry because of my dedication and commitment to my customers,” Kaduce said. “I’ve been fortunate enough to have great mentors who have helped me understand the value of integrity, honesty and hard work. At the end of the day, crafting a deal that benefits your customer is what our jobs are all about. I have always worked on behalf of my clients to get them the best value while working in the highest ethical way. In a small market like Des Moines, your reputation is everything.” Despite this busy career, Kaduce is active in his community and profession. This includes serving as the president of the Iowa/Nebraska chapter of the SIOR. He also serves as president of his local community foundation, Endow Urbandale, and recently completed an interim term on the Urbandale City Council. At Drake University, Kaduce chairs the board of the college of business and public administration. When not working for his clients, Kaduce enjoys traveling and golf. “In fact, the best days are when those two hobbies can come together in places like South Carolina and Arizona,” Kaduce said. “I also love opportunities to be involved in my community, serving with a number of organizations focused on education and support for those less advantaged in our community.”

HALL OF FAME - CLASS OF 2021

Midwest Real Estate News

JAMES KOMAN

PA U L K R I M M

ElmTree Funds | St. Louis, Missouri

Colliers | Columbus, Ohio

Chief Executive Officer, Founder

James Koman is one of the key players in the St. Louis-area commercial real estate business. That’s thanks in part to the success and prominence of ElmTree Funds, a private equity real estate firm based in the city that Koman founded in 2011. As of the end of 2020, the team of investment partners at ElmTree had closed on more than $18 billion of commercial real estate assets during their careers. And as for Koman himself? He’s logged more than 37 years in the commercial real estate and development businesses. During his career, Koman has transacted more than $12 billion of net lease and other real estate assets. Koman credits his work ethic, dedication to his clients and market knowledge with much of his success. But that’s not the entirety of his formula: Koman is also a proponent of lifelong learning, and plenty of that learning has come from listening to others in this business, he said. “Listening, understanding and creating calculated solutions for our clients’ real estate needs has been the leading catalyst in my success,” he said. “Today, the speed of the commercial real estate market coupled with our clients’ trust in our team to provide real-time market knowledge, requires our team to remain active in the market – attending and speaking at industry events, publishing cutting-edge market research, and preserving our service-oriented approach to our client’s needs” As a leader in the net-lease sector, Koman has served as a keynote speaker on several industry panels across the country. He also supports his profession through his membership in the Urban Land Institute, Pension Real Estate Association, Society of Industrial and Office Realtors and the National Association of Industrial and Office Properties.

January/February 2022

Managing Director|Principal

A seasoned professional who knows his local commercial real estate market inside and out. That’s how Paul Krimm’s peers describe this managing director and principal with Colliers’ Columbus, Ohio, office. Krimm has now spent more than 28 years in commercial real estate, managing and negotiating some of the biggest deals in the Columbus market. His peers say he has relied on his deep knowledge of the Columbus market to deliver the best results for his clients, something that led to a steady stream of repeat clients. “There is so much that fuels my passion for this industry: the opportunity to grow, learn and develop myself and others; interacting with people from varied backgrounds and roles; and the direct impact that commercial real estate has on the world in which we live,” Krimm said. “The competitiveness certainly helps keep me interested.” Today, as managing director of Colliers’ busy Columbus office, Krimm spends much of his time recruiting new brokers, launching strategic plans, talent and doing everything he can to grow his office’s presence in his market. Like other CRE professionals, Krimm has had to overcome challenges to reach his success. But Krimm says he looks at these challenges as opportunities. “Change intrigues and excites me,” he said. “Keeping myself and my team engaged while the markets shift and adjust is an opportunity that consistently presents itself.”

“The people in the industry are what makes this such a wonderful business,” Koman said. “Every stage of a deal requires teamwork and accountability from both sides of the table to successfully transact. Without the extensive support from our investors and our dedicated team here at ElmTree, our firm’s growth and successes to date would not have been possible.”

Krimm’s advice for others hoping to succeed in commercial real estate? Never stop learning.

Despite his success, Koman has faced struggles throughout his career. Most of them stem from the constant changes that hit the commercial real estate business. Again, this is where Koman’s dedication to life-long learning helps.

Krimm isn’t hesitant to share his real estate knowledge. He serves as an adjunct professor at the Ohio State University Fisher School of Business. He gives back to his profession by serving as a member of the Building Owners & Managers Association and the International Council of Shopping Centers.

“One of the biggest challenges I’ve faced in my career is the constant adaptation to ever-evolving commercial real estate trends,” Koman said. “It is critically important to embrace new ideas and perspectives to continue to deliver our clients exceptional results.”

When he isn’t helping to grow the Columbus office of Colliers, Krimm devotes significant time to his community. He volunteers for Friends of the Homeless and is a former board member of the National Alliance for the Mentally Ill in Franklin County, Ohio.

When not studying his market and serving his clients, you’ll usually find Koman spending time with family and friends. He’s also an avid reader.

And when Krimm has some free time? He prefers spending it with his family. Krimm points to hiking, fishing, teaching and reading as his favorite ways to spend time outside of the office.

TODD LASALA

SUSAN LAWSON

Partner Stinson | Kansas City, Missouri

As chairman of the Real Estate and Public Finance practice division at Kansas City-based law firm Stinson, Todd LaSala is known for representing municipalities and developers in the highest-profile development and redevelopment projects in the Kansas City area and beyond. He’s also earned a reputation as an expert in the use of public incentives and other financing to make large-scale development projects happen. “I love making deals,” LaSala said. “I like complicated and challenging deals best of all. The ones that require creativity, tenacity and have multiple parts that all need to come together to make the deal work are the most fun.” How important is LaSala’s expertise to local government? This legal veteran, with more than 24 years in the business, has represented the Unified Government of Wyandotte County and Kansas City, Kansas, in all its economic development projects, including its development of Village West, the retail and entertainment district adjacent to the Kansas Speedway. LaSala helped negotiate and close transactions to bring Cabela’s and Nebraska Furniture Mart to Kansas City, and he helped the Unified Government in its development of the Legends shopping center, a baseball stadium for the Kansas City Monarchs minor-league franchise and other projects at Village West. LaSala represented, too, the Unified Government in the development of a new $165 million Major League Soccer stadium for the Sporting Kansas City franchise and the development of the National Training Center in Kansas City, Kansas, a $62 million soccer coaching and training village that provides seasonal training facilities to the U.S. men’s and women’s national soccer teams, other Olympic sporting activities and a complex for children of all ages and skill levels.

“I learn from every individual that I engage, from more seasoned veterans than myself to up-and-coming team members in the business,” Krimm said. “Lessons are everywhere.”

Senior Managing Director Newmark | Chicago, Illinois

Susan Lawson is recognized as one of the top multifamily experts in the Chicago real estate market. And when you look at her numbers? This isn’t surprising: Lawson has been involved in the sale of close to 4 billion in multifamily properties since 2007. That year is a significant one in Lawson’s career: It’s when she established Newmark Chicago’s Multifamily Capital Markets group. This was no easy task. After all, the nation’s economy was on the verge of the Great Recession when Lawson launched the group. “Establishing the Chicago multifamily operation in 2007, the start of the financial downturn, in an entirely new market for Newmark was a challenge,” Lawson said. “It took great effort and tenacity to open doors, build relationships and establish market share; in turn, we have become one of the top producers in the market.” Today, both Lawson and that group are thriving. Lawson’s client list includes private equity funds, institutional advisors, REITs and developers. Clients rely on Lawson’s knowledge of market trends and statistics when making their own multifamily decisions.

And that’s only a portion of LaSala’s work on behalf of the Kansas City area. He also served as lead counsel to the Unified Government and the Board of Public Utilities in their efforts to be selected by Google to become the first city in the United States to have “Google Fiber” – a fiber network providing internet connections of 1 gigabit per second to businesses, schools and other locations.

Thanks to her work ethic, market knowledge and dedication, Lawson has built a long list of repeat clients. These clients know that they’ll get the best possible service when working with Lawson.

LaSala has also worked on most of the public-private partnership development projects in the City of Overland Park, Kansas. He was the firm’s lead attorney representing the City in the development of retail projects, the development of mixed-use projects and the development of several multi-family projects in downtown Overland Park.

“In addition to building relationships and being a trusted advisor, I am passionate about the art of negotiation and achieving the highest possible sales price for clients,” Lawson said.

“I think I’ve been able to be successful in the real estate industry because I’ve got genuine enthusiasm and almost unlimited energy to devote to my deals,” LaSala said. “I’ll work as hard as it takes and usually find a way to make it fun for those working on a deal with me, even those sitting on the other side of the table. I think that contributes to my track record of pretty big deals that almost always get over the finish line.”

And Lawson has the experience these clients seek: She has worked on a variety of multifamily transactions, everything from high-performing properties and newly developed Class-A assets to value-add opportunities. Lawson also works with her clients on all aspects of the property marketing process. This includes market research, business and client development, asset valuation and underwriting, contract negotiation and closing.

Currently, LaSala is working on Kansas City’s largest mixed-use project, Bluhawk, in Overland Park, which includes a planned 3,500-seat arena; an indoor multi-sport athletic complex; more than 600,000 square feet of retail, hotel and commercial space; and office and multifamily housing.

Given this history, it’s not surprising that Lawson has earned the CoStar Power Broker award from 2017 to 2020 and the Top Producers Award from Newmark from 2017 to 2019.

LaSala was selected to membership in the American College of Real Estate Lawyers in 2014. He is listed in the 2006-present editions of Chambers USA Guide: America’s Leading Lawyers for Business for Real Estate and is a Leadership in Energy and Environmental Design Accredited Professional recognized by the U.S. Green Building Council.

“I believe my success is due to consistently working hard, having determination and building trust with buyers and sellers,” Lawson said. “Giving up or settling for mediocracy has never been an option.”

When he’s not closing deals, LaSala enjoys his huge collection of vinyl records and time on his back porch with his family, which he describes as “a little slice of heaven.”

When not working, Lawson enjoys spending time with her husband and family, exercising and volunteering as a board member of City Elementary, a school for diverse learners in Chicago.

January/February 2022

Midwest Real Estate News

HALL OF FAME - CLASS OF 2021

ROBERT MACK

Vice President, Principal Signature Associates | Toledo, Ohio

ANGELA MAGO President

Key Commercial Bank and Real Estate Capital | Cleveland, Ohio

For more than three decades, Robert Mack has earned the respect of his colleagues and trust of his clients as he has built one of the busiest careers in the Toledo commercial real estate market.

A true leader: That’s what Angela Mago has been throughout her more than three decades in commercial real estate.

The Northwest Ohio Association of REALTORS named Mack REALTOR of the Year in 2018. And he has consistently been recognized as a CoStar Power Broker, evidence that he is considered a leader in the industrial, office and commercial sectors.

Mago has relied on the trusted formula of hard work, dedication to her clients, market research and lifelong learning to rise through the ranks of the always competitive commercial real estate industry. This hard work has led her to a top industry position: Mago today serves as president of Key Commercial Bank and Real Estate Capital in Cleveland.

Mack has earned this respect because he delivers results. After graduating from Hillsdale College in Michigan with a degree in finance and English, Mack joined the growing real estate firm Zyndorf Serchuk in Toledo in 1988. This firm eventually was acquired by Signature Associates. Mack is now a leading producer with Signature. “There are competitors and/or colleagues who may suggest that successful people in our industry are ‘lucky,’” Mack said. “Certainly, birthright can be impactful in our industry. However, it has always been my belief that success is the residue of design, and when you combine a good game plan with hard work, the possibilities are endless.” Even though Mack has been working in CRE for nearly 34 years, he hasn’t lost his spark for the industry. As he says, every day is different in commercial real estate. And every day provides an opportunity to make a positive difference in the lives of his clients. “What is most enjoyable to me is the relationships with customers, clients and colleagues that I’ve developed over the years,” Mack said. “I enjoy being a component of their success in their businesses and real estate, and it gives me a tremendous sense of accomplishment for which I am grateful, and I do not take for granted.” Despite his busy career, Mack has found time to give back to his community and profession. He is a member of the Legislative Committee of the Northwest Ohio Association of REALTORS. He also serves as the chairman of the Perrysburg Township Board of Trustees and is currently in the middle of his sixth four-year term here. Mack is also a charter member and past president of the Wood County Economic Development Commission and serves on the board of trustees of the Toledo Metropolitan Council of Governments. In his spare time, Mack enjoys spending time with his wife, Judge Molly Mack, and their three adult children, preferably on or near the water. Mack has a U.S. Coast Guard Master Captain 100-Ton Rating credential as a delivery captain and enjoys boating with his family, friends, customers and colleagues. Boating has always been an important part of Mack’s life, with the Mack Boat Company having been founded more than 100 years ago in Lakeside, Ohio. “When I think of growing up, I think of boating,” Mack said. “I occasionally perform yacht deliveries through the Great Lakes and East Coast. It’s a great way to bond with a client when you take a journey with them on the water for a few days. It’s a second job, but I would also consider it ‘business development.’”

Mago is also a member of KeyCorp’s Executive Council and Executive Leadership Team. And Key Commercial Bank has benefited greatly from Mago’s skills. Her ability to manage others, and to encourage those working for her to thrive and reach their own goals, has led to significant success at at the commercial bank. In her current role, Mago is responsible for directing strategic growth and business development activities across Key’s footprint for middle-market clients and prospects. In addition, Mago directs business development activities for Key’s commercial real estate clients and prospects across the nation. It did take time for Mago to reach her current position. Success never comes quickly, but is achieved only after hard work and dedication. In her 33 years at Key, Mago has served in several other leadership roles as she moved up the ladder at the company. This includes serving as Co-Head of Key Corporate Bank and Group Head of KeyBank Real Estate Capital. During her career at the bank, Mago also led KeyBank Real Estate Capital’s Healthcare and Commercial Mortgage groups. In leading these teams, she substantially increased loan originations, non-interest fee income and PPNR by leveraging Key’s differentiated capabilities. She also improved overall business processes by implementing technology, strong performance management and continuous improvement initiatives. Mago earned her Bachelor of Arts degree in economics from the University of Michigan and a master’s degree in finance from Case Western Reserve University. When not working, Mago finds time to give back to her profession and community. She serves on both the Mortgage Bankers Association’s Board of Directors and Commercial and Multifamily Finance Board of Governors. She also serves as the Treasurer of Neighborhood Progress, Inc., a Cleveland based non-profit organization involved in community development and capacity building in Northeast Ohio.

HALL OF FAME - CLASS OF 2021

Midwest Real Estate News

J O H N M AY S

M AT T H E W M C FA D D E N

Gould & Ratner | Chicago, Illinois

Newmark Zimmer | Kansas City, Missouri

Partner

January/February 2022

Executive Managing Director/Principal, Global Corporate Services

John Mays has played a key legal role in some of the biggest commercial developments in Chicago and across the country. That’s because Mays’ clients know that he will provide them with the best possible legal advice.

