We Were Flies On The Wall At Our Summertime Schmooze
It was a hot time in River North last night as the second half of 2016 officially kicked off with Bisnow's Summertime Schmooze at Bottled Blonde, presented by The Missner Group.
And schmooze, they did! 250 people packed Bottle Blonde's back bar to share work stories, trade business cards and cut loose in the middle of another busy workweek. Here are some of the highlights.
We caught up with Venture One Real Estate principal Ryan Stoller and The Missner Group president Barry Missner, who told us they've struck gold with industrial build-to-suits. Barry says this is one of the strongest markets he's seen for build-to-suits and it looks to stay that way for the foreseeable future. Ryan adds that Venture One is breaking ground on a 1M SF build-to-suit project in University Park that will be delivered next year.
Brian Liston of the law offices of Liston & Tsantillis and Inland Mortgage Capital president Art Rendak were amazed at the turnout and how hard it was finding some space at Bottled Blonde just to chat in a normal tone of voice. When we snapped this photo, Brian says he was telling Art about "big brother things." What happens at Bottled Blonde stays at Bottled Blonde.
Marquette Bank VP of commercial lending Gene Malfeo (center, with The Container Store's Kurt Witt and Marquette Bank commercial lending group director Michael Nisbet) says real estate owners are content with holding on to their assets in this market, thanks to a combination of tighter lending regulations and a wider capital pool. But there are some very good opportunities to be had, particularly with senior housing.
JPMorgan Chase Bank executive director David Diggs splits his time these days between Chicago and Denver, leading Chase's commercial mortgage lending groups in both cities. David's teams specialize in generating loans of $20M or lower for smaller office, industrial and retail assets, and he says the bank's portfolio isn't restrained by balance sheets. David says it's a tale of two cities between Chicago and Denver. The Mile High City's commercial real estate market is exploding due to increases in population and job growth, and investors are seeking the best core properties available. Chicago, meanwhile, is a more mature market with stable employment growth, and David is finding a lot of refi opportunities.
CBRE associate Derek Fohl prepped for a career in commercial real estate as part of the firm's Wheel program. The yearlong rotational program gives select employees a crash course in several disciplines, providing them with the necessary foundation for excellence in the industry. Derek says he worked in property management, lease negotiations, financial investment and sales, which piqued his interest in capital markets. These days, Derek is part of CBRE's capital markets team, specializing in suburban office.