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How to Reposition Older Assets

Delph Gustitus

Delph Gustitus

Principal

BTL Architects

Adam Firsel

Adam Firsel

Managing Principal

Core Acquisitions

Ralph Zucker

Ralph Zucker

CEO & Founder

Inspired by Somerset Development

Ross Allen

Ross Allen

Principal

ARCO/Murray

Zach Pruitt

Zach Pruitt

Managing Broker, Principal

Cawley Commercial Real Estate

Delph Gustitus

Principal

BTL Architects

Delph Gustitus, AIA, has focused on extending the useful service lives and improving the performance of buildings for over 25 years. He began his career as a design architect, then changed paths by moving to a consulting A/E firm where he developed the technical expertise and collaborative style that helped him launch his own firm in 1995. He has inspected, repaired, restored and preserved hundreds of buildings, including many of historic significance. As Principal, Delph manages a diverse portfolio and approaches each new project with the same level of dedication and commitment. Many of the firm's services are for adaptive re-use projects of existing and historic buildings. As a former board member of Landmarks Illinois, a leading preservation advocacy group, Delph has taken an active role in helping preserve the historic fabric of our built environment. He has worked for many years to promote the inherent benefits of maintaining and re-using our existing buildings.

Adam Firsel

Managing Principal

Core Acquisitions

Adam Firsel is the founder and managing principal of Core Acquisitions. Adam started Core with the intention of creating a full service and fully integrated commercial real estate organization. With Adam’s storied career including investment banking, development, property management, and acquisitions, he brings a wide range of roles and diversity of experience to Core business and culture.

Adam graduated from the University of Wisconsin-Madison with a Bachelors of Business Administration majoring in real estate and urban land economics. After college, Adam was a real estate investment banker with GMAC Commercial Mortgage in Denver, Colorado. In 2003, Adam moved back to his hometown of Chicago to become the Director of Finance & Development for Mid-America Development Partners. Adam then joined Crossroads Development Partners as a Principal and subsequently became the Director of Acquisitions for Next Realty. In 2011, Firsel formed Core Equities, LLC which focused on property management, leasing, receiverships, acquisitions, and development. In 2014, Adam renamed the company to Core Acquisitions, LLC when he partnered with Core’s other Principal, Bradley Joseph, to

focus primarily on value-add acquisitions, property management, and development projects.

Through a career that has allowed Adam to succeed in many roles, he has focused expertise in development & construction management, project analysis, and asset management among other skill sets. Adam has been involved with the complete life cycle of many complicated and successful projects in all property types including retail, office, hotel, mixed-use, apartments, and industrial. The transaction types have been note purchases, auctions, joint ventures, public-private partnerships, and traditional arms-length transactions.

All said, Adam has been the managing principal on over 25 projects in the last 6 years, and in his career has been involved on the principal side in over one hundred projects totaling over two billion dollars of project cost and millions of square feet of real estate.

Ralph Zucker

CEO & Founder

Inspired by Somerset Development

Ralph Zucker is CEO & Founder of Somerset Development, one of the New York Metropolitan region’s foremost pioneers of New Urbanism and Traditional Neighborhood Design development. Throughout his career, Zucker has worked hands-on in every facet of the building and development process, and has demonstrated a commitment to working with municipalities to create innovative communities based on the principles of New Urbanism.

Zucker is perhaps best known for Bell Works, the two-million-square-foot redevelopment of the former Bell Labs property in Holmdel, N.J., where he and the Somerset Development team successfully transformed the iconic Saarinen-designed research facility into a “metroburb,” a term that Somerset coined to describe the suburban building’s revival into a blossoming, downtown-style ecosystem of technology, traditional office, retail, dining and hospitality.

Today, Zucker and his team are in the midst of redeveloping The Ameritech Center in Hoffman Estates, Illinois, originally built as the former AT&T research facility, into Bell Works Chicagoland. The 1.65-million square foot building, which has already welcomed retail and office tenants, is quickly transforming into another successful metroburb.

Under Zucker’s leadership, Somerset and its projects have earned numerous industry awards and recognition for their contributions to furthering responsible development practices, including the New Jersey Future Smart Growth Award for Wesmont Station, Somerset's 70-acre transit-oriented mixed-use redevelopment located in Wood-Ridge, N.J., where Somerset partnered with NJ TRANSIT to build a brand new train station that provides access to Manhattan.