Understanding his clients’ unique real estate needs and devising strategies to help them reach their goals – that is Matthew McFadden’s talent. And it’s why he’s managed to build such a thriving career in commercial real estate.

Mays, a partner in law firm Gould & Ratner’s Real Estate Practice, has worked in commercial real estate law for more than 47 years, 41 of those with Gould & Ratner. That’s a lot of experience. And it helps explain why Mays’ clients are so loyal to him: They know his understanding of real estate law is deep and thorough.

McFadden, who joined the Kansas City office of Newmark Zimmer in 2008, has a long history of succeeding in the corporate services area of commercial real estate. During his career, McFadden has worked for several Fortune 500 companies. His practice includes everything from transactional management and strategic planning to portfolio management and tenant representation.

During his long career, Mays has negotiated complex entitlement agreements for clients like Crown Community Development, a company known for its land stewardship and neighborhood development, which has projects in several U.S. cities including Chicago, Tampa, Seattle, Denver, Indianapolis and Austin. Despite spending so many years in real estate law, Mays still finds his field challenging and exciting. He especially enjoys working with his peers in this business, he said. “For a commercial real estate project to be successful -- and this is particularly true of development where the developer must evaluate the market, acquire and finance the land, construct the improvements and lease or sell the project -- a diverse group of consultants and experts must work closely together in order to be successful,” Mays said. “There is nothing better than being part of a team that puts together a successful project.” Thanks to his experience and legal knowledge, Mays is a frequent presenter on real estate, land-use and development issues, and has been an instructor at the Urban Land Institute’s National Real Estate School. He’s also instructed at the Great Cities Institute at the University of Illinois at Chicago and is a member of the adjunct faculty at the John Marshall Law School. Like many veteran CRE professionals, Mays understands the importance of lifelong learning. As he says, every time he works on a deal or meets with a developer, he learns something new about this business. “In my early years, I sought out mentors who took the time to share their experiences with me,” Mays said. “Since then, I have used every interaction with a client, a consultant or an adversary as an opportunity to expand my knowledge of commercial real estate.” When not serving his clients, Mays gives back to his community and profession. He is past chairman of the Urban Land Institute’s 1,000-member Chicago District Council and today serves as a member of the institute’s Community Development Council. He is a member of ULI’s Board of Directors in Chicago and its Management Committee. Mays is also actively involved in the Chicago real estate community as a member of Lambda Alpha International Land Economics Society, the Illinois Institute for Local Government Law and the American Bar Association Forum on the Construction Industry. Mays has been recognized as an Illinois Super Lawyer since 2008 in the areas of real estate and land use/zoning. When not working or studying in his field, Mays enjoys flying, as he is an avid pilot, and painting.

This is a varied practice. And this variety is part of what fuels McFadden’s passion for commercial real estate. “As a Corporate Services rep, I work with corporations that may have a number of different asset types geographically dispersed around the world,” McFadden said. “I might be working on an industrial deal in Mexico City in the morning and an office deal in Omaha later that afternoon. It keeps things very interesting. Before joining Newmark Zimmer, McFadden managed a 20-million-square-foot global real estate portfolio for Honeywell International, Inc. Prior to that, he began his career with Sprint, managing a national retail and office portfolio. What are some of the reasons for McFadden’s success? He credits the relationships he’s built, his strong work ethic and his passion for the business. “I’ve formed some good relationships over the years, worked hard and been consistent and that has really paid dividends – no secret there,” McFadden said. “Moreover, I’ve surrounded myself with the best talent around and they push me and make me smarter. Finally, and this is a big key to success, I really like working in commercial real estate. Most days I leave the office completely energized.” This doesn’t mean that there haven’t been challenges. McFadden points to 2007 and 2008, the years of the Great Recession, which were especially challenging for CRE professionals. “In the summer of 2007, I left a corporate real estate job at Honeywell to join Newmark Zimmer,” McFadden said. “As I was getting my feet wet on the service side of the business, the world fell apart. I had to learn fast and adapt quickly and there was a lot of uncertainty, but I ended up getting some pretty good clients during that time and found success. That taught me that I could overcome a lot.” McFadden’s peers have recognized this industry veteran’s talents. He has been listed in Kansas City Business Journal’s Heavy Hitters in Commercial Real Estate and named in Ingram’s Magazine’s 40 Under 40. Honeywell International honored McFadden with its Top Performers Award. Outside of his work hours, McFadden enjoys traveling with his wife and children, especially now that his three sons are older and pushing McFadden and his wife to try new adventures. He also rides adventure motorcycles off-road and travels into the backcountry each year.

ZEB MCLAURIN

Chief executive officer and founder

McLaurin Development Partners | Chicago, Illinois

Reinhart proudly congratulates shareholder Debby Tomczyk on her induction into the Commercial Real Estate Hall of Fame. As co-chair of Reinhart’s Real Estate Practice, Debby works closely with developers, municipalities, businesses, individuals and taxing jurisdictions to help shape the landscape of our region, and her deep commitment to the communities we serve exemplifies what it means to be a leader in her profession. We congratulate Debby, and all of this year’s Hall of Fame inductees, on this well-deserved honor.

Zeb McLaurin lives by a simple motto: “You’re never as good as your best day, nor never as bad as your worst.” This guiding principle has kept McLaurin, chief executive officer and founder of Chicago’s McLaurin Development Partners, grounded throughout his more than two decades in the commercial real estate industry. By following this simple motto, McLaurin has steadily built one of the more successful CRE development, disposition, brokerage and management companies in the Chicago market. As McLaurin says, it’s important to never get too high or low on yourself in a business as constantly evolving and challenging as commercial real estate. “The daily changes and challenges keep you young and vibrant,” McLaurin said. “I enjoy searching for and identifying new concepts and entrepreneurs to expand into our projects.” Today, McLaurin Development Partners has earned a national reputation for developing and enhancing the value of previously underutilized and de-valued assets. McLaurin and his team have worked to revitalize and redevelop hundreds of acres of land sites, efforts that have created more than 1.5 million square feet of new commercial retail and mixed-use spaces and thousands of new jobs. McLaurin has developed both small neighborhood centers and large-scale developments with national anchor tenants. He’s worked on government projects and with institutional clients and tenants. McLaurin credits much of his success to his willingness to work long hours and to study his market. McLaurin believes in lifelong learning, and is always studying new ways to grow his business. He’s always on the lookout for new projects, too. His greatest challenge? “Matching the appropriate resources with the robust pipeline of worthy projects on our radar,” he says. When not developing new projects, McLaurin donates his time to the Urban Arts Council and serves as chairman of the Morehouse College Alumni Association’s Chicago chapter. He is also a board member of GROmentum Labs and the ULI Chicago Advisory Board. And when McLaurin’s not working? Well, that doesn’t happen much.

reinhartlaw.com · 800.553.6215

“I’m always working,” McLaurin said. “Taking a stroll with coffee, I most often find myself taking a pic of a landscape feature or a building facade for some current project reference.

January/February 2022

Midwest Real Estate News

HALL OF FAME - CLASS OF 2021

SHANNON MORGAN Managing Partner Renovare Development | Detroit, Michigan

Shannon Morgan has always had a passion for place, a passion that has fueled her career in real estate. As a mother of two boys, one with Autism, she understands the importance of community and home. That’s why Morgan’s career building, rehabbing and developing housing within urban areas and rural main streets throughout the country has been such a good fit. During Morgan’s 25-year career, she has completed more than 20,000 units of housing and has worked on award-winning projects that have redefined the built environment. During the housing crisis, Morgan collaborated with legislators and municipalities throughout Michigan and Ohio to help create solutions through the Neighborhood Stabilization programs. She has also been a partner in multiple LIHTC deals including the Gateway, an adaptive re-use of a former historic high school into senior housing that won the Charles L. Edson Tax Credit Excellence Award and the 2016 Governor’s Award for Historic Preservation.

MICHELLE MOSIER Director

Berkadia | Southfield, Michigan During her 25-year career, Michelle Mosier has thrived in the world of commercial lending. And she’s done this in a field that remains largely dominated by men. Is there a secret to her success? Yes, but it’s not anything unusual. Mosier, like most successful CRE pros, relies on a combination of hard work, constant learning and dedication to her clients. It’s a formula that has resulted in a steady stream of repeat business. It’s also a formula on which Mosier plans to focus.

Morgan has also worked on the Grandview Marquette project, an adaptive re-use of a historic orphanage into workforce housing, which won the 2018 Governors Award for Historic Preservation.

“I feel my success is a culmination of a variety of things over the years but having a strong work ethic and desire to help people achieve their goals stand out most in my mind,” Mosier said. “I’ve benefitted from working with a strong, driven group of people for the majority of my career, which has helped build a strong sense of respect and trust.”

What has kept Morgan involved in this field for so long? She says that she most enjoys “creating the vision for specific community assets, while working with local stakeholders on projects that redefine the built environment for generations to come. Also, being able to use that experience to positively impact land-use policy.”

To reach her current position as a director with the mortgage-banking platform of Berkadia, Mosier had to overcome several hurdles. Many of these had to do with the make-up of the commercial lending industry when Mosier first entered it. To no one’s surprise, Mosier was one of only a small number of women working in this field.

In 2019, Morgan partnered with longtime colleague Jill Ferrari to launch Detroit’s Renovare Development, a predominantly female-owned social impact development company that focuses on transformational projects that serve deep community needs. Renovare is currently working to create attainable housing and community-centric commercial spaces through partnerships with local stakeholders throughout Michigan.

“Early in my career, the biggest challenge was working in a highly male-dominated industry,” Mosier said. “This prompted additional personal pressure to perform and succeed.”

Morgan’s peers have recognized her work. She received the 2019 Lifetime Achievement Award for Redevelopment in Brownfield on behalf of the Center for Creative Land Recycling and the 2018 Richard Baron Award for Affordable Housing on behalf of LOCUS and Smart Growth America. To further serve her community, Morgan serves on numerous boards including, the National Steering Committee for LOCUS/ Smart Growth America, the Technical Assistance Advisory Council for the Michigan Economic Development Corporation, The Housing Plan Partner Advisory Council for the Michigan State Housing Development Authority, ULI MI Advisory Board and the Michigan Sense of Place Council. Morgan continues to be a leader in housing and land use policy and has worked on state and federal legislation. She is currently working with the Coalition for a Strong and Prosperous Michigan to pass legislation to implement Michigan’s American Rescue Plan funding.

To overcome this challenge? Again, Mosier turned to her not-so-secret formula. She kept working hard, studying her market and delivering top results for her clients. As she continued to excel, she earned the trust of these clients. Today, Mosier faces other challenges, most of them centering on the balancing act between work and personal life. “Currently, time management can be challenging for me,” Mosier said. “Given the fast-moving market, it can be challenging trying to keep up with the market as well as prioritizing my personal life and work-life balance.” In her role with Berkadia, Mosier is responsible for loan origination, underwriting and closing commercial and multifamily loans for a variety of lending sources. She also assists clients with special requests including loan restructuring, lease approvals and portfolio reviews.

Morgan has followed a simple strategy to succeed in this business. She identifies development tools and trends early and works to integrate them into projects. Morgan has worked hard, too, on identifying creative funding sources and completing projects that other developers had previously failed to deliver.

Before entering the commercial banking industry, Mosier performed commerical and residential appraisals as an independent appraiser in Michigan. She also worked for Hospitality Valuation Services, a national hotel appraisal and consulting firm, for three years.

“I’ve built a national network of peers, advisors and mentors and have been persistent to follow through on project completion, earning the reputation as a trusted ally to local and state government,” Morgan said.

When not at work, Mosier enjoys spending time in the outdoors, regardless of the season. She says that she spends most of her time biking, kayaking, golfing and, in the winter, on the ice.

When not working, Morgan enjoys cooking for her family and spending time at her cottage and in nature.

Congratulations! We honestly don’t really know how she does it. Carrie Szarzynski has seemingly discovered how to bend the fabric of space-time: managing to be everywhere all at once, accomplishing a superhuman amount of work while devoting an astonishing level of precision, attention and empathy to every project and individual. She combines her experience and leadership acumen to develop and guide our Management Services Group. Carrie has been an inspirational mentor to her colleagues and a reliable and tireless advisor and resource to clients. An army of clones? Surreptitious identical triplet sisters? A time machine? Deep knowledge, expertise and passion for her profession and industry? Whatever the secret, it’s awesomely impressive. Congratulations from all your friends at Hiffman!

HALL OF FAME - CLASS OF 2021 SAM MUNACO

President Advocate Advisors | Southfield, Michigan

Midwest Real Estate News

Senior Property Manager, Cincinnati Real Estate Management Services Colliers | Cincinnati, Ohio Becky Ober plays a key role in the Cincinnati commercial real estate market. As senior property manager at the Cincinnati office of Colliers, this industry veteran oversees the management of more than 850,000 square feet of Class-A office space and 100,000 square feet of industrial properties in the Cincinnati market.

This list of clients includes some of the largest law firms in the Detroit market as well as Crain Communications, Compuware, OneMagnify, Cooper Standard Automotive and Walbridge.

In addition to managing the daily operations of this portfolio, Ober also oversees all tenant relations and reporting for the properties she manages. This includes financial reporting, lease administration, budgeting and project management.

But despite this thriving career, Munaco didn’t always plan on working as a commercial real estate broker. He actually began his career practicing real estate law in 1986. But after three years, Munaco recognized his true calling and became a real estate consultant in 1989.

This is challenging work during the best of times. But during the COVID-19 pandemic? It takes even more talent, market knowledge and dedication.

And since making the move? He has no regrets.

Today, Munaco serves as president of Advocate Advisors, a bustling commercial real estate firm in Southfield, Michigan with its headquarters in Chicago. And while Munaco’s business is thriving, Advocate is growing, too. That doesn’t mean, though, that Munaco hasn’t faced challenges during his career. The last nearly two years have especially brought upheaval to the commercial real esate business. “COVID-19 has been a game-changer,” Munaco said. “Every one of our clients who leases office space is attempting to navigate the new norm of space utilization and a hybrid work environment.” To get through these difficult days, Munaco relies on his proven method of success: He works hard on behalf of his clients. He does whatever he can to deliver them the best possible results. He studies his market. And when it comes to reaching out to his clients? No one does it better than Munaco. “I am very good at remembering the little details that can differentiate you from your competitors,” he said. “One example is that I make more than 300 birthday calls to clients, prospects and friends. No texting allowed!” Like most successful CRE pros, Munaco can struggle with maintaining work-life balance. But when he is not working, he enjoys morning workouts and traveling with his wife of 33 years and their four children. “Vacation time away from work with the family is critical,” Munaco said.

