Your New Year's Resolutions
We've had so much fun covering the market for another year and getting to know all of you through your deals and emails. Know that every time you read us, every news tip you send, every interview you grant us, and every joke you chuckle at is a gift to us. Our New Year's resolution is to keep it coming! (And join a gym, of course.) Here are yours:
Capri Capital Partners chairman and CEO Quintin Primo (snapped with the Commander in Chief) resolves to further develop his team to become a more effective and responsible global enterprise. Personally, he wants to help his children realize and embrace their gifts so that they may better contribute to society. Within his community, he hopes to ease the pain and suffering that "so many still experience in this, the richest and most powerful country ever created." This year Capri (on behalf of an institutional investor) joined The Habitat Co to recapitalize 420-unit Kingsbury Plaza in River North.
JoAnn McGuinness is president and COO of Inland Real Estate Income Trust, or "IREIT," the newest company sponsored by Inland Real Estate Investment Corp. One of her goals is to lead IREIT in building its portfolio of multi-tenant, necessity-based retail assets. As they see it, retail is still the best asset class and the economy is still very consumer driven, as industry research shows that over 90% of all retail sales in the US still occur in brick-and-mortar stores. At IREIT's centers, they look for service-oriented tenants that give consumers the opportunity to see, touch, and feel products before purchasing. (Agreed. How else will we know if that cute sweater will itch?)
Village Green CEO Jonathan Holtzman wants the executive team to increase its influence on the company as it celebrates its 95th year in business. (Wow, we didn't think they looked a day over 80.) He's looking for better customer service from the government in 2014. He also hopes developers, lenders, and equity investors recognize there are other cities in the US that need rental housing, so the markets that are overexposed, oversupplied, and oversold receive fewer apartments than the cities that are underserved and underappreciated. Village Green will continue to focus on hospitality, improving service to renters, partners, and clients. During his time off in Mexico, Jonathan's working on turning off the cell phone, making zero commitments, waking up and sleeping by choice, reading, and relaxing.
Co-head of Prudential Real Estate Investors' investment dispositions group, Collete English Dixon's personal resolutions include: better managing her email storage, volunteering for fewer projects and non-profit boards, finding more "me time," and leaving her Blackberry on her desk when she and her husband go on a Baltic Sea cruise in May to celebrate their 25th wedding anniversary. Professionally, she'll continue to advocate for women in commercial real estate (and hopes to see more in the C-suite), and work closely with PREI's fund teams on the sale of investment properties. She also hopes 2014 still shows the US as a haven for investment security, interest rates stay moderate, and investor appetite isn't negatively impacted by political uncertainty.
Starwood Retail Partners COO Scott Ball hopes to reestablish his workout routine next year (don't we all?). At the office, he wants to maintain discipline on Starwood's acquisitions and not allow the marketplace to influence the level of quality of the assets they buy. His wish for the market: that easing from the Fed does not result in a big movement in interest rates. Next year Starwood will continue to be aggressive in acquiring good-quality regional malls, Scott says. He spent Christmas by the fire in Chicago and is headed down to Naples for New Year's to get some warm weather.
Cushman & Wakefield central region prez Shawn Mobley hopes to spend more time with his guitar in 2014 (in 15 years he hopes to be the next John Hiatt). "On the other hand, I can't sing, so we'll see.." he jokes. C&W established its Chicago leadership team this year and he'll continue to build on their guiding principles (integrity, excellence, team, balance) next year. "All great ideas, but it's the sort of thing that easily becomes corporate-speak' if you don't focus on making it a part of everything you do," he says. He thinks the market is at just about the right level of activity, and wants to grow the local team from 480 (it was just 178 in January 2011) to crossing 500 in the first half of the new year. Under new CEO Ed Forst, the company overall plans to especially grow its corporate services and investor services businesses, he adds.
When asked about big initiatives for next year, Related Realty prez David Wolf (center) jokes, "I could tell you but I'd have to kill you!" He plans to spend more time with his family next year. At work, he'll be focused on 2014 growth and production goals. The firm has hit the ground running since launching this spring, with some of the best agents in the business on board, he says, and he's excited to build on that success. He's hopeful for continued market improvement, with better available inventory levels than in 2013. He predicts an uptick in new listings this year and shorter market times, which will all contribute to the continued strengthening of the residential market.