Ross Allen

Principal

ARCO/Murray

Ross is responsible for preconstruction, overall construction management, and business development for the Chicago Tenant Solutions team at ARCO/Murray – a Top 10 U.S. Design-Builder (ENR). Ross started at ARCO seven years ago as a Project Manager and has 13 years of industry experience. He’s worked on a wide variety of adaptive reuse projects for some of Chicago’s top developers like Shapack, Ameritus, IBT Group, The Mansueto Office, Peppercorn Capital, and Dayton Street Partners. Ross currently oversees the multi-phase construction process for The Terminal, an adaptive reuse project that will convert several historic industrial buildings in Humboldt Park into a 6.5 acre urban workspace community. The project is part of Mayor Lightfoot’s INVEST South/West initiative. Ross received his MBA in Real Estate Finance and Investment from DePaul University and a Bachelor of Science degree in Building Construction Technology from Purdue University.

Zach Pruitt

Managing Broker, Principal

Cawley Commercial Real Estate

Zach Pruitt brings fifteen years of extensive real estate experience, with an in-depth understanding of complex lease negotiations, site acquisition and disposition negotiations, lease restructures, sale-leasebacks, build-to-suits, strategic planning and portfolio management. With a tailored approach, Zach has successfully represented a vast array of clients from individual property owners, startups, local & private companies to the Fortune 500. He has completed transactions throughout the greater Chicagoland area as well as more than 50 markets throughout the United States and internationally. By staying true to his highest priorities - providing excellence in service to his clients while upholding integrity at all times, Zach has established himself as a well-respected member within the real estate community, and appreciation from his clients.

At Cawley Commercial, Zach’s primary focus is assisting owners of commercial real estate in maximizing their asset’s value. This consists of representing owners with the sale of their properties by positioning the asset for highest-and-best-use; and assisting owners of underperforming assets by creating a strategic leasing initiative and implementing an assertive approach to achieve increased occupancy. By aligning his client’s real estate needs and goals with a comprehensive strategy, he utilizes an in-depth understanding of the market and its individual submarkets, with a driven approach, to provide optimal results and maximum returns.

In addition to site disposition and lease representation, Zach provides thorough representation to end-users in need of new space as a tenant or owner-user, and representation to investors and developers desirous to acquire their newest project. Zach’s concentration branches from the core of downtown Chicago, outward to an in-depth knowledge of Chicago’s unique neighborhoods and submarkets.

Prior to joining Cawley Commercial Real Estate, Zach gained over ten years of commercial real estate experience as an active and successful member of NelsonHill, and DTZ/UGL Equis, now operating as Cushman & Wakefield. This is in succession to experience in residential real estate working for one of the Country’s top new home developers.

Zach holds a B.A. from Purdue University and is currently enrolled within the CCIM curriculum. Outside of his career, Zach is an Ironman, active in triathlons and endurance sports, a member of Year-Up Chicago and other community organizations, an active member of Assumption Church in River North, and most importantly a husband to his wife Lee, and father to their daughter Elynn.

Retail Repositioning Fireside Chat With Leon Walker

Leon Walker

Leon Walker

Managing Partner

DL3 Realty

Kimberly Dowdell

Kimberly Dowdell

Principal

HOK

Leon Walker

Managing Partner

DL3 Realty

Over the past 15 years, Leon I. Walker, Esq. has spearheaded cutting-edge

community development projects that have generated thousands of new jobs, and

brought grocery stores and health care services into the food and health care deserts

on Chicago’s south side.

Mr. Walker is an innovator who continues to be at the forefront of utilizing new

financing tools and blending funding streams. During his career, Mr. Walker has

structured more than $100 million in New Markets Tax Credits (NMTCs), including at

the award-winning Roseland Medical Center, which was the first project to finance

new construction with NMTCs in Chicago. He was also the first Chicago developer to

use crowdfunding for new construction, raising $500,000 in two days from 61

investors in 26 states as part of the $20 million capital stack for the nationally

recognized Englewood Square retail center, anchored by Whole-Foods.