January/February 2022

BECKY OBER

For more than three decades, Sam Munaco has built one of the busiest commercial real estate careers in the Detroit market. And while doing so, he’s represented some of the largest commercial users in Southeast Michigan.

“I enjoy hunting and prospecting for new business,” Munaco said. “I call it big-game hunting without a bow and arrow. Also, there is a point in time where clients drop their defense mechanisms and to begin to trust that you have their best interests in mind. This takes time to overcome.”

“COVID has been the most challenging of my entire career, changing our world from managing full buildings of tenants to almost empty buildings,” Ober said. “It has affected the way we all do business.” Ober worked hard to get to her current position, providing her clients with the best service and working long hours on their behalf. She also studied her market thoroughly, staying atop of commercial trends and always educating herself. This dedication to her industry explains Ober’s steady climb to her current leadership position. She started her career of more than 37 years with Progressive Management and Whitehall Management, leasing and managing office space, retail centers and residential units. She also previously served as general manager for Corporex Companies and managed RiverCenter, three class-A office properties in Northern Kentucky. Ober also served as vice president and district manager for RREEF, where she was responsible for the management of 5.2 million square feet of office, flex and bulk warehouse spaces. During her time as senior real estate manager for CBRE, Ober managed 37 industrial buildings in Cincinnati, Columbus and Northern Kentucky. It’s clear that during her career, Ober has served a who’s-who list of major clients. This includes overseeing the management of properties for VanTrust Real Estate, Ayers Management, Mark Enterprises, Corporex Companies, RREEF and Hackman Capital. When asked why she’s been so successful in this industry, Ober pointed to her willingness to adapt to changing CRE markets and her commitment to always learn more about her industry. Both of these traits have proven important as Ober, like other CRE professionals, works through the COVID-19 pandemic and its impact on commercial real estate. When taking a break from her work, Ober enjoys riding her bicycle -- she says that she is an avid bike rider -- and spending time with her grandchildren.

CONGRATULATIONS

PATRICK TUOHY

Senior Vice President - Multi-Family Lending

MIDWEST COMMERCIAL REAL ESTATE HALL OF FAME Class of 2021 Honoree

Congratulations To our partner

John H. Mays And all of the 2022 inductees to the midwest commercial real estate hall of fame. We’re proud to recognize John’s leadership and contributions to the real estate industry, the legal profession and our community.

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January/February 2022

HALL OF FAME - CLASS OF 2021

Midwest Real Estate News

G E O F F R E Y O R F, S I O R

TONY SMANIOTTO

Colliers | St. Louis, Missouri

Pepper Construction | Chicago, Illinois

Executive Vice President

Director of Business Development

What makes someone a leader in the commercial real estate business? Focus on Clients. Geoff Orf, executive vice president with the St. Louis office of Colliers, gets that. During his career of more than 33 years, Orf, who specializes in the industrial sector, has completed more than 1,200 transactions comprising more than 30 million square feet. Orf focuses directly on the needs of each of his clients. His ability to bring his clients the best possible outcomes has led to a steady stream of repeat customers, the lifeblood of every successful CRE career.

and work ethic.

Orf ’s experience has made him an expert in the Missouri and Illinois markets. And his peers say that he leverages this knowledge to provide unparalleled service to his clients. Like most talented CRE pros, Orf has found a career that’s a perfect fit for his temperament

“Over the years, I have had the opportunity to work with great clients and colleagues,” Orf said. “As with every business, there are challenges every day. However, I think the challenges are part of what makes this business fulfilling for me.” It’s little surprise that Orf ’s fellow industry professionals have recognized his abilities. During his career of more than three decades, Orf has been named a member of the Colliers International Everest Club, an honor that goes to those Colliers brokers who rank among the top 10 percent of company producers. The St. Louis Association of Realtors’ Commercial Division also honored Orf with the Largest Industrial Lease awarded in 2016. Orf credits much of his success to the mentors and colleagues he’s met throughout his career. “There are so many great and successful brokers in our market,” Orf said. “I’ve been blessed to work with amazing people who have helped me throughout my career. My wife and family have always supported me. I’ve worked with incredible customers, colleagues, support staff and, honestly, great competitor brokers whom I consider friends. St. Louis is a great place to be in our business.” When not at work, Orf prefers spending time with his family, reading, fishing, hunting and shooting sporting clays.

Congratulations to Newmark Zimmer’s Matt McFadden Midwest Real Estate News Magazine 2021 inductee to the Midwest Commercial Real Estate Hall of Fame

nmrkzimmer.com

Tony Smaniotto is an experienced and well-known real estate executive in Chicago, having spent a long career in urban planning and the real estate capital markets. Today, Smaniotto uses all those skills to conduct strategic marketing and sales for Chicago’s Pepper Construction, a perennial Top-five construction company in the Midwest. After Smaniotto worked as an urban planner in the Village of Tinley Park, Illinois, his peers convinced him to consider commercial real estate as a next stop. Following their advice, Smaniotto became a successful investment broker at CBRE, where he anchored the Chicago Downtown office capital markets team for almost 25 years. Over the course of his investment brokerage career at shops including CBRE, Savills and Colliers, Smaniotto racked up an impressive $3 billion worth of completed debt and equity transactions and won numerous NAIOP, CoreNet and Crain’s Chicago commercial real estate awards. Moving to CRE has been a transition that Smaniotto has never regretted. “Besides the income and freedom that a commercial real estate career provides, I have always said the single most important thing that I have enjoyed is building relationships with some of the smartest and most creative people in the world,” Smaniotto said. Smaniotto was recruited to Pepper Construction Group in 2016 to primarily lead its strategic marketing efforts in its corporate interiors market. Pepper’s Corporate Interiors team has been named back-to-back winner of “Interior Contractor of the Year” in 2020 and 2021. What is the secret to this industry professional’s success? It comes down to working hard and providing top service to clients. “The greatest challenges when starting out are that you need to be laser focused on your goals, and you need to efficiently manage your time,” Smaniotto said. “And if you are on straight commission, you’d better know how to manage your finances through the peaks and valleys of market cycles.” Smaniotto is always a believer in the power of preparation. “You need to plan your work and work your plan,” he said. “My motto starts with Always be learning... Always be building relationships... and Always be networking. Did you catch the Glengarry reference?” Despite his busy career, Smaniotto always finds time to supervise, mentor or train young people as they embark upon their own real estate careers, and he continues to do so today, sharing his time mentoring students at the University of Illinois and DePaul University. He appears regularly on industry panels in both Champaign and Chicago. When not at work, Smaniotto says that he enjoys spending time with his family and close friends. He’s also an avid gardener and cook, one who has a taste for barbecue. His quirkiest hobby? Smaniotto collects and meticulously restores vintage Weber gas grills.

HALL OF FAME - CLASS OF 2021

Midwest Real Estate News

CARRIE SZARZYNSKI

DEBORAH TOMCZYK

Hiffman National | Oakbrook Terrace, Illinois

Reinhart Boerner Van Deuren | Milwaukee, Wisonsin

Senior Vice President, Midwest Region

Carrie Szarzynski today ranks as one of the busiest and most successful property management professionals working in the Chicago market. But this doesn’t mean that Szarzynski’s path to this career didn’t contain some twists. Szarzynski first began her property management career in 1995 as a parttime tenant coordinator. After seven years of building her career and taking evening classes to earn her degree, Szarzynski stepped back from property management and real estate to focus on her family. During this time, she taught preschool; volunteered at her church, school and within her community; and continued her education. She graduated in 2011 with a degree in organizational leadership from Lewis University. Szarzynski then returned to her roots in real estate. In 2017, she made the move to NAI Hiffman | Hiffman National. This has turned out to be a smart decision. “I have always enjoyed customer service and having variety in my day, which is what made this career so exciting to me,” Szarzynski said. “As I think about my success over these 25 years, I believe it is about giving 100 percent at all times, slowing down and being thoughtful about how to handle situations and staying calm when emergencies arise. It is actually simple: Give all you have, continue to grow and learn and treat everyone with consideration and respect.” Since joining Hiffman, Szarzynski has helped redefine the culture of the management department through collaboration, innovation and consistency with both her people and her clients. This approach led to Szarzynski earning the position of director of management services in 2018, a position in which she managed more than 100 people, 60 clients and 60 million square feet of commercial space.

January/February 2022

Co-chair of the real estate practice

Deborah Tomczyk never lets anyone outwork her. It’s one of the keys to her success in the world of commercial real estate law. This simple promise -- to always work harder than her competitors -- has helped Tomczyk build a thriving legal career. Today, she is the co-chair of the real estate practice at Milwaukee-based law firm Reinhart Boerner Van Deuren. “Hard work and drive usually come out on top,” Tomczyk said. “I appreciate, too, that this is a small world. You will encounter the same players over and over again. So I try to treat everyone with respect and compassion.” In her position at Reinhart, Tomczyk represents local, regional and national developers and municipalities, businesses, individuals and taxing jurisdictions. She focuses on counseling her clients in all aspects of real estate development, including structuring deals, obtaining financing and permits and overseeing projects to their successful completion. “I enjoy learning from, and working with, top-notch professionals to impact the built environment,” Tomczyk said. “I am very fortunate to be able to work with creative people on all sides of a transaction to positively impact our community, often in high-profile ways.” Throughout her career, Tomczyk has counseled clients working on several high-profile projects. This includes representing a government body developing the largest TIF district in Wisconsin’s history, representing the owner redeveloping Wisconsin’s largest regional shopping mall and representing the developer of a severely contaminated brownfield site in partnership with the local municipality in which it sat. This doesn’t mean that Tomczyk hasn’t faced many of the same challenges that most women face when building a career in CRE. As Tomczyk says, this is still an industry largely populated by Caucasian men from wealthy families.

As a leader in the property management space, Szarzynski continues to develop and expand her reach by participating in real estate panels and leadership training. Business journals often turn to this industry pro for her property management insights.

“Growing up in a family with means and successful role models establishes a mindset of opportunities and success that the rest of us have to learn,” Tomczyk said. “And while women now graduate from higher education and enter professions at greater rates than men, women are still far behind in achieving true success.”

“I am an avid reader. I love to read articles, books and anything I can get my hands on to learn more about leadership or the issues that need attention, such as COVID or ESG,” Szarzynski said. “I believe we have to constantly add tools to our tool box and that can be through classes, reading or just collaboration.”

Tomczyk said that she was fortunate to work with wonderful male mentors. Today, Tomczyk continues to serve as a mentor to other women and professionals from nontraditional backgrounds.

Outside of work, Szarzynski remains a busy volunteer in her community, focusing on working with families and children. She was named a 2021 recipient of the CRE Women in Real Estate Award and the Daily Herald’s Influential Women in Business honor. When not working, Szarzynski says that she most loves spending time with her family. She has three kids, and enjoys visiting them at their schools, going bowling with them, skiing or just watching movies with them at home.

C O N G R AT U L AT I O N S Todd LaSala on being inducted into the Midwest Commercial Real Estate Hall of Fame. We are proud of your accomplishments and look forward to celebrating your continued success.

STINSON LLP

STINSON.COM

Tomczyk has found time to contribute to her community and profession. She is the former chair of the Wisconsin State Bar Association’s Real Property and Probate Section, former national delegate of National Commercial Real Estate Women and former president of the Wisconsin chapter of CREW. She is also a former president of St. Catherine Residence, current board member of the Milwaukee Repertory Theatre and former board member of the Milwaukee Chamber Theater. When not working, Tomczyk enjoys finding ways to apply her business skills to volunteering, both in church and with other charitable endeavors.

January/February 2022

Midwest Real Estate News

HALL OF FAME - CLASS OF 2021

PAT R I C K T U O H Y

ROBERT WALKER

Senior Vice President

Senior Director/Certified Supply Chain Professional Cushman & Wakefield|Commercial Kentucky | Louisville, Kentucky

Marquette Bank | Chicago, Illinois More than four decades. That’s how long Patrick Tuohy, senior vice president with Chicago’s Marquette Bank, has spent in the commercial real estate industry.

Some could say that Robert Walker had bad timing becoming a commercial real estate broker. Just five years after he became an industrial broker, the United States fell into the 2008 Great Recession, an economic downturn that had a destabilizing effect on the industrial real estate market until about 2014.

And during this long career Tuohy has developed a reputation for meeting the needs of his clients and providing them with the best possible service. It’s how Tuohy has built such a strong network of repeat clients.

However, Walker doesn’t view it that way. Instead, he looks at the challenges from those years as motivation that helped him develop the resiliency, work ethic and determination that have since led to him to build a thriving industrial career in his home market of Louisville, KY.

As anyone who has worked in commercial real estate knows -- and especially someone who has logged more than 40 years in the business -- the industry is constantly changing. And for Tuohy, adapting to this change, and evolving with it, has represented both a challenge and an opportunity throughout his career. “During the past 40 years, the biggest challenge has been making the right moves as the business kept changing,” Tuohy said. Patrick Tuohy is a prime example of this approach. He began his career in commercial real estate in 1982 with Merrill Lynch, raising capital for multifamily limited partnerships. He later spent time as an investment banker for Prudential Capital Funding. It was 14 years ago, when he made another big move during his career. While working with Washington Mutual, Tuohy saw that this financial institution was soon going to disappear. He then began his career with Marquette Bank, where his business is still thriving today. “I proposed that given the right resources and a commitment to compete we could lead the market with what owner-operators and investors of multifamily properties where demanding,” He said. “Over time, Marquette Bank did just that.” Today, with a portfolio of more than $1 billion in assets, Tuohy attributes his success to having the best team of professionals who support him each day. And when people ask him when he plans to retire? He has a simple answer: “Retire? Are you kidding me? I am just getting warmed up!” As Tuohy says, he enjoys his work too much to leave it behind. “This is not a job, but my purpose and passion in life,” Tuohy said. “I get up every day and do whatever it takes to help my clients achieve their goals.”

