Winter 2024 Midwest Real Estate News by Benton Mahaffey

W W W. R E J O U R N A L S . C O M

WINTER 2024 SP ECI AL

ED I T I ON

The theme of this year’s Chicago Forecast? Appreciate the power of the city: PAGE 13

2023 COMMERCIAL REAL ESTATE HALL OF FAME

2024 Cincinnati

COMMERCIAL REAL ESTATE summit

February 28, 2024

8th Annual

Westin Cincinnati (21 E 5th St, Cincinnati, OH, 45202) 7:30am Registration, Networking & Exhibits 8:00am - 12:00pm Program

Scan for more information and to register

www.rejournals.com/upcomingevent/

Speaking and Sponsorship opportunities available Mark Menzies menzies@rejournals.com 312-933-8559

Ernie Abood eabood@rejournals.com 773-919-8799

Frank Biondo frank.biondo@rejournals.com 248-670-2691

Reasons

to Choose BankFinancial 's Mult ifamily Loan Program

Loans of $250,000 to $3,000,000

Multifamily 5 Units and Above

LTV: Up to 65% / 80% (Dual Note)

Acquisition, Rate & Term, and Cash-out Reﬁnances

3, 5, 7 & 10-year ARM Loans

Up to 30-year Amortizations

2nd Lien Line of Credit Loans and Investment Equity Loans Available*

Capital Markets Loan Program Available

Call Us Today to Discuss Your Next Commercial Real Estate Deal! 1.833.894.6999

Commercial Real Estate Lending Capital Markets 1.833.894.6999 | BankFinancial.com

All loans subject to credit and collateral approval. *BankFinancial must be the first lien holder.

4 | Midwest Real Estate News | Winter 2024 | www.rejournals.com

FEATURES 11 The Midwest’s commercial real estate publication, providing useful, unbiased and accurate coverage of the industry and its professionals since 1985. WWW.REJOURNALS.COM Publisher | Mark Menzies menzies@rejournals.com 312.933.8559 Managing Editor | Dan Rafter drafter@rejournals.com ADVERTISING Vice President of Sales & MW Conference Series Manager | Ernest Abood eabood@rejournals.com Vice President of Sales | Frank E. Biondo frank.biondo@rejournals.com Classified Director | Susan Mickey smickey@rejournals.com

Midwest Real Estate News brings real estate leaders together to explore the challenges and opportunities unique to their markets.

NRP Group brings a new model for

The debt markets opening up again

“Survive until ’25?” At Chicago

11 in 2024? That’s the good news from

16 Forecast conference it’s about “Do

Glenville neighborhood: Developing

PwC’s Deals 2024 Outlook: A possible

more in ‘24”: It’s a common refrain among

affordable housing is no easy task. It

reopening of the debt market next year?

commercial real estate professionals today:

requires creativity. A good example? The

That’s one prediction from PwC’s Deals 2024

“Survive until ’25,” meaning do what you

work that NRP Group did to bring The

Outlook report that should provide cheer

can to get through 2024 and expect better

Davis affordable-housing development to

to commercial real estate professionals

times in

Cleveland’s Glenville neighborhood.

struggling through the tail end of a

affordable housing to Cleveland’s

challenging 2023.

Good news for Wisconsin and Ohio? Increased Amtrak service could

The theme of this year’s Chicago

2023 Midwest Commercial Real

17 Estate Hall of Fame profiles Who

13 Forecast? Appreciate the power

are the newest additions to our Midwest

provide a boost for office markets in these states: Robust public transportation systems

of the city: If a theme emerged during this

out here, as we highlight the careers of the

are one of the keys to drawing new residents

year’s Chicago Forecast event, it was a simple

industry’s best and brightest.

to major cities. They might also prove critical

one: Appreciate the fact that you work in the

to bringing workers back to the office.

economic engine of the Midwest.

Commercial Real Estate Hall of Fame? Find

COLUMNS/DEPARTMENTS 6 Editor’s Letter

ADDRESS 1010 Lake St Suite 210, Oak Park, IL 60301 Midwest Real Estate News® (ISSN 0893-2719) is published bimonthly by Real Estate Publishing Corp., Oak Park, Il 60301 (rejournals.com). Current and back issues and additional resources, including subscription request forms and an editorial calendar, are available on the internet at rejournals.com.

2024 Nashville

COMMERCIAL REAL ESTATE

summit

March 26, 2024

5th Annual

Renaissance Nashville Hotel 7:30am Breakfast, Registration, Networking 8:00am - 11:00am Program

Scan for more information and to register

www.rejournals.com/upcomingevent/

Speaking and Sponsorship opportunities available Frank Biondo frank.biondo@rejournals.com 248-670-2691

FROM THE EDITOR

Midwest Real Estate News | Winter 2024 | www.rejournals.com

New challenges? Those aren’t stopping our Hall of Famers By Dan Rafter, Editor

t’s been a difficult several years in the commercial real estate industry. CRE pros faced the challenges of doing business in a global pandemic. And then, almost immediately after, faced the slowdowns in sales activity that came with rising interest rates and persistent inflation. Add in the challenges of a tight labor market and ever-increasing materials costs, and you can see: This is far from an easy time to be working in the commercial real estate industry, either as a broker or a developer, lender or property manager. But in a bit of good news? The commercial real estate industry has shown its resilience through even these difficult times. And the stars of the commercial real estate world? They’ve not only overcome the hurdles of an uncertain economy, but they’ve also continued to grow their businesses, serve their clients and rack up some truly impressive production numbers. In other words? They haven’t let tough times derail their businesses. They’ve adapted. That’s why this issue of Midwest Real Estate News is always such a special one. For our first issue of every year, we highlight the newest members of our Midwest Commercial Real Estate Hall of Fame. It’s inspiring to read through these profiles to learn how the Midwest’s CRE veterans have not only built their thriving careers but have maintained them over the decades. Our hope is that you will study these profiles, too, to take inspiration from them. You might learn a strategy or two – or even a general approach to the business of closing commercial deals – that can help boost your own career. And let’s be honest: Everyone can use a bit of extra help today. As 2024 arrives, commercial real estate professionals still face plenty of economic uncertainty. The hope is that the Fed, now that it has signaled it is done with increasing its benchmark interest rate,

will actually lower this rate during the year. It’s uncertain, too, whether inflation will continue to dip. And no one can confidently predict if the costs of construction materials will finally fall. As most CRE construction experts say, once the cost of materials rises, it rarely falls. Just how uncertain is today’s business environment? Consider the industrial sector, long the darling sector of the commercial real estate industry. But even it faces challenges as 2024 arrives. A good example? A recent report from CBRE shows that in 2023, industrial tenants didn’t rent out larger spaces as often as they typically do, which might be one sign of what might be a slowdown in industrial activity this year. Slowing demand for industrial and lo-

gistics warehousing space meant that tenants signed a smaller number of big industrial leases of 1 million square feet or more in 2023, according to CBRE. The number of 1-million-square-foot industrial lease signings dropped to 43 in 2023 from a record 63 in 2022. The culprits behind this drop? Blame economic uncertainty and changing inventory management practices, both of which CBRE says lowered the demand for big-box warehouse facilities. Last year’s top 100 industrial leases by size totaled 98.6 million square feet, down 8% from 2022’s 106.9-millionsquare-foot total. The average lease size among the top 100 industrial leases last year fell to 986,744 square feet, down from 1.07 million square feet in 2022. Thirty of the top 100 biggest in-

dustrial leases last year were renewals, six more than in 2022. Traditional retailers and wholesalers — previously leasing industrial space at a rapid clip — signed 30 of the largest 100 leases last year, down from 53 the year prior. Still, this category represented the largest number of top leases, according to CBRE’s research. Meanwhile, third-party logistics companies responded to continued e-commerce growth by signing 29 of the top 100 leases in 2023, up from 11 in 2022. The top markets for industrial leases of 1 million square feet or more included traditional mainstays like the Inland Empire and Chicago, as well as fast-growing markets such as Dallas-Fort Worth, Memphis and Savannah..

www.rejournals.com | Winter 2024 | Midwest Real Estate News

AFFORDABLE HOUSING 7

NRP Group brings a new model for affordable housing to Cleveland’s Glenville neighborhood By Dan Rafter, Editor

eveloping affordable housing is no easy task. It requires creativity. A good example? The work that NRP Group did to bring The Davis affordable-housing development to Cleveland’s Glenville neighborhood. NRP Group negotiated with the Cleveland Metropolitan School District to acquire the site of the former Harry E. Davis Elementary School, a building that had been vacant since 2006. The goal was to use the site to bring affordable housing to a city neighborhood that had long been neglected by developers. And the result? Last November, NRP

NRP Group is now planning the second phase of the development, 70 additional affordable multifamily units. The developer plans to start the application process with the city in February. Getting to this point wasn’t easy. Skinner said that NRP Group worked closely with the Ohio Housing Finance Agency and the city of Cleveland to bring the plans for The Davis to life. A representative unit interior at The Davis. (Photo courtesy of NRP Group.)

Group celebrated the opening of The Davis Apartments, a 52-unit affordable-housing apartment community located less than a mile from Cleveland’s busy University Circle area.

Scott Skinner, vice president of development with NRP Group and director of public policy behind The Davis, said that the apartment development was fully leased within 30 days of opening.

The financial incentive provided by the city and state were the key to making The Davis pencil out, Skinner said. “You need incentives when you are deHOUSING (continued on page 8)

AFFORDABLE HOUSING

Midwest Real Estate News | Winter 2024 | www.rejournals.com The resulting development, The Davis, has brought 52 new affordable-housing units to the neighborhood, units that include one-, two- and three-bedroom apartment units and townhomes.

HOUSING (continued from page 7)

veloping affordable housing,” Skinner said. “When you are keeping rents low, your revenues are lower, too. We need significant support from our partners to consistently build affordable housing and to close the gaps in our financing sources.”

Being affordable doesn’t mean that The Davis doesn’t offer amenities. The development features a fitness center, community room, clubhouse and outdoor playground.

Skinner said that the city of Cleveland understands the importance of affordable housing and has dedicated significant resources to help developers bring new affordable stock to the city.

The Davis in Cleveland’s Glenville neighborhood. (Photo courtesy of NRP Group.)

supply. The falling population has discouraged much new development.

“The city is well aware of the challenges that Cleveland faces when it comes to population loss and affordable housing,” Skinner said. “It is doing what it can to address them.”

Much of the affordable housing that is available is old and of a lower quality. The city also has many residents whose incomes aren’t high enough to afford the monthly rents being charged by many of the multifamily units labeled as affordable in the market.

Skinner said that Cleveland’s lack of affordable housing stems partly from the city’s consistent population decline during the last five decades.

“Cleveland has an enormous affordable-housing problem,” Skinner said. “We need more, especially three- to four-bedroom apartments or homes for families.”

The demand for affordable housing remains, but developers haven’t flocked to the city to build new affordable

Think of us for your next Build-to-Suit project...

Ask us how we can help you incorporate sustainability into your next project!

The solution? Developers need to build newer, higher-quality affordable projects in the city, Skinner said. This isn’t easy. But The Davis is a good example. As Skinner says, the Glenville neighborhood is a longstanding Cleveland community. Unfortunately, it has been neglected and suffered from redlining for decades. This happened even though Glenville is located less than a mile north of University Circle, home to the Cleveland Clinic and one of the largest job centers in the state of Ohio. “Despite that, this neighborhood has seen disinvestment for a very long time,” Skinner said. “We have been looking to develop something in that neighborhood for quite a while.” The timing was right for The Davis. Skinner said that partly because of Cleveland’s long-time population decline, the Cleveland Metropolitan School District has had to close some neighborhood public schools. That included The Davis.

UNDER CONSTRUCTION...

Corteva Agriscience Anderson, IN - 300,000 SF

ARCHITECT: Curran Architecture CIVIL ENGINEER: American Structurepoint Inc.

DESIGN BUILD · GENERAL CONTRACTING CONSTRUCTION MANAGEMENT Please contact us for any upcoming project needs! 847.374.9200 · www.meridiandb.com

The building, which sat vacant for nearly a decade, had become an eyesore, Skinner said. NRP Group negotiated with the school district to purchase the building, removing a troubled property from the neighborhood and turning it into much-needed affordable housing. “Our goal was to find a use for this building that was no longer a public school. Let’s try to find a productive use for this site,” Skinner said. The school district agreed and transferred the land on which the school sat to NRP Group. The developer then worked with the city to demolish the building, which was built in the 1970s and would not have worked as a conversion to multifamily.

The property’s two-story townhomes also feature front porches, something that Skinner said was important: Glenville has long boasted an active frontporch culture, with residents sitting on their front porches to chat with their neighbors. But the amenity that most sets The Davis apart? Cleveland’s University Hospitals operates 3,000 square feet on The Davis’ first floor. The hospital isn’t using this space for traditional healthcare. Instead, it is operating a healthy food pantry open to all residents of the neighborhood, not just those living in The Davis. University Hospitals is also staffing a demonstration kitchen dedicated to teaching the basics of healthy eating and cooking. The first-floor space also features classroom space for pregnant women and young mothers. The hospital system uses this space, too, for social events designed for local seniors. Residents can also access telehealth stations set up on the first floor, giving them quick access to medical professionals at University Hospitals. Skinner said that the rental base at The Davis is primarily made up of residents of Glenville and neighboring communities. They are also primarily people who are working but have struggled to find rentals in Cleveland that they can afford. “The people we are serving are those who are members of the local workforce who can’t find quality affordable housing elsewhere,” Skinner said. The apartment units at The Davis rent for 60% of the area median income. “This is a type of development that we believe in,” Skinner said. “Partnering with healthcare providers is something that we think is powerful. We are excited about offering these kinds of services in our buildings.”

TRANSPORTATION 9

www.rejournals.com | Winter 2024 | Midwest Real Estate News

Good news for Wisconsin and Ohio? Increased Amtrak service could provide a boost for office markets in these states By Dan Rafter, Editor

obust public transportation systems are one of the keys to drawing new residents to major cities. They might also prove critical to bringing workers back to the office.

number of people it would impact, the benefits would be significant, especially as companies are starting to figure out their return-to-the-office strategies. Having connectivity to those four markets would be very beneficial to the business community.”

After all, with strong rail and bus service, workers can avoid the hassles of driving crowded highways every weekday morning and evening and instead hop on a commuter train or snooze on the bus to reach their offices and desks. And in good news for two Midwest states, state and department of transportation officials are working to expand the Amtrak passenger train service in Wisconsin and Ohio. This is something that commercial real estate professionals working in these regions say can only help the struggling office markets in the cities that would be served by these rail expansions. In Wisconsin, the Federal Railroad Administration has approved the funding for four studies on the possible expansion of Amtrak rail service throughout the state. The $500,000 grants announced in late December will cover the costs of studying proposals for enhanced passenger-rail service submitted by the Wisconsin Department of Transportation, including: • Adding Eau Claire and Madison to an existing Amtrak route between Milwaukee and Minneapolis/St. Paul • Extending the Hiawatha Service from Milwaukee to Green Bay • Increasing the number of round trips on the Hiawatha service • And adding an additional round trip from Milwaukee and the Twin Cities. After the study phase ends, the state department of transportation might select these projects for future grants and additional review. In Ohio, U.S. Sen. Sherrod Brown an-

David Pudlosky

nounced that the Federal Railroad Administration has selected four possible routes in the state for Amtrak expansion. The administration has provided $500,000 in planning funds to study the possibility of adding four passenger rail corridors:

Jon Vanderplough, managing director in JLL’s Cleveland office, said that he, too, is eager to see expanded passenger rail service connecting the major cities in his state, and agreed that the enhanced service could provide a boost to the office markets in those metropolitan areas.

Jon Vanderplough

you look at the connectivity that there would be between Madison, Milwaukee, Green Bay and Chicago and the

TRANSPORTATION (continued on page 10)

AT THE INTERSECTION OF

• The 3C+D corridor that would connect Cleveland, Columbus, Dayton and Cincinnati • A route connecting Cleveland, Toledo and Detroit • A route connecting Chicago, Fort Wayne, Columbus, Pittsburgh • And Daily Cardinal service, increasing the frequency of this line from three days a week to daily. This line runs from Cincinnati to New York City, Washington, DC and Chicago. None of these proposed expansions in Wisconsin or Ohio have been approved yet, and the process is still in its early stages. But brokers from both states told Midwest Real Estate News that they are excited about the possibilities of expanded rail service and the positive impact it could have on the office sector. “In its simplest form, if this comes to fruition, you are bringing together four major metro areas,” said David Pudlosky, managing director of brokerage in the Milwaukee office of JLL. “When

Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance

TRANSPORTATION

Midwest Real Estate News | Winter 2024 | www.rejournals.com

TRANSPORTATION (continued from page 9)

“It’s a good sign that this is coming back to life,” Vanderplough said. “It definitely will foster increased connectivity between Cleveland, Columbus and Cincinnati. Driving between these cities on the interstates can be tricky. There can be traffic issues. But having them connected by rail could lead to a lot of business expansion that could help prop up the office market a bit. We will need to understand how efficient the schedules will be, but it could definitely be a positive for the office market.” A domino effect? Pudlosky said that the enhanced passenger rail service could serve as one of the falling dominoes that eventually leads to an office market recovery and more commercial real estate activity in Wisconsin. If better rail service leads to more jobs in Wisconsin’s major cities, that could bring more people to these metropolitan areas, Pudlosky said. With more people comes more multifamily and single-family housing. With more housing comes more retail. The people living in these homes are ordering more products to be delivered to their doorstops, which leads to more manufacturing and distribution centers. “It’s one big universe,” Pudlosky said. “If you have people, you need retail. If you have people, you need jobs, whether that is in Milwaukee, Madison or Green Bay. The easier you can get those people to and from these cities, the better it is for everything from office to retail to housing.” The office sector has changed since the start of the COVID pandemic, with many employees only working from the office two to three days a week. The addition of stronger passenger rail service, then, becomes even more important: Workers who aren’t in the office five days a week might not mind a longer train ride to work if they only have to take that ride on Tuesdays, Wednesdays and Thursdays. This means that more workers might be willing to live further away from their offices if they can spend time working, reading or scanning their phones while riding the train instead of fighting highway traffic. “People who say that corporate office

Image by Simon from Pixabay

space is dead don’t know what they are talking about,” Pudlosky said. “There is a percentage of the workforce that is remote or has flexible work schedules. These workers can expand where they live. If they can jump on an Amtrak and take the train to downtown Milwaukee, they might be more willing to go into the office two or three days a week.”

rope. Those cities located along train lines attract a lot of investment.” A brighter future for the office sector Even without enhanced rail service, both Pudlosky and Vanderplough said that they are seeing signs that better days are ahead for their local office markets.

A possible influx of investment dollars Vanderplough said that the increased passenger rail service will help create more collaboration among offices across the state. Employees working for companies that have offices in both Cleveland and Columbus, for example, will be able to travel more efficiently from office to office for brainstorming sessions, planning meetings and product launches. “Collaboration is the biggest driver of pulling people back into the office postCOVID,” Vanderplough said. “This will lead to the expansion of the office market naturally. People will set up more regional meetings. They’ll need offices with more meeting space to do this.” Vanderplough also said that a stronger passenger rail network could lead to increased investment in the cities along the new routes. “If you have strong transit-oriented hubs, groups will invest in office buildings and mixed-use developments if they are seeing high traffic that they can take advantage of,” Vanderplough said. “You see this across Asia and Eu-

Vanderplough works in the Cleveland market. He knows that this city’s office sector remains sluggish. As with most markets across the county, tenants here are engaged in a flight to quality, often moving to smaller footprints in higher-quality office properties. Older office buildings that lack amenities are the ones that are seeing the highest vacancy rates, Vanderplough said. “It’s a little bit of the ‘haves’ and ‘havenots’ scenario when it comes to vacancies,” he said. But Vanderplough said that he is seeing some positive signs in Cleveland’s office market. Higher-quality office buildings are holding their own, he said. And as employers introduce back-to-work mandates, more employees are leaving their home offices and returning to their cubicles and conference rooms. “More occupiers are incentivizing employees to come back to the office with more collaborative work environments,” Vanderplough said. “They are moving into amenity-rich spaces to get

their workers to return to the office.” “There is a desire from companies to have people in the office three to four days a week,” Vanderplough said. “A lot of our clients are telling their employees that they have to be in the office three to four days a week and that they have to be in on Tuesdays or Wednesdays with the entire team for a collaboration day. No one is mandating five days a week. But there is definitely an effort to pull people back into the office at least on a part-time basis.” Pudlosky reports much the same in Milwaukee, where he, too, says that more employees are returning to the office. “Employers are making a decision that office space is part of their culture,” Pudlosky said. Some Milwaukee-area employers are moving into higher-class office buildings, taking up less square feet than they once did in older buildings that lacked the amenities that today’s workers expect, Pudlosky said. This has become an important part of many companies’ business strategies. “The Class-A and Class-A trophy office market is healthy,” Pudlosky said. “Companies are moving into these spaces on a regular basis. Employees want to be able to leave their houses and go to a cool space with energy, amenities and a positive vibe to it.”

OUTLOOK 11

www.rejournals.com | Winter 2024 | Midwest Real Estate News

The debt markets opening up again in 2024? That’s the good news from PwC’s Deals 2024 Outlook

By Dan Rafter, Editor

possible reopening of the debt market next year? That’s one prediction from PwC’s Deals 2024 Outlook report that should provide cheer to commercial real estate professionals struggled through the tail end of a challenging 2023.

is some of what he had to say.