As the Managing Partner of DL3 Realty, Mr. Walker works closely with municipalities, anchor institutions, and

Fortune 500 companies to implement projects that are sensitive to a neighborhood’s character while creating

economic opportunities for those who live there. Mr. Walker’s projects are more than just bricks and mortar. They

are designed to provide a stimulus that ultimately lifts economic prospects and quality-of-life for local residents. He

calls his work “Venture Development,” as described in a recently released discussion paper that can be

downloaded at dl3realty.com/venturedevelopment.

Current projects include a new Jewel-Osco that will be the first grocery store to come to the Woodlawn community

in over 40 years, helping to accelerate local revitalization efforts underway through the University of Chicago,

Obama Presidential Center and local neighborhood organizations. He recently opened the new UI Mile Square

Health Center in the South Shore neighborhood, collaborating with the YWCA to creatively co-locate critical health

care and child care services at one site to better support the needs of families. He is also collaborating with Central

City Productions to develop the nation’s first National Museum of Gospel Music, a highly inspirational project in the

historic Bronzeville community on the site once occupied by Pilgrim Baptist Church, known as the birthplace of

gospel. Mr. Walker is also leading the effort to develop social innovation hubs in Woodlawn, Chatham and Morgan

Park. These new developments are anchored by some of Chicago’s most seasoned non-profit tenants including a

Lighthouse call center providing 400 new jobs, a new Gift of Hope training center designed to prepare new

candidates for medical careers, and University of Chicago sponsored co-working space for social enterprises.

Given his catalytic projects and investment philosophy, Mr. Walker is often invited to speak to local and national

organizations regarding economic development, Venture Development, and his experience with crowdfunding.

Audiences have included the Chicago Bar Association, Urban Land Institute, American Planning Association,

American Bankers Association, Federal Reserve Bank of Chicago, Polsky Center for Entrepreneurship and

Innovation, International Council of Shopping Centers, and the Entrepreneur Podcast Network.

Mr. Walker serves as a Board member of the Greater Chicago Food Depository, the Marshall Bennett Institute of

Real Estate at Roosevelt University and as a Commissioner of the Roseland Community Medical District. He is a

member of the Economic Club of Chicago, Realty Club of Chicago, International Council of Shopping Centers

Government Relations Committee, and The Business Leadership Council.

Prior to taking on the leadership of DL3 Realty, Mr. Walker worked in corporate real estate services at Jones Lang

LaSalle, and in real estate capital markets at Citicorp Securities. He is a graduate of the University of Chicago’s Law

School and Booth School of Business, and received his Bachelor’s degree from the University of Michigan. He lives

with his wife and two children in the Kenwood historic district on Chicago’s south side.

Kimberly Dowdell

Principal

HOK

Kimberly Dowdell is a licensed architect and frequent speaker on the topic of architecture, diversity,sustainability and the future of cities. In her current role as the 2019-2020 national president of theNational Organization of Minority Architects (NOMA), she is working closely with her board of directorsand staff to increase opportunities for women and people of color to gain more equitable access to thebuilding profession. Kimberly’s career aspirations are rooted in her upbringing in Detroit whereshe wasinitially driven to utilizearchitecture as a tool to revitalize cities. She earned her Bachelor of Architectureat Cornell University and her Master of Public Administration from Harvard University. Her professionalexperience has spanned from architecture to government and teaching to real estate development.Kimberly is currently a Principal in the Chicago studio of HOK, a global design firm. She is a LEEDaccredited professional, a co-founder of the SEED Network and an AIA 2020 Young Architect of the Yearawardee.Kimberly’s overarching mission is to improve the quality of life for people living in cities

Renovations That Lead to The Most ROI

Michael McLean Jr.

Michael McLean Jr.

Partner

Condor Partners

Stephen Sise

Stephen Sise

SVP, Portfolio Management

Golub & Company

Tom Savage

Tom Savage

Executive Director, Asset Management & Operations

Glenstar

Terry McDonald

Terry McDonald

Associate Principal

Klein & Hoffman

Michael McLean Jr.

Partner

Condor Partners

Michael is a Partner at Condor Partners, LLC. He is responsible for overseeing all of the firm’s Real Estate development activity.