MIDWEST REAL ESTATE NEWS

HALL OF FAME • 2021 •

Throughout those sluggish years, Walker managed to close deals. He also forged relationships with some of his most loyal clients. And now? Those relationships and Walker’s work are paying off as the industrial sector continues to boom. “I continue to tell myself that if I could make it through the Great Recession, I can make it through anything,” Walker said. Today, Walker represents an extensive list of big-name clients. This includes companies such as MDH Partners, The Opus Group, General Electric, UPS, Mattress Firm, AEL Span, Kroger and Exeter Property Group, among others. He’s also helped close some of the biggest industrial transactions in the Louisville market. He has served as the tenant rep on AEL Span, LLC’s pre-lease of 476,780 square feet of industrial space prior to construction completion, and as buyer representative for Exeter Group’s purchase of 502,000 square feet of industrial space. Walker also served as landlord representative for The Opus Group at 301 Logistics Ave., a 426,450 square foot industrial building and landlord rep for Hollingsworth Capital Partners of over 497,000 square feet of industrial space. “It is important to me to do a good job, and I pay attention to the details and will put in the time to make sure the job is done well,” Walker said. “Also, I think I am a genuine person. I can’t suggest a client do something that I don’t believe. I think my clients can tell I am genuine and that I have their best interests in mind. Lastly, it is not always a good thing, but I am very competitive. That competitive nature makes me work hard for my clients.” Throughout his career, Walker has benefited from observing the steps that talented senior brokers have taken to grow and maintain their businesses. He also put in the time to earn his CCIM and SIOR designations. He now pays that forward, serving as a mentor to other young industrial brokers in his firm. Despite the demands of his busy career, Walker does find time to spend with his family. He has two young sons, 10 and 6, who keep him extremely busy. Walker coaches both their soccer and basketball teams. He and his wife also like to take their sons hiking and to the lake in the summer months. And if Walker finds any additional free time? He enjoys spending it playing golf with his friends.

Congratulations! Colliers is proud of these forward-thinking professionals — who continue to push the standard for excellence. Congratulations to the honorees for their selection to this year’s Midwest Real Estate News Hall of Fame.

Jim Carris CCIM, JD, MBA

Paul Krimm CSM, MBA

Tony Hupp

Managing Director Market Leader Chicago

Managing Director Principal Columbus

Senior Vice President Industrial Indianapolis

Geoff Orf SIOR Executive Vice President St. Louis

Becky Ober RPA, RCM Senior Property Manager Cincinnati

Accelerating success.

HALL OF FAME - CLASS OF 2021

Midwest Real Estate News

TIFFANY EARL WILLIAMS

ETERI ZASLAVSKY

Skogman Realty | Cedar Rapids, Iowa

Next Realty | Skokie, Illinois

Broker

During her career of more than two decades, Tiffany Earl Williams has closed more than $1 billion in transactions. With numbers like that, it’s not surprising that Williams, a broker with Skogman Realty, has earned a reputation as one of the top commercial real estate pros working the Cedar Rapids market. Before becoming a commercial broker, Williams worked as a licensed attorney in Iowa, Missouri and Kansas, practicing law at a large firm in Kansas City. During this time, she focused largely on mergers and acquisitions work. Real estate, of course, is an important part of this type of work, and Williams credits the experience and knowledge she gained while working as an attorney as one reason why her transition to commercial real estate was so smooth. “My favorite aspect of my real estate practice is using creativity or an approach that no one has thought of to do a deal,” Williams said. “I love to ask questions of clients that open doors for opportunities. Coming up with an idea they haven’t thought of or providing a perspective that makes a client more successful is my favorite aspect of my job. That feeling of a win is my rush.” During her 21 years as a commercial real estate broker, Williams has earned several top industry honors. This includes being named one of the 10 Best Real Estate Agents in Iowa by the American Institute of Real Estate five times and earning the 40 Under 40 Award from Corridor Business Journal. When not representing her clients, Williams spends plenty of time serving her community. She has been active on the boards of the Greater Cedar Rapids Community Foundation, March of Dimes, St. Luke’s Foundation Board, United Way Young Leaders Society, American Cancer Society, Urban Theater Project and Cedar Rapids Downtown District. Building a successful CRE career is no easy task. It’s also time-consuming. And this, Williams says, leads to the most challenging part of commercial real estate: How to balance personal time with work demands. “I have a tendency to immerse myself in work, assuming that at some point, there will be a lull,” Williams said. “My assumption has been wrong, and things have never really slowed down. I am not great at carving out time to relax, which I know is important.” But when Williams does find time to relax? She can be found on the tennis court or spending time with her husband Phil and their three children. “Success does not come by accident,” Williams said. “I believe that my success directly translates from hard work, assembling the right team to support me and being willing to think outside the box.”

Congratulations to Jeff Abrams for being named to the 2021 Midwest Commercial Real Estate Hall of Fame.

Jeffrey A. Abrams Partner

Taftlaw.com

January/February 2022

Managing Director

Eteri Zaslavsky, managing director with Next Realty in Skokie, Illinois, has built a thriving career in commercial real estate, no matter what role she’s taken on in the business. How successful has Zaslavsky been? Before joining Next Realty, Zaslavsky originated commercial real estate loans and completed more than $550 million in transaction volume at Allstate Investments. Earlier in her career, she worked for the capital markets group of JLL, where her team represented clients in the disposition of more than $725 million in real estate assets. Since joining Next Realty in 2006, Zaslavsky has spearheaded the company’s investment strategy, completing several important transactions for the firm, including fee simple acquisitions, note purchases and financings. Zaslavsky has recently expanded her role to focus on investor relations and raising capital for Next Realty’s future investment funds. Zaslavsky is that rare person who has found the ideal career, one that challenges and excites her and one for which her skills are perfectly suited. “I have been fortunate to have worked with some amazing people from whom I have learned a tremendous amount,” Zaslavsky said. “From putting together my first Argus and Excel models, to learning new markets to networking and sourcing acquisition opportunities, it all boils down to loving the business. My current role at Next Realty allows me to combine these skills and apply them to what we do. Every day has been a new challenge and adventure.” Like all successful CRE pros, Zaslavsky takes her position seriously. She knows just how important her work is to her clients. “Being a good steward of investor’s capital is a big honor and responsibility,” Zaslavsky said. “Our investors are individuals who we know personally. They are our friends and family and our extended network. They entrust us with their personal capital. It is our responsibility to invest it wisely.” Even with the care that Zaslavsky takes, there are times in the investment world in which things may not proceed as planned. That leads to the greatest challenge that Zaslavsky faces: dealing with unforeseen circumstances. “In most instances, we have been able to regroup and apply creative solutions that resulted in positive outcomes,” Zaslavsky said. “We are always striving to make the appropriate decisions that will protect and grow our investors’ capital.” Another major reason for Zaslavsky’s success? She never stops learning. This CRE veteran says that she constantly takes lessons from her past and current experiences to better serve her clients. “From my first position conducting underwriting and valuation at JLL to joint-ventures and structured finance at The Tuckerman Group to debt capital markets at Allstate Investments, I now apply all of these skills to the acquisitions process at Next Realty,” Zaslavsky said. “Working closely with the Next Realty team, we have developed a well-defined strategy for pursuing and evaluating investment opportunities and executing our business plans. Having a comprehensive view of the business has contributed to my approach, outlook, and success.” When Zaslavsky isn’t serving her clients, she prefers to spend time with her family -- and her large extended family -- traveling, eating good food and shopping. She is also an expert at the classic family game Rummikub. (Although Zaslavsky’s 10-year-old daughter will tell you that she is the real expert in their family.)

January/February 2022

HALL OF FAME H A L L -O CLASS F F A M E OF A L U2021 MNI

Midwest Real Estate News

Aaserud, Wendy

2020

Branscome, Susan

2010

Cosenza,Joseph

2015

Engle, Ryan

2020

Abelson, Aaron

2020

Brehmer, Robert

2010

Coulter, Gregory

2018

Erickson, Brent

2019

Abernethy, Scott

2015

Brennan, Michael

2017

Coury,Jack

2015

Fagan, Robert

2018

Abraham, Amanda

2013

Bridges, Larry

2015

Couston, Elise

2010

Falk,Stanton

2015

Accurso, Joseph

2017

Broderick, Adam

2015

Coyne, Terry

2012

Farbman, Andy

2013

Ackerman, Chuck

2018

Brown, Dan

2017

Cressy, Donald

2010

Farrell Steve

2015

Agree, Richard

2019

Browning, David

2010

Crisp, John

2019

Fazio, Joseph

2020

Augustyn, Mark

2020

Browning, Michael

2013

Cristal,Jeffrey

2015

Fifield, Steve & Randy

2012

Ahern, Patrick

2017

Brucato, James

2018

Cruz, John

2019

Fink, Jamie

2018

Altemare, Steve

2019

Bubniak, Bill

2017

Cullinan Oberwelman, Diane

2018

Finn, Michael

2016

Altemuehle, Doug

2016

Bruzas, Chris

2020

Curran, Chris

2016

Firsel, Chad

2018

Aluisi, Patricia

2019

Buckley, Owen

2014

Daitch, Andrew

2017

Fisher, Paul

2010

Amick, Kevin

2010

Bullock, Heath

2015

Damiani, Jim

2018

Fleming, Andrew

2017

Armstrong, Kevin

2019

Burkhart, Mark

2010

Daniels, John

2012

Fleming, Dick

2016

Arnburg, David

2019

Burkons, Daniel

2012

Davidson, Andy

2013

Fleming, ED

2017

Arnold Kovitz, Kathryn

2017

Burns, Russ

2020

Davidson, Lisa

2014

Flynn, Michael

2014

Arpe, William

2014

Burstein, Richard

2015

Davis, Hank

2015

Forslund, Richard

Ashton, Richard

2018

Busch, Robert A.

2019

Davis, John

2010

Fox, Christopher

2017

Assoian, Bob

2016

Buss, Steven

2017

Davis, Mark

2019

Frain, Ron

2014

Aston, Ken

2018

Butcher, Doug

2014

Davis, Paul

2015

Franke, Jerry

2012

Atkins, Jerry

2014

Byers, Scott

2013

Dawda, Edward

2012

Frantze, David

2011

Augustin,Drew

2015

Caffey, Steven

2016

Del Rosso, Patricia

2011

French, William

2012

Tammy Babisch

2020

Caldeira, Len

2011

DeLair, Sally

2020

Friedman, David

2010

Baier, Rick

2014

Callaghan, Colin

2017

Delguyd, Anthony

2018

Friedman, David

2015

Bailey, Forrest

2017

Capitani, Jason

2016

Dellonte, Mark

2019

Friedman, Jay

2018

Baker, Ivan

2018

Capitani, Mason

2013

Demaree,John

2015

Fuller, Craig

2018

Banyai, Joseph

2019

Capitani, Mason

2015

Dempsey, Patrick

2017

Fura, Doug

Barbe, Jana Cohen

2013

Casaccio, Anthony

2017

Denenberg, Gary

2012

Galbraith Kohn, Anne

2019

Barnett, Jenna

2018

Case, Karen

2012

DenHartog,Thad

2015

Gallagher, Kevin

2015

Barnett, Seth

2018

Casey, Britt

2019

Dent, Mark

2011

Gallucci, Cheryl

2019

Barron, Michael

2012

Casey, Erin

2020

2010

2012

Cash, John

2015

2018 2017

Gamble, Kyle

Barry III, James

Denton, David DePasquale, Ralph

Gardner, Jay

2014

Barry Jr., James

2010

Castle, Ronald

2016

Derrough, Lee

2012

Garfinkel, David

2019

Baskin, Kyle

2018

Cates, Andy

2012

DeSantis, Dennis

2011

Garrett, James

2011

2019

Gartner, John

2013

2010

Gayman, Tom

2013

Bayt, Phillip

2016

Cathlina, Laura

2017

Despot, Brad

Bazoian, Scott

2013

Chaben, Steve

2012

Dickey, Dan

Beggs, Brian

2016

Chaconas, James

2015

Dickman, Samuel

2012

George, Kevin

2011

Behman, Sarah

2011

Chaney, Jeffrery

2015

Dieter, Jim

Gerard, Mike

2013

Bell, Eric

2011

Charmoli, Phil

2014

Dillon, Kevin

2018

Gerbie, Ralph

2014

Bender, Jeffrey

2013

Chavin, Barry

2020

Dingman, Gina

2016

Gialamas, George

2010

Benedetto, Peter

2017

Chenore, Rodger

2013

Disse, Steve

2020

Giannini, Ray

2020

Bennett, Barbara

2013

Chodos, Bob

2011

Dixon, Collete English

2010

Gibbs, Linda M.

2019

2017

Ginkel, Brian

2018

Bennett, Michael

2019

Choukourian, Paul

2018

Dokovic, Dan

Bercu, David

2013

Christenson, Andrea

2015

Donato, Jr., Albert

2019

Glasgow, William

2020

Berger, Richard

2016

Cibula, George

2012

Donovan, Paul

2019

Glaze, Larry

2014

Bergman, Laurence

2013

Cisler, Brett

2017

Doyle, Dennis

2010

Glimcher, Michael

2010

2012

Bernard, Dennis

2010

Clark, Jim

2016

Doyle, Jim

Glotzhober, Gary

2012

Berriz, Albert

2010

Clark, Robert

2010

Drake, Harry

2012

Godwin, John

2011

Bessenbacher, Stephen

2020

Clements, Earl

2013

Drake, Lynn

2014

Golden, Sandy

2013

Birge, J. Taggart

2018

Click, Robert

2011

Dreher, Jeff

2017

Goldie, Gordon

2019

Bittenbender, Marilyn

2014

Clifton, Kevin

2017

Dumes, Joel

2015

Goldstone, Ron

2019

2018

Blankstein, Randy

2017

Cockerham, Chris

2016

Dunsmoor, Daniel

Golob,Diana

2015

Blechschmidt, Chris

2017

Cohen, Linsey

2020

DuPraw, Rick

2015

Goodman, Jimmy

2018

Block, Bruce

2018

Cole, Elmer

2013

Durning, David

2011

Goodman, John

2011

Block, David

2014

Collins, Craig

2013

Dusek, Jonathan

2010

Goodman, Randy

2017

Block, Kenneth

2010

Collins, Mark

2019

Duvall, Greg

2012

Goodwin, Daniel

2010

2013

Block, Michael

2013

Collins, Rick

2013

Dye, Scott

Gordon, Brett

2020

Block, Stephen

2011

Conceller, Carl

2020

Earlywine, Angie

2019

Gordon, Steven

2010

Blum, Marc

2018

Connor, James

2012

Eaton, Jeff

2016

Gordy, John

2014

Blumberg, Sue

2013

Converse, Chandler

2012

Eaton,Barbara

2015

Graves, J.D.