Photo courtesy of Pixabay.

The last 18 months or so have been tough ones for CRE professionals. From the information collected in the Deals 2024 Outlook, do you expect to see more commercial real estate sales activity in 2024?

International professional services firm PwC recently released its 2024 deals report highlighting future trends for the commercial real estate market. And in some of the best news for CRE professionals, PwC is predicting that investment sales activity will pick up in 2024 as the Federal Reserve Board

stops increasing, and maybe even begins cutting, its benchmark interest rate.

We spoke with Tim Bodner, real estate deals leader with PwC, about the report and what it means for the commercial real estate industry. Here

Tim Bodner: When you think about the financing markets, there has been a significant pullback. A lot of that had to do not so much with the absolute level of interest rates, but more to do with the pace of those rate increases. That rapid pace of increases is what put the OUTLOOK (continued on page 12)

KG FC DST

We help clients strive to create

and preserve wealth through taxefficient real estate investments.

OUR PORTFOLIO ± $280M AUM

± 2.3M SQUARE FEET

9 STATES

LEARN MORE CONTACT Invest@nailegacy.com

ADDITIONAL INFORMATION www.nailegacy.com

SCAN QR CODE FOR MORE INFO

NAI Legacy’s latest investment opportunity is a Maverik convenience store located in Fort Collins, CO. This is a new construction sale lease-back with a 20year initial lease term with 7.5% rental increases every five years.

EQUITY AVAILABLE

KG FC DST HIGHLIGHTS NEW CONSTRUCTION 20-YEAR SALE LEASE-BACK

POTENTIAL FOR BONUS DEPRECIATION 5-YEAR 7.5% RENT ESCALATIONS

DISCLAIMER This analysis included in this investment summary is based on estimates and assumptions of NAI Legacy and its affiliates NAI Legacy used as specific set of assumptions to create this analysis, but is not representing that any of the assumptions will materialize. There is certain degree of inherent risk associated with commercial real estate investing, and you as the buyer, are advised to seek advice from your accountant, attorney, and or other advisors, and to view this information hypothetical. Although this analysis can be useful in making decisions about this investment, any of the assumptions could change, which materially alter your conclusions. All the information furnished by NAI Legacy is from sources judged to be reliable, however, no warranty or representation is made to its accuracy or completeness. 1031 RISK DISCLOSURE There is no guarantee that any strategy will be successful or achieve investment objectives; Potential for property value loss - All real estate investments have the potential to lose value during the life of the investments; Change of tax status - The income steam and depreciation schedule for any investment property may affect the property owner's income bracket and/or tax status. An unfavorable tax ruling may cancel deferral of capital gains and result in immediate tax liabilities; Potential for foreclosure - All financed real estate investments have potential for foreclosure; Illiquidity - Because 1031 exchanges are commonly offered through private placement offerings and are illiquid securities. There is no secondary market for these investments. Reduction or Elimination of Monthly Cash Flow Distributions - Like any investment in real estate, if a property unexpectedly loses tenants or sustains substantial damage, there is potential for suspension of cash flow distributions Impact of fees/expenses - Costs associated with the transaction may impact investors' returns and may outweigh the tax benefits. Offering Disclosure The contents of this communication: (i) do not constitute an offer of securities or a solicitation of an offer to buy securities, (ii) offers can be made only by the confidential Private Placement Memorandum (the “PPM”) which is available upon request, (iii) do not and cannot replace the PPM and is qualified in its entirety by the PPM, and (iv) may not be relied upon in making an investment decision related to any investment offering by an issuer, or any affiliate, or partner thereof ("Issuer"). All potential investors must read the PPM and no person may invest without acknowledging receipt and complete review of the PPM. With respect to any “targeted” goals and performance levels outlined herein, these do not constitute a promise of performance, nor is there any assurance that the investment objectives of any program will be attained. All investments carry the risk of loss of some or all of the principal invested. These “targeted” factors are based upon reasonable assumptions more fully outlined in the Offering Documents/ PPM for the respective offering. Consult the PPM for investment conditions, risk factors, minimum requirements, fees and expenses and other pertinent information with respect to any investment. These investment opportunities have not been registered under the Securities Act of 1933 and are being offered pursuant to an exemption therefrom and from applicable state securities laws. All offerings are intended only for accredited investors unless otherwise specified. Past performance are no guarantee of future results. All information is subject to change. You should always consult a tax professional prior to investing. Investment offerings and investment decisions may only be made on the basis of a confidential private placement memorandum issued by Issuer, or one of its partner/issuers. Issuer does not warrant the accuracy or completeness of the information contained herein. Thank you for your cooperation. Securities offered through Emerson Equity LLC Member: FINRA/SIPC. Only available in states where Emerson Equity LLC is registered. Emerson Equity LLC is not affiliated with any other entities identified in this communication.

OUTLOOK OUTLOOK (continued from page 11)

Midwest Real Estate News | Winter 2024 | www.rejournals.com climate-related matters has doubled over the last five years.

Photo courtesy of Pixabay.

most pressure on investors.

The question ultimately becomes, at that level of cost inflation what happens if you don’t have a corresponding ability to increase rents or generate offsetting revenue or bill those costs back to the tenant? That becomes a real issue for deals when you get into the potential of returns. With that level of cost inflation, certain markets and certain assets aren’t investable.

Now, investors would prefer that the cost of capital be down. But folks knew that at some point those low interest rates that everyone was enjoying were going to change. Where we are at now with interest rates is not high by historical standards. As the macroeconomic picture becomes more favorable, I think we’ll see more investment sales activity. The measures of the economy are quite good today. That is good for real estate. And then the Fed made its announcement that it is done with interest rate hikes. That certainly helps. I know you can’t predict the future, but do you think we’ll see interest rates not just stabilize in 2024 but fall, too? Bodner: By everything that we look at, we do expect declines in rates. Whether that means three cuts by the Fed or five cuts, we don’t know. We’ll see where it lands. The more important point for the real estate market is that they are not going higher and that there is stability in the market. What happens with that stability in the market is that a more constructive dialogue can happen between financial institutions and real estate investors. There can be more dialogue on how we can recap those assets and businesses. If there are cuts to interest rates, that will be great. But stability is arguably more important. In addition to all that, there is a significant amount of capital flowing into private capital markets. There have been partnerships between financial institutions and alternative asset managers. We think that will continue. That will be helpful to commercial real estate activity, too. For example, there is a lot of energy around insurance company capital. The large alternative managers have been building their insurance businesses. They are putting a lot of capital into real estate. Plus, there is the reopening of the CMBS market. There is more credit flowing into real estate. That will be helpful to transactions getting done. More importantly, we’ll see the existing assets being capitalized at a level that results in them being successful.

What types of assets are investors interested in? Bodner: Part of the narrative in the market right now is that commercial real estate is just one thing. Part of what we have been focused on, though, is that commercial real estate is a lot more complicated than that. Commercial real estate includes a lot of different asset types, and some are doing better than others. The office market continues to be quite challenged. It will continue to be challenged. The challenge in the office market is not the assets that are highly amenitized in gateway cities. That is not where the issue is. There is actually a growing concern among investors that we might have a shortage of high-quality office stock not just in the United States but around the world. It’s the lower-quality part of the office stock that is the challenge. That will take time to work through. There is a lot of appetite for the upper Class-A asset. But the lower-class office assets are where a lot of the negatives in the commercial real estate market are at. What we are most focused on and spending the most time with our clients on is educating them that what is considered real estate is becoming much broader in scope. We used to think of commercial real estate as office, retail, multifamily, hospitality and industrial. When it came to student housing, single-family residential, medical office space and self-storage, we used to call those alternative investments. I think those are mainstream sectors right

now. The core of what is real estate has become much wider over time. It is becoming even wider. There is a lot of energy around data centers and other digital infrastructures today. Data centers will continue to be active. Demand for residential real estate will continue to increase. We still have an undersupply of housing in the United States. This is also a problem around the world. There is a lot of attention on the need for affordable housing. This is an issue that needs to be resolved. Investors will continue, then, to focus on multifamily housing. We also like experiential real estate and mixed-use developments. The amount of money that is being spent on experiences, despite the country going through one of the most significant inflationary periods ever, is incredible. When you think about mixed-use centered around experiences, we like that type of asset. The report also focuses on the challenges surrounding climate change and how that might impact commercial real estate. Can you talk about that? Bodner: How climate change is talked about in the United States is very different from how it is discussed in Europe and Asia. There, climate-related matters have been a part of the mainstream investment decision-making process for a lot longer. But that is changing here. A significant reason for this is the fact that the number of loss events that we have had related to

This is more significant in some markets, but it is happening across the United States. Those are the kind of climate-related and ESG-related topics we are spending the most time discussing with our clients. Clients are also interested in issues surrounding complying with regulatory standards and certifying their buildings. Those things are important to the tenants. That falls into the category of amenities today. Getting your building certified is almost an expected part of the process at this stage. There is still plenty of uncertainty in the economy, but from the deals report, it sounds like 2024 should be a stronger year for commercial real estate sales activity. Bodner: The real estate industry is going through a period of transition. We have not had to operate in this kind of cost-of-capital environment for a long time. That transition needs to be worked through. When you think about returns on commercial real estate and the way they were generated in the past, a lot came through the accretive nature of financings. A lot of the returns were generated through compression and CAP rates. Moving forward, those two components will become less significant. The way assets are fundamentally operated will become more important when it comes to generating returns. That will require a lot of muscle. It’s an area that we are focused on and our clients are focused on. You are going to see more focus on value creation and overall operational efficiencies. The reality is some market participants aren’t capitalized and don’t have the scale to address operating in this new environment. We do think that we will see more consolidations than we have seen in the past.

FORECAST 13

www.rejournals.com | Winter 2024 | Midwest Real Estate News

The theme of this year’s Chicago Forecast? Appreciate the power of the city By Dan Rafter, Editor

f a theme emerged during this year’s Chicago Forecast event, it was a simple one: Appreciate the fact that you work in the economic engine of the Midwest.

cago-area market was one of the main points that speakers made during the forecast’s first panel discussion, Forecasting Downtown Chicago & Beyond: What’s in Store for ’24?

Several speakers during Illinois Real Estate Journal’s 22nd annual Chicago Forecast, held Jan. 16 at the Chicago Marriott Downtown Magnificent Mile, emphasized that commercial real estate brokers are fortunate to be working in the city of Chicago. As many said, it’s important for CRE professionals to tout the advantages of the city.

This panel featured an all-star cast of CRE professionals:

And as others said? Yes, these are challenging times. But Chicago and its surrounding suburbs have faced difficult times before. And the city has always emerged stronger.

• Bob Six, chief executive officer of Zeller • Quintin Primo, chairman of Capri Investment Group Despite frigid temperatures, more than 400 CRE professionals attended the 22nd annual Chicago Forecast event held by Illinois Real Estate Journal.

The big takeaway: Chicago’s commercial real estate community will work though the challenges of high interest rates, stubborn inflation, the work-from-home movement and pub-

lic-safety issues in downtown. Why? Because it always has. The resiliency and strength of the Chi-

• Brad Serot, vice chairman of CBRE • John Tomlinson, managing director of Hines FORECAST (continued on page 14)

FORECAST

Midwest Real Estate News | Winter 2024 | www.rejournals.com

FORECAST (continued from page 14)

• Meredith O’Connor, director of JLL These five CRE stars discussed a host of topics during their panel, which attracted a crowded house of more than 400 attendees. A resilient market “We will get through this. The governor is correcting our finances. The state of Illinois has seen nine credit rating upgrades. The CHIPs and Science Act and Inflation Reduction Act are already having positive impacts. National site selectors who never looked at Illinois before are now looking at our state. That is a breath of fresh air to see that Illinois is in competition again for major projects.” - Meredith O’Connor, JLL There is hope “The things we have, such as a strong public transportation system, a strong labor force and access to Lake Michigan, make a difference. People talk

“What’s important is that you also have to build communities outside of the office buildings. You need to bring in retail and restaurants. That’s what brings people to an area.” about the interest rates that went up. Well, we were blessed for many years with artificially low rates. Unfortunately, that creates a mirage. The owners of Class-C office buildings thought that they could earn solid profits without making any investments in their buildings. That isn’t the case when rates aren’t so low. Today, office owners need

to create community in their buildings if they expect to attract tenants. We all need to be patient. We need to see the Fed lower rates. There’s hope here. Be patient.” - Bob Six, Zeller The economic engine “Patience really is key. We saw that with Wolf Point East, which is a big success story now. What’s important is that you also have to build communities outside of the office buildings. You need to bring in retail and restaurants. That’s what brings people to an area. Those outside areas matter, too. We have seen a lot of negative headlines about Chicago. But I believe that Chicago has the best business community in the world. Chicago is the economic engine of the Midwest.” - John Tomlinson, Hines There is still demand for Chicago-area office space “There is demand for office space. The flight to quality we’ve been hearing about? It’s true. Class-A buildings are outperforming others. The Fulton Market area is a winner today. Salesforce Tower is a winner. Since 2020, the center of gravity has been moving back to the West Loop. I hope it travels out to the Central Loop, too. In 2024, I think demand for commercial real estate in Chicago will increase. Hybrid work will remain, though. All our clients are frustrated. They want their employees back. They are considering mandating that their workers return to the office

three or four days a week.” “There are challenges. Since 2020, concessions are way up. Then there is the sublease market that is looming over Chicago. This is some of the highest-quality sublease space that I’ve ever seen. Owners are competing with this.” - Brad Serot, CBRE The need for a less segregated community “Segregation is a big challenge for this city. A two-year study by the Metropolitan Planning Council tried to determine the true costs of segregation. It found that because of segregation, the city of Chicago loses out on $4.4 billion in extra income each year. If the city were less segregated, there would also be 30% fewer homicides and its residents would earn 83,000 more bachelor’s degrees. Just think what we could do with $4.4 billion of additional income each year. Just think how we could make the city stronger. Keeping a significant population of the city from achieving success hurts all of us.” - Quintin Primo, Capri Investment Group A controversial take: An increase in real estate transfer taxes on high-end properties in Chicago might not be all bad? “The extra money raised from an increase in real estate transfer taxes would go toward fighting homelessness in the city. Homelessness is a

FORECAST 15

www.rejournals.com | Winter 2024 | Midwest Real Estate News focus for me. I hear a lot of whining that taxes are already so bad, that the real estate market is depressed because of COVID and high interest rates. But, in my opinion, we must roll up our sleeves. What can we do? Our real estate taxes pale in comparison to other cities. The revenue from this increase is going to be used to address homelessness in the city. I’d argue that the impact of homeless people in front of their buildings is more of a negative than the impact of higher transfer taxes.”

childcare and transportation issues. We have to figure that out if we want these women to return to the office. We also need incentives to encourage more development here. If we want bigger projects in the Chicago area, we have to offer the same incentives provided by other states.” - Meredith O’Connor, JLL “Crime and high taxes are deterring people from making real estate decisions. Clients are worried about crime in certain neighborhoods. It is deterring clients from developing in those areas.”

-Quintin Primo, Capri Investment Group Meeting the challenges Though panelists were optimistic on the strength and future of downtown Chicago’s real estate market. They did say that the city faces several problems that it must resolve.

John Tomlinson, Hines; Michael Fishman, Greenberg Traurig LLP, moderator; Meredith O’Connor, JLL; Bob Six, Zeller; Quintin Primo, Capri Investment Group; and Brad Serot, CBRE.

of all our Chicago neighborhoods. It is almost all office with a bit of retail.” - John Tomlinson, Hines

“We need to fix the issue of rising crime in the Central Loop. Having more activity there will help do that. We need to create more vibrancy in the Central Loop. That is probably the least diverse

“We are far behind on the number of residential units we need in the city. Conversions can help with that, but the costs of construction are up. That

makes it difficult. The city needs to offer financial incentives to encourage more conversions from office to residential.”

- Brad Serot, CBRE “It is great that Google has developed such a strong presence in Chicago. It’s wonderful having all these Googlers walking around the Fulton Market. But Google, while important, is not enough. We need to continually attract new companies to the city.”

- Bob Six, Zeller “Many of the people not going back to work are women. They are facing

-Quintin Primo, Capri Investment Group

FORECAST

Midwest Real Estate News | Winter 2024 | www.rejournals.com

“Survive until ’25?” At Chicago Forecast conference it’s about “Do more in ‘24” By Dan Rafter, Editor

t’s a common refrain among commercial real estate professionals today: “Survive until ’25,” meaning do what you can to get through 2024 and expect better times in 2025. But the speakers participating in the State of the Market panel at Illinois Real Estate Journal’s 22nd annual Chicago Forecast had a different outlook.

Barry Missner, The Missner Group; Steve Schnur, CRG; Nick Cannon, Wintrust Bank; Ralph Zucker, Inspired by Somerset Development; Marcia Owen, Honigman; Steven Weinstock, Marcus & Millichap; and Scott Kurinski, BEAR Construction.

Their mantra, spoken by panelist Steven Weinstock, senior vice president and regional manager with Marcus & Millichap? “Do more in ’24.” And what that means is simple: Don’t treat 2024 as a year to endure. Instead, commercial real estate professionals should build the relationships, make the plans and start the projects that will pay off big come 2025 and beyond. That bit of optimism wasn’t unusual, either. All the panelists speaking during this session predicted that commercial real estate activity in Chicago and its suburbs would increase this year, setting the stage for a brighter future. Joining Weinstock on the panel were Barry Missner, chief executive officer of The Missner Group; Nick Cannon, group senior vice president with Wintrust Bank; Ralph Zucker, chief executive officer of Inspired by Somerset Development; Scott Kurinsky, executive vice president of BEAR Construction; and Steve Schnur, chief operating officer of CRG. Marcia Owen, partner with law firm Honigman, served as the panel’s moderator. Here is some of what these industry leaders had to say about the state of the Chicago-area commercial real estate market, today and in the future. A resilient industrial market “On the industrial side, we are seeing smaller developments happen. On the leasing end, the activity is good. A lot of smaller tenants are out there seeking space. We are still seeing rents increasing, too. The challenge has been on the sale side and when it comes to developing new projects. It is still a challenge to get projects financed.

“We predict that as people are again getting out, they want to return to interesting places. The boring building is out. There is a downsizing happening in the office market. Companies want smaller square footage. But that isn’t the only factor they are considering: The space they take also has to be interesting.” - Ralph Zucker, Inspired by Somerset Development Some relief from rising construction costs?

“There are opportunities in this market, though. People who take risks will be rewarded.” - Barry Missner, The Missner Group. The risks companies need to take “No one ever got rich by buying T-bills. Generational wealth is built through real estate. Chicago is an attractive market. We have the people, the processes and the resources. The opportunity for growth in Chicago should be attractive to investors. Every cycle puts us in a position to generate new wealth. It’s about taking the risks and taking advantage of the opportunities.” - Steven Weinstock, Marcus & Millichap Reason for optimism in the lending market

more at a capital markets problem, not a real estate problem. Office might be the one exception. We can provide financing today, even for spec projects. What we are reserving that for, though, are clients with a long track record and capital stability. That’s who is getting financing for spec projects.” - Nick Cannon, Wintrust Bank Happy to be in industrial “Demand has fallen off some, starting last year. But I am still happy to be in industrial. This market is resilient. Chicago is a bit overbuilt at the moment, but that will change throughout this year. New-construction starts in industrial were down at the end of last year, so some of that excess supply will be filled this year. A lot of users delayed activity in 2023, so I think that 2024 will be a busier year.” - Steve Schnur, CRG

“I’m still an optimist when it comes to commercial financing. The situation is more nuanced than what you hear, that everything is bad. There are several asset types that are performing well and that are receiving financing today, self-storage, student housing, warehouse and distribution centers. It’s the old ‘meds, beds and sheds,’ healthcare, housing and industrial, that are performing well today. “When you talk about the challenges in receiving financing, we are looking

Boring vs. interesting is the new shift “There has been a societal shift, a change in the way we go to work. The need to go into the office every day of the week is no longer there. COVID accelerated this shift, which was already happening before 2020. That’s why it is becoming so important to create great places that will encourage people to want to come to work. It’s not about Class-A or Class-B buildings today. It’s about interesting vs. boring buildings.

“In the last year, construction prices have normalized. There was less than a 1% overall increase in the price of materials during the last year. That was a relief. We have one of the best labor pools in the world here, too, and the increases in the cost of labor are predictable. They are not a wildcard like what you see with materials costs. “It’s important to remember that the price of construction is increasing in part because of what we are building. We are building some high-quality projects today. All of those amenities and features we talk about that are necessary today? They are not inexpensive. We are taking on a different type of product than we used to build.” - Scott Kurinsky, BEAR Construction Do more in ‘24 “I like ‘Do more in ‘24’ instead of ‘Survive until ’25.’ This is about investing in our city. If we don’t believe in Chicago, then who will? If you don’t believe in Chicago, move somewhere else. I think it’s ‘Do more in ’24 and be rewarded in ’25.” - Steven Weinstock “Every crisis creates an opportunity. There are tremendous opportunities in Chicago in 2024. I am optimistic about this year and very excited about 2025.” - Scott Kurinsky

HALL OF FAME 2023 MIDWEST COMMERCIAL REAL ESTATE Midwest Real Estate News would like to congratulate the latest inductees in our Commercial Real Estate Hall of Fame:

Daniel Arends

Colliers

Steven Herron, CPM

Zeller Management Corporation

Eric Banks

Dominion Real Estate Advisors

Matthew Hrubes, CCIM

CBRE

Jacqueline (Jackie) Barlow

CIBC Bank USA

Lauren Hughes

Capitol Construction

Brett Bosworth

R&R Equity Partners

LaVon M. Johns

Riley Safer Holmes & Cancila LLP

Ramin Cherafat

McCownGordon Construction

Matthew Kurzmann

Affordable Housing Advisors, Marcus & Millichap

Gabriel Coe

Hatcher Coe Group/Marcus & Millichap

Keith D. Lampi

Inland Private Capital Corporation

Nathan Coe

Hatcher Coe Group/Marcus & Millichap

Amanda Leathers, CCIM

Upland Real Estate Group

Doug Coleman

Hunt Midwest

Gretchen Mensch, CPM

Cornerstone Companies

Shaylyn Cullen

Cullen Construction Management

Phil Peck, CCIM

Block & Company, Inc.

