Young Guns You Need to Know
We hosted an invitation-only cocktail event at Jenner & Block’s sky-high office space in River North late last week, featuring a collection of Chicago commercial real estate's next-gen leaders. It's one of the many we're holding around the US in anticipation of the Escape Ascent retreat in South Beach this November.
Here’s Sedgwick Investments’ Lizzie Kaplan and Syndicated Equities’ Mike Crandall. Lizzie’s been busy selling two developments, Row 18 in Bucktown and Flexhouse 2 in Logan Square, and expects to break ground on 16 more rowhomes at Flexhouse this fall. Mike tells us his firm’s investments this year include GSA buildings, student housing, and multifamily developments. (And it’s looking for more, including deals that can accommodate 1031 Exchange investors.) He’s been enjoying time outside with the kids this summer.
Pangea Properties' Steve Joung and Arbor Lodging’s Vamsi Bonthala. Pangea continues to have a steady pipeline of its core product, value-add and workforce housing deals, this year, Steve tells us, and the firm’s on track to hit its 2014 acquisition goal of 1,500 apartments (Chicago, Indy, Baltimore). Pangea’s construction arm, Motus Construction, is gaining traction with middle market and institutional investors, it’s rolling out a new real estate management software platform this fall, and productivity in the office and field is back to normal levels after America’s loss in the World Cup, he jokes. Steve’s summer: hiking, fishing, BBQing.
Revision Group’s Scott Goldman, Lincoln Property’s John Reynolds, Stage Equity’s Brian Howard, and Bisnow Chicago office head Jonathan Hobfoll. John's portfolio of assets is located in markets all over the US, and it's generally a good time to be a seller, he says. Locally, OMRON just completed a 71k SF TI in Greenspoint III within Lincoln's Greenspoint Office Park in Hoffman Estates, and in Houston the firm just sold a two-building office park in Houston's Energy Corridor totaling just over 567k SF. John's summer plans consist of time with the family and chasing his (surprisingly fast) 11-month-old daughter around. Brian tells us Stage Equity just acquired a new medical office building in Columbus, Ohio, and is looking at acquiring additional MOBs and senior living facilities in Georgia and Texas. This summer he’s working on teaching his new puppy not to destroy every piece of furniture in his house.
Property Markets Group’s Noah Gottlieb, Friedman Properties’ Sean Sullivan, and Oak Grove Capital’s Ryan Cahalan. Noah says he just got back from a trip to Sweden (rumor is he did a special guest DJ set with Swedish House Mafia) and Norway. At the office, he’s working on 120 residential units on a TOD site at 2211 N Milwaukee in Logan Square (with 5,000 SF of ground-level retail). He’s also starting up a $35M apartment project adjacent to the UIC campus in University Village, which will include 130 units and a bit of retail.
Some icons in the industry stopped by to mingle with our rising stars: Dayton Street Partners’ Howard Wedren, Wrightwood Capital’s Bruce Cohen, and Pine Tree Commercial Realty’s Peter Borzak. Dayton Street, repped by Cushman & Wakefield, just sold one of the first spec industrial buildings built in Chicago in 20 years for $10.7M to Alliance Commercial Partners. Dayton developed the fully leased 105k SF Halsted Pershing Business Center (815 W Pershing) in 2009 with equity partner Legacy Capital Partners, Howard says. It’s closing on a 50k SF value-add industrial buy in the city next month, and Howard’s looking forward to a Michigan vacation with his wife and children in August.
Did we mention this view? For more info or to apply to attend our Ascent event in November, click here.