2018

2019

Gray,Stephan

2015

Blumenthal, Amy

2017

Cook, Mike

2014

Ebbing, William (Bill)

Boerke, David

2013

Cooler, Thomas

2010

Effler, DJ

2016

Greazel, Ben

2018

Boll, John

2017

Cooper, Dan

2015

Ehrenberg, Maureen

2013

Green, Michael

2018

Bonifas, William

2017

Cooper, Gary

2015

Ehret, Bill

2011

Grove, Kevin

2012

Book, Randall

2017

Copaken, Jon

2018

Eisenshtadt, Steve

2017

Guenther, Glenn

2016

2011

Borowiec, Bradley

2020

Copaken, Keith

2015

Elbaum, Larry

Guimbarda, Bob

2012

Bowling, Bill

2012

Cope, James

2014

Elder, Ed

2013

Gujral, Brenda

2012

Boyd,John

2015

Copley,Melissa

2015

Ellis, LaTonya

2019

Gustafson, Thomas

2017

Bramson, Jeffrey

2014

Corson, Debbie

2017

Ellison, Steve- O’brien, John

2016

Gutierrez, Alfredo

2019

Branding, David

2017

Cory, Rob

2012

Elsas, Gene

2014

Gutrman,Andrew

2015

HALL H A L L OF O F FAME F A M E -A LCLASS U M N I OF 2021

Midwest Real Estate News

January/February 2022

Haas, Lori Pittman

2019

Jensen, Dan

2016

Lester, Matthew

2014

Mike Hanrahan & Paul Hilton

2012

Haggerty, Nancy Leary

2016

Jessup, Daniel

2015

Letherman, John

2016

Milks, Jodi

2014

Hanna, Brandon

2020

Johnson, Aaron

2014

Levey, Lewis

2011

Millang, Todd

2013

Hamway, Joseph; Hudas, Gregg 2016

Johnson, Bryan

2014

Levin, Daniel

2017

Miller, Bruce

2018

Hanson, Breck

2011

Johnson, Derrick

2018

Levitan, Mike

2019

Miller Charles

2015

Hansen, Laura

2020

Johnson, Janet

2012

Levitas, Steve

2019

Miller, Dave

2020

Hardin, Tripp

2019

Johnson, Nancy

2015

Licausi, Paul

2010

Mills Stephen

2015

Hardy, David

2010

Johnson, Tom

2012

Linder, Michael

2015

Minea, Patrick

2020

Harer, Wayne

2017

Johnston, Jeffrey;Timmel, Steven,

Lindley, Patrick

2011

Miscavish, Steve

2019

Harrington, Timothy

2016

Prosser, Christopher

2014

Lines, Susan

2017

Missner Barry

2015

Harris, Scott

2014

Jones, Kevin

2013

Lingertat, Jessica

2018

Mistler, Amy

2020

Hartlage, Matt

2018

Jonna, Simon

2019

Lippincott, Edward

2018

Moberg, Matthew

2019

Hartman, Kimberly Estes

2016

Judeh, Jumana

2013

Lissner, Marilyn

2012

Mobley, Shawn

2010

Hartmann, Michael

2011

Kadish, Scott

2015

Locher, Gwen

2019

Monsees, Olen

2012

Hatcher, Brett

2017

Kahn, Jeffrey

2011

Lockridge, Christy

2014

Monte, Mann

2016

Hatfield, Daniel

2015

Kahnweiler, David

2010

Long, Mark

2017

Monteleone, Joseph

2013

Hauber, Catherine

2014

Kalil, Michael

2018

Lossner, Justin

2017

Mooney, Michael

2010

Hauptman, Jeff

2018

Kalil, Tim

2020

Lovett, Mary Forbes

2016

Moran, Patrick

2014

Hausman, Larry

2017

Kane, Jean

2011

Lowe, Dan

2013

Morgan, P.J

2015

Hawkins, Taylor

2017

Kapsalis, Traci

2013

Lubbers, Mike

2013

Moritz, Debra

2015

Hawley, Jeffrey

2013

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January/February 2022

HALL OF FAME H A L L -O CLASS F F A M E OF A L U2021 MNI

Midwest Real Estate News

Parent, Diane

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2011

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2015

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NASHVILLE

NASVILLE (continued from page 11)

Midwest Real Estate News

January/Feburary 2022

mercial real estate market is today. As Pape says, not even the COVID-19 pandemic has slowed CRE activity here.

Experiential retailers, those offering experiences that customers can’t get online, are also doing well, Pape said.

Sure, Nashville’s office market is still dealing with the uncertainty caused by COVID. Many employers here still aren’t sure when they’ll bring their workers back into the office, and many are contemplating whether they will adopt a hybrid model in which workers come into the office on some days and work remotely on others.

Also in demand? New fitness centers and grocery stores. Grocery stores are especially in demand in downtown Nashville, Pape said.

office and hospitality uses. “We are looking at a mix of everything,” Pape said. “We have the hard job of making sure we create a wonderful destination that will mix all those product types together. We want to create a place where people want to spend their time.” It’s not surprising that GBT and Monarch are planning a mixed-use development for the site. Mixed-use projects are in demand and have shown that they can be extremely successful, drawing in both tenants and visitors. Pape says that he expects to see developers continue to focus on mixeduse projects in the near future. The success of existing projects is all the encouragement they need. “Places where people can live, work and play are in great demand,” Pape said. “You do need a market with vibrant growth, though, to support a product like this. Smaller markets can’t support these bigger mixed-use projects yet. The major metro growth areas like Nashville, Austin, Dallas, Houston, Atlanta and Charlotte can. In these higher-growth markets, the mixed-use product is absolutely growing like crazy.” The Beaman site project is just one example of how strong Nashville’s com-

But other commercial sectors continue to thrive, most notably multifamily and industrial. Pape says that even the area’s hospitality sector has improved steadily since the darkest days of the pandemic. “Commercial real estate activity is still growing aggressively in Nashville,” Pape said. “There aren’t any indications that this will stop in the future, either. Depending on the sector, most of the signs of growth are strong.” As Pape says, more residents and jobs are coming to Nashville. Amazon is opening a headquarters building in the Nashville Yards development in downtown. Oracle has spent $254 million to buy more than 65 acres of riverfront land in Nashville. At the same time, certain types of retailers are succeeding here, too, even during the pandemic. Pape says that restaurants are especially hot throughout the Nashville market.

“It used to be that we would see a whole cluster of national brand names located in one area or a cluster of cool local retailers in another,” Pape said. “Now we are seeing more of a mix of all types of retail uses in different areas. While everything used to be in their own clusters, we are now seeing a wider variety of retail types mixing together. That’s what helps create long-term success.” The new multifamily that will come with development of the Beaman site is welcome, too. Pape says that Nashville 10 to 15 years ago had relatively few people living in its downtown areas. The city was largely a commuter town, with workers leaving the downtown at the end of the workday. Today, though, there is a growing demand for apartment units in downtown Nashville and its surrounding areas. That’s largely because renters by choice are looking to simplify their lives. “People have a desire to live somewhere where they can walk to things,” Pape said. “They don’t want to get into their cars every day. The people who

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are looking for this lifestyle represent a great growth opportunity.” Pape says that GBT Realty will spend the rest of 2022 going through the entitlement process on the Beaman site. The goal, though, is to break ground on the first phase of the development in mid- to late 2023. “That is an aggressive goal,” Pape said. “But with the growth of Nashville, we want to get that first phase out of the ground sometime in 2023.” Joshua Acheatel, managing principal at Monarch, says that whenever this new development takes shape, it will bring a positive change to the Nashville downtown-area landscape. “We are extremely energized to invest in a site that has the unique combination of scale and centrality that can support a transformative project,” Acheatel said. “We believe that our dynamic real estate expertise and partnership with GBT Realty will bring an exciting change to Nashville’s skyline and will benefit Nashville for generations to come. We look forward to working with the city to support its real estate needs.”

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January/Feburary 2022

TWIN CITIES

Midwest Real Estate News

Light industrial’s roll: In Twin Cities, Ryan Companies boosting its investments in light industrial properties

By Dan Rafter, Editor

inneapolis-based Ryan Companies hasn’t been shy about investing in light industrial properties in the Twin Cities

provements. Given our construction expertise, we do not shy away from projects that have a greater need for renovations.

market.

Is the office component important when looking at these facilities?

This isn’t surprising. The demand for this asset class – which CBRE defines as industrial facilities smaller than 120,000 square feet – has been soaring before and during the COVID-19 pandemic. Earlier during the pandemic, Ryan as part of a joint venture acquired a $16 million light industrial warehouse facility in Edina, Minnesota. Earlier this year, Ryan closed on its acquisition of the Minco industrial portfolio in Minnetonka, Minnesota. This $12.5 million portfolio includes three industrial buildings totaling 168,315 square feet. We recently spoke with Shawn Moore, vice president of acquisitions and assets management with the Minneapolis office of Ryan Companies about why the company is so eager to invest in light industrial and why this asset class has generated such demand from investors. Let’s start with the obvious question: What do you consider to be a light industrial facility? Shawn Moore: Different people have slightly different definitions. But in general, light industrial facilities have lower ceiling heights than do bulk distribution facilities. They have less intensive truck traffic. They are, in general, less intensive from a traffic perspective. They also might have a bit more office space than other industrial facilities. A building’s square footage might be 25 percent office and 75 percent warehouse. What is really interesting to us is that light industrial buildings tend to be more infill. You tend to find them a little closer to population centers. The bigger bulk distribution buildings tend to be on the fringes of urban areas and very close to highways.

This building, in Edina, Minnesota, is an example of the type of light industrial facility in which Ryan is increasingly investing.

Why are these buildings so attractive to Ryan? Moore: Ryan has been and continues to be very active with our development and construction arms in the bulk distribution space. We have done a lot of work with clients like Target, Amazon and Kroger. The light industrial acquisitions we see as a great complement to that construction and development activity. It is a slightly different part of the industrial category that still benefits from many of the same characteristics in terms of tenant demand and investor demand. We look at the light industrial acquisitions as a great complement to the rest of our business. We also like the idea that light industrial facilities tend to attract smaller tenants. There are times when those tenants end up growing. They might then need a new building. We can build or develop something for them. We see synergies there. We can work with these tenants when they are in light industrial buildings and when they are ready to move to a bigger space. And because we also have expertise in property management, we can also provide these tenants that service, too. Is it difficult finding light industrial buildings in which to invest? Moore: There are a lot of buildings in this space. That being said, they are in demand, both from tenants and also from other investors. There is a

deep pool of buildings but quite a lot of competition to acquire them. The buildings we choose to pursue are those in locations that are close to population centers. We think that is where the tenant demand is the greatest. The tenants look to these buildings because they want that proximity to their customers. We also look for buildings that are in close proximity to a strong labor pool. Tenants want to locate in buildings that are close to a large number of workers, too.

Moore: That’s really not the major concern of tenants looking for space in these buildings. The tenants in these buildings have an industrial warehouse need. If they are more concerned with office space, they’re usually looking at a pure office building or more of a single-story office-flex type project. It is the warehouse functionality that is driving tenants to these light industrial spaces. Some tenants might have a sales team that they sit in the office space. But most of the tenants that we work with are focused almost entirely on the warehouse space. Do you think we’ll see an increase in the supply of these light industrial facilities?

With the three light industrial buildings that we recently purchased in Minnetonka, half of the owners of the businesses in those facilities live within five minutes of those properties. At the same time, these buildings are close to their customers. Much of their client base is in the western suburbs of Minneapolis. From the Minnetonka facilities, they can service all their clients within a 10- or 15-minute drive. Those type of locations are in the greatest demand from tenants.

Moore: One of the reasons we like these buildings is because many of them are in infill locations close to population centers. It is challenging, though, to build new projects in these locations. Many of these infill locations are fully built out already. There is not a lot of vacant land in these locations. To build new, you often must redevelop an existing site, which can be more costly. That is another reason we like this segment and these locations: The new construction supply is relatively muted. That makes it easier for us to attract tenants to these spaces. There isn’t as much new construction for them to choose from.

How about amenities? Are there any amenities that you look for when acquiring light industrial buildings?

Do you think demand will continue to rise in the coming months for these light industrial spaces?

Moore: It’s mostly about location and functionality. Given our construction expertise, we like projects where maybe a little bit of renovation needs to be done. Some of the facilities we recently acquired are in good shape but could use some minor im-

Moore: My crystal ball is always somewhat murky, but we are making these acquisitions and looking to acquire more properties this year. We expect to see consistent demand for light industrial in the future, at least for the foreseeable future.

OFFICE

Midwest Real Estate News

The office of tomorrow

he pandemic has shone a light on both the positive and negative attributes of remote work. Employees have demonstrated that they can work from home successfully, and their demand for flexibility seems heard as more employers adopt some permanent form of a remote work model. However, for some, the monotony of Zoom meetings and feelings of isolation are notable impacts driving a desire to return to the office. So, what exactly are the elements associated with future offices that will draw workers? From spaces that provide employees with dedicated areas for head’s down focus work, to support spaces such as respite rooms that offer or an opportunity to decompress, to spaces like cafés that promote informal collisions with coworkers, it’s about designing spaces to be as flexible and adaptable as possible, say Tamra Fuscaldo and Kaitlin Kingrey of the Interior Design team for M+A Architects. Future offices will be cultural hubs, emphasizing collaboration and the individual’s well-being, they added.

“A lot of people have been working from home so long, and they’re used to taking that mental break on the couch and just putting their feet up and just relaxing, and they don’t have a space in the office to do that when they need to do that,” explained Fuscaldo. “There is an extrovert and an introvert in all of us, and sometimes we need to be an extrovert, sometimes we need to be an introvert, so being able to create those hybrid spaces, not only from a work function standpoint but also from a collaboration and an energized spaces concept,” she added. Workers have been limited by the physical space of their homes, added Kingrey. “For me, I live in a 1,400-square-foot house. I have three bedrooms, and my husband also works from home, so really, my workspace is very, very limited. I don’t have the opportunity to get up and work at a real desk or get a change of pace. I’m confined by my physical space here, so if we can provide an office environment that is more appealing and provides you more options, that’s immediately a more desirable scenario,” she said.

January/Feburary 2022

www.rejournals.com

By Alexa Strohm

Matt Gregory, senior vice president of NAI Ohio Equities, who specializes in office sales and leasing, agrees with Kingrey. “Office tenants will be looking at their space as an extension of their culture, not just a place to do business,” said Gregory. Modern amenities such as cafés, lounges, outdoor terraces, and common areas that allow employees to untether from their desks and move about the office are highly desired, in addition to proximity to restaurants, fitness centers and outdoor spaces, he added. However, some trends seem to be catching on in the Midwest faster than others. “In the Midwest, there is still a hesitancy to move from owning to accessing. Most of our client’s employees feel that they still want to ‘own’ a space, a desk, or an office. In contrast, on a more national level, the conversation emerging from the pandemic, and as we move to the endemic stage of our relationship with COVID, is one of accessing the space they need to work only,” explained futurist Mark

Bryan of M+A Architects. He added that the coasts have been moving toward smaller, shared, hoteling-type spaces. Employees say they want to connect with values, experiences, and needsbased services over just a space to work in, said Bryan. In two workplace surveys conducted by M+A Associates at the end of 2021, flexibility in space and schedule were requirements for employees not to leave the companies they work for, he continued. “In the Central Ohio market, we’ve seen a lot of employers who are incentivizing their workers in new and unique ways to encourage them to spend more time in the office. This includes offering dedicated office space to those that are coming into the office a specified number of days a week, where those under the threshold are using shared space,” explained Gregory. “One thing is certain, offices aren’t going away; they’re adapting,” he concluded. Alexa Strohm is a writer with Columbus,Ohio-based NAI Ohio Equities.