Sandya Dandamudi

GI Stone

Nancy Petersen

Enterprise Bank and Trust

Bob Flood, Jr., SIOR

Founders 3

Mark Reichter

Q10|Triad Capital Advisors

Sheila Fogarty

NAI Farbman

Adam Roth, CCIM, SIOR

NAI Hiffman

Brian Forde

O’Keefe Lyons & Hynes

Joe Ryan

Oppidan Investment Company

John Fricke

Colliers

Jason Speckman, SIOR, MBA

Colliers

Brendan George, CCIM

CBRE

Sam Stahnke

ARCO National Construction

Bennett Ginsberg

CBRE

Molly Studer

Gershman Commercial Real Estate

Lesley Gutman

NAI Farbman

R. Joseph Sullivan

Peak Construction Corporation

Isaiah Harf

Northmarq

Craig Wielansky

L3 Corporation

John Hassler, SIOR

Newmark Zimmer

Chris Wood

Cushman & Wakefield

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

DANIEL ARENDS

Principal, Executive Vice President Colliers | Chicago, IL There’s a reason why Colliers’ Principal Dan Arends is known as one of the top commercial real estate professionals in the Chicago market: It’s all about the numbers. During his career of more than three decades, Arends has amassed impressive career stats, negotiating 1,600-plus assignments totaling more than 13 million square feet of leases on behalf of his clients. Those numbers are significant. But Arends doesn’t rely on any secret formula to reach them. Instead, Arends can track his success to his client-focused approach, where he walks clients through the benefits of each transaction in “layman’s terms” and then delivers everything he promises. This approach, Arends says, is the cornerstone of his success. And his success has been a steady one. Arends is annually acknowledged for his work and has qualified for Colliers’ Everest Trip, which recognizes the firm’s top producers, for 23 consecutive years. He has also won NAIOP’s Transaction of the Year award and Prime Group’s Most Prepared Broker. He has also been named a finalist for the Greater Chicago Food Depository‘s Office Broker of the Year award 13 of the past 15 years. What has kept Arends in this business for more than 33 years? He says that he most enjoys the people side of the business. He takes time to understand his clients’ professional and personal challenges and goals. While others continue to push for virtual work, Arends still prefers to meet with his clients in person so that he better understands their work environments and requirements. Regarding his own team, Arends believes being together helps the team foster a culture and bond that allows them to share ideas and develop more creative deal solutions. A former college tennis player at the University of Wisconsin, Arends also understands the preparation it takes to compete at the highest level, a skillset that has come in useful in his professional life, too. Arends prepares tirelessly to make sure he understands any avenue that can benefit his clients. Outside of work, Arend’s passions are simple: family and sports. Arends, along with his wife Sue, have loved watching and coaching their children DJ, Taylor and John in their chosen sports and activities. Arends is not hesitant about supporting his professional community, either. He serves as a Board Member and Past President of Chicago Office Leasing Brokers Association (COLBA), a Steering Committee Member and Past Chairman of Colliers’ Tenant Advisory Council and is presently Chairman of Colliers’ Law Firm Services Group.

ERIC BANKS

Group President, Executive Managing Broker Dominion Real Estate Advisors | Bingham Farms, MI Eric Banks, group president and principal at Bingham Farms, Michigan-based Dominion Real Estate Advisors, is a leader in the Detroit-area commercial real estate business. As the executive managing broker with Dominion, Banks oversees a team of affiliated professional brokers. . He also serves as senior vice president of business development for the company’s integrated development arm Burton Katzman, a prominent third-generation real estate brand that presently manages more than 8 million square feet of commercial real estate and completes many significant investment transactions each year while also engaging in ground-up development. In addition to his executive responsibilities, Banks remains heavily involved in transactional client services. Some of his recent noteworthy transactions include: • The 2022 sale of a 67-acre campus and 138,000-square-foot facility on behalf of Western Michigan University – Thomas M. Cooley Law School to FANUC Robotics N.A. This transaction allowed for the expansion of the robotics manufactures Auburn Hills, Michigan, campus and the construction of a new 800,000-square-foot production facility. • The expansion of the United Wholesale Mortgage business campus to more than 2 million square feet in the fourth quarter of 2020. This transaction involved the purchase and sale of 867 South Blvd E., a 378,399-square-foot facility on 33 acres, and the land assemblage of multiple adjacent parcels. • The sale of the Summit Place Mall, a 1.1-million-square-foot shopping mall on 75 acres on behalf of Los Angeles-based lender SD Capital to a local developer in 2018. • The multi-year strategic repositioning and sale of a broken office project, 340 N. Main St. in Plymouth, Michigan, a 33,000-square-foot property. Banks acted as the Court Appointed Receiver, stabilized the property and later sold the asset on behalf of the lender in 2022. “I am truly grateful that the progression of my career has allowed me to serve in a variety of interesting roles and capacities and allowed me to become involved in many different aspects of the CRE business,” Banks said. “There is so much variety within CRE. You can take the business in a lot of different directions and the business will push you to grow and evolve. Because I aspire to be a lifelong learner, I like that.” In 2023, as part of the sponsorship group, Banks worked on a $240 million joint venture and recapitalization of 24 infill industrial properties located throughout Southeast Michigan between BK/ Dominion and an NYC private equity and real estate investment management firm. Much of this industrial portfolio had been assembled over the last 10 years within a “strategic acquisition initiative” that smartly anticipated current industrial real estate demand. “Leadership can be much more of a personal growth journey than you think it’s going to be at first,” Banks said. “If you’re going to try and do it right, it will involve getting to know your own strengths, weaknesses and blind spots. It can be complicated. This internal reflection and personal examination can be challenging work but can also lead to enormous personal growth.” Considering that these are just a taste of Banks’ successful transactions, it’s little surprise that this industry veteran has also notched several industry honors during his career. This includes multiple Power Broker awards both individual and company related from CoStar Group and the 2020 Commercial Real Estate Transaction Award from the Michigan CCIM chapter. When not working, Banks says that he enjoys spending time with his family, traveling and discovering new restaurants. He’s a fan of the outdoors and can frequently be found taking hiking and camping trips in the mountains with his son. He also enjoys visiting his daughter in New York City, and exploring all that this city has to offer. “At some point I recognized that success in this business is not a straight line,” Banks said. “It can be a bit of a roller coaster ride. What is important is consistency and staying focused over the long haul.”

Winter 2024 | Midwest Real Estate News

HALL OF FAME - CLASS OF 2023 19

JACQUELINE (JACKIE) BARLOW President, US Commercial Real Estate Banking CIBC Bank USA | Chicago, IL During her career of more than 35 years, Jacqueline (Jackie) Barlow has become one of the most trusted and respected names in the commercial financing industry. Today, she ranks as one of the key leaders of commercial financing giant CIBC, serving as the president of US Commercial Real Estate Banking out of the firm’s Chicago office. She is also a member of the U.S. Region Executive Committee and the CIBC Global Leadership Team. Barlow is one of the fortunate few: She not only excels in her career, she is also passionate about it. “I decided on a career in commercial real estate finance because of the satisfaction it brings to see the impact on our communities of the properties I help bring to life,” Barlow said. “As I progressed in my career, I discovered the joy of providing opportunities for team members to reach their full potential and achieve their personal ambitions.” Barlow says that CIBC’s focus on building relationships has also proven to be a boon to her career. She says that the strong team relationships at CIBC help her and her team members find ways to meet the needs of their clients. Despite her love for her work, Barlow has faced challenges during her career. In fact, she’s faced several since stepping into the role of president of U.S. commercial real estate. This includes the uncertain economic landscape as the Federal Reserve Board raised its benchmark interest rate at an unprecedented pace. Then there was the COVID pandemic’s role in accelerating a slowly emerging shift in the way people work, leading to substantial changes in the demand for office space and the value of office buildings across the United States. “To guide my team through these turbulent times, I relied on the strategies that proved most successful to me during prior difficult times in my career,” Barlow said. “I encouraged my team members to maintain close relationships with our clients, having open dialogue about our concerns, allowing us to work together and address emerging issues. By staying adaptable and proactive, we were able to overcome these challenges and continue providing the best possible service to our clients.” Barlow joined CIBC in 2014 as senior credit officer for the commercial real estate and healthcare banking teams. Before taking on her current position, she served as head of Regional Commercial Real Estate Banking, overseeing teams in eight U.S. markets. She also serves as a member of CIBC’s US Region Inclusion and Diversity Action Committee and the CRA Investment Committee.

CIBC CONGRATULATES

JACKIE BARLOW

on her induction into the Midwest Real Estate News' 2023 Hall of Fame.

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

BRETT BOSWORTH President

R&R Equity Partners | West Des Moines, IA Brett Bosworth’s 37-year career in the commercial real estate industry showcases not only his professional success but also his commitment to community service. Bosworth’s varied career spans 15 years in commercial real estate leasing and 22 years in equity attraction and acquisitions. His experience demonstrates the diverse set of skills that has contributed significantly to the growth and success of R&R Realty Group in West Des Moines, Iowa. What has kept Bosworth in the commercial real estate industry for more than three decades? This industry veteran says he most enjoys developing relationships and successfully matching partners with the right investments. “Brett has a remarkable ability to foster relationships and cultivate new business opportunities over the long term,” said Mark Rupprecht, president of R&R. “This ability has resulted in hundreds of millions of real estate transactions that have helped increase the value of R&R Realty Group’s commercial real estate portfolio. Brett has brought new opportunities to R&R for development and acquisitions that helped drive the company’s growth in the Iowa and Nebraska markets.” Bosworth says that he owes much of his success to the CRE veterans who have served as his role models. “I was fortunate to have an exceptional mentor, Daniel Rupprecht, who started R&R Realty Group, a company I dedicated my entire career to solely because of the values and ethics he built his company on,” Bosworth said. “My advice to anyone: When you pick a company to work for, make sure the leader is someone you want to follow.” Mentors aren’t the only factor behind Bosworth’s success. He also brings a talent for closing deals, serving his clients and navigating he ups and downs of commercial real estate. “Building unbreakable trust with our partners has been the foundation of my work,” Bosworth said. Bosworth said that he has built his career on identifying partners who understand and value what R&R Realty offers. “I believe honest and authentic communication is the best way to overcome the challenges in our industry, along with sharp problem-solving skills,” he said. Bosworth added, “Coming from Iowa, I based my career on the ‘Farmer Analogy.’ I spent the first 10 years of my career planting seeds and focusing on relationship-building, the next 10 years fertilizing those relationships and building trust and then, most recently, harvesting those relationships for mutually beneficial real estate investments.” Beyond his professional accomplishments, Bosworth’s impact on the community has also been significant. One of his most noteworthy service organizations is one he co-founded, the Ut Fidem Foundation. The foundation focuses on enriching the spiritual lives of students at Dowling Catholic High School and helping them learn to keep the faith. Bosworth’s heart for service has touched numerous organizations around Des Moines, including serving as the President of the Mercy Hospital Foundation, Serra Club, Junior Achievement, Catholic Tuition Organization, VP of Iowa Catholic Radio and board chair of Childserve. In his leisure time, Bosworth enjoys playing pickleball, attending Mass with his family and occasionally savoring a glass of wine. His story is not just one of professional achievement but also a testament to an individual’s profound impact on the commercial real estate industry and the community.

R A M I N C H E R A FAT Chief Executive Officer

McCownGordon Construction | Kansas City, MO As its chief executive officer, Ramin Cherafat has played a critical role in the growth and success of Kansas City, Missouri-based McCownGordon Construction. Under Cherafat’s leadership, McCownGordon opened a Dallas-Fort Worth office in the fall of 2021 and launched a national business unit focused on building solutions for the manufacturing industry the same year. In 2019, this commercial industry veteran of nearly 30 years expanded the company’s presence in Kansas by opening a Wichita office. McCownGordon now consistently ranks as a top construction manager in nation.. Also under Cherafat’s leadership, McCownGordon celebrated a strong year in 2023, achieving record backlog, revenues and profits. And during this growth? Cherafat continues to prioritize the company’s core values of integrity, performance and relationships. According to the company’s surveys, 97% of associates said that they believe the leadership team makes decisions based on those values. “I enjoy the variety of professions that you work with in the real estate and construction industry,” Cherafat said. “From real estate professionals to designers, to bankers, attorneys, investors and the vast variety in the construction industry, I can’t think of another industry that collaborates so much across so many professions. I really enjoy that aspect of the business and building those relationships.” Cherafat is also active in his community. He serves on the Board of Directors for the Federal Reserve Bank of Kansas City, is immediate past Board Chair for the Greater Kansas City Chamber of Commerce and serves on the Board of Directors of The Civic Council of Greater Kansas City and the Greater Kansas City Community Foundation. He also sits on the Board of Trustees for the University of Missouri – Kansas City and The Nelson Atkins Museum of Art. Cherafat and his wife support various charitable organizations in the greater Kansas City metropolitan area, including the Children’s Mercy Hospital, Leukemia & Lymphoma Society, Metropolitan Community College and Ronald McDonald House Charities of Kansas City. McCownGordon Construction has also been recognized by Fortune Magazine as one of the Top 100 Medium Sized Companies in the United States to work for in 2018 and 2020, and as one of the 2019 and 2021 Best Workplaces for Millennials and a Top 15 Best Workplaces in Construction winner in 2023. McCownGordon ranked for 17 consecutive years as a “Best Places to Work” by KC Business Journal. Additionally, the Wichita regional office was recognized three years in a row by the Wichita Business Journal as a “Best Place to Work.” Named 2019’s #1 General Contractor by the KC Association of American Subcontractors, the company also achieved First place in 2020’s Safety Excellence Award by Kansas City Builders Association. “I believe the single biggest factor is always focusing on people and relationships,” Cherafat said. “The ‘nuts and bolts’ of our industry is something everyone can learn and adopt. What I truly believe sets the best firms apart are those that focus on people, developing people and building genuine relationships over the long term.” Cherafat lives in Leawood, Kansas, with his wife, Ashley, and their three children, Marina, Sophia and Hudson.

WE BUILD CITIES, AND THE HOPES OF THOSE WHO LIVE IN THEM. Congratulations to Ramin Cherafat, our Chief Executive Officer, for being inducted into the Commercial Midwest Real Estate Journal Hall of Fame. Joining McCownGordon over 20 years ago, he plays a crucial role in developing our presence in the community, drives our operational performance and creates an award-winning culture for over 600 associates. His tireless leadership improves the lives of our associates and has created a lasting impact.

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

G A B R I E L C O E A N D N AT H A N C O E Senior Managing Directors of Investments

Hatcher Coe Group/Marcus & Millichap | Columbus, OH Brothers Gabriel and Nathan Coe, both senior managing directors with the Hatcher Coe Group of the Columbus, Ohio, office of Marcus & Millichap, have built a long record of success in the self-storage sector. The numbers tell the story. During their years with Marcus & Millichap, Gabriel and Nathon Coe have closed on the sale of more than $4.4 billion in self-storage transactions while representing properties in 39 states. Both brothers in 2021 and 2022 ranked in the top 40 out of about 1,900 agents across all product types at Marcus & Millichap. Nation and Gabriel, along with their partners, are currently ranked 14th across all product types for 2023. Overall, the Coe brothers and their team closed 294 properties in 2022 totaling $2.1 billion in sales. What’s behind this team’s success? Start with hard work. Gabriel’s peers point to his relentless work ethic combined with his proactive approach of making 100 buyer/seller outreach calls each day. This has allowed Gabriel to establish and maintain an extensive network of highly qualified self-storage buyers. This work ethic didn’t come naturally to Gabriel. He had to build it. Overcoming the challenges of the commercial real estate business, especially that first year in the industry, though, fueled Gabriel’s professional growth. “The sales cycle from making that initial cold call to actually selling a property can span several years,” Gabriel said. “The biggest hurdle for me was acquiring the necessary skills and confidence to establish myself as a trusted expert and advisor. I was definitely a late bloomer when it came to business knowledge, sales techniques, work ethic, personal growth, confidence and habits.” Despite this? Gabriel said that his sales manager, Michael Glass, believed in him, even though he never shied away from telling Gabriel that he was the worst cold caller that he had ever trained. “Growing up as a slacker and troublemaker fueled my determination to embrace personal growth and development,” Gabriel said. “Since starting my internship at Marcus & Millichap, my passion for real estate, brokerage and self-storage has become all-consuming.” After graduating college, Gabriel dedicated himself to working 60-hour weeks, making over 400 cold calls each week and reading one to two books a month, all in the pursuit of self-improvement. Along the way, Coe says, he has been fortunate to work with strong mentors such as his partner Brett Hatcher and his brother Nathan.

CONGRATULATIONS ON BEING INDUCTED INTO THE

Midwest CRE Hall of Fame MIDWEST REAL ESTATE NEWS

GABRIEL COE COLUMBUS

NATHAN COE COLUMBUS

Winter 2024 | Midwest Real Estate News

HALL OF FAME - CLASS OF 2023 23

DOUG COLEMAN

Senior Vice President, Acquisitions & Investments|Corporate Services Hunt Midwest | Kansas City, MO During his career of more than three decades at Kansas City’s Hunt Midwest, Doug Coleman has played a significant role in nearly every major business effort the company has taken. This includes everything from acquiring and selling amusement parks and mining operations for the Lamar Hunt family’s expansive real estate holdings to creating custom financial dashboard models to assess deals and expand Hunt Midwest into several new industry sectors. “I enjoy the opportunity to meet so many different people, from new customers to the long-time partners we’ve made through our financial relationships with other companies and institutions,” Coleman said. “I also love working on deals from their first beginnings to finally taking them across the finish line.” Coleman’s key status within Hunt Midwest isn’t surprising. This industry veteran -- he’s logged more than 40 years in finance, acquisitions, real estate development and management -- is responsible for creating new Hunt Midwest platforms and growing the company’s core services. This includes identifying new opportunities and partners, conducting financial analyses and overseeing all due diligence efforts. Coleman, for example, led Hunt Midwest’s entry into senior living development in 2011, first with Benton House communities across Kansas City and now with 850 total senior living units across Missouri, Kansas, Florida, Tennessee and Colorado. Coleman also developed Hunt Midwest’s growing self-storage brand, StorTropolis, with 4,900 units at six locations completed or under development throughout the greater Kansas City market. He was also integral to the five-year campaign led by Hunt Midwest leadership and Kansas City civic leaders to create and pass new legislation in Missouri to incentivize data centers to locate in the state. This has led to several Silicon Valley tech giants building new projects in the region. Coleman has also found time to give back to his community. He serves on the boards of the Northland Clay County Economic Development Council, North Kansas City Business Council and Northland Regional Chamber of Commerce. He also is a past board member for the North Kansas City Schools Education Foundation and the statewide Missouri Economic Development Financing Association. “There’s no substitute for a strong work ethic,” Coleman said. “I believe much of my and Hunt Midwest’s success has come from our focus on nurturing longterm relationships with our partners and key stakeholders. I also decided early on to give back my own time and expertise on boards of economic development councils and nonprofit organizations, which has helped me keep up with new ideas and build even stronger relationships with our community.”

CAPSTONE SENIOR LIVING

STORTROPOLIS STORAGE

SUBTROPOLIS TECHNOLOGY CENTER

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

S H AY LY N C U L L E N President

Cullen Construction Management | Chicago, IL As Shaylyn Cullen’s bio says, this industry veteran began her career in commercial construction with an engineering degree and a clean pair of work boots. Today? She can look back at a construction career that stretches more than 25 years, one that reached a high point 10 years ago when Cullen founded her own women-owned business, Chicago’s Cullen Construction Management. How did Cullen not only succeed but thrive in a business still largely dominated by men? You can credit Cullen’s willingness to take risks, work hard and study her market. You can also point to her determination to let nothing stop her short of her goals. “I truly enjoy the team-building aspect of our industry,” Cullen said. “Projects require so many different skill sets. I have learned that communication and trust strengthen relationships with industry partners. To thrive in commercial real estate, building a successful team is critical to the success of each project.” As her biography says, Cullen has chased opportunities throughout her career. This included inspecting job sites to gain additional field experience and seeking out the most successful veterans of the construction industry to act as role models and mentors. After earning her civil and environmental engineering degree from Marquette University and gaining the respect of her peers in the construction business, Cullen still yearned for more. She wanted to become a true entrepreneur. To accomplish this, she spent her evenings pursuing her master’s degree in business administration at DePaul University with the goal of owning a business. That hard work paid off. Armed with muddier boots, a dinged-up hardhat and a laptop, Cullen started Cullen Construction Management a decade ago, a business that continues to grow today. It’s little surprise that this business has succeeded, too: Cullen says that she believes in giving 100% to her work, team, peers and community. This dedication has allowed her to serve as an example and mentor to the future generation of female leaders in the construction industry and has also provided a boost to the fortunes of Cullen Construction Management. In the last 12 months, Cullen Construction Management has opened a second office in Austin, Texas and seen its number of team members jump by 45%. Cullen CM has expanded into two new states and has seen increased growth in new markets of higher education and aviation. Today, Cullen Construction Management has active projects in 20 states. “This industry is full of challenges, some solvable in a few hours, others that take hard work and patience,” Cullen said. “My favorite challenges are those that have brought people together and strengthened the team as they pushed to resolution.” When not working, Cullen focuses on the importance of maintaining a healthy work-life balance. She challenges herself through outdoor activities such as running road races or hiking a new trail. She boosts her mind by binge-reading books. Cullen is also an avid mentor, participating in several robotic, STEM and female-empowerment clubs. But her true passion remains building and running her successful business. “In the commercial real estate industry, no two days are ever the same,” Cullen said. “Every project is unique and presents new challenges to solve. Each project team brings together a diverse group of talents for a common goal.”