Prior to joining Condor, Michael was a Development Partner at Centrum Partners LLC in Chicago. He was responsible for sourcing and developing “out of the box” and institutional level projects for Centrum. He developed over $200 million of real estate for the firm, including Hospitality, Industrial, Flex Office, and Residential. Prior to joining Centrum in early 2007, Michael founded and ran his family real estate development company in New York from 2000-2007. McLean Development, LLC focused on suburban master planned communities entitling over 2,000 residential units and 500,000sf of commercial space on Long Island and Rochester, NY. From 1998-2000 Michael and his brother Sean McLean founded and ran one of the first firms focused on Hospitality in Healthcare, helping hospitals convert vacant space to hotel and special service wards.

Michael holds a Master’s of Science from New York University with a focus on International Development and Finance and a Bachelor of Arts in Sociology from Princeton University.

Stephen Sise

SVP, Portfolio Management

Golub & Company

Steve Sise oversees the operations of properties within

Golub’s commercial and residential portfolio with an

intense focus on financial and operating performance.

He ensures that the property management teams

collaborate with leasing, acquisitions, development

and accounting groups, as well as with Golub’s capital

partners, to create and execute successful business

plans. Prior to joining Golub, Steve was a member

of Colliers Bennett & Kahnweiler’s office and retail

investment sales team, where he completed more

than $250 million in transactions. With additional

experience in acquisition, disposition and development

underwriting for Duke Realty as well as national

portfolio property and asset management for Grubb &

Ellis, Steve leverages his diverse background and keen

sense of real estate to further the strong performance

of the company’s portfolio. He earned a BA degree

from John Carroll University, and is a Board Member for

BOMA Chicago as well as the Chicagoland Apartment

Association. Steve is a licensed real estate broker with

the State of Illinois. He joined Golub & Company in

2008.

Tom Savage

Executive Director, Asset Management & Operations

Glenstar

Tom oversees Glenstar's day-to-day operations. He provides support, guidance and oversight to the property management, leasing, asset management, finance, accounting, construction, and development functions. He also oversees key corporate functions including employee benefits, insurance, human resources and technology. Tom has overseen more than $7 billion of sale and financing transactions within the central region of the U.S. throughout his career.

Terry McDonald

Associate Principal

Klein & Hoffman

Terry McDonald, SE, PE is an Associate Principal with Klein and Hoffman and

manages the firm’s structural engineering group. Terry has over 20 years of

experience in the investigation, design, and analysis of building structures with

emphasis on adaptive reuse and renovation of existing buildings. He holds a

professional registration as structural engineer in Illinois and is licensed as a

professional structural engineer in Colorado, Michigan and New Jersey. Some of

his recognized projects include work at Chicago Union Station, Wheaton Center

Apartments, and Loyola University.

Why This Matters

What You'll Learn: 

  • How has the adaptive reuse process for older buildings been changed by the pandemic? What adjustments need to be made to ensure higher air quality in older buildings? 

  • What are the benefits of choosing to reposition instead of moving forward with ground-up construction?

  • What makes a building  a good candidate for repositioning?

  • What multifamily renovations lead to the ability to charge higher rents? 

How You'll Do More Business: Gain exclusive insight into what makes a building a good candidate for repositioning. As well as the pros and cons of repositioning older assets in this day and age. 

What Your Ticket Gets You: Digital summit tickets include two panels of content and access to three virtual networking opportunities including direct messaging with other attendees, the ability to request and host video meetings and three-minute video-enabled speed networking to make deals happen. Unable to attend live? Don’t worry, you will be able to access recordings of all panels for 30 days after the summit!

Agenda

Time Activity
3:00 PM
3:30 PM
Pre-Event Networking
3:30 PM
4:20 PM
How to Reposition Older Assets

From industrial meatpacking to hip new office - what assets make for good repositioning candidates

4:20 PM
5:10 PM
Renovations That Lead to The Most ROI

Improved lobbies, new kitchens, upgraded amenity spaces, owners have a lot of decisions to make when deciding what is going to drive the most ROI when deciding what investments to move forward with.

5:10 PM
5:35 PM
Retail Repositioning Fireside Chat With Leon Walker
5:35 PM
6:00 PM
Post-Event Networking!

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