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January/Feburary 2022

TWIN CITIES

Midwest Real Estate News

Butler Square: Refreshed and move-in ready Construction crews wrapped renovations in July of last year at the Butler Square building at 100 N. Sixth St. in downtown Minneapolis. Today, tenants are enjoying the results of that renovation project.

by investing in ongoing upgrades to the building systems and refreshing and adding amenities that are not only highly valued by our tenants, but that also resulted in Butler Square becoming the first 100-plus-year-old, multitenant commercial building in the world to win LEED EB O&M certification in 2009 and in our building receiving continued awards and accolades for its beauty, sustainability, connections with our community and focus on healthy, high-performance operations, maintenance and management,” Mauer said.

Here’s a look at the steps the building’s owner took to rejuvenate this key Minnesota building. We hope this helps inspire other building owners to undertake their own revitalization projects. At first glance, Butler Square’s spectacular, bright and uplifting “refresh” might seem like it was completed in response to the global COVID-19 pandemic. While it’s true that the building’s new amenities are in especially high demand by organizations that are working to strike an ideal mix of in-person, hybrid and/or virtual work—and adapting their operations and facilities accordingly—the vision for this project began to take shape in mid-2019. Back then, the building’s owner, Jane Mauer, conducted walk-throughs with architects, and by January of 2020 construction had begun. Finishing touches were completed a little more than a year later. The new and refreshed amenities include: • Brand-new finishes and updated lighting. The white tile that replaces the existing brick floor boosts natural light levels and amplifies the impact of Butler Square’s soaring atriums. The design/project team also updated and improved lighting in the atrium and public areas by replacing high-pressure sodium and fluorescent sources with high-color-rendering, warm-white LEDs, up-lighting wood ceilings above corridors and circulation routes, adding remote-controlled color options for the spotlights aimed at the “Speed Astir” glider in the East Atrium, and using specialized fixtures to accentuate gathering places, murals, sculptures and other art. • Spaces that foster community and connection. There is now a wonderful variety of seating areas in both atriums that provide inviting places where tenants can meet, collaborate, work alone or in groups, or relax and enjoy a meal prepared at the on-site café. • A new, black carbon-steel spiral staircase. This staircase replaces the East Atrium’s escalator and provides a pedestrian circulation alternative for the adjacent elevators. Its lower landing serves as a small stage during special events. • Circular wood-floor insets with cleanlined, steel-edged planters. Low-lying, lush, grass-like greenery adds texture and vibrancy to the décor, providing a calming interior view of nature for occupants. The 2,500 plants installed throughout the public areas were chosen to optimize indoor air quality, reduce

The timing of the Butler Square Refresh has turned out to be ideal. Construction began shortly before MinneThe Butler Square refresh accentuates the historic landmark’s award-winning architecture, including its massive sota’s COVID-19-related stayhome order was announced, timber structure, natural finishes and soaring atriums. (Photo credit: Butler Properties, LLC/Tom Wallace.) and the finishing touches were completed in early stress, drive productivity and spark inno- highway access, and reduced-rate park- 2021, just in time for the post-pandemic vation. ing for carpoolers in adjoining ramps. surge of economic, recreational and cultural activity. • A new conference center. Leading-edge, “Beauty matters,” said Mauer, president wireless video conferencing technology of Butler Properties, LLC. “It’s natural to “We are pleased to lead by example and easy-to-clean, lightweight, mobile want to construct, renovate, operate and and to provide an inspiring place where furniture make the presentation room maintain a beautiful building in ways that an active, engaged, and growing pool easy-to-use and flexible. Ceiling-hung sustain and enhance this characteristic.” of urban dwellers can work near their microphones and speakers detect and homes and enjoy all our city has to offer,” evenly distribute sound. A kitchen/ Harry Wild Jones, the original architect for Mauer said. arrival space with two new, universally Butler Square, was known for designing accessible restrooms provides a place buildings that elevated the human spirit. where hosts can greet guests and serve And as Mauer says, such spaces are criti- Tenants of the building have also praised the renovation work. refreshments. cal for creativity, bringing something new • A private tenant lounge. This amenity can be used by all tenants with card-key access during the workday and reserved by them for gatherings after hours. The lounge features relaxing, living-roomstyle furnishings and a food preparation/ dining area. • A new skylight atop the East Atrium. The Kalwall proprietary glazing used for this renovated feature improves ambient light management, increases natural light levels, and supports health and wellness by filtering out harmful UV light while providing soothing, evenly diffused, full-spectrum visible light and aiding plant photosynthesis. • New shower rooms adjacent to the existing bike-storage room. The refreshed interior spaces and features showcase and provide a clean, contemporary contrast to Butler Square’s award-winning, historic architecture. They also build on Butler Square’s existing amenities, which range from an on-site post office, café, and childcare center to a secure bike storage room and skyway connection, easy-in/easy-out

into being and ingenuity, which requires taking a leap of faith toward the future. Butler Square’s first owner, T.B. Walker, invested in high-quality architecture, materials and construction. When Charles Coyer took over ownership in 1972, his decision to transform The Butler Brothers Warehouse into a mixed-use commercial office and retail destination named Butler Square helped catalyze revitalization of the Minneapolis Warehouse District. In 1979, the third owner, Jim Binger, redeveloped the west half of the building, making sure this part of the renovation was compatible with the first phase. Binger enhanced Butler Square’s beauty and performance by adding the West Atrium, new office and retail tenant spaces, and high-efficiency building systems. He had the “Speed Astir Glider,” the “Circus Fliers” sculpture by George Segal, and other art installed in public spaces to be enjoyed by the building’s occupants and visitors. “As the fourth owner of this landmark building, I have continued this legacy

“The Butler Square Refresh turned out amazing,” said Melanie Yetter, office and marketing events manager of building tenant Nature’s Way Brands. “The color selection of the furniture, new carpet, flooring, plants and the upgraded lighting create such a delightful and calming ambience on the first floor and the other common areas of the building. I also love the new staircase which opened up the atrium. We look forward to using the new meeting space and seating areas.” Adrian Aguilar, accounting manager with tenant CGS Publishing Technologies International LLC, agreed that the work has transformed an already stunning building. “Give credit where credit is due,” Aguilar said. “The Butler Square ownership and management team has done a superb job with the renovation of this beautiful building. They honored the historical character that makes this building unique and made it contemporary yet classic without losing the iconic look and feel of a historical landmark.”

Midwest Real Estate News

| January/Feburary 2022 |

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2022 ANNUAL RESOURCE GUIDE ARCHITECTS

LAMAR JOHNSON COLLABORATIVE

35 E. Wacker Drive, Ste. 1300 Chicago, IL 60601 P: 312.429.0400 Key Contact: Lamar Johnson, FAIA, LEED AP 2199 Innerbelt Business Center Drive St. Louis, MO 63114 P: 314.429.1010 Key Contact: Chip Crawford, PLA, FASLA, LEED GA Website: theljc.com Services Provided: Lamar Johnson Collaborative provides architecture, interior design, landscape architecture, urban planning, and urban design. Company Profile: Lamar Johnson Collaborative is a full-service design and architecture firm committed to enhancing the quality of the human experience and to improving how design and architecture can impact each individual’s emotional being. By harnessing the power of integrated design, including architecture, interior design, landscape architecture, urban planning, urban design and engineering, the company achieves its clients’ goals and aspirations. Notable/Recent Projects: 448 N LaSalle, Horizon Therapeutics, Triangle Square, 24 E Washington, T-Rex Lobby Renovation & Art Installation, POPCourts!, Mark Anthony Brewing, Katherine Ward Burg Memorial Garden, EDGE @ WEST, Northwestern Medicine Mokena Medical Office Building, St. Louis County Library – Lynn Beckwith, Jr. Administrative Building and Ladue Branch, Wildhorse Village Mixed Use Development.

ASSET/PROPERTY MANAGEMENT FIRMS ALL PROPERTY SERVICES

117 E. Washington Street, Suite 300 Indianapolis, IN 46204 P: 317.238.4500 Website: APS-PropertyMgt.com Key Contact: Jim Shields, Director of Operations, Jim.Shields@APS-PropertyMgt.com Services Provided: Commercial: Full Service Landscaping, Building Maintenance, Event Maintenance, HVAC, Grounds Maintenance. Company Profile: All Property Services provides the Highest Standard of Property Maintenance for Retail and Business Environments. The value of a quality appearance is immeasurable to a business environment. As Winter turns to Spring the effects of the snow and cold weather on your building and grounds will become apparent. But All Property Services will make your facility - and you - look good! Each day your property (or event) should give a positive first impression to your valuable customers. With 35 years of experience APS has finely-honed procedures and a professional staff in place to ensure your property (or event) projects the right image. Notable Transactions/Clients: The Broadbent Company, PK Partners, Accent Indy, Alrig USA Development, Centre Properties, Colliers International, Harshman Properties, Downtown Indy Inc.

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 Company Profile: AREA Real Estate Advisors is a full-suite commercial real estate firm in Kansas City. 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. At AREA, we deal in real estate, but our business is relationships. We are committed to meaningful partnerships with our clients to ensure that their goals are achieved. Our goal is to exceed our clients’ expectations. Services Provided: AREA’s Property Management team is determined to establish the premiere provider of commercial real estate services in Kansas City, while building strong relationships with clients and tenants. We feel the best way to achieve our goal is through common sense leadership; focus on real estate, not policy and procedure; employ and develop the best people in the industry; and provide an environment where our employees and clients can enjoy success. AREA Property Management is currently managing 2 million square feet in the Kansas City Metro, providing Lease Administration, Building Maintenance and Consulting Services. Notable Properties Managed: Plaza Vista (Welsh Plaza), 4800Main (Former BOT)- 162,850 SF, Centerpoint Industrial Park- 29.32 Acres.

THE BROADBENT COMPANY

117 E. Washington Street, Suite 300 Indianapolis, IN 46204 P: 317.237.2900 Website: BroadbentCompany.com Key Contact: Tammy Brooks, Regional Property Manager Services Provided: Leasing - Brokerage - Acquisition - Development - Management Tenant Representation Company Profile: Broadbent is a full service real estate company in business since 1972; Leasing/ Brokerage, Management, Acquisitions, Development and Tenant Representation of retail centers throughout the Midwest. Notable Transactions/Clients: La-Z-Boy, The RoomPlace, Kohls, At Home, PetsMart, Ashley Furniture, Uncle Bill’s Pet Center, United Art & Education, The District Tap, Office Depot, Office Max, McAlister’s Deli, Moe’s Southwest Grill, Noodles and Company.

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.

CROSSROADS REAL ESTATE PARTNERS

4201 Lake Cook Road, Suite 100 Northbrook, IL 60062 P: 847.239.7519 Website: xr-partners.com Key Contacts: Kirsten Bowersox, COO and Managing Broker, kirsten@xr-partners.com; Christine Simek, Senior Vice President Brokerage/Development Services Provided: Management Services; Corporate Services; Advisory Services; Development Services; Real Estate Brokerage Services. Company Profile: Fully integrated real estate solutions firm and can assist with every aspect of real estate ownership and management, including property operations and accounting, zoning and entitlements, construction management, due diligence and financial underwriting, sales and leasing and more. Notable Transactions/Clients: Two professional / medical use buildings are fully occupied: 350 Houbolt in Joliet and Hobson Medical Campus with new Dermatology Group and Integrative Health Practice occupying over 8,000 SF. Please call for other availabilities.

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: Jason Fisher, CEO, jfisher@lundco.com; Tanya Shapiro, President, tanya.shapiro@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 16,000 apartment units.

www.rejournals.com FARBMAN GROUP/NAI FARBMAN

28400 Northwestern Highway, Suite 400 Southfield, MI 48034 P: 248.353.0500 Website: farbman.com Key Contacts: Andrew Farbman, CEO, afarbman@farbman.com; Andrew Gutman, President, gutman@farbman.com; Michael Kalil, COO and Director of Brokerage, kalil@farbman.com. Services Provided: Property Management, Leasing & Brokerage, Construction, Investment Sales, Asset Management, Site Selection Services, Acquisition & Disposition, Medical Real Estate Solutions, Move Management, Receivership Services, Facility Management, HVAC Services, Net Lease Brokerage Services. Company Profile: Farbman Group, a full-service commercial real estate company, is one of the largest and most respected names in Commercial Real Estate.

January/Febuary 2022 | Midwest Real Estate News

NAI HIFFMAN

One Oakbrook Terrace, Suite 400 Oakbrook Terrace, IL 60181 P: 630.932.1234 | F: 630.932.7258 Website: hiffman.com Key Contacts: Dave Petersen, CEO, dpetersen@hiffman.com; Michael Flynn, COO, mflynn@hiffman.com Company Profile: NAI Hiffman is the largest independent real estate services firm in the Midwest, providing leasing, property management, tenant representation, capital markets project services, research, and marketing services for institutional and private owners and occupiers of commercial real estate. NAI Hiffman currently leases and manages over 100.5 million square feet, encompassing more than 800 properties in 28 states. With more than 200 employees, NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, with more than 6,000 local market professionals managing more than 1.15 billion square feet of property. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific. For more information, please visit hiffman.com

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 lender focused bankruptcy, receivership and distressed asset services. All services are provided in house, 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: • Troy Technology Park - Troy, MI • Sakthi Automotive Industrial Portfolio - Detroit • Greyberry Apartments - Waterford • Tiffany Plaza - Youngstown • West 11 Tech Park - Southfield

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.

SVN CHICAGO PROPERTY MANAGEMENT

150 N. Meramec Ave., Suite 500 St. Louis, MO 63105 P: 314.862.9400 Website: gershmancommercial.com Key Contacts: Chris Fox, CCIM, SIOR, President & CEO, cfox@gershmancommercial.com Molly Studer, Senior Vice President, Operations, mstuder@gershmancommercial.com; Services Provided: Gershman offers an extensive array of commercial real estate services, including brokerage, landlord and tenant representation, investment sales, valuation advisory, market research, corporate services, property & facility management, project/construction management, client accounting and maintenance/engineering. Company Profile: Gershman Commercial Real Estate is a full-service real estate firm providing comprehensive, personalized services to owners and occupiers of commercial property. With an over 70-year history in St. Louis, and firm leadership based locally, we are uniquely positioned as the longest-standing independently owned firm in the metro area.