S A N D YA D A N D A M U D I President

GI Stone | Chicago, IL As the second-generation owner and president of stone fabrication and installation firm GI Stone, Sandya Dandamudi’s deep knowledge of stone, creativity and “get it done” ethos has propelled the Chicago-based company into the upper echelon of subcontractors servicing the commercial real estate sector. The firm’s impressive client roster includes developers such as Related Midwest, Sterling Bay, Habitat, Lendlease, Onni Group and JDL Development and counts some of the Windy City’s most prominent recent developments as part of its portfolio, including No. 9 Walton, The Row Fulton Market, Sales Force Tower at Wolf Pointe and The Tribune Tower Residences. “There’s nothing that excites me more than successfully completing so-called ‘impossible projects,’” Dandamudi said. For example, Dandamudi played detective to hunt down an exact match for the elaborate antique carved stone base at Four Seasons Hotel Chicago during its extensive renovation, which GI Stone worked on throughout the pandemic. This project included sourcing, fabricating and installing nearly 20,000 square feet of stone. In another project, GI Stone and Dandamudi relied on clever design tricks such as layering less expensive stones to create the look of a thick quartzite countertop, which met both the client’s high expectations and their proforma requirements. “It feels a bit magical and incredibly rewarding,” Dandamudi said of completing such complex projects. Dandamudi stands out from her counterparts for her ability to quickly assess and understand a developer’s vision, and to select, source and fabricate custom products for luxury designs, all while helping her clients stay on budget. She also strengthened her reputation as an empathic and innovative leader during the pandemic, quickly implementing CDC guidelines to keep her employees safe while continuing operations. “We go the extra mile for our clients and employees,” Dandamudi said. “To ensure that GI Stone sources the highest-quality raw materials, we often travel across the globe to visit quarries, selecting the most breathtaking and unusual slabs. We also invest in new tools and technology to reduce costs and minimize material waste and labor costs. Finally, I hire talented, driven people who, like me, give their all.” Working diligently to realize the “American Dream” in her own life, Dandamudi holds a powerful conviction that everyone deserves to participate in that dream. Paying it forward, she supports pre-apprentice programs like those offered at St. Paul Community Development Ministries, which expose people of different racial, gender and economic backgrounds to the stone-setting trades, offering apprenticeships whenever possible and recently hiring the first female to join Chicago’s Stone Masons Unit Local 21 as a marble finisher in 20 years. When not working, Dandamudi enjoys traveling, eating at great restaurants and watching movies. She says she has a weakness for Marvel’s superhero blockbusters. “But the most rewarding ways I spend my free time involve community engagement and philanthropy,” Dandamudi said. She is Vice Chair and trustee of The DuSable Museum of African History, a strong supporter of the Big Brother Big Sisters of America, The Broadway Youth Center and, closer to home, stays involved with the River North Residents Association.

HALL OF FAME - CLASS OF 2023 25

Winter 2024 | Midwest Real Estate News

BOB FLOOD, JR., SIOR Partner – Head of Industrial Brokerage Founders 3 | Milwaukee, WI Bob Flood, Jr., SIOR is a founding Principal of Founders 3 Real Estate Services in Milwaukee. As the eldest son of a prominent Milwaukee physician, Flood was taught at an early age to conduct himself with sound ethics and integrity. Starting his real estate career in the 1980’s, Flood has completed transactions in the Industrial, Office, and Land sectors of the industry -- translating to over $1 billion in sheer deal volume and the acquisition and disposition of approximately 12 million square feet and over 1,000 acres of land. Throughout his nearly 40 years in the business, Flood has focused his real estate practice in the greater Milwaukee area and southeastern Wisconsin. Some of his favorite career highlights include a $100 million sale-leaseback of Leonardo DRS’s North American HQ in Menomonee Falls, Wisconsin, a 210-acre assemblage for Northwestern Mutual’s Franklin, Wisconsin, campus, and 13 high-profile land site acquisitions for retail giants, Costco and Meijer, totaling over 275 acres. He won the “Deal of the Year” award from the Commercial Association of Realtors Wisconsin (CARW) three times, in 2015, 2021 and 2022, with numerous other nominations prior and in between. Throughout his time in the real estate business, Flood had several mentors along the way; specifically, Shel Lozoff, a renowned Counselor of Real Estate and Larry Krause of Opus North Corporation, to name a few. These relationships taught Flood the importance of trust and loyalty when it comes to choosing your teammates, and patience, strong ethics, creativity, and a small stroke of luck when it comes to getting some of the tougher deals across the finish line. These lessons paid off in 2002 when Flood left his partnership position at a local Milwaukee firm and formed RFP Commercial, Inc. with long-time friends and colleagues, Scott Revolinski and Ned Purtell. “I have been extremely fortunate to have great Partners, now including Andy Hess at Founders 3, that have allowed our firm to grow and flourish,” said Flood, “RFP became a great brand in Wisconsin Real Estate and is a legacy I am proud to leave behind.” RFP Commercial, Inc. merged with property management company, Siegal-Gallagher, and retail brokerage firm, Commercial Property Associates, in June of 2017 to form Founders 3 Real Estate Services. Founders 3 is now one of the largest brokerage firms in the state and one of the very few that are locally-owned and operated. His son Brian joined the firm in 2019 and focuses on the industrial sector alongside his dad. Flood adds, ”having family in the business provides a continued drive and a great deal of fun which will hopefully lead to many more years in the industry”. Contrary to the above, life isn’t always about closing the deal. When Flood isn’t focusing on Founders 3 with his three partners, he spends his time with his wife of 40 years, Tracy, and his other favorite 3’s – his three kids: Sarah, Katie and Brian, his three grandchildren: Emmet, Pearl and Weston Lee, and his three favorite hobbies: golf, hunting, and fly fishing.

2023 Midwest Commercial Real Estate Hall of Fame

A LEADER SINCE DAY ONE. REAL ES TATE SERVICES

Tel: 312.422.9157 www.okeefe-law.com

Congratulations to our dear friend and colleague Brian Forde on this well deserved honor.

CONGRATULATIONS TO FOUNDER 3’s

BOB FLOOD

ON HIS INDUCTION INTO THE MIDWEST COMMERCIAL REAL ESTATE HALL OF FAME

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

SHEILA FOGARTY Senior Vice President

NAI Farbman | Southfield, MI Sheila Fogarty has built a commercial real estate career that has lasted for more than 35 years. And during this time, she’s earned a reputation for delivering outstanding results for her clients. Her secret? Sheila believes in working hard. No commercial real estate professional will outwork her. She also studies her market. Her peers say that Sheila possesses an in-depth knowledge of the Detroit-area real estate market. She taps this knowledge when advising her clients on their real estate needs. This leads to a client-centric approach that keeps her clients coming back year after year. Sheila is committed to understanding the unique needs of her clients and helps them fulfill these needs. Then there areSheila negotiating skills. This industry veteran is known for consistently negotiating favorable lease terms, reduced costs and the maximum returns for her clients. As her peers say, Sheila has a knack for finding win-win solutions to even the most complex commercial real estate challenges. “I have spent my career building trust with both brokers and my clients, which is crucial for success,” Sheila said. “It is important to me to have a high level of professionalism and uphold a commitment to integrity and honesty.” This doesn’t mean that Sheila has not seen challenges in this business. Like any industry veteran, she has. But like the most successful CRE pros, she’s overcome them. ““The post-pandemic era of office leasing has certainly been a challenge more so than any time in my career,” Sheila said. “I have really focused on effective listening skills to understand my clients’ expectations on how they are moving forward in this new way of doing business and how it impacts their need for office space.” During her career, Fogarty has tackled many significant commercial real estate transactions. This includes a 35,000-square-foot transaction for Hondros Nursing School in Bingham Farms, Michigan, in which Sheila served as the landlord rep and a 54,000-square-foot transaction for AutoLiv in Auburn Hills, Michigan, in which she again served as landlord rep. “Commercial real estate offers a dynamic and ever-changing environment,”Sheila said. “It gives me a new opportunity every day to practice my problem-solving skills and adaptability to help my clients meet their real estate goals and objectives. I have met many great people over the years while doing something I love.” When not working, Sheila enjoys traveling, working in her yard and hanging out with her dogs. She has also recently taken up the sport of pickleball.

BRIAN FORDE Member

O’Keefe Lyons & Hynes | Chicago, IL For more than 25 years, Brian Forde of Chicago law firm O’Keefe Lyons & Hynes has been fighting for Illinois property owners in real estate taxation appeals matters and litigation. His goal? To make sure that both state residents and industrial, retail and commercial property owners pay their fair share of property taxes, but not more, and are protected from excessive taxation. During his long career, Forde has taken on a wide variety of cases for his clients. This includes handling complex cases of all types of administrative and property tax litigation. His willingness to fight tirelessly for his clients’ best interests and the skills and experience acquired over his career have helped Forde build a large roster of repeat clients. This roster includes national and regional developers, institutional investors, corporate campuses and small to mid-size businesses of all kinds. Forde gets results, notching significant victories for his clients. This explains why so many clients return to this legal pro. “Happy clients are the key to success,” Forde said. “Taxation is a dry and complex topic and most people will run away when you mention it at a cocktail party. But it is one of biggest line-item expense for many businesses. I have learned that consistently putting in the work to protect your clients, ensuring they are getting fair treatment from the taxman, and of course effectively communicating with them, is foundational to success. “ As Forde says, taxation is an unavoidable reality. But while the idea of everyone receiving the benefit of a fair tax is a noble goal, the reality is that the system is flawed because of the volume of real estate parcels to be assessed and the limited resources in government. The numbers bear this out: Forde says that local government assessing officers are faced with valuing almost 2 million parcels of real estate in Cook County alone, with a full staff of about 250 employees. It’s not surprising, then, that government officials often overshoot the mark on value, or simply assess improperly. “So, for me, it’s highly rewarding to get that positive phone call or note from a client after making our case and achieving a successful outcome,” Forde said. “The most satisfying part of the job is knowing that we actually made a difference for our client so they can better sleep at night, make payroll a little less burdensome or take a little stress off the next college tuition payment. And most people are rational about it. Even when the facts don’t support a case, as sometimes happens, clients still value and appreciate being kept continuously informed and knowing where they stand. ” What are the factors behind Forde’s success? He points to the relationships he’s built both with his clients and with the officials he works with every day, the hard work he’s put into learning in his field and, the successful results he’s achieved for his clients. We have very high client retention rates, and I believe that is because over the course of time, our clients know and appreciate the way we handle their cases and achieve results. And the digital age, our technology allows us to provide our clients with the ongoing updates and information they need to make budgets and project out their own business decisions. He also cites the many mentors he’s had throughout his career along with his talented co-workers. “I really have been blessed in my career to be surrounded by great lawyers and solid human beings with great integrity,” Forde said. “And some of the best legal and life lessons I have had came not only from my peers, but sometimes from the unlikely seat of an opposing lawyer sitting across the table. I have learned that most people try to be reasonable, and have something to teach us, if we are willing to listen and learn. The ability to listen more than you speak and understand not only your client’s position, but your opponent’s as well, is also key to success.” When not working, Forde enjoys sports of all kinds, and lately has been tuning into lacrosse matches around the state and country with his wife to watch his daughter play for Second City LAX traveling club team and the Barrington High School lacrosse team. He is also an avid traveler and enjoys meeting up with family and friends in far-away warmer climes. He has served for the past decade on the Education Committee for the Institute of Professionals in Taxation Annual Symposium, a national forum focusing on continuing legal education in the field of property taxation. He focuses, too, on service to his community, donating his time to charitable organizations such as The Chicago Coalition for the Homeless and St. Jude’s Children’s Hospital. His favorite charitable endeavor is his firm’s 30 years of ongoing support for both Cristo Rey and Christ the King Jesuit High Schools, which through their work – study program enables children from some of Chicago’s poorest communities to obtain a first class Jesuit high school education that would otherwise remain out of reach.

Winter 2024 | Midwest Real Estate News

HALL OF FAME - CLASS OF 2023 27

JOHN FRICKE Executive Vice President Colliers | Royal Oak, MI John Fricke’s real estate career spans more than 35 years, a career in which he has successfully completed impactful real estate acquisitions and dispositions for clients in Michigan, throughout the country and across the globe. Fricke boasts an extensive background in the office, educational, medical, financial service, automotive supplier and research and technology sectors, and is currently the primary account manager of several large institutional clients. He also completed work for several state universities including Michigan State University and the University of Michigan; large health care organizations such as Trinity Health/ St Joseph Mercy Hospital System and Michigan Medicine; AAA Michigan/AAA Life; and automotive suppliers such as BorgWarner and Bosch. Fricke has also been extremely successful on agency side assignments, including representing ownership of the Fairlane Mall in Dearborn on a 240,000-square-foot lease with Ford Motor Company in 2016. He led the leasing team that for over 20 years consistently kept the 600,000-square-foot Oakland Towne Square in Southfield at well over 90% occupied and has led successful leasing efforts for almost every Southeast Michigan developer, including REDICO, Kojaian Companies, Schostak Brothers, Northern Equities and The Blain Group. Fricke recently assisted Michigan State University with a large two-building acquisition near its campus in East Lansing and assisted Michigan Medical (UofM Health) with leasing 50% of a former four-story 90,000 foot office building in downtown Ypsilanti, Michigan for a medical office campus. Fricke joined Colliers International as an executive vice president in 2018 after spending 26 years as a founding principal of the office division at Signature Associates. He started his career in commercial real estate in 1987 with the Detroit office of national developer Trammell Crow Company including managing the Michigan office as marketing principal from 1989 to 1990. He has consistently been a top 10% producer in the field, with numerous top sales awards at every stop. Fricke prides himself on his many long-standing relationships with clients, with some of these relationships stretching back 20 to 30 years. He believes in total transparency and has absolutely nothing but his client’s interests at heart. He also loves the variety of experiences the job provides.

BRENDAN GEORGE, CCIM

Senior Vice President, Advisory & Transaction Group CBRE | Detroit, MI Brendan George has long been recognized as one of the most trusted commercial real estate professionals serving the Detroit market. That’s what happens when you’ve helped a steady stream of clients reach their real estate goals during a career of more than three decades. It helps, too, that George’s peers say that no one outworks this industry veteran or boasts a deeper knowledge of the Detroit-area commercial real estate market. Add to that a knack for closing even the most complicated of deals? And you have the recipe for a commercial real estate powerhouse. Today, George is a senior vice president in the Advisory & Transaction group at CBRE in Detroit. His career in the CRE industry just passed the 30-year mark, with 23 of those years taking place at CBRE. his industry veteran’s primary focus is on office brokerage in suburban and downtown Detroit. But George also represents several Detroit-based corporate clients with multi-market office and industrial requirements throughout North America. How has George built such a strong and steady career in an industry known for its peaks and valleys? He points to his resiliency. This trait, he says, is the primary attribute of a successful broker. “You’re going to take some hits in this business. It is inevitable,” George said. “It’s the ability to get up, dust yourself off and keep working that separates consistent performers from those who throw in the proverbial towel.” George also credits his ability to see the big picture as helping maintain perspective during the inevitable downturns in the real estate brokerage industry. After all, every successful broker is going to run into a down market. The secret to surviving those tough patches? Never stop working. “An early mentor taught me that losing a deal is not the end of the world. Stay at your desk and keep grinding,” George said. George began his CRE career at a local boutique firm following graduation from the University of Michigan. But he wasn’t always certain that a career in commercial real estate was in his future. “I have a history degree from UM and have yet to figure out how that relates to my chosen career path,” George quips. George has also pursued career learning opportunities, earning both his CCIM designation and State of Michigan Brokers license. George and his wife Valerie have two teenage sons. He is active with his church and spends the summer months exploring mountain-biking trails throughout Michigan and boating on East Bay in northern Michigan. Eschewing the industry convention, George refuses to play golf. “To be a good golfer means you basically can’t have any other activities in the summer months,” he said. “Better to be an average bike racer and sailor then just a good golfer.”

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

BENNETT GINSBERG Managing Director CBRE | Omaha, NE Experience matters. So does knowledge and hard work. And an innate ability to close deals and meet the needs of clients? That, too, is critical for success in commercial real estate. Fortunately, Bennett Ginsberg, managing director with the Omaha office of CBRE, possesses all those traits. It’s why he’s long been considered a go-to expert in Omaha’s commercial real estate market. Ginsberg has worked in commercial real estate for more than 35 years. His peers say that this industry veteran holds a deep knowledge of the industry, is enthusiastic about serving his clients and community and quickly garners the trust and respect of both his industry peers and clients. These traits are why the biggest and most respected companies have long trusted Ginsberg with their real estate decisions. Throughout his long career, Ginsberg has focused on integrity: He does what he says he is going to do. And he never forgets the needs of his clients when closing deals. “A high degree of integrity is absolutely necessary in business and life,” Ginsberg said. “A quote that I like using is that ‘business moves at the speed of trust.’” This doesn’t mean that Ginsberg hasn’t faced challenges. He has. But he’s also worked hard to overcome them. He says that the biggest challenge he faced during his career was the 2008 financial crisis. But even though those were difficult times, Ginsberg and his team persevered thanks to hard work, honesty and dedication to their clients. “I’m proud to say we never let one person go during that couple of years of a very difficult business climate,” he said. What Ginsberg describes as a positive challenge occurred in 2000. That’s when he played a key role in and oversaw a strategic alliance with CBRE, Inc. This aligned CBRE|MEGA with one of the largest and most respected full-service commercial real estate companies in the world. After a long history of partnership between CBRE|MEGA and CBRE, CBRE agreed to purchase CBRE|MEGA in July of 2019. Today, CBRE is the only corporate commercial real estate company in the Omaha area. Ginsberg continues to guide CBRE with his proven leadership style. Under his watch, CBRE has been involved with some of Omaha’s most distinguished projects, including the TD Ameritrade World Headquarters, Gavilon Trading headquarters in downtown Omaha and the 500-acre Heartwood Preserve development in western Omaha. When not working, Ginsberg enjoys golfing with his close friends and taking great gold trips with them and trying to stay healthy and active by working out and riding the Peloton bike. He also enjoys cooking, especially smoking a wide variety of meats on his smoker, always trying to master the art of making the perfect brisket. But as with most successful commercial real estate professionals, work is also a passion of Ginsberg’s. “I enjoy working on complex deals,” he said. “Each one is so unique. I believe you need to be able to adapt to each one to achieve the desired outcome for your client.”

LESLEY GUTMAN

Senior Vice President of the Brokerage Division NAI Farbman | Southfield, MI Lesley Gutman has played a key role in some of the most significant commercial real estate transactions in her market. This includes the leasing of the 500,000-squarefoot Oakland Commons in Southfield, Michigan; 500,000-square-foot Sheffield Office Park in Troy, Michigan;200,000-square-foot Riverside Center in Southfield, Michigan; 285,000-square-foot 27777 Inkster in Farmington Hills, Michigan; 370,000- square-foot Cambridge Court, 51,000-square-foot Westfield in Farmington Hills and 180,000-square-foot College Park Commons in Detroit. That Gutman would steer these major transactions isn’t surprising. During her career of more than 23 years, Gutman has become an expert in helping clients analyze their current and future space needs and recommending the right strategies to help them meet these needs. Gutman is also skilled when negotiating even the most complex of leases for her clients. What has kept Gutman in this business for more than two decades? Besides her success, there’s also the fact that Gutman truly enjoys her work, especially when it comes to working with other commercial real estate pros. “What I find most enjoyable in this business are the opportunities for building meaningful relationships with clients, the dynamic nature of the market, which always keeps me learning and adapting, the satisfaction of facilitating successful transactions that benefit all parties involved and the thrill of the hunt,” Gutman said. During her career, Gutman has focused on both landlord and tenant representation, giving her a complete understanding of the entire real estate transaction. Thanks to her deep market knowledge, strong work ethic and passion for serving her clients, Gutman has consistently ranked among the five most successful brokers at NAI Farbman for the last decade. Before joining NAI Farbman, Gutman worked as an associate broker in the real estate division of Crosswinds Communities. Her peers say that even then, Gutman brought her own unique approach to the real estate process, offering objective and conflict-free advice. Like other real estate professionals, though, Gutman has faced challenges during her career, the biggest of which might have been working through the COVID pandemic. As Gutman says, being an office broker since COVID has been challenging. Fortunately, this industry veteran has the experience necessary to work through the hurdles that the pandemic has thrown her way. “Landlords need creative ways to market their office buildings, and I’ve enjoyed coming up with new and fresh strategies to increase occupancy,” Gutman said. “I’ve also found remarkable solutions for tenants looking to create savings. Finding ways to overcome these challenges has been very rewarding.” When not working, Gutman says that she enjoys spending time with her Bernese Mountain Dog. She’s also a big fan of dance fitness, trying to carve out time to dance four to five times a week. As Gutman says, dance acts as a great reliever of stress. As far as the future goes? Gutman says that she is excited to continue serving her clients and building her CRE career. “My success in commercial real estate can be attributed to a combination of patience, understanding the market, constant learning and my ability to close deals,” Gutman said. “I’m honest and ethical and I’m driven to get my clients the best results possible.”