940 W. Adams St., Ste. 200 Chicago, IL 60607 P: 312.210.0793 Website: svnchicagopm.com Key Contacts: Michael “Micky” Cicchinelli, Managing Director mickyc@svn.com; Kirk Bennett, Head of Accounting, kirk.bennett@svn.com Company Profile: SVN Chicago PM works with property owners to understand and address their goals by formulating a customized strategy for each property. Utilizing technology, not as a substitute for personal service but as a tool to help maintain tenant and owner relationships, we manage your property as if it were our own. Services Provided: Financial Administration Monthly Billing Statements and Invoicing Tenant Relations Tenant-Focused Visits and Meetings Marketing Analysis for Competitive Pricing Re-negotiation of Leases Coordinate Responsibilities for Leasing Vacant Spaces and Tenant Improvements Development of Annual Maintenance Plan Manage Preventative Maintenance Contracts with Subcontractors On-Staff Maintenance for Day-to-Day Issues 24-Hour Emergency Services Property Inspections Notable transactions: SVN Chicago PM currently manages over 1M square feet of property. A recent high-profile contract includes two Northwestern Hospital Emergency Care Facilities in Lake Bluff and Chicago.

KESSINGER HUNTER & COMPANY, LC

WAVELAND PROPERTY GROUP, INC.

GERSHMAN COMMERCIAL REAL ESTATE

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 25,950,000 square feet of property and have developed in excess of 14,000,000 square feet of projects.

117 W. Willow Ave. Wheaton, IL 60187 P: 630.472.9800 Website: wavelandprop.com Key Contacts: Jonathan Swindle, President, JSwindle@wavelandprop.com; Conner Stout, Broker, CStout@wavelandprop.com Services Provided: Specializing in property management, property leasing, tenant representation, and consulting, Waveland is well-prepared to handle financial assignments, construction management, lease administration, market surveys, and receiverships. Company Profile: Waveland Property Group offers comprehensive real estate solutions. Our solid record of customer satisfaction is rooted in Waveland’s commitment to excellence in both service and quality. In real estate, trust and dependability are paramount. Our reputation is being formed with each and every transaction. Waveland continues to lead the industry. Notable Clients/Transactions: We have worked with a number of publicly-traded and private REITS including DOC REIT, Colony Capital, MLL, and Capital Crossing. We also cater to the boutique requirements of private investors.

Midwest Real Estate News

| January/Feburary 2022 |

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ATTORNEYS/RE LAW FIRMS CALFEE, HALTER & GRISWOLD LLP

The Calfee Building, 1405 East Sixth Street Cleveland, OH 44114 P: 216.622.8849 (Mara E. Cushwa) P: 216.622.8616 (Karla M. Rogers) Website: Calfee.com Key Contacts: Mara E. Cushwa, Chair, Real Estate Practice Group; mcushwa@calfee.com; Karla M. Rogers, Vice Chair, Real Estate Practice Group, krogers@calfee.com. Services Provided: Calfee’s Real Estate attorneys counsel clients through business and financial cycles impacting real estate assets. We represent developers, investors, joint ventures and lenders. We advise businesses and individuals in the acquisition, disposition, development, leasing and financing of real property assets across the state of Ohio and nationally. Our Real Estate clients are fully supported by Calfee’s Corporate, Commercial and Public Finance, Construction, Energy and Utilities, Environmental, Government Relations, Insurance Coverage, Litigation, and Tax practices. Company Profile: Calfee, Halter & Griswold LLP is a full-service, corporate law firm with 160 attorneys in Cleveland, Columbus, Cincinnati, Indianapolis, New York and Washington, D.C. working across legal disciplines to achieve clients’ business objectives. Learn more at Calfee.com. Representative Projects: Calfee’s Real Estate and related practice teams have represented clients developing many significant new projects in Northeast Ohio, including industrial, mixed-use and multi-family properties. Completed projects entail acquisition, mezzanine and construction finance transactions and bring new manufacturing, distribution, retail and hospitality opportunities as well as a significant volume of new residential units including affordable housing units to the community. Calfee values and celebrates the visions of our clients, and we are pleased to support our clients’ development goals.

FOX ROTHSCHILD LLP

321 N Clark Street, Suite 1600 Chicago, IL 60654 P: 312.517.9200 | F: 312.517.9201 Website: foxrothschild.com Key Contact: Marc C. Smith, Partner, mcsmith@foxrothschild.com Services Provided: Marc handles a variety of commercial real estate and development transactions involving acquisitions, dispositions, financings, the structuring of real estate join ventures and industrial and office leasing. Company Description: With Nearly 950 attorneys practicing in 28 offices coast to coast, Fox Rothschild LLP provides a full range of legal services to public and private companies from family-run businesses to multinational corporations.

FOX ROTHSCHILD LLP

321 N Clark Street, Suite 1600 Chicago, IL 60654 P: 312.517.9200 | F: 312.517.9201 Website: www.foxrothschild.com Key Contact: Mary T. Nicolau, Partner, mnicolau@foxrothschild.com; Megan Mahalik, Associate, mlmahalik@foxrothschild.com Services Provided: Mary and Megan resolve disputes with taxing authorities, including review boards, the Property Tax Appeal Board of Illinois and the Illinois and the Illinois Department of Revenue. They also represent developers, religion and nonprofit entities in incentive and exemption matters. Company Description: With Nearly 950 attorneys practicing in 28 offices coast to coast, Fox Rothschild LLP provides a full range of legal services to public and private companies from family-run businesses to multinational corporations.

KRIEG DEVAULT LLP

One Indiana Square, Suite 2800 Indianapolis, IN 46204 P: 317.636.4341 | F: 317.636.1507 Website: kriegdevault.com Key Contacts: David A. Adams, Partner, dadams@kdlegal.com Stephen A. Studer, Partner, sstuder@kdlegal.com Services Provided: Acquisitions and Dispositions, Leasing, Construction, Development, Environmental, Land Use and Zoning, Finance/Debt/Equity, Tax Structuring/Tax Credits, Foreclosure/ Bankruptcy. Company Profile: The professionals of Krieg DeVault’s real estate, environmental and commercial real estate lending groups provide practical, comprehensive legal services to our clients to assist them from concept to completion of their real estate projects.

MASUDA, FUNAI, EIFERT & MITCHELL, LTD.

203 N. LaSalle Street, Suite 2500 Chicago, IL 60601 P: 312.245.7500 Website: masudafunai.com Key Contacts: Keith Groebe, Principal, kgroebe@masudafunai.com; Timothy Hammersmith, Principal, thammersmith@masudafunai.com Services Provided: Representation of domestic and foreign clients throughout the U.S. in connection with acquisitions & dispositions; site selection & due diligence; leasing; financing; governmental & economic incentives; land use & entitlements; real estate litigation; and property taxes for corporate, entertainment, commercial, logistics, retail, industrial, hospitality, agricultural, and multi-family properties. Company Profile: Masuda Funai applies 90+ years of expertise to accomplishing goals for domestic and international real estate purchasers, sellers and lenders across the U.S. Counsel who understand the law and business drivers are vital, during the lingering pandemic, for overcoming supply chain and personnel challenges, and navigating competitive real estate markets.

MELTZER, PURTILL & STELLE LLC

1515 Woodfield Road, Ste. 250 Schaumburg, IL 60173 P: 847.330.2400 | F: 847.330.1231 300 S. Wacker Drive, Ste. 2300 Chicago, IL 60606 P: 312.987.9900 | F: 312.987.9854 Website: mpslaw.com Key Contact: William J. Mitchell, Managing Partner, wmitchell@mpslaw.com Services Provided: The firm provides an exceptionally wide range of real estate-related services, including commercial real estate and leasing; land use, zoning, and entitlement; construction and finance- including TIF and other development incentives and commercial litigation. Company Profile: Meltzer, Purtill & Stelle LLC is a business-to-business law firm with exceptionally strong capabilities in all areas of real estate law. The firm provides a full range of transaction 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.

REINHART BOERNER VAN DEUREN S.C.

1000 N Water Street, Suite 1700 Milwaukee, WI 53202 P: 414.298.1000 Website: reinhartlaw.com Key Contacts: Deborah Tomczyk, Shareholder, dtomczyk@reinhartlaw.com; Joseph Shumow, Shareholder, jshumow@reinhartlaw.com Services Provided: 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; tax-incremental financing; tax credits; and condemnation and eminent domain issues. Company Profile: With the largest real estate practice in Wisconsin and offices throughout the Midwest and across the country, Reinhart’s attorneys offer clients customized real estate insight rooted in broad knowledge and deep experience.

SARNOFF & BACCASH

Two N. LaSalle St., Ste. 1000 Chicago, IL 60602 P: 312.782.8310 | F: 312.782.8635 Website: sarnoffbaccash.com Key Contacts: James Sarnoff, jsarnoff@sarnoffbaccash.com; Robert Sarnoff, rsarnoff@sarnoffbaccash.com Services Provided: Sarnoff & Baccash is a leading and recognized law firm concentrating solely in the field of property taxation. We help client’s secure favorable taxes in Illinois through property tax appeals, incentives and consulting. Company Profile: Sarnoff & Baccash’s clients include Owners, Developers, Managers, REIT’s, Fortune 500 Companies, Private Equity Firms, etc., in connection with commercial property, high-rise and low-rise apartment buildings, condominium associations and single-family home portfolios.

TAFT LAW

111 East Wacker, Suite 2800 Chicago, IL 60601 P: 312.527.4000 Website: taftlaw.com Key Contact: Kathryn Kovitz Arnold, Chair, Real Estate & Condominium Groups, karnold@taftlaw.com Services Provided: Experienced legal counsel is a critical component to delivering successful real estate transactions. Taft’s 100+ real estate attorneys leverage our skills and depth of industry knowledge to help our clients mitigate risk and avoid obstacles, and deliver results to our clients in a timely, cost-effective manner. Company Profile: As a leading example of a modern law firm, Taft honors how we work together as a diverse team to be the inclusive employer of choice across all of our markets. Each Taft team member is positioned to excel. Our 670 attorneys collaborate to meet and exceed client expectations.

www.rejournals.com ULMER & BERNE LLP

1660 West 2nd Street, Suite 1100 Cleveland, OH 44113 P: 216.583.7000 Website: Ulmer.com Key Contacts: Lori Pittman Haas, Group Leader, Real Estate Practice; lhaas@ulmer.com Services Provided: All aspects of commercial real estate, including but not limited to: urban development, multi-family development, and shopping center development; environmental issues; tax credit enhancements for financing, such as New Markets Tax Credits, Historic Tax Credits, and Low Income Housing Tax Credits; private and public financing; property taxation; eminent domain; land use; tax-deferred exchanges; leasing (retail, office, and industrial/warehouse); acquisitions and divestitures, including skilled nursing and assisted living facilities; and portfolio transactions. Company Profile: From the acquisition and financing of a corporate headquarters to the construction or adaptive reuse of a mixed use facility, Ulmer’s real estate attorneys offer a broad scope of talent and expertise in serving clients across the United States.

BROKERAGE FIRMS AREA REAL ESTATE ADVISORS

4800 Main Street, Suite 400 Kansas City, MO 64112 P: 816.895.4800 Website: openarea.com Key Contact: Tim Schaffer, Founder & President, tschaffer@openarea.com Services Provided: Office, Retail & Industrial Landlord and Tenant Representation; Multifamily Brokerage; Property Management; Project Management; Investment; Research Analytic and Consulting. Company Profile: AREA Real Estate Advisors is a full-suite commercial real estate firm in Kansas City. 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. At AREA, we deal in real estate, but our business is relationships. We are committed to meaningful partnerships with our clients to ensure that their goals are achieved. Our goal is to exceed our clients’ expectations Notable Transactions: Ocean Prime / Prime Social, Five Below, Flip’d, HomeGrown, CentiMark, Paragon Star, Blush Bootcamp, Santa Fe Village Apartments, Pure Fishing, Smart Warehousing, Somera Road, Lightwell Food Hall, Arvest Bank, Mission Peak Capital.

BARBERMURPHY

1173 Fortune Blvd. Shiloh, IL 62269 Commercial Real Estate Solutions P: 618.277.4400 | F: 618.277.4407 Website: barbermurphy.com Key Contacts: Wayne Barber, Jr., SIOR, Principal, Wayne@barbermurphy.com; Paul Murphy, Managing Broker, Principal, Paul@barbermurphy.com; Steve Zuber, SIOR, CCIM, Principal, Steve@barbermurphy. com; Collin Fischer, CCIM, Principal, CollinF@barbermurphy.com Services Provided: BARBERMURPHY is a full service Commercial Real Estate firm offering their clients on the ground market knowledge and experience in the disposition and acquisition of commercial, industrial, land, retail, and investment properties. Company Profile: BARBERMURPHY is the largest Commercial Real Estate firm focusing on downstate Illinois and St. Louis. Our growing firm has 19 Licensed Brokers and more than 500 exclusive listings. Mission Statement: Achieving total client satisfaction through exceptional people providing the best possible Commercial Real Estate Solutions.

BERKADIA

521 Fifth Avenue, 20th Floor New York, NY 10175 Website: berkadia.com Key Contacts: Justin Wheeler, CEO, 646.600.7815 Ernest Katai, EVP, Head of Production, 248.208.3471 Hilary Provinse, EVP, Head of Mortgage Banking, 301-202-3580 Keith Misner, EVP, Head of Investment Sales, 301-202-3568 Services Provided: Full service, nationwide platform of mortgage banking, investment sales and servicing for all commercial property types including multifamily, retail, office, and industrial as well as specialties of affordable housing, seniors housing and healthcare, student housing, hotels & hospitality, land services, and manufactured housing communities. Company Profile: Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Powered by deep relationships and industry-changing technology, our people sell, finance, and service commercial real estate, providing support for the entire life cycle of our clients’ assets. Our unique ownership structure allows us to put the client’s interests first and creates a marketplace that delivers a superior experience.

THE BROADBENT COMPANY

117 E. Washington Street, Suite 300 Indianapolis, IN 46204 P: 317.237.2900 Website: BroadbentCompany.com Key Contact: Dave Cheslyn, Executive Vice President Leasing Development & Real Estate Sales Services Provided: Leasing - Brokerage - Acquisition - Development - Management - Tenant Representation Company Profile: Broadbent is a full service real estate company in business since 1972; Leasing/ Brokerage, Management, Acquisitions, Development and Tenant Representation of retail centers throughout the Midwest. Notable Transactions/Clients: La-Z-Boy, The RoomPlace, Kohls, At Home, PetsMart, Ashley Furniture, Uncle Bill’s Pet Center, United Art & Education, The District Tap, Office Depot, Office Max, McAlister’s Deli, Moe’s Southwest Grill, Noodles and Company.

January/Febuary 2022 | Midwest Real Estate News

CRESSY COMMERCIAL REAL ESTATE

4100 Edison Lakes Pkwy., Suite 350 Mishawaka, IN 46545 P: 574.271.4060 Website: cressy.com Key Contact: Chris Fielding, CEO Services Provided: Brokerage Services, Property Management, Financial Management & Reporting, Maintenance & Mechanical Services, Development, Architectural Services, Design Services, Project Management, Construction Services. Company Profile: NAI Cressy, the brokerage division of Cressy Commercial Real Estate provides expert data, marketing and closing services. Our proprietary database and dedicated staff ensure our brokers are able to meet all of your real estate needs and goals. With corporate offices in South Bend, Mishawaka and Indianapolis, Indiana we are able to serve the vast majority of Central to Northern Indiana and Southwest Michigan. Also through our affiliation with NAI Global, we can provide a global network of data for markets nationwide.

CROSSROADS REAL ESTATE PARTNERS

CUSHMAN & WAKEFIELD/THE LUND COMPANY

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: • Troy Technology Park - Troy, MI • Sakthi Automotive Industrial Portfolio - Detroit • Greyberry Apartments - Waterford • Tiffany Plaza - Youngstown • West 11 Tech Park - Southfield

GERSHMAN COMMERCIAL REAL ESTATE

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GOODMAN REAL ESTATE SERVICES GROUP LLC

25333 Cedar Road, Suite 305 Cleveland, OH 44124 P: 216.381.8200 | F: 216.381.8211 Website: goodmanrealestate.com Key Contacts: Randy Goodman, President, Randy@goodmanrealestate.com; Richard Edelman, Senior Vice President/Principal, Richard@goodmanrealestate.com Services Provided: At Goodman, we combine experience, technology, a large support team and hard work to provide exceptional service to its clients in national investment sales and financing, tenant and buyer site selection, property marketing, leasing, sales and disposition. Company Profile: Goodman is a leading commercial brokerage firm based in Ohio specializing in national investment sales, tenant and buyer site selection with over 100 companies represented and marketing over 10 million square feet of retail properties for lease and development.

KESSINGER HUNTER & COMPANY, LC

COMMERCIAL BUSINESS INSURANCE M&T INSURANCE AGENCY, INC.

Nationwide P: 212.350.2019 Website: mtia.com Key Contacts: Jamie Cutler, Construction & Real Estate Group Practice Leader, jcutler@mtb.com Services Provided: Solutions tailored to your needs. We Listen. We Customize. We Care. We offer Property & Casualty, Group Benefits, Captive Solutions, Surety Bonds, and Risk Management. Company Profile: At M&T Insurance Agency (MTIA), we are committed to helping meet your insurance and real estate and construction objectives through a customized program and high-quality service model. We adapt to the changing needs of our clients by continuing to invest in industry experience and leading technology. Our deep roots in the communities where we operate provide us the insight and familiarity to understand and appreciate your business. Backed by the strength of M&T Bank’s more than 160 years of experience meeting the financial needs of clients, we are committed to fulfilling what’s most important to you and your business. Please review our M&T Realty Capital Corporation multifamily real estate finance offerings on page 47. Service Territory: Nationwide.

CONSTRUCTION COMPANIES/GENERAL CONTRACTORS ALSTON CONSTRUCTION COMPANY

MARCUS & MILLICHAP

333 West Wacker Drive, Suite 200 Chicago, IL 60606 P: 312.327.5400 Website: marcusmillichap.com Key Contact: Michael Glass, Senior Vice President/ Midwest Division Manager, michael.glass@marcusmillichap.com. Services Provided: Marcus & Millichap is a complete brokerage offering investment sales, financing, research and advisory services. Investment specialists represent investors of apartments, multi-tenant retail, single-tenant retail, office, industrial, affordable housing, student housing, seniors housing, manufactured housing, medical office, self-storage, hospitality, golf and resorts, and land. Company Profile: Marcus & Millichap is a leading firm specializing in commercial real estate sales, financing, research and advisory services. The firm has the largest team of investment specialists in the industry, dedicated to meeting the diverse needs of private and major/institutional investors throughout the United States and Canada.

NAI FARBMAN/FARBMAN GROUP

28400 Northwestern Highway, Suite 400 Southfield, MI 48034 P: 248.353.0500 | F: 248.353.0501 Website: farbman.com Key Contacts: Andrew Farbman, CEO, afarbman@farbman.com; Andrew Gutman, President, gutman@farbman.com; Michael Kalil, COO and Director of Brokerage, kalil@farbman.com. Services Provided: Leasing & Brokerage, Construction, Investment Sales, Asset Management, Site Selection Services, Acquisition & Disposition, Medical Real Estate Solutions, Move Management, Property Management, Receivership Services, Facility Management. Company Profile: NAI Farbman, a full-service commercial real estate company, is one of the largest and most respected names in Commercial Real Estate.

NAI HIFFMAN

PW COMMERCIAL REAL ESTATE

8725 W. Higgins Road, Ste. 800 Chicago, IL 60631 P: 773.714.9300 | F: 773.714.8253 Website: painewetzel.com Key Contacts: Jerry Sullivan, Principal, sullivan@painewetzel.com; Ed Wabick, Principal, ewabick@painewetzel.com Services Provided: Real Estate Strategy with dependable results in Brokerage, Consulting, TenantAdvisory, Corporate Services, Property Management, Development, Strategic Planning, Research and Construction Management. Company Profile: PW has been a leader in industrial, office and investment real estate since 1975. We pride ourselves on offering unparalleled brokerage services and superior market expertise to attain your real estate and business goals.

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’s success begins and ends with our approach to planning, scheduling and choosing the right team. We have been adhering to an open and collaborative approach since our founding more than 35 years ago. 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. 1.4 million SF build-to-suit distribution center for Medline Industries in Grayslake

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, Senior Director of Client Relations & Marketing, 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 3 – Raymore, MO – 1 million SF design/build warehouse part of a larger industrial logistics park planned; 3000 Huron – Denver, CO – 354,000 SF mid-rise apartment building in downtown Denver with 300 units; Woodleigh Chase – Fairfax, VA - Three building, 618,000 SF senior living community with 262 units.

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.

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January/Febuary 2022 | Midwest Real Estate News

HUNTINGTON CONSTRUCTION COMPANY

PEAK CONSTRUCTION CORPORATION

LAMP INCORPORATED

SUMMIT DESIGN + BUILD, LLC

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.

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.

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 almost 25 years Peak has delivered industrial, hospitality, office, healthcare, retail, multi-family and specialty construction projects on-time and on-budget. Notable/Recent Projects: 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.

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).

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 Key Contacts: 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, healthcare, retail, hospitality, recreational and institutional markets. Company Profile: Headquartered in Rosemont, Illinois with regional offices in Auburn, Alabama, Irvine, California, Phoenix, Arizona, Madison, Wisconsin and Nashville, Tennessee, 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. Notable/Recent Projects: Abt Electronics - a 429,524-square-foot addition to their existing industrial warehouse and showroom facility located in Glenview, Illinois.

DEVELOPERS

THE BROADBENT COMPANY

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: Clarius Park Joliet Building #2, Joliet, IL - 906,517 sf speculative industrial facility for Clarius Partners. Commerce Park Chicago Building B, Chicago, IL - 602,545 sf speculative multi-tenant industrial facility for NorthPoint Development. Halsted Delivery Station, Chicago, IL 112.000 sf package delivery station on a 17-acre redevelopment site for Prologis.

CONOR COMMERCIAL REAL ESTATE

9500 W. Bryn Mawr Avenue, Suite 200 Rosemont, IL 60018 P: 847.692.8700 | F: 847.292.4313 Website: conor.com Key Contacts: David J. Friedman, President, dfriedman@conor.com; Brian Quigley, Executive Vice President, bquigley@conor.com Services Provided: Conor Commercial identifies and implements the most suitable commercial real estate strategy to yield increased returns for each real estate opportunity. With offices and seasoned real estate professionals strategically located throughout the country, the firm provides the experience and resources needed to develop and stabilize real estate developments that maximize positive returns to investors and partners. Company Profile: Conor Commercial Real Estate is the integrated real estate development firm of The McShane Companies headquartered in suburban Chicago, Illinois with regional offices located in Dallas, Houston, Irvine and Phoenix. The firm is active on a local, regional and national basis in the development of master-planned industrial and office parks, multifamily properties, medical office developments and built-tosuit projects for lease or purchase.

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CRG

35 E. Wacker Drive, Ste. 1300 Chicago, IL 60601 P: 312-658-0747 2199 Innerbelt Business Drive St. Louis, MO 63114 P: 314-429-5100 Key Contacts: Shawn Clark, President clarks@realcrg.com; Chris McKee, Chief Development Officer, mckeec@realcrg.com Website: www.realcrg.com Services Provided: Development, Site Selection, Site Planning & Cost Analysis, Engagement & Entitlements, Incentive Discovery & Negotiation, Financing, Development Management, Leasing & Administration, Asset Management and Investment Management. Company Profile: CRG is a privately held national real estate development and investment firm that has developed more than 10,000 acres of land and delivered over 210 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Seattle, Southern California, St. Louis, Philadelphia and Phoenix. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com.

THE LUND COMPANY

450 Regency Parkway, Suite 200 Omaha, NE 68114 P: 402.393.8811 | F: 402.393.2402 Website: lundco.com Key Contacts: Jason Fisher, CEO, jfisher@lundco.com; Tanya Shapiro, President, tanya.shapiro@lundco.com Services Provided: Our staff of innovative and creative professionals offer a wide range of real estate services including project and development services, brokerage, commercial and multi-family property management, real estate consulting and investment acquisition. Company Profile: 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 16,000 apartment units.

ECONOMIC DEVELOPMENT CORPORATIONS (EDCs) VILLAGE OF HOMER GLEN ECONOMIC DEVELOPMENT

14240 W. 151st Street Homer Glen, IL 60491 P: 708.301.0632 Website: HomerGlenIL.org Key Contact: Janie Patch, Economic Development Director, jpatch@homerglenil.org Services: Resource center for brokers, developers, site selectors and businesses providing space and property inventory, trade area demographics, site selection assistance, custom tours, coordination through entitlement process, business opening process guidance and retention services. Demographic Info: Strategic Will County location 25 miles southwest of Chicago with two I-355 interchanges between I-55 and I-80. Prime commercial corridors, trade area population of 83,000 with average household income of $124,000. Daytime population is over 78,000. Recent CRE Activity: Recent CRE Activity: 159th Street (State Route 7) is improved and widened with 4 lanes, Lake Michigan water and sewer mains extended to serve 159th Street, available land sites and easy access to I-355. Phase 2 approved for The Square at Goodings Grove (total 106 townhomes). The Villas of Old Oak approved for 46 ranch duplexes. New businesses include Pet Supplies Plus, Culver’s, RP Home and Harvest and The Phoenix Kitchen & Cocktails. Arby’s coming soon. Pre-leasing for Homer Glen Bell Plaza Phase II at SWC 143rd/Bell.

NAPERVILLE DEVELOPMENT PARTNERSHIP

22 E. Chicago Ave., Ste. 205 Naperville, IL 60540 P: 630.305.7701 Website: www.Naper.org Key Contact: Christine D. Jeffries, President, CJeffries@Naper.org Services Provided: The Naperville Development Partnership promotes the City of Naperville and its many businesses. Whether you are an existing business looking to relocate or a new company, we will take the time to show you what Naperville has to offer. Company Profile: The Naperville Development Partnership is a public / private economic development organization that promotes business interest in the City of Naperville. Our mission is to enhance the economic vitality of Naperville and maintain its outstanding quality of life. This is achieved through the retention and expansion of existing businesses as well as attracting new business to the community.

FINANCE & INVESTMENT 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, Dallas and Houston. Associated BancCorp has total assets of $35 billion and is one of the top 50 financial services holding companies in the United States.

BELLWETHER ENTERPRISE(BWE)

1375 E. 9th Street, Suite 2400 Cleveland, OH 44114 Website: BWE.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: BWE 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.

BERKADIA

COLLIERS SECURITIES

90 South Seventh Street, Suite 4300 Minneapolis, MN 55402 P: 612.376.4000 Website: colliers.com (find us under services) Key Contacts: Jeff Jacobson, EVP | COO; Jeff.Jacobson@colliers.com; Dave Mullen, SVP | Director of Public Finance; David.Mullen@colliers.com Services Provided: Colliers Securities is a full-service investment bank and registered securities broker-dealer offering a wide array of products and services to meet the needs of individuals and institutional investors nationwide. Services: Public Finance | Individual Investors (bonds, stocks, managed money and insurance products) | Institutional Investors | Corporate Finance Company Profile: We offer 40+ years of experience specializing in investment and capital-raising strategies to meet long-term objectives. Our business has been built on the strength of our longstanding relationships and ability to find innovative financing solutions for our treasured clients and valued industry friends. Member SIPC/FINRA Service Territory: Nationwide

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PROJECT/CONSTRUCTION MGMT FIRMS CROSSROADS REAL ESTATE PARTNERS

January/Febuary 2022 | Midwest Real Estate News

COLLIERS MORTGAGE

(Colliers Mortgage is the brand used by Colliers Mortgage LLC and Colliers Funding LLC.) 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

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 (28 offices).

M&T REALTY CAPITAL CORPORATION BELLWETHER ENTERPRISE(BWE)

BERKADIA

Chicago, IL P: 312.203.5410 Website: mtrcc.com Key Contacts: Monty Childs, Managing Director, mchilds@mtb.com Services Provided: Multifaceted Affordable Housing Specialists. Debt financing and loan servicing. Fannie Mae DUS® lender, Freddie Mac Optigo® Lender, FHA/HUD Healthcare & Multifamily lender. Correspondent with life companies and CMBS lenders. Bridge loan program for qualified borrowers. Company Profile: M&T Realty Capital Corporation® is a wholly-owned subsidiary of M&T Bank—one of the 20 largest US-headquartered commercial bank holding companies. Full-service mortgage banking company that provides competitive financing nationwide for commercial real estate. In 2021, M&T Realty Capital originated $5.1 billion in loans, and currently services a portfolio of more than $24.4 billion. Please review our M&T Insurance Agency, Inc. real estate and construction insurance offerings on page 44. Service Territory: Nationwide.

Q10 TRIAD CAPITAL ADVISORS

4622 Pennsylvania, Suite 810 Kansas City, MO 64112 Website: triad.q10capital.com Key Contacts: Joe Monteleone, President, jmonteleone@q10triad.com, P: 314.735.8780; Mark Reichter, Exec. VP, mreichter@q10triad.com, P: 816.841.0951 Services Provided: Triad arranges long-term fixed rate debt, construction to permanent financing, bridge loans, mezzanine debt and equity with over 50 capital sources. Transaction sizes range from $1 million to over $150 million. Company Profile: Headquartered in the Kansas City area with an office in St. Louis, the Company arranged nearly $4 billion in transaction volume in the past five years. Triad originates and services loans for over 25 life insurance companies, many on an exclusive basis.