Winter 2024 | Midwest Real Estate News

HALL OF FAME - CLASS OF 2023 29

ISAIAH HARF

Regional Managing Director Northmarq | Chicago, IL Respect: That’s what Isaiah Harf has earned from his clients and colleagues during his career of more than 15 years. This isn’t surprising. As Regional Managing Director in the Chicago Office of Northmarq, where he is responsible for the company’s Chicago, Cincinnati and Toledo commercial investment sales offices, Harf has proven invaluable to his company and industry. At Northmarq, Harf nurtures client relationships and serves as a regional leader assisting with talent management and acquisition. Additionally, he manages office operations and identifies opportunities to promote and expand other Northmarq business lines. At the same time, he’s been a top producer. Focusing on the sale of net lease assets, Harf has closed more than $3 billion in total transaction volume and has partnered with some of the nation’s most respected and trusted institutions, REITS, private equity managers and merchant developers. “I really enjoy interacting with people, seeing people’s careers grow and knowing that I was able to help someone accomplish something that they never thought possible,” Harf said. “Our industry attracts all kinds of people, and I’ve learned that the most talented people are sometimes the most overlooked. Additionally, I’ve enjoyed getting to know our clients and their families and being part of something greater than a simple — or not so simple — transaction.” As a lead business development and execution specialist for a team he co-runs with BJ Feller, Harf provides extensive knowledge to buyers and sellers across the nation. With a predominant focus on retail assets, Harf additionally runs multiple sale-leaseback programs for fast-food retailers and is a leader in the net-leased healthcare and cannabis-based sectors. “Isaiah Harf is a perennial top net-lease producer and respected across the commercial real estate industry for his deep expertise and big personality,” said Jeff Cox, executive managing director of Commercial Investment Sales at Northmarq. “He is the perfect combination of expert advisor, fierce negotiator and quality human being. I count it a privilege to call him a colleague and friend.” Since 2019, Harf has completed some of the net-lease sector’s larger transactions, with buildings occupied by tenants like Whole Foods and Stop & Shop. “Self-motivated, disciplined, and focused, these words describe Isaiah Harf,” said Anna Sidimirova, lead marketing coordinator for Harf. “Through the years, Isaiah’s guidance and support have helped many individuals to accomplish their professional goals. The impact that he has made on the net lease industry is invaluable. It is my pleasure to work with Isaiah every day.” Before joining Northmarq, Harf served as Regional Director and Partner at Stan Johnson Company, which he joined in 2011. Prior to Stan Johnson Company, Harf worked with a leading national receivership firm that handled commercial mortgage-backed securities servicers. Harf headed the disposition department with an emphasis on distressed asset optimization and strategy in secondary and tertiary markets. Harf ’s previous clientele included prominent servicers, national banks and opportunistic funds. What is the key to Harf ’s success? Hard work. Market knowledge. A dedication to his clients. They all play a role. “I have also had the benefit of having an instrumental business partner, BJ Feller, who has continued to push me and make me better,” Harf said. Then there’s integrity, which Harf says is key. “My success can be attributed to doing what I say I’m going to do,” he said. “I pride myself on always being available for clients and embrace the opportunity to put in the extra hours of work to meet the demands of the day. You may not always win, but you can’t win if you don’t give yourself the time.” When not working, Harf enjoys live sporting events and spending time with his wife, Dana, and his children, Brody, Levi and Demi. He’s also a big fan of the sauna and steam room. “After 20 minutes in there, you can conquer anything,” Harf said.

CONGRATULATIONS Lesley Gutman & Sheila Fogarty

on your induction into the Midwest Real Estate’s Hall of Fame and congratulations to all honorees. 28400 Northwestern Hwy. Fourth Floor Southfield, MI 48034

248 353 0500 www.naifarbman.com

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

JOHN HASSLER, SIOR Executive Managing Director, Principal Newmark Zimmer | Kansas City, MO Since joining Kansas City’s Newmark Zimmer in 2010, John Hassler has quickly risen to a leadership position, today serving as a principal of what is one of the Midwest’s largest and most active commercial real estate firms. This is just one sign that Hassler has established himself as one of the strongest commercial real estate producers in the Midwest. How successful is Hassler? He has been involved in more than $1 billion worth of industrial real estate transactions, including some of the largest and most sophisticated asset-level trades in the history of the region’s industrial market. This includes the 2.1-million-square-foott Kansas City Last Mile Portfolio, the 1.1-million-square-foot Coleman Distribution Center, the 700,000-square-foot Oakland Logistics Center, the 700,000-square-foot Musician’s Friend Distribution Center and numerous multi-building portfolios. These portfolios include Lenexa Industrial Park, Stadium Business Park, Rivergate Center/Midtown Park and the Executive Park Portfolio. During his career, Hassler has represented some of the largest owners of industrial property in the country including Link Logistics, LaSalle Investment Management, Artemis Real Estate Partners, Gramercy Property Trust, The RMR Group, VanTrust, Hunt Midwest, NorthPoint Development and Sealy & Company. Hassler co-leads Newmark Zimmer’s Industrial & Logistics Real Estate brokerage division, which is the highest-producing division within the company’s brokerage department. The division focuses on providing brokerage and advisory services in the acquisition, disposition, leasing and investment analysis of industrial properties throughout the Midwest. Hassler’s peers recognize this veteran’s talents. He won KCRAR’s Home Run Deal Award in 2014, has been a frequent recipient of the annual Costar Power Broker Award and has been named a Heavy Hitter in Kansas City Commercial Real Estate every year since 2017. Others have sought out Hassler’s expertise. He has been published in numerous real estate-related periodicals including Midwest Real Estate News, SIOR Professional Report, Kansas City Business Journal and Ingram’s Magazine. To help give back to his profession, Hassler served as the 2021 SIOR Development Day Chairman, in which he coordinated the region’s largest annual commercial real estate industry event. He also ranks among the youngest members of the Western Missouri/Kansas Society of Industrial and Office Realtors (SIOR), a designation signaling excellence and ethics for top commercial real estate practitioners. Despite the time it takes to build such a busy career, Hassler actively participates in various charities aimed at improving life for those in the Kansas City area. These charities provide assistance to the needy and include Operation Breakthrough and The Salvation Army. Hassler graduated from the University of Kansas in 2009 and raises his young children, Charlotte and Will, with his wife Jessie.

STEVEN HERRON, CPM President

Zeller Management Corporation | Chicago, IL Steve Herron has played a crucial role in the success of Zeller, specifically in the firm’s property management division. As president, Herron oversees the property management of Zeller’s portfolio. He also works closely with Zeller’s financial teams that oversee operating budgets and support schedules for the many properties that the firm manages. His peers say that Herron has long championed advancements in innovation, sustainability and technology at Zeller, advancements that have given this property management firm an edge among its competitors. What does Herron enjoy most about working in property management? He cites the variety and complexity of managing commercial real estate. “Property management places individuals largely in the seat of a CEO having to touch and impact virtually every aspect of maintaining and growing a business,” Herron said. “In this case, it is through the investment within a commercial office building. Working with teams who manage all aspects to produce a positive outcome for a physical asset regardless of size, class or situation has been personally rewarding for me throughout my career.”

Twin Cities market.

Before becoming president, Herron served as a principal at Zeller. In this role, he handled the physical operation and financial performance for properties across all markets served by Zeller. Before joining Zeller, Herron worked as a property manager with Heitman Properties, where he managed a variety of properties in the

Herron credits much of his success and longevity throughout his 34+ year commercial real estate career to the mentors who guided him early in his career. “Sometimes the perspective you receive from both mentors and direct reports is not what you wish to hear. However, I feel like I have a strong enough sense of who I am and the ability to critically listen to ensure that I minimize, if not eliminate, blind spots within my own thinking or strategy,” Herron said. Herron also said that he has surrounded himself with talented individuals, which has also helped him succeed. “I believe that the greatest success comes from tapping into the individual talents of the team members and people around you to achieve a stated goal,” Herron said. “I have found that following that mantra has produced the success I have enjoyed within the industry.” In his free time, Herron has not been shy about serving his community. He is a past president of BOMA Greater Minneapolis and a member of IREM, NAIOP, the Minnesota Downtown Council and Skyway Advisory Board. He currently serves as chair of the BOMA National Advisory Council. He also is a Youth Mentor at Bolder Options. In 2023, he won the Best of BOMA Board Chairs Award and in 2021 was awarded the Executive of the Year by the MN RE Journal. When not working, Herron says that he most enjoys spending as much time with his wife of 32 years and three adult children as possible. He also enjoys any adventure that involves motorsports, whether on the track with his Porsche Cayman or scheduling trips with his friends to backcountry areas within the United States on adventure motorcycles. “I enjoy being outdoors experiencing the exhilaration brought by both those activities,” Herron said. “Perhaps a visit to an F1 race at Spa is in my future!”

HALL OF FAME - CLASS OF 2023 31

Winter 2024 | Midwest Real Estate News

M AT T H E W H R U B E S , C C I M Senior Vice President CBRE | St. Louis, MO Matthew Hrubes has been a force in St. Louis real estate since 1999, closing some of the biggest deals and leading some of the largest developments in the region since first entering the business with Colliers Turley Martin Tucker. Before he joined CBRE in 2021, Hrubes was the St. Louis market leader for Duke Realty Corporation. During his nine years with Duke, Hrubes developed more than 2.5 million square feet of industrial properties, including build-to-suits for Amazon’s first fulfillment center in Missouri, a center that consisted of 855,000 square feet. Hrubes also developed a 715,000-square-foot distribution center for Reckitt Benckiser and a 252,000-square-foot distribution center for Best Buy. He was also responsible for the leasing and marketing of the Duke portfolio, which consisted of more than 6.2 million square feet of commercial property. What has kept Hrubes in this business for so long? He points to the people whom he’s met. extremely gratifying.”

“Surround yourself with good people and the glass will always be half full,” Hrubes said. “Also, assisting people to better their situation is

Hrubes, though, can’t point to any secret formula to account for his long success. Instead, he credits his never-give-up atttitude and willingness to do whatever it takes to earn the best possible resuls for his clients. “Perseverance and attitude are the keys,” Hrubes said. “I have an appreciation of my previous experiences and look forward to what the future holds. To thrive in this industry, you have to keep an open mind and continue to learn. The industry has evolved and will continue to do so as AI and technology become more prevalent.” Throughout his career, Hrubes has earned several top commercial real estate honors, including being named a CoStar Power Broker multiple times and admission to the Duke Realty Masters Club. Outside of his work, Hrubes has given back to his community. He has sat on the Board of Alumni with Chaminade College Prep and served as president of the Chaminade Hockey Club. Hockey has been important to Hrubes. He has coached youth hockey for more than 25 years, including providing instruction to several players who have gone on to play in the NHL. He says that the sport of hockey teaches valuable lessons that can be carried over into commercial real estate. “I value the discipline that the sport teaches as well as the relationships I have formed from my involvement over the years,” Hrubes said.

Congratulations to Newmark Zimmer’s John Hassler Midwest Real Estate News Magazine 2023 inductee to the Midwest Commercial Real Estate Hall of Fame

nmrkzimmer.com

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

LAUREN HUGHES

Vice President of Business Development Capitol Construction | Fishers, IN In a male-dominated industry, Lauren Hughes has made a name for herself and created brand-awareness for Fishers, Indiana-based Capitol Construction as the company’s Vice President of Business Development for 11 years. How has Hughes built such a successful career in commercial real estate? She has leveraged the power of connections and has never forgotten the advice of her father, a career salesperson, who told her, “You cannot know enough people.” Hughes’ efforts have created a positive economic contribution for Capitol, as she continuously brings in new opportunities, assists with the firm’s strategic direction and proudly represents the team’s capabilities, both locally and nationally. With 15 years of experience in leasing and construction, Hughes has forged strong relationships with brokers, property managers, business owners, developers and architects. After selling new home construction for six years after graduating from Indiana University, Hughes was inspired to enter commercial real estate by her many family members who were already working in the business in Chicago. Fast forward: Hughes now has an uncle, multiple cousins, husband and sister in the industry. Hughes’ favorite part of her role is helping prospective clients navigate through the construction process in their search for new space. She works alongside the brokerage team to guide tenants and help analyze the costs of construction. Having leased space herself, Hughes understands the importance of accurate construction numbers for lease negotiations and financing requirements. Hughes’ most challenging time in the industry came during the shutdowns of the COVID-19 pandemic. As an essential business, Capitol never closed: Hughes juggled time between “home schooling” her twin first-graders, while simultaneously fulfilling her duties at Capitol. Fortunately, that period lasted just six weeks, and she was able to return to the office and gather a sense of normalcy. Hughes’ team never skipped a beat, and Capitol’s pipeline stayed busy by completing unoccupied spaces, making them ready for the return of office tenants and retailers. Since 2011, Hughes has been a member of IndyCREW and served as the organization’s president in 2017. She also served three years on IndyCREW’s Board of Directors. While still active in IndyCREW, Hughes is also a member of ICSC, BOMA, IREM and IndyREAL. Additionally, Hughes serves on the Facilities Committee at Cathedral High School, actively supports St. Mary’s Child Center and St. Augustine’s Home for the Aged, and is a School Council Member at St. Maria Goretti Catholic School. In her spare time, Hughes can be found coaching her kids’ sports or volunteering at school. She also has a newfound passion for pickleball and loves to hit the courts with her friends.

LAVON M. JOHNS Partner

Riley Safer Holmes & Cancila LLP | Chicago, IL For nearly three decades, commercial real estate and transactions attorney LaVon M. Johns has solidified her reputation as go-to counsel for some of the nation’s most significant public/ private partnership and nonprofit transactions. As Partner and Leader of the Business Transactions group at Riley Safer Holmes & Cancila LLP (RSHC), Johns guides a team of attorneys responsible for key commercial transactions, including real estate, finance, corporate and supply chain. She has served as counsel on acquisitions, dispositions and financings for some of the most recognizable real estate and infrastructure projects in the United States. A LEED-certified attorney, Johns has become a highly sought after dealmaker and lead counsel for multi-billion-dollar projects like the Skyway Toll Bridge and the proposed privatization of Midway Airport. Johns joined RSHC at the close of 2022 to lead the firm’s Business Transactions Team. Since her arrival, she has focused on team management, internal infrastructure and growth, including instituting a training platform for the young attorneys on the Business Transactions Team. In addition, Johns has contributed significant hours acting as in-house real estate counsel in conjunction with RSHC’s lease initiatives for its five office locations, including the relocation and build-out of three of these locations. “I enjoy the real estate business because it affords me the opportunity to work with people of various disciplines to close the transaction,” Johns said. “It emphasizes my belief that ‘Teamwork, makes the dream work.’ I also enjoy traveling the country to see the final results of a commercial real estate project of which I have been engaged.” Johns’ work in the last year includes advising a pool of institutional investors on issues related to real estate based investments; leading a nonprofit client in the development, construction, financing and leasing of a health complex on the Southside of the City of Chicago; and leading the finance business unit of the Business Transactions Team in a complex financing transaction that involved a multi-site, multi-state cross-collateralization project of a manufacturing and industrial company. This doesn’t mean that building such a strong career has been easy. As Johns says, as a minority woman in a business still dominated by white men, she needed to work overtime to earn her place in the business. When Johns started her career in 1996, there were few minority women in the legal profession that had established a career within BIGLaw with a practice focused on commercial real estate and finance transactions. “I was challenged with building relationships within and outside the walls of my law firm. With the guidance and the voices of my mentors and the law partners within my law firm, I worked hard and earned my place at the table,” Johns said. “Today, the numbers haven’t really changed in terms of minority women who have built successful practices in commercial real estate and finance transactions. As one of my former partners put it recently, ‘LaVon remains a unicorn.’” Johns is also deeply committed to developing the next generation of law firm professionals. For the past 11 years, she has served as an adjunct professor at Northwestern Pritzker School of Law where she teaches courses in commercial real estate transactions law. She is the immediate past president of the Illinois Institute for Continuing Legal Education. In addition, she has mentored countless young lawyers, with a particular focus on opportunities and career development for women lawyers. “I attribute my success to the fact that from day one, I have owned my career,” Johns said. “I have been blessed with success due to my commitment to excellence, hard work, flexibility, resilience, great mentors (the voices that spoke on my behalf when I wasn’t in the room to speak for myself), meaningful relationships with clients and fantastic family support.” Outside of work, Johns prefers to spend her time working on community service projects, traveling or spending time with her family and friends.

Winter 2024 | Midwest Real Estate News

HALL OF FAME - CLASS OF 2023 33

M AT T H E W K U R Z M A N N Senior National Director

Affordable Housing Advisors, Marcus & Millichap | Southfield, MI Matthew Kurzmann has long been a key part of the success enjoyed by Affordable Housing Advisors (AHA), a specialty group of Marcus & Millichap. Since joining AHA in 2011, Kurzmann has helped the firm accomplish a track record of selling more than 350,000 units of affordable housing with an aggregate value of more than $25 billion. As a Senior National Director and Executive Team member with AHA, Kurzmann represents sellers and buyers of government-subsidized and tax credit multifamily properties. He was instrumental in the creation of, and continues to play an integral role with, AHA’s platform for nonprofit clients by helping to found AHA’s Nonprofit Education Initiative, which offers a complimentary valuation to every nonprofit owner of affordable housing in the country. Kurzmann has represented and advised a wide range of owners, both nonprofit and profit-motivated. He takes pride in the fact that nearly all the transactions that he has brokered have resulted in the preservation of tens of thousands of affordable housing units. But it’s not just these success stories that have kept Kurzmann in this industry. He also points to the people with whom he works as prime motivators, inspiring him to give his maximum effort every day. “I enjoy working as part of an amazing team and competing with our team in the marketplace,” Kurzmann said. “I really take pride in the work we do at AHA and coming together as a team to achieve our clients’ goals and helping them succeed.” This doesn’t mean that Kurzmann hasn’t faced challenges. He says that it was difficult in the early days of his career to compete in an industry that has long been dominated by career veterans. He also said that it can be difficult to remain positive in an industry that experiences so many highs and lows. But like other successful CRE pros, Kurzmann found that working hard is the antidote to the CRE industry’s many challenges. “First and foremost, it’s work ethic,” Kurzmann said. “You have to put in the work, every day. My success, and our team’s success, can be attributed to integrity, transparency and consistently maintaining a client-centric focus.” Marcus & Millichap annually recognizes Kurzmann with their prestigious Chairman’s Circle of Excellence award, as well as being among the Top 10 Agents across the entire firm nationwide in recent years. Globe St. Real Estate Forum honored Kurzmann as one of its 2021 Multifamily Influencers, as well as including him in its “Fifty Under 40” list in 2020. Kurzmann is also a member and supporter of the National Multi-Housing Council, the Institute for Responsible Housing Preservation, the National Leased Housing Association and the National Housing and Rehabilitation Association. Despite his busy schedule, Kurzmann frequently gives back to the community through the company’s AHA Cares initiatives, where he has lead efforts volunteering for Habitat for Humanity and other organizations. He also contributes to numerous charitable groups, both locally and nationally. While away from the office, Kurzmann enjoys spending time with his wife and their two boys, traveling and watching Indiana Hoosiers basketball.

KEITH D. LAMPI

Director, President and Chief Executive Officer Inland Private Capital Corporation | Oak Brook, IL The numbers tell the story: During his career, Keith Lampi has been involved in more than $15 billion in real estate transactions across a wide range of property types. That’s impressive. But Lampi has also served in key leadership roles with Oak Brook, Illinois’ Inland Private Capital Corporation during much of this time. Today, for instance, Lampi is president and chief executive officer of Inland Private Capital Corporation, a thriving firm that specializes in securitized 1031 transactions and is part of The Inland Real Estate Group of Companies, Inc. In addition, effective February 1, 2024, he will begin serving as the president and chief executive officer of Inland Real Estate Investment Corporation, one of the nation’s largest investment managers of both public and private real estate securities products. Throughout his 21-year tenure at the firm, Lampi has helped shape Inland Private Capital Corporation into a market leader in the private real estate securities industry. He holds the significant responsibility of directing the company’s strategic growth plans while ensuring that Inland’s core principles, including its investor-focused approach, are reflected throughout the organization. Lampi is fortunate. Not only does he possess a natural talent for closing deals and building relationships, he also thoroughly enjoys the work. When asked what he enjoys most about working in commercial real estate, he says “All of it.” “The CRE industry is fast-paced and competitive, requiring a pulse on short-, medium- and long-term trends,” Lampi said. “Our team culture thrives in an environment that rewards thought leadership and innovation, so embracing our ability to remain nimble has allowed us to adapt to market trends over the years. I love the competitive energy this environment creates, which inspires all of us to bring our best each day.” Throughout his tenure, Lampi has championed change and implemented many investor-friendly modifications to IPC’s product structure, while also expanding its investment platform to include additional asset types. As a result, IPC has experienced explosive growth during Lampi’s time at the firm and is recognized as a leader in securitized 1031 exchange transactions, commanding approximately 15 percent of the market. “Hands down, the fundamental factor that has contributed to any success I have achieved is the people or the team around me,” Lampi said. “This applies to everyone, including my colleagues who work alongside me day in and day out, all the way to the founding principals of Inland and other mentors I have had over the years. As a firm, we hold culture in very high regard and subscribe to the belief that if we care about each other and succeed as a team, there is no limit to what we can accomplish as an organization.” Despite the demands of his busy career, Lampi has served his profession. He was president of ADISA, the nation’s largest alternative investment securities association, in 2018. In addition, he served on ADISA’s board of directors for six consecutive years and held several leadership positions with the association throughout his board tenure. In 2016, he was the recipient of the ADISA Distinguished Service Award. Lampi has also contributed his time and charitable efforts to a variety of non-profit and community-based organizations in the Chicago area, including the Walter Payton Foundation, the Our Children’s Homestead organization for underprivileged foster children and the Cornerstone Community Outreach homeless shelter. He also served as a volunteer youth basketball coach at the New City YMCA in Chicago. “I’ve always made it a point to surround myself with people that compliment my strengths and/or fortify my weaknesses,” Lampi said. “If I’ve thrived at any point in my career, it is because I’ve made it a point to assemble of a team of individuals with intellect and talent that made me look good and propelled our collective success over the years.”

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

A M A N D A L E AT H E R S , C C I M Net Lease Sales

Upland Real Estate Group | Minneapolis, MN During a successful career that has stretched for more than two decades, Amanda Leathers has contributed to the completion of more than 900 transactions totaling more than $2.8 billion in investment sales. This success stems from Leathers’ willingness to work long hours, study her market and do anything it takes to help her clients meet her goals. These attributes, along with a knack for closing even the most complicated of deals, have helped Leathers build a steady stream of repeat clients. Leathers specializes in representing buyers, sellers and tenants on the acquisition or disposition of single- and multi-tenant net-leased investment properties. She has a broad range of clients, including developers, REITs, 1031 exchange buyers, family trusts and tenants. Throughout her career, Leathers has represented such big-name clients as 7-Eleven, Arby’s, Bank of America, CVS Pharmacy, Circle K, Gander Mountain, US Bank, Walgreens and Starbucks. Leathers says that she truly enjoys working with her team at Upland. They, she says, make coming to work each morning a pleasure. “The strong bond with my team feels like family,” Leathers said. “I love coming to work with a shared work ethic and passion for overcoming challenges. Building long-term friendships with clients is also a rewarding aspect.” Leathers attended St. Cloud State University, graduating with a Bachelor of Science in Real Estate from the Herberger Business School. Most of her professional career has been at Upland, giving her a unique opportunity to grow strong team bonds, as well as create long-term client relationships. Being part of a small net lease sales team gives Leathers the ability to see transactions through from start to finish. In this relationship-based industry, Leathers says that clients are her most important asset. One of the primary reasons for her success is that she has been able to maintain existing client relationships, while researching and building new ones. “Our success comes from the trust of our remarkable clients who have confidence in our team’s dedication,” Leathers said. “Implementing a solid base strategy, researching ways to facilitate connection between buyers and sellers and consistent cold calling are key steps to thriving in this industry. Additionally, I am grateful for the two mentors on my team who provide constant encouragement.” Leathers’ work ethic and market knowledge have allowed her to overcome some of the challenges in the commercial real estate business. “Dealing with market uncertainties, such as the impact of rising interest rates, has been challenging,” she said. “I prioritize clients’ goals and work to find solutions to ensure their success.” When not working, Leathers enjoys spending quality moments with family and friends, practicing yoga and taking part in any activity on the water. Leathers is actively involved with several real estate associations, including the International Council of Shopping Centers, Minnesota Commercial Association of Realtors and St. Cloud State University Real Estate Alumni Association.

GRETCHEN MENSCH, CPM Chief Operating Officer, Executive Vice President Cornerstone Companies | Indianapolis, IN As the chief operating officer and executive vice president at Indianapolis-based Cornerstone Companies, Gretchen Mensch oversees internal operations and leads the property and facility management division. With such an important role, it’s not surprising that Mensch has played a key role in developing the processes and operations that have fueled Cornerstone’s rapid growth. How key? Mensch manages over 100 employees in areas such as property and facility management, HR, accounting and marketing. As the COO of an office with more than 178 employees, including 65 new additions in 2022, she contributed to the unprecedented growth of the Cornerstone team, marking its largest square footage and team size since adding property management services in 2010. In 2022, Cornerstone’s property and facility management team received recognition from REjournals as the “Property Management Company of the Year.” The team oversees more than 11 million square feet of medical facilities across 24 states, earning acclaim for its transactions of over 2.5 million square feet and growth to over 90 team members. What has kept Mensch in this field for so long? Her peers say that Mensch finds satisfaction in steering the growth and success of Cornerstone, particularly in its unique healthcare-focused real estate services. This doesn’t mean that Mensch hasn’t faced challenges in his career. All veteran CRE pros have. Mensch, though, emphasizes the value of hard work, integrity and handling situations with grace and honesty to achieve success, even with these challenges. Mensch plays a vital role in coordinating efforts across Cornerstone’s five healthcare real estate service lines: development, construction, brokerage, property and facility management, investments and asset management. She sees the company’s healthcare-specific focus as its greatest strength and anticipates leading Cornerstone’s continued growth as a prominent integrated healthcare real estate company. Beyond her professional role, Mensch is active in various associations, including BOMA Indiana, EWHC, IndyCREW and IREM Indianapolis. She supports charitable causes such as Tindley Accelerated Schools, Meals on Wheels and the Marine Corps Scholarship Foundation. Mensch holds a bachelor’s degree in finance from Indiana University and boasts 22 years of experience in the commercial real estate industry, with 13 years dedicated to Cornerstone. Before joining Cornerstone, she managed properties for Cassidy Turley (now Cushman & Wakefield), overseeing the operations of Keystone at the Crossing, a premier office park comprising more than 1 million square feet of Class-A product. Outside of work, Mensch treasures spending time with her husband and three daughters. They enjoy movie nights and attending their daughters’ volleyball, dance and other activities.

Winter 2024 | Midwest Real Estate News

HALL OF FAME - CLASS OF 2023 35

PHIL PECK, CCIM Vice President

Block & Company, Inc. | Kansas City, MO Outsiders might think Phil Peck’s timing wasn’t great. He entered the commercial real estate business in 2009 during the Great Recession. Commercial transactions had become rare, and closing deals was no easy task. But Peck? He saw opportunity. He worked hard during these challenging times. If he could survive the tough times? He knew he could thrive during stronger markets. And that’s what happened. Peck persevered. He dedicated himself to his clients. He worked long hours and studied his market. And when the economy improved and commercial transaction volume began rising, Peck was poised to take advantage of the CRE rebound. “The biggest challenge I had was coming into the business in 2009 during the recession trying to build client relationships when there weren’t a lot of transactions taking place,” Peck said. “Being able to learn and be persistent through those years has made this an enjoyable journey so far.” Since those early days, Peck, now a vice president with Kansas City’s Block & Company, Inc., has been involved in millions of dollars in commercial transactions, including leasing, investments and developments. In 2013, CoStar named him a Power Broker for the retail leasing volume he amassed in the Kansas City market. Peck has also taken the time to earn his CCIM designation, a designation given only to those who have proven themselves to be experts in commercial real estate brokerage, leasing, asset management, valuation and investment analysis. One of the reasons for Peck’s success has been his ability to carve out a niche as a specialist in the sale and leasing of retail and restaurant properties. This isn’t surprising: Before joining Block & Company, Peck served seven years as an owner and operator of a top national franchise restaurant concept. Peck says that there are two aspects of commercial real estate that he enjoys above all others: the people and the thrill of closing a deal. “You get the opportunity to meet and transact with people from all backgrounds and sectors for the one common goal of real estate,” Peck said. “No deal is ever the same. It’s what makes this business exciting. There is always a new hurdle to overcome.” Peck has relied on his industry knowledge, dedication to his clients and ability to close deals for his success. But there’s another trait that has allowed him to reach the heights of the industry: his empathy. “I have always looked at a deal and given advice based on what I would do if it was me,” Peck said. “Sometimes you make the deal and sometimes you walk away, but it’s how you build trusting relationships in this business that is the most important.” Peck is a graduate of Arizona State University’s W.P. Carey School of Business. where he earned a bachelor’s degree in business marketing with an emphasis in finance. He is a member of The Golden Key International Honor Society, National Association of Realtors, Kansas City Regional Association of Realtors and Retail Brokers Network. When not working, Peck enjoys spending time with his family, along with staying active, playing golf, relaxing at the lake and volunteering for multiple charities.

Block & Company, Inc., Realtors congratulates

Phil Peck

on his induction into the Midwest Commercial Real Estate Hall of Fame. Phil’s years of dedication and outstanding performance in commercial real estate is an inspiration to us all.

Phil Peck

Vice President Block & Company, Inc., Realtors

BLOCK & COMPANY, INC., REALTORS

605 W. 47th Street, Ste. 200, Kansas City, MO 64112 | 816.753.6000 | www.blockandco.com

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

NANCY PETERSEN Director of Commercial Real Estate Enterprise Bank and Trust | St. Louis, MO Nancy Petersen has worked in the commercial banking industry for more than three decades, focusing on real estate finance during this time. She’s specialized in large construction projects and has become a leader in this area. Petersen is currently the Director of Commercial Real Estate for Enterprise Bank and Trust, where she manages a team of five people in the St. Louis area. This commercial real estate team is responsible for obtaining new loans and deposits. Under Petersen’s leadership, it manages a portfolio of more than $500 million in real estate assets. Despite the challenges of building a successful career in commercial finance, Petersen has also found time to give back to her community. She leads the Women’s Leadership series for Enterprise Bank and Trust, in which she hosts various events for women business owners in the metropolitan St. Louis area. Petersen joined Enterprise Bank more than five years ago as Relationship Manager after spending 15 years with Wells Fargo Bank, where she was also a Commercial Real Estate Lender. In her previous positions, Petersen has served as a Relationship Manager at US Bank and Underwriting Manager for mortgage banking firm Hanover Capital Partners. Petersen said that the most enjoyable part of her job is getting to know her clients and helping them find financing solutions for their projects. Over the last few years closing financing deals has been a challenge, thanks to the hurdles of higher construction costs, labor shortages and increased interest rates. Petersen has relied on her work ethic, positive attitude and strong customer service to work though these challenging times. In addition to her career with Enterprise Bank and Trust, Petersen is the 2021 Past President of Commercial Real Estate Women – St. Louis (CREW), where she has been a member for almost 25 years and has served on various committees, notably the inaugural Ambassadors Committee. Petersen also believes in supporting her profession. She has mentored five women in the CRE industry during the last five years, an experience that she has found to be extremely rewarding. Petersen has previously served on the Executive Board of the St. Louis chapter of CREW as Director, Treasurer, Delegate, President-elect and President. When not working, Petersen enjoys exercising, golfing, entertaining and boating. Before the pandemic, she completed an impressive 10 half-marathons in 10 years. She has three children with her husband Bob and enjoys spending time with her two grandchildren. She is looking forward to the arrival of another grandchild soon.

MARK REICHTER Executive Vice President

Q10|Triad Capital Advisors | Kansas City, MO During his career of more than 25 years, Mark Reichter, executive vice president in the Kansas City, Missouri, office of Q10|Triad Capital Advisors, has closed more than 350 transactions and has been responsible for more than $2.5 billion of debt and equity placement for commercial and multifamily real estate. Many of these transactions rank among the biggest in the Kansas City market. Reichter, for instance, has financed several properties on and around Kansas City’s famous Country Club Plaza, including the two flagship office buildings of 46 Penn Centre and Valencia Tower. “Each and every deal is different,” Reichter said. “I like the variety that the business offers. Each client has a different personality. Every deal has its own attributes. The fun is writing a successful story for each opportunity that is provided.” Reichter’s success isn’t surprising to those who have followed this industry veteran’s career. Reichter boasts a deep knowledge of the commercial real estate and financing industries. He’s dedicated to his clients and is passionate about helping them reach their goals. Reichter also comes armed with plenty of industry experience. He logged time working for a life insurance company, a CMBS lender and national mortgage banking firm before joining Q10|Triad Capital Advisors in 2002. Despite his successes, Reichter has faced challenges during his long career. “The Great Recession of 2008 was difficult to navigate as there were very few sources for capital at all, and for the institutions that did have money to lend, the interest rates were far from inexpensive,” he said. “Then we dealt with a pandemic in Covid-19 and faced the challenge of working from home and trying to conduct business in another challenging environment. Then in late ’22 through mid-’23 we dealt with inflation and the Federal Reserve rapidly increasing rates to control it. Whether the challenge is market- or transaction-driven, you must put your head down and persevere through it all and figure out how to cross the finish line.” When not working for his clients, Reichter isn’t shy about boosting his industry knowledge and giving back to his profession. In 2007, he graduated from the MBA’s Future Leaders program. He served on the Commercial Board of Governors for the MBA from 2018 through 2023 and has been actively involved in lobbying on Capitol Hill on behalf of the MBA for policies that benefit the commercial real estate business. Reichter also sits on the Executive Advisory Council for Iowa State University’s -- his alma mater -- Master of Real Estate Development Program. “My mentors always instilled in me that this business is a marathon and not a race,” Reichter said. “Integrity and the ability to solve issues are two key attributes to a successful career in mortgage banking. Once you earn the trust of a client to explore financing options, the work has just begun. You must ensure that the approval process through the loan closing goes smooth to continue to gain the confidence of your clients. That means navigating choppy waters at times when issues arise. The more you work behind the scenes to deliver a smooth and efficient transaction, the greater the probability to enjoy a successful career.” When not working, Reichter enjoys traveling, dining, wine-tasting, spending time with his two dogs and watching sports, including Iowa State basketball and, of course, the Kansas City Chiefs.

Winter 2024 | Midwest Real Estate News

HALL OF FAME - CLASS OF 2023 37

ADAM ROTH, CCIM, SIOR Executive Vice President

NAI Hiffman | Oakbrook Terrace, IL Adam Roth’s mastery of logistics and real estate is borne from his long history in the industry, his inquisitive nature, logical problem-solving approach and tireless work ethic. Cutting his teeth in transportation and logistics as an LTL terminal supervisor at Roadway Express, the Ohio native made his ascent through the industry by overseeing Midwest business development with Transplace for four years before joining NAI Hiffman in 2005. Roth’s focus with Hiffman has been providing real estate, transportation and supply chain solutions to distribution and warehouse companies throughout the world on matters including corporate relocation, site search analysis, build-to-suit alternatives, acquisition, disposition and leasing services. In his 19-year tenure at Hiffman, Roth has completed over 600 career lease and sales transactions valued at more than $6 billion. He became a Partner and Shareholder of NAI Hiffman in 2011. “Each day and each deal are different,” Roth said. “I feel very fortunate to work within the ‘Chicago way’ of industrial real estate, enjoying the quality of people across the industry and having built relationships with developers, owners, tenants, competitors and the various levels of service providers.” Roth conveys complexities of economic factors and supply chain with a logical, straightforward clarity, with projections and strategies informed by the latest statistics, legislation, trends and commerce. “There was no way to foresee how much my previous career would impact my time as an industrial real estate broker, and this resulted in a tremendous fit with the timing of both the logistics and industrial real estate fields,” Roth said. “For over 20 years, I continue to attend supply chain tradeshows to identify trends that will impact the real estate sector; a relationship I like to call ‘The Rule of 1.5.’” Roth’s wheelhouse is understanding and explaining the interconnected forces governing real estate: His “Rule of 1.5” stipulates that ripples caused by activity in transportation, trucking and retail reverberate in real estate markets a year-and-a-half later. Roth lends his expertise to real estate periodicals, panels and speaking engagements with organizations such as WGN Radio Chicago, NAIOP, Will County Real Estate Forecast, DePaul University, Union Pacific RR, Elmhurst University, the Realty Club of Chicago and the REAL Professionals Network. Since 2007, national commercial real estate and intermodal developer CenterPoint Properties has relied on Roth and colleague Dan Leahy as strategic partners and advisors on their largest capital investment, the 6,400-acre CenterPoint Intermodal Center. From bringing competitive brokerage firms and targeted users to the intermodal campus for lunch and helicopter tours to implementing a statistics-based model for potential users, the Roth/Leahy team’s marketing approach elevated the suburban Chicago industrial powerhouse as a major player for national and international clients. Additionally, Roth serves as a director of NAI Global Logistics, a national strategic platform comprised of a network of logistics brokers. Roth, his spouse Rita and their three children (Anderson and twins Henry and Hudson), dog (Hazel) and cat (Louis) reside in Elmhurst, Illinois. An avid sports fan, Roth’s favorite team is his hometown Cleveland Browns and he currently serves as the head coach for his twins’ 10U football team, the Elmhurst Eagles. “I love reading to our twins,” Roth said. “We finished Harry Potter and Percy Jackson. Now we’re on Michael Vey.”

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

J O E R YA N

Chief Executive Officer, Owner Oppidan Investment Company | Excelsior, MN Joe Ryan’s personal philosophy of always “delivering value” was instrumental in the creation of Oppidan Investment Company in 1991. Oppidan is the Latin word for investing in your city, and that’s exactly what Ryan strives to achieve every day. For the past 32 years, “delivering value” has been the key to transforming Oppidan into a national real estate development leader. Ryan built a team steeped with experience in development, capital markets, project management, construction management and senior housing operations. Relationships matter to Ryan, which is why every Oppidan client has become a repeat client. Oppidan has made its mark in all facets of the commercial development industry, from development to project management. “We transform the communities in which we build,” Ryan said. “At Oppidan, we are focused on giving back to the community, and we do this in a big way.” To do this, Oppidan created and funded the Pillar’s Fund, which is used to purchase memory care programming to enrich the lives of the memory care residents who reside in the company’s senior housing communities. Oppidan is also a top contributor to its local Special Olympics Polar Plunge, which not only raises money for an important cause, but fosters teambuilding for the entire Oppidan family. Ryan’s leadership is apparent through Oppidan’s success. He has led his team in the development of more than 580 projects valued at over $4 billion and spanning 25 million square feet throughout 41 states and parts of Canada. Oppidan’s impressive client list includes US Franciscans, Christian Brothers, Oblates Priests and Brothers, Ebenezer, Watermark Retirement Communities, Duluth Trading Company, Northern Tool, Cub Foods, Hornbachers, Coborns, Camping World, Target, Sprouts, GE Oil & Gas, Goodwill, Caliber Collision and multiple global industrial and mission-critical clients. Oppidan has evolved and created many institutional and private joint venture partnerships with the nation’s top financial institutions, including Harrison Street and Kayne Anderson, as well as asset managers like Bailard and Goldman Sachs Asset Management. Ryan also co-founded Oppidan’s sister company, Water Street Partners, in 2017, which invests in real estate opportunities on behalf of its private real estate funds. “The industry changes rapidly and you have to be nimble enough to weather the storm, while also creating a strong team that can stand by your side,” Ryan said. “The greatest challenge and success is the development of people and watching the team meld together and become stronger and more aligned.” From a deal standpoint, in 2023 Oppidan secured one of its largest industrial build-to-suit projects in Minnesota. The company also expanded its portfolio into the development of affordable housing. “We are driven to support our community, which is why our affordable housing focus is important,” Ryan said. “We’re also proud to be a three-time winner of the Best Places to Work Award.” Ryan has been recognized by his peers with an impressive list of awards including GlobeSt’s Best Boss, Minneapolis/St. Paul Magazine’s Most Admired CEO, Finance & Commerce’s Power 30, Twin Cities Business’ Family Business Award and Twin Cities Business’ 100 People to Watch Oppidan’s developments have also received praise, including the Midwest Real Estate Journal Best of the Best list; Minnesota Real Estate Journal Top Urban Senior Housing; Minnesota Shopping Centers Association STARR Award for Best Mixed-Use Project; and the Gold Nugget Award Grand Award Winner for Best Service Enriched Senior Community. “We are continuing our discipline while keeping our entrepreneurial spirit,” Ryan said. “This is not an easy task. But it takes great leadership and an exceptional culture, which is exactly what we have at Oppidan.”

JASON SPECKMAN, SIOR, MBA Executive Vice President Colliers | Indianapolis, IN A strong work ethic. An in-depth knowledge of his market. And an ability to deliver winning results for his clients. This has helped Jason Speckman, executive vice president with the Indianapolis office of Colliers, thrive in the competitive arena of commercial real estate. Speckman, who has earned his SIOR designation, specializes in industrial real estate with a focus on institutional agency representation, helping owners and developers execute their industrial real estate portfolio strategies. Speckman possesses a strong work ethic and is a perennial high-volume producer. For 10 years, he and his team have earned the Most Transactions Award for Colliers Indianapolis. In 2022, Speckman and his team closed 298 transactions. Across 260 workdays in a year, that rings in at 1.15 transactions per workday. “I truly enjoy winning business and performing for our clients,” Speckman said. “But there is nothing more exciting than watching our young professionals grow and blow away expectations.” Speckman has equal accomplishments when it comes to business leadership, community contributions and personal achievements. In the Colliers Indianapolis office, Speckman is known as one to push the norm to bring about change - whether it be general HR policy or building that next level of best practices and client outcomes. Speckman has sometimes taken a stand that wasn’t “standard protocol,” but with persuasion and patience, has helped to initiate evolution that is appreciated and/or necessary. How has Speckman built such a strong career? He believes in the power of working hard and smart, treating people with respect, learning something new each day and being open to both receiving and giving constructive feedback. Then there are his ethics: Speckman says that it is important to always do the right thing, even when no one is looking. “Additionally, like almost every profession, we’re all in the people business,” Speckman said. “Interpersonal skills are mission-critical and can be differentiating. You could be the best subject matter expert on this earth, but if people don’t like you or don’t trust you, they most likely will not conduct business with you.” This industry veteran is inquisitive and sincerely wants to understand the “why” and “why not” of every business situation. He is known to make thoughtful statements or judgments, which has led to an early appointment to Collier’s Executive Committee. While working full time, Speckman earned his MBA from the University of Notre Dame. He has a bachelor’s degree from DePauw University, with a double major in Economics and Political Science. He has served as a board member and the admissions chair for the IN/KY Chapter of SIOR (Society of Industrial and Office Realtors) and served as a board member for the Indianapolis chapter of NAIOP (the leading organization in North America for owners and developers of commercial real estate). He is a member of Colliers’ U.S. Logistics & Transportation Solutions Group (a national invite-only service group), and he is past Board President of Leadership Hendricks County. Speckman has also been published by the Indianapolis Business Journal, and has served as a panel member for the publication’s annual Commercial Real Estate and Construction Power Breakfast. Speckman’s peers have recognized this leader’s talents, honoring him in many way: • Colliers Indianapolis Performance Awards: 10-Time Recipient, Most Transactions; Largest Transaction 2022; Top Associate Producer 2014, 2012 • Junior Achievement, Best & Brightest: Honoree, Real Estate Category 2021 • SIOR: past board member and Admissions Chair IN/KY Chapter • NAIOP Indiana: past board member • Leadership Hendricks County: past board member and Board President

Winter 2024 | Midwest Real Estate News

HALL OF FAME - CLASS OF 2023 39

S A M S TA H N K E

Vice President/Operating Partner ARCO National Construction | Kansas City, MO During his career at ARCO National Construction, Sam Stahnke has been involved in bringing nearly 18 million square feet of space to major markets across the country for clients such as BlueScope Properties Group, STAG Industrial, Foxfield LLC, Coca-Cola, Goya Foods, Scooter’s Coffee and CITY Furniture. To say that he has made an impact for ARCO and in commercial real estate in general, then? That’s an understatement. “I love connecting with people, learning about them and their businesses, and in turn helping make their construction vision a reality,” Stahnke said. “Working with clients in a project’s preliminary stages during due diligence is one of the best parts of the construction process. It gives us the opportunity to get to know them and gain a deep understanding of what they really want and need for their business from a construction standpoint.” Stahnke boasts more than 16 years of experience providing his clients with turnkey design-build solutions. As vice president with ARCO’s Kansas City division, he services new and existing clients nationwide, specializing in industrial ground-up facilities, expansions and tenant improvements. Stahnke’s personal touch goes a long way to bringing these projects to successful completions. He is involved in projects from concept to completion, working with clients throughout the proposal, preconstruction, design and construction phases of a job, and then ensuring that his clients receive a finished facility that meets the needs of their business for years to come. Stahnke is committed to being a trusted advisor for clients, working to provide customers with the information needed to make well-informed decisions, including preliminary design options, due diligence, feasibility assessment, square footage optimization and more. As a result, he has created long-term partnerships with developer and end-user clients throughout the Midwest and country. “I moved to Kansas City in 2012 to help establish ARCO’s presence in the local market, not knowing anyone except my business partner,” he said. “I had to rebuild a full book of business in a town where I had only been one time. Through this, I learned to connect with clients and industry partners on a new level. It taught me the value of being vulnerable and open, which has allowed me to create some of the best relationships in my life through business.” As an active member of the local community, Stahnke serves on the board for KC SmartPort, a non-profit economic development organization that works to attract manufacturing, distribution and warehouse users to the Kansas City Region. He also serves on the board of the Parkville Area Chamber & EDC. Stahnke gives back to his community, too, supporting local charities through ARCO, including Habitat for Humanity, Community Linc, Camp Quality, the Deron Cherry Foundation and the Riverside Fire/Police Athletic League. He also volunteers as a coach for local youth sports. “I’ve always had a strong work ethic, especially since participating in sports growing up. It taught me the value of not taking ‘no’ for an answer and how to persevere when things get tough,” Stahnke said. “That mentality has translated well to my career in construction. The ability to think creatively and find the best solution has also played an integral role in my success. Whether in the heat of construction or early on with financing, I’ve been able to find a way to bring people together to create some spectacular finished projects.” When not working, Stahnke spends much of his time watching his two children’s sports activities or coaching their teams. He and his family also enjoy skiing in the winter and boating in the summer. He’s a fan, too, of CrossFit and staying in shape.

Three Cheers!

Congratulations to our 2024 Midwest Real Estate News Hall of Fame recipients. Nicely done!

Dan Arends

Principal & Executive Vice President Chicago

John Fricke

Executive Vice President Detroit

Jason Speckam SIOR Executive Vice President Indianapolis

colliers.com

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

M O L LY S T U D E R

Chief Operating Officer, Principal Gershman Commercial Real Estate | St. Louis, MO During a career of more than two decades, Molly Studer has steadily progressed into one of the leaders of the St. Louis commercial real estate industry. From her start in the business as a lease administrator and property manager, Studer has steadily built her market knowledge, industry relationships and leadership skills to become the chief operating officer of St. Louis’ thriving Gershman Commercial Real Estate. As a principal and COO with Gershman, Studer leads firm-wide operations and is responsible for recruitment and onboarding, strategic growth initiatives, employee engagement and development, client relations, new business development and branding and communications. In addition, Studer oversees Gershman’s property management, maintenance, project management and marketing and administration departments. She also serves as the liaison for outsourced human-resources and IT functions at the St. Louis firm. “I enjoy the diversity of this business and that every day brings a new challenge,” Studer said. “The most enjoyable part of my current role is talent acquisition. I’ve always had a passion for connecting people with opportunities.” Studer’s success at Gershman isn’t surprising. She’s been a key player at the firm since joining Gershman in 2020 as senior vice president in a newly created strategic, operational and client-development role. In January of 2022, her role expanded to executive vice president of operations, a role that required her to take on additional responsibility, including service line oversight and firm-wide operational leadership. In April 2023, she was elevated to COO and in October 2023 she joined the ownership group as a principal. Like other successful CRE pros, Studer has faced challenges. The biggest? Juggling career success with family life. “I’m proud of the healthy balance that I’ve achieved,” Studer said. “I’ve realized that the key is to find an organization that not only promotes a family-first culture but models it at the leadership level. Earlier in my career, I struggled with delegation, and wanted to be overly involved in every aspect of the business. With time, I’ve learned how valuable and rewarding it is to hire great people and empower them to succeed.” Studer began her real estate career at THF Realty in 2002 as a lease administrator before transitioning into property management. Prior to joining Gershman, she served as vice president of operations for Intelica CRE, followed by a role with JEMA, an architecture and design firm, as director of client development, where she was responsible for business development, client relationship management and recruitment. “I attribute a lot of my success to ‘raising my hand’ and asking to take on additional responsibility,” Studer said. “I have always been interested in expanding outside of my role to learn more, and that curiosity and initiative have led to bigger opportunities.” Outside of work, Studer doesn’t hesitate to support her industry. She is an active member of CREW St Louis, where she previously served as an executive board member and the 2023 secretary, as well as the St Louis Forum. In her free time, Studer enjoys spending time with her family and cheering on her two children – 13 and 14 – in a variety of sports and activities.

HALL OF FAME - CLASS OF 2023

Midwest Real Estate News | Winter 2024

R. JOSEPH SULLIVAN Director, New Business Development

Peak Construction Corporation | Rosemont, IL With more than 24 years of experience in the construction industry, R. Joseph Sullivan has become a leader at Rosemont, Illinois’ Peak Construction Corporation, helping the firm thrive in both good and challenging times. Like most members of this Hall of Fame, though, Sullivan’s start in the commercial real estate business was a humble one. After graduating from Winona State University with a bachelor’s degree in marketing and participating in the 1990s telecommunications boom, where he started as a sales representative in 1996, he steadily earned promotions to positions of increasing responsibility until joining Peak Construction Corporation in 2000. Sullivan has played an essential role at Peak, one that has grown exponentially throughout his career. His successful project completions, recruiting, training and mentoring of Peak team members have resulted in an upward professional trajectory, and he is currently the director of business development at Peak. Sullivan regularly displays a passion and enthusiasm for design/build construction and real estate. His role includes maintaining many key customer relationships as well as cultivating new partnerships and relationships that have boosted Peak’s overall company growth. Sullivan has also strategically developed personal relationships with industry real estate and construction professionals that have resulted in trusted, long-term and collaborative partnerships. It is this fundamental commitment to the pursuit of perfection that enables Sullivan to sell, on behalf of Peak, successful and award-winning projects every year. “Relationships and hard work have been the components of my success,” Sullivan said. “I live by the work hard/play hard mantra. Long-term networking and real estate relationships have allowed me to thrive in the CRE industry.” Sullivan has completed work throughout Chicagoland as well as in New Jersey, Ohio and Southeast Wisconsin. One of his most prestigious projects is Sunstar, a 302,000-square-foot build-to-suit manufacturing and distribution facility in Schaumburg, Illinois, that remains an iconic entry landmark into the village along the Interstate-90 corridor. Sullivan’s superior work ethic and thorough grasp of pre-construction, design/build and field construction processes have been vital to his sales and business development achievements. He is actively involved in developing and maintaining relationships, and subsequent proposal generation, to win projects. In 2022, he helped Peak grow to a record-setting total annual sales revenue of $400 million. Sullivan also works closely with Peak’s project engineers, managers and field personnel regarding the intricacies and challenges of commercial design and construction. He is instrumental in continuing to evaluate, improve and enhance Peak’s overall sales, including internal and external processes and technology systems that result in the highest value for the company’s clients. Sullivan is married to his college sweetheart, Michelle, and has two grown, successful children. He has a passion for the outdoors and has organized multiple group fishing and waterfowl trips in addition to successfully spearing sturgeon through the ice on Lake Winnebago in Wisconsin. He is an active annual sponsor of Ducks Unlimited and personally plants large food plots for native wildlife on the natural bluffs in Northwestern Illinois.

CRAIG WIELANSKY President

L3 Corporation | St. Louis, MO After practicing law for three years, Craig Wielansky made a career change in 1987. And this change required persistence: Wielansky said that he made more than 100 phone calls to Anthony Sansone Jr. of St. Louis’ Sansone Group to take a chance on him. Sansone did: Giving him a six-month unpaid trial to see if Commercial Real Estate was a good fit. Turns out, it was. And today, Wielansky is the President of L3 Corporation, a Company that he founded and has overseen since March of 1998. He specializes in tenant representation, generating listing assignments and helping oversee them and selling single-tenant net-leased properties. During his long and successful career, Wielansky has represented retailers on a national and international basis, including such big names as Bizmart, Sportmart, PetSmart, Ulta Beauty, Golf Galaxy, and Rockler Woodworking and Hardware. He has represented his clients in multiple deals in more than 46 states covering more than 100 cities throughout the United States and Canada. What has led to such a successful career? Wielansky points to the power of creativity. “The factors that have contributed to my success include trying to think outside the box,” he said. “I attended conventions early on that weren’t in my area, trying to network and get ahead of the curve. I also tried to provide the best deliverables, technology and best practices available to our clients. We have been fortunate as a number of clients have picked our materials and processes to show other brokers how they want markets to be presented.” This approach has paid off. L3 Corporation is not one of the largest firms in Wielansky’s market. That, though, hasn’t stopped the Company from ranking among the top 20 in Midwest Real Estate News’ Best of the Best issue for many years. “We might be small, but we have always produced like a larger firm,” Wielansky said. Business success, though, isn’t the only accomplishment of which Wielansky is proud. While building his Commercial Real Estate career, he also coached his son’s baseball team for 10 years. This was important, as Wielansky’s son was initially diagnosed with severe autism. Many teams would not consider adding him to their rosters even at the young age of 4. Wielansky, then, decided that he would coach his son’s teams. “It was one of the most rewarding periods of my life,” he said. “My clients could not have been more understanding. By his last year, his team was playing well over 100 games a season and I think I missed one game, having a flight that arrived late. And my son really benefitted from the experience and jettisoned from there having attended college, received his master’s degree being self-supportive and independent and now is in his sixth season at Fidelity Investments. My daughter and son both acquired my work ethic. My daughter has taken it to another level. While raising 3 boys under 3 she is a star at Capgemini and has far eclipsed me at the same age.” Wielansky also believes in the importance of mentoring. He currently mentors four people, including two from his office. “I enjoy working with younger brokers and helping them navigate their careers,” Wielansky said. “It allows me to give back to a business that has provided for me and my family.” Wielansky looks back fondly, too, on the many successful brokers who have passed through the doors at L3 Corporation, saying that he is proud to have played a role in helping them succeed. “Most started with me early in their careers. Some are still with me, and others have gone on to other companies,” Wielansky said. “I was proud not only of their accomplishments economically but watching them get married and start a family.” Despite his successes, Wielansky has faced challenges during his CRE career. He points to the difficulty of maintaining the culture of L3 Corporation as a big one. As he says, L3 Corporation has enjoyed a positive work culture during its existence, something of which Wielansky is proud. He knows, though, that this culture is fragile. He realizes that each new hire can positively or negatively affect the culture. “Knowing that one bad apple can spoil the whole bunch and trying to keep that culture is daunting,” he said. “For us it is about family.” Fortunately, the leaders at L3 Corporation remain strong. Wielansky says that his partner, Rick Spector, represents the future of the Company. He is also proud of his talented brokers, John Notter, Kyle Steiner, Alana Moylan and Rebecca Thessen. And L3’s administrative support team? He says that Hannah Hutchins and Courtney Bruehl are the best in the business. “These individuals, their spouses or significant others and their families are like family to me,” Wielansky said. “They define our company.”

Winter 2024 | Midwest Real Estate News

HALL OF FAME - CLASS OF 2023 43

CHRIS WOOD Vice Chairman

Cushman & Wakefield | Chicago, IL Chris Wood knows how to close a deal. The numbers prove this: During his career of more than 36 years, Wood has executed corporate client transactions valued at more than $5 billion and ranging from 1,000 to 1.2 million square feet. He’s also earned plenty of industry honors: He’s a two-time winner and five-time finalist of the NAIOP Chicago “Deal of the Year” award. In 2018, he ranked as Cushman & Wakefield’s top-ranked producing broker in the company’s Chicago market. Before joining Cushman & Wakefield, Wood was vice president of leasing for the central United States with Equity Office Properties Trust. In this role, he was twice awarded the company’s National Lease Transaction of the Year award. What’s especially fortunate is that Wood is not only a star in his field, but he also enjoys the work. “The favorite aspects of the CRE industry for me include watching the development and success of the various people I have hired over the years and watching as they have gone on to have great careers making a big impact inside their own organizations, for their clients and in their communities,” Wood said. “I also absolutely love my work with clients from so many diverse industries. Learning about those client companies and what makes them unique in their specific industries and then working together to develop and execute real estate strategies that support their corporate vision never gets old.” Wood credits much of his success in commercial real estate to the mentors who have guided him throughout his career. These mentors, he said, showed Wood how to evaluate opportunities, look for new ways to add value to clients and to always be looking out for the right people with whom to surround himself. “They all taught me in their own individual way that the best client outcomes come from listening very carefully to a client’s needs and then bringing in alternative thoughts and ideas from colleagues until the best advice or strategies bubble to the top,” Wood said. “I have been very lucky over my career to have been involved in many significant client projects and not one of them has ever been completed without the valued advice, input and efforts of colleagues.” This doesn’t mean that Wood hasn’t faced challenges. He points to the several market cycles that he’s worked through and macro challenges ranging from the Dot.com bubble to the global financial crisis of 2007 through 2009 and the recent COVID-19 pandemic. “The best companies and the best industry professionals watch, learn and develop new ways to add value to their clients,” Wood said, about overcoming challenges. “That means staying flexible and coachable and always being open to learning from your colleagues, competitors and clients.” When not working, Wood and his family enjoy being active. This includes getaways to the family’s lake house to boat, fish, waterski or simply read a good book … all without the distractions of TV. Wood also enjoys traveling to new places to learn about its history, people and their views on the world. Trekking in a US National Park or somewhere abroad to get “off the grid” and just slow down helps Wood recharge. “We also enjoy supporting our friends, family and communities in any way we can to try to make a positive impact on the people and the places that mean so much to us,” Wood said.

o g o t y a W ! g i a Cr HOF ‘23

2023 Midwest Real Estate News Hall of Fame We are thrilled to recognize Craig’s leadership and dedication to L3. From all of your clients and coworkers over the years, Thank you!

L3 CORPORATION

L3CORP.NET

HALL H A L L OF O F FAME F A M E -A LCLASS U M N I SOF E C T2023 ION Aaserud, Wendy Abelson, Aaron Abernethy, Scott Abraham, Amanda Abrams, Jeffrey Accurso, Joseph Ackerman, Chuck Agree, Richard Augustyn, Mark Ahern, Patrick Altemare, Steve Altemuehle, Doug Aluisi, Patricia Amick, Kevin Armstrong, Kevin Arnburg, David Arnold Kovitz, Kathryn Arpe, William Ashley, Brad Ashton, Richard Assoian, Bob Aston, Ken Atkins, Jerry Augustin,Drew Tammy Babisch Baier, Rick Bailey, Forrest Baker, Ivan Banyai, Joseph Barbe, Jana Cohen Barlow, Marc Barnes, Bill Barnett, Jenna Barnett, Seth Barron, Michael Barry III, James Barry Jr., James Baskin, Kyle Bayt, Phillip Bazoian, Scott Beachum, A.J. Beggs, Brian Behman, Sarah Bell, Eric Bell, Mike Bender, Jeffrey Benedetto, Peter Bennett, Barbara Bennett, Michael Bercu, David Berger, Richard Bergman, Laurence Bernard, Dennis Berriz, Albert Bessenbacher, Stephen Birge, J. Taggart Bistolarides, Deno

2020 2020 2015 2013 2021 2017 2018 2019 2020 2017 2019 2016 2019 2010 2019 2019 2017 2014 2022 2018 2016 2018 2014 2015 2020 2014 2017 2018 2019 2013 2021 2022 2018 2018 2012 2012 2010 2018 2016 2013 2021 2016 2011 2011 2022 2013 2017 2013 2019 2013 2016 2013 2010 2010 2020 2018 2022

Bittenbender, Marilyn Blagojevich, Alex Blankstein, Randy Blechschmidt, Chris Block, Bruce Block, David Block, Kenneth Block, Michael Block, Stephen Blum, Marc Blumberg, Sue Blumenthal, Amy Boerke, David Boll, John Bonifas, William Bonner, Kofi Book, Randall Borowiec, Bradley Bowling, Bill Boyd,John Bramson, Jeffrey Branding, David Branscome, Susan Brandt, Keith Brehmer, Robert Brennan, Michael Bridges, Larry Broderick, Adam Brown, Dan Browning, David Browning, Michael Brucato, James Bubniak, Bill Bruzas, Chris Buckley, Owen Bullock, Heath Burkhart, Mark Burkons, Daniel Burns, Russ Burstein, Richard Busch, Robert A. Buss, Steven Butcher, Doug Byers, Scott Caffey, Steven Caldeira, Len Callaghan, Colin Capitani, Jason Capitani, Mason Capitani, Mason Carris, Jim Casaccio, Anthony Case, Karen Casey, Britt Casey, Erin Cash, John Castle, Ronald

2014 2022 2017 2017 2018 2014 2010 2013 2011 2018 2013 2017 2013 2017 2017 2021 2017 2020 2012 2015 2014 2017 2010 2022 2010 2017 2015 2015 2017 2010 2013 2018 2017 2020 2014 2015 2010 2012 2020 2015 2019 2017 2014 2013 2016 2011 2017 2016 2013 2015 2021 2017 2012 2019 2020 2015 2016

Cates, Andy Cathlina, Laura Cawley, Daniel Chaben, Steve Chaconas, James Chaney, Jeffrery Charmoli, Phil Chavin, Barry Chenore, Rodger Chodos, Bob Choukourian, Paul Christenson, Andrea Cibula, George Cisler, Brett Clark, Jim Clark, Robert Shawn Clark Clements, Earl Click, Robert Clifton, Kevin Cockerham, Chris Cohen, Linsey Cole, Elmer Collins, Craig Collins, Mark Collins, Rick Conceller, Carl Connor, James Converse, Chandler Cook, Mike Cooler, Thomas Cooper, Dan Cooper, Gary Copaken, Jon Copaken, Keith Cope, James Copley,Melissa Corson, Debbie Cory, Rob Cosenza,Joseph Coulter, Gregory Coury,Jack Couston, Elise Coyne, Terry Cressy, Donald Crisp, John Cristal,Jeffrey Cruz, John Cullinan Oberwelman, Diane Curran, Chris Dahl, Jon Daitch, Andrew Damiani, Jim Daniels, John Davidson, Andy Davidson, Lisa Davis, Hank

Midwest Real Estate News | Winter 2024

2012 2017 2022 2012 2015 2015 2014 2020 2013 2011 2018 2015 2012 2017 2016 2010 2021 2013 2011 2017 2016 2020 2013 2013 2019 2013 2020 2012 2012 2014 2010 2015 2015 2018 2015 2014 2015 2017 2012 2015 2018 2015 2010 2012 2010 2019 2015 2019 2018 2016 2021 2017 2018 2012 2013 2014 2015

Davis, John Davis, Mark Davis, Paul Dawda, Edward Del Rosso, Patricia DeLair, Sally Delaney, Chuck Delguyd, Anthony Dellonte, Mark Demaree,John Dempsey, Patrick Denenberg, Gary DenHartog,Thad Dent, Mark Denton, David DePasquale, Ralph Derrough, Lee DeSantis, Dennis Despot, Brad Dickey, Dan Dickman, Samuel Diehl, Kelly Dieter, Jim Dillon, Kevin Dingman, Gina Disse, Steve Dixon, Collete English Dokovic, Dan Donato, Jr., Albert Donovan, Paul Doyle, Dennis Doyle, Jim Drake, Harry Drake, Lynn Dreher, Jeff Dudek, Lawrence Dumes, Joel Dunsmoor, Daniel DuPraw, Rick Durning, David Dusek, Jonathan Duvall, Greg Dye, Scott Earlywine, Angie Eaton, Jeff Eaton,Barbara Ebbing, William (Bill) Effler, DJ Ehrenberg, Maureen Ehret, Bill Eisenshtadt, Steve Elbaum, Larry Elder, Ed Ellis, LaTonya Ellison, Steve- O’brien, John Elsas, Gene Engle, Ryan Erickson, Brent

2010 2019 2015 2012 2011 2020 2021 2018 2019 2015 2017 2012 2015 2011 2018 2017 2012 2011 2019 2010 2012 2022 2011 2018 2016 2020 2010 2017 2019 2019 2010 2012 2012 2014 2017 2021 2015 2018 2015 2011 2010 2012 2013 2019 2016 2015 2019 2016 2013 2011 2017 2011 2013 2019 2016 2014 2020 2019

HALL H A L L OF O F FAME F A M E -A CLASS L U M N I SOF E C 2023 T I O N 45

Winter 2024 | Midwest Real Estate News

Evans, Pete Fagan, Robert Falk,Stanton Farbman, Andy Farrell Steve Fazio, Joseph Fifield, Steve & Randy Fink, Jamie Finn, Michael Firsel, Chad Fisher, Paul FitzGerald, Leah Fleming, Andrew Fleming, Dick Fleming, ED Flynn, Michael Forslund, Richard Fox, Christopher Frain, Ron Franke, Jerry Frantze, David French, William Friedman, David Friedman, David Friedman, Jay Fuller, Craig Fura, Doug Galbraith Kohn, Anne Gallagher, Kevin Gallucci, Cheryl Gamble, Kyle Gardner, Jay Garfinkel, David Garrett, James Gartner, John Gayman, Tom George, Kevin Gerard, Mike Gerbie, Ralph Gialamas, George Giannini, Ray Gibbs, Linda M. Ginkel, Brian Glasgow, William Glass, Michael Glaze, Larry Glimcher, Michael Glotzhober, Gary Godwin, John Golden, Sandy Goldie, Gordon Goldstone, Ron Golob,Diana Goodman, Jimmy Goodman, John Goodman, Randy Goodwin, Daniel

2021 2018 2015 2013 2015 2020 2012 2018 2016 2018 2010 2022 2017 2016 2017 2014 2017 2014 2012 2011 2012 2010 2015 2018 2018 2019 2015 2019 2010 2014 2019 2011 2013 2013 2011 2013 2014 2010 2020 2019 2018 2020 2022 2014 2010 2012 2011 2013 2019 2019 2015 2018 2011 2017 2010

Gordon, Brett Gordon, Steven Gordy, John Graves, J.D. Gray,Stephan Greazel, Ben Green, Michael Greenfield, Eric Griffith Jr., Stephen Grove, Kevin Grummons, Ember Guenther, Glenn Guimbarda, Bob Gujral, Brenda Gustafson, Thomas Gutierrez, Alfredo Gutrman,Andrew Haas, Lori Pittman Haggerty, Nancy Leary Hanna, Brandon Hamway, Joseph; Hudas, Gregg Hanson, Breck Hansen, Laura Hardin, Tripp Hardy, David Harer, Wayne Harrington, Timothy Harris, Scott Hartlage, Matt Hartman, Kimberly Estes Hartmann, Michael Harvey, Susan Hatcher, Brett Hatfield, Daniel Hauber, Catherine Hauptman, Jeff Hausman, Larry Hawkins, Taylor Hawley, Jeffrey Hawley, Todd Heath, Donald Heinrichs, Jerry Heitman, Karl Held, Andrew Helgesen, Donald(Deceased) Helmuth, Michael Hendrick, Suzanne Hendrickson, David Hengle, Laura Hennelyy, Tim Henry, Jeff Herrington, RA Herzberg, Marilyn Hess, Kristy Hess, Robert Hiffman, Dennis Higa, Perry

2020 2010 2014 2018 2015 2018 2018 2022 2022 2012 2022 2016 2012 2012 2017 2019 2015 2019 2016 2020 2016 2011 2020 2019 2010 2017 2016 2014 2018 2016 2011 2022 2017 2015 2014 2018 2017 2017 2013 2014 2014 2017 2020 2020 2014 2012 2018 2017 2017 2015 2013 2020 2022 2021 2013 2010 2019

Hil, Joseph Hill, Geoff Hinchman, David Hipp, Estel Hobbs, Leslie Hochberg, Andrew Hodess, Ronald Hoge, Paul Holland, Jay-Pritchard, Piers Holtz, Tom Holtzman, Jonathan Hood, Brett Hopwood, david Horn, Bob Houston, Crystal Howland, John Hubbard, Zach Hudas, Greg; Hamway, Joseph Hudson, Dax Hunter, Matt Hupp, Tony Hurd, Richard Hurtuk, Brian Hyun, Cecilia Inch, Donna Irgens, Mark Isaac, Al Isaac, Bruce Ives, Rodney Jackson, Doug James, Kevin Jameson, Andrew Jappaya, Kevin Jehle, Michael Jelepis, Alex Jellison, David Jennings, J. Kieran Jensen, Andrew Jensen, Dan Jessup, Daniel Jessup, Jon Johnson, Aaron Johnson, Bryan Johnson, Derrick Johnson, Janet Johnson, Nancy Johnson, Tom Johnston, Jeffrey;Timmel, Steven, Prosser, Christopher Jordan, Patrick Jones, Kevin Jonna, Simon Judeh, Jumana Kadish, Scott Kaduce, Adam Kahn, Jeffrey Kahnweiler, David

2022 2019 2015 2015 2020 2013 2018 2012 2014 2013 2018 2022 2013 2017 2016 2012 2021 2016 2019 2015 2021 2013 2012 2020 2011 2010 2010 2017 2014 2015 2019 2013 2020 2011 2017 2013 2021 2013 2016 2015 2022 2014 2014 2018 2012 2015 2012 2014 2021 2013 2019 2013 2015 2021 2011 2010

Kalil, Michael Kalil, Tim Kane, Jean Kapsalis, Traci Karbank, Steve Karmin, Tony Kasselman, Geoffrey Katai, Ernie Katz, Wendy Kauffman, Fritz Kavanau, Michael Keais, Garrett Keller, Laurel Kelly, Brendan Kelly, Patricia Kelpe, David Kendrick, Andrea Kennedy, Crystal Kepic, Peter Kerber, Paul Kerr, Gib Kerr Sr., Whitney Kerr, Jr., Whitney Kerrigan, Timothy Khoury, Norm Kingston-Bahn, Rebekah Kinsinger, Douglas Kirschbraun, Tom Kiser, Lee Klamm, Mike Kling,Steve Knoff, Kurt Koman, James Kolsrud, Mark Kooperman, Cory Kratchman, Cynthia Kratky, Jan Krawitz, Charles Krombach, peter Krug, Jason Kuiper, John Krimm, Paul Krusinski, Joe Kurtzon, Michael Labe, Monica Labes, Daniel Lampitt,Ed Lanford, Ross Langfeldt, Matt Larimer, Kevin LaSala, Todd Lasser,David Latessa, John Lawson, Susan Lawton, Matthew Leahy, Dan Learner, Joseph

2018 2020 2011 2013 2011 2013 2016 2011 2018 2018 2011 2017 2019 2017 2017 2016 2018 2017 2011 2011 2022 2012 2016 2019 2017 2017 2010 2014 2018 2013 2015 2014 2021 2020 2019 2022 2012 2019 2010 2018 2016 2021 2020 2012 2017 2018 2015 2022 2017 2017 2021 2015 2018 2021 2013 2020 2012

HALL OF FAME - CLASS OF 2023 H A L L O F F A M E A Midwest L U MReal N Estate I S News E C |TWinter I O N2024 Lee, Wonwoo Leipsitz-Makino, Kathy Lenhoff, Randall Leopardo, James Leopardo, Michael Lerner, Jay Lester, Matthew Letherman, John Levey, Lewis Levin, Daniel Levitan, Mike Levitas, Steve Licausi, Paul Linder, Michael Lindley, Patrick Lines, Susan Lingertat, Jessica Lippincott, Edward Lissner, Marilyn Locher, Gwen Lockridge, Christy Long, Mark Lossner, Justin Lovett, Mary Forbes Lowe, Dan Lubbers, Mike Lumpkins, Jerry Lund, John Lund, Matthew Lundstedt, Paul Lutz, Eric Lynch, Catherine Maas, Bill MacDonald, Dave MacDougall, Irene Mack, Robert Macke, Fred Maesel, Scott Magid, Trenton Magner, A.J. Mago, Angela Mandel, Barry Mannion,Ellen Marciniak, Kenneth Margosian, Charles Marshall, Adam Martens, Steven Martin , David Martin , John N. Martin, Steven Martin, Van Mathews, Terry Mattioda, Richard Maune, Ramsey Maxwell, Korb, Mayer,Michael Mays, John

2022 2017 2013 2010 2017 2022 2014 2016 2011 2017 2019 2019 2010 2015 2011 2017 2018 2018 2012 2019 2014 2017 2017 2016 2013 2013 2020 2012 2015 2020 2013 2018 2022 2016 2015 2021 2016 2013 2010 2016 2021 2012 2015 2019 2020 2022 2010 2019 2019 2014 2012 2012 2012 2013 2019 2015 2021

McCaffrey, James McCarthy, John McClellan, Jonathon McConahay, Mark McCue, Michele McDonald, Jim McFadden, Matthew McGarity, Tom McGregor, LeGrande McHale, William McKee, Chris McKenna, Kevin McKinney, Jack McKinney, Suzet McLaughlin, Lawrence McLaurin, Zeb McMahon, Kimberly McShane, James McShane, Molly Medinger, Jerry Meginnis, Richard Mehlman, Mark Melonides, Elaine Merlo, Dan Merrill,John Mesmer, Aaron Messina, Joe Michel, Timothy Mike Hanrahan & Paul Hilton Milks, Jodi Millang, Todd Miller, Bruce Miller Charles Miller, Craig Miller, Dave Mills Stephen Minea, Patrick Miscavish, Steve Missner Barry Mistler, Amy Moberg, Matthew Mobley, Shawn Monsees, Olen Monte, Mann Monteleone, Joseph Mooney, Michael Moran, Patrick Morgan, P.J Morgan, Shannon Moritz, Debra Morris, David Morse, Mike Mosby, James Mosier, Michelle Moyer, Gregory Moynihan, Michael Much, Larry

2014 2017 2016 2019 2017 2020 2021 2016 2014 2012 2017 2016 2015 2022 2014 2021 2022 2010 2016 2014 2011 2018 2011 2016 2015 2018 2017 2014 2012 2014 2013 2018 2015 2022 2020 2015 2020 2019 2015 2020 2019 2010 2012 2016 2013 2010 2014 2015 2021 2015 2012 2013 2013 2021 2013 2016 2022

Mullady, Michael Mumm, Kurt Munaco, Sam Murawski, Ken Murnane, Tim Murphy, Shenan Murphy, Thomas Murray, Joyce Murray, Ted Musser, Daniel Musser, Jeff Mutchler, Vicki Myers, Mark Myers, Rusty Nadborne, Craig Nash, Troy Neary, R.J. Nevanen, Martha Newcomb, Ken Neyer, Dan Neyer, John Nieman, Drew Nikitas, Danny Noddle, Jay Noonan, Victoria North, Molly Norton, Tim Nosal, Robert Nussbaum, Gary O’Brien, John-Ellison, Steve O’Connell, Jim O’Neill, Dan Ober, Becky Ober, Becky Ohmes, Mike Oklak, Dennis Olson, Scott Orf, Geoffrey Osborne, Thomas Ostoich, David Owen, Doug Pace, Richard Pacella, Alec Pacher, Nancy Padilla, Edward Palec, Steve Palmer, Mark Palms, Stephen Panovich, Michelle Pape, Jim Parent, Diane Parker, Gary Parrott, Joe Pate, Reuben Patton, Erin Pelok, Philip Petersen, David

2019 2011 2021 2012 2012 2011 2022 2018 2012 2020 2017 2019 2011 2015 2014 2015 2013 2011 2013 2017 2019 2012 2016 2015 2016 2016 2020 2014 2014 2016 2015 2017 2015 2021 2017 2010 2015 2021 2013 2019 2017 2014 2016 2013 2010 2022 2011 2019 2019 2018 2011 2013 2019 2017 2014 2020 2011

Petersen, John Peterson, Leslie Petrigan, Michael Petrovski, John Petruska, Kenneth Phair, John Phelps, Todd Phillips, Stanley Picchiotti, John Piggot, Cameron Pisczak, Spencer Pitstick, SI Pitts, Marcus Pizzuti, Joel Pizzuti, Ronald, Planey, James Plattner, Paul Pliska, Robert Podell, Charlie Podolsky, Randy Podolsky, Steven Poffenberger, Bill Pofok, George Ponader, Erick Porter, Christopher Potts, Christopher Powers, Tom Prock, Francis Provancher, Stephen Primo III, Quintin E. Pschirer, Frank Pudlosky, David Pulliam, Steve Purcell, Kevin Purtell, Ned Quigley, Brian Quinn, Peter Raday, Jeffrey Raker, Keith Rasmussen, Dave Rasmussen, Jill Reardon, Jack Reddick, Marci Reed, David Reed, John Reich, Lynn Reich, Lynn Reifman, David Reilly, John Reilly, Patrick Reimchisel, Troy Remiger, Vern Reves, Grant Revolinski, Scott Reynolds, Ora Richardson, David Rickert, John

2012 2015 2016 2013 2016 2013 2020 2014 2013 2011 2019 2017 2016 2013 2010 2018 2012 2013 2015 2011 2010 2017 2018 2018 2017 2016 2014 2015 2019 2022 2013 2018 2014 2014 2022 2017 2014 2012 2019 2010 2015 2012 2010 2015 2019 2010 2017 2019 2017 2018 2018 2018 2019 2011 2010 2015 2014

HALL H A L L OF O F FAME F A M E -A CLASS L U M N I SOF E C 2023 T I O N 47

Winter 2024 | Midwest Real Estate News

Riggle, Kara Riley, David Riley, Debbie Roach, Nancy Robbins,Mark Roberts, Brent Roberts, Claire Roberts, David Robertson, Brent Robins, Harlan Robinson, John Roe, Rob Rogalla, Bill Roge, Bret Rohrer, Chris Rolander Jr., William Roseboro, Angela Rosen, Jim Rosen, Susan Rossi, Sr., Anthony Roth, Steve Rowlett, Jeff Ruhl, Charles Ruhl, John Rupprecht, Daniel Rupprecht, Paul Ryan, Bob Ryan, Daniel Ryan, Nick Saewitz, Andrea Salata, Chris Salazar, JD Salsberry, John Saltzman, Bill Samoylovich, Alex Sandler, Stephen Sansone, Douglas Sansone, James Sansone, Sr. Anthony Sansone, Timothy Saunders, Caroline Saville, Brad Savoy, Jon Schaefer, Richard Schaffer, Timothy Schenck, Lynn Schenk, Greg Scherer, E.P. Scherer, Phil Scheufler, Alan Schmidt, Paul Schmidt, Ted Schneider, Keith Schneider, Steve Schnuck, Mark Schnur, Steve Schorgl, John

2014 2016 2014 2012 2015 2017 2016 2015 2019 2016 2011 2019 2012 2019 2015 2017 2012 2019 2016 2019 2011 2015 2010 2016 2014 2020 2011 2016 2018 2017 2020 2011 2019 2019 2019 2022 2014 2012 2010 2013 2018 2014 2011 2015 2010 2010 2015 2019 2016 2020 2022 2013 2017 2013 2010 2016 2019

Schueler, Mike Schuen, Richard Schuham, Richard Schulman,Albert Schultz, Vernon Schwartz, Robert Schwegman, Steve Seelig, Chris Seldin, Theodore Sellergren, David Sellet, Andrew Semarjian, Christoper Shaffer, Jack Shapiro, Donald Sharpe, Timothy Shaver, Tom Sheahan, Jr., John Sheahan, Peter Sheinkop, Michael Shepherd, Cheri Siedenburg, Doug Simmons, Joel Simon, David Simon, Judith Sims, Mark Sims, Tom Six, Robert Skender, Joseph Slane, Elizabeth Slusky, Jerry Smaniotto, Tony Smietana, Robert Smith, Greg Smith, J.J. Smith, Jeff Smith, Jr., Paul Ray Smith, Samuel Smith, Stephen Smith, Terry Smith, Terry Smith, Tom Snow, Peter Spears, Powell Spencer, Mike Stacy, John Stafford, John Stamm, Brent Stange, Drew Steinbach, David Stephens, Dick Stephens, Randy Stern, Martin Stern, Tom Stewart, Parker Stieve, Terry Stingley, Jeff Stoermer Clark, Alicia

2016 2010 2012 2015 2014 2013 2018 2016 2010 2011 2016 2018 2011 2016 2020 2013 2016 2018 2012 2015 2014 2020 2010 2018 2013 2016 2019 2017 2010 2010 2021 2013 2019 2022 2011 2019 2012 2012 2013 2015 2015 2019 2013 2016 2016 2017 2017 2013 2016 2018 2013 2011 2013 2022 2011 2022 2022

Stofer, Boyd Stratton, Marge Stratton, Steve Sturm, Keith Sturman, Jake Sullivan, Jr., Michael Sullivan, Michael Suwyn, Duke Swartchild, James Swatsenberg, Barry Sweeney, Floyd Sweeney, John Sweeney, Mike Swetnam, Greg Szady, Kenneth Szarzynski, Carrie Szerlag, Mark Tharpe, Steven Thorsland, Michael Mick Timm, Wendy Tollakson Rick Tomczyk, Deborah Toothaker, Brad Trossman, Don Trott, Rick Tucker, Jeff Tuohy, Patrick Turner, Thomas Ulstad, Keith Underman, John Underman, Richard Unruh, James Van Dellen, Alan Van Dyke, Kurt Van Noord, Douglas VanBuskirk, Michael Vande Zande, Chad Vannatta, Todd Vannelli, Deborah Vannelli, Mark Vickers, Sheryl Viergever, Brad Viggers, John Vodinelic, Robert Vogel, Mark Volk, Leslie Vondran, Jim Waggoner, Matt Wagner, Leslie Waites, Randel Walker, Leon Walker, Robert Walsh, Jackie Walsh, James Wardwell, Bill Warling, Neal Wathen, Patrick

2012 2017 2010 2019 2017 2015 2019 2011 2012 2012 2011 2017 2019 2012 2017 2021 2018 2013 2015 2014 2015 2021 2011 2016 2012 2017 2021 2011 2015 2019 2012 2015 2012 2014 2017 2018 2019 2016 2014 2015 2022 2018 2011 2018 2018 2016 2015 2019 2012 2013 2018 2021 2017 2014 2017 2016 2019

Watson, Marilyn Wynne Weidner, Jordan Weinberg, Justin Weinberg, Reed Weiner, A.J. Welsh, Scott Wendorf, Dan Wessel, Luke West, Thomas West, William Westling, Bruce Wethington, Angela Wheeler, Collin Whipple, William White, Linda Whiteside, Matthew Whiteside, Matthew Wibbels, Bruce Wiedelman, Mark Wielansky, Lee Wiles, Scott Wilkerson, Kevin Wilkie, Scott Wilkins, Chris Wilkins, David Wilkinson, Daniel Will, Jr., Albert “Al” Williams, Tiffany Earl Wilson, David Wilson, Doug Wilson, John Wintermute, Joshua Wisinski-Rosely, Mary Anne Wisinski, III, Stanley Woessner-Collins, Ann Marie Wolfe Miller, Goldie Wolk, Richard Wolken, Michael Woloshan, Shane Wood, Alan Wright,Bill Writt, Mark Yakovac,Joel Yamada, Michael Yeakey, Chris Yearout,Keith Yoder, Damien Young, Josh Zacher, Alfred Zacher, Steven Zaslavsky, Eteri Zelenock, Katheryne Zimmer, David Zimmer, Hugh Zoob, Barry ZSIGRAY, STEVE Zurawski, Brian

2015 2019 2020 2015 2017 2015 2015 2017 2020 2013 2019 2015 2017 2014 2016 2013 2017 2015 2015 2014 2015 2010 2019 2014 2022 2011 2019 2021 2019. 2019 2022 2019 2015 2014 2016 2018 2012 2012 2015 2015 2015 2011 2015 2016 2017 2015 2019 2018 2011 2018 2021 2019 2010 2013 2016 2011 2018