Talking Shop: State of the Retail Market

Capital, Investment, and Market Movements Shaping Commerce

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  Liz Holland

  Elizabeth (Liz) Holland is the Chief Executive Officer of Abbell Associates, an eighty- year old private real estate investment, development and management company with an approximately 5.5 million/sf portfolio, comprised of shopping center, office, and enclosed mall properties. Liz is responsible for overseeing all business and legal matters, including development, financing, leasing, capital and construction projects, and investor and tenant relations. Active in the International Council of Shopping Centers (ICSC), Liz served as the worldwide Chairman (2016- 17). In addition to ICSC, Liz is also a member of the Urban Land Institute (ULI) - Commercial & Retail Council - Blue. Liz is a Trustee of Federal Realty Investment Trust (FRT) and a board member of: VICI Properties, Inc. (VICI); Village Bank & Trust; and The James Campbell Company, LLC. Prior to joining Abbell, Liz was a Senior Staff Attorney with the National Bankruptcy Review Commission, a Congressional commission charged with making recommendations to amend the Bankruptcy Code. Previously, Liz was a restructuring and business reorganization attorney with the law firm of Skadden, Arps, Slate, Meagher & Flom in New York. Prior to becoming an attorney, Liz was a fixed income portfolio manager at Brown Brothers Harriman & Co. in New York. Liz currently serves on the board of The Primo Center for Women & Children. She also served for many years on the boards of Lighthouse Academies; Uptown United; and 1,000 Friends of Iowa.

  Abbell Associates

  CEO

  Liz Holland

  CEO

  Abbell Associates

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  Mike Hazinski

  Michael serves as FNRP’s Chief Investment Officer, utilizing his extensive background in institutional real estate investments to design and implement strategies to grow FNRP’s portfolio. During his career, Michael has executed over $4 billion in closed transactions encompassing acquisitions, dispositions, debt financing and joint venture equity. Before joining FNRP, Michael was Senior Vice President, Director of Investments at Retail Properties of America, Inc. (NYSE: RPAI), where he served for fifteen years until its merger with Kite Realty Group Trust (NYSE: KRG). While at RPAI, Michael directed the asset management of institutional joint venture portfolios, before leading national acquisitions and dispositions for the company. Prior to RPAI, Michael worked as an asset manager for a portfolio of closed-end funds invested in retail and multifamily assets. Michael received his B.S. in Finance from the University of Dayton and an M.B.A. in Finance and Economics from the University of Chicago Booth School of Business.

  FNRP

  Chief Investment Officer

  Mike Hazinski

  Chief Investment Officer

  FNRP

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  Adam Firsel

  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.

  Core Acquisitions

  Managing Principal

  Adam Firsel

  Managing Principal

  Core Acquisitions

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  Deena Zimmerman

  Principal

  BaumRealty

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  Molly Phelan

  Molly is a partner in the Chicago Office of Siegel Jennings, a national property tax law firm. As a litigator and trusted advisor, she collaborates with Owners, Asset Managers, Acquisition teams and Tax Departments to identify, create and execute property tax reduction strategies. She becomes a member of her clients’ management team. Her goal is to maximize and protect the full potential of real estate assets, minimize related tax liabilities, and resolve disputes with tax authorities and government entities. Molly’s client experience ranges from family owned 1031 portfolios to national commercial investment funds, including special use properties such as hospital campuses to multi-million-dollar manufacturing facilities. Her comprehensive understanding of the commercial real estate market was developed in part through her time as a real estate broker in the Chicago area prior to starting her legal career. Molly regularly represents clients in hearings before review boards, local assessors’ offices, the Illinois Property Tax Appeal Board, and the circuit courts.

  Siegel Jennings

  Partner

  Molly Phelan

  Partner

  Siegel Jennings

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  Andrew Hoppe

  Andrew brings 19 years of commercial construction experience to the company with a background in Tenant Improvement and renovation projects both in Chicago and Nationally. He supports the growth of the company’s commercial construction group in and outside of Chicago, with a focus on office retail interiors by leading business development, pre-construction planning, and project execution. Andrew has lived in and around Chicago for 21 years and working in the construction industry for 27 years, beginning in high school framing single family homes in Missouri. He graduated from the University of Missouri with a degree in Business Administration. His education and love for being involved in building something tangible and special brought him to Chicago to pursue a career in commercial construction. In his free time, Andrew enjoys playing golf and doing just about anything with his wife and two children.

  LG Group

  Project Executive

  Andrew Hoppe

  Project Executive

  LG Group

• Moderator

  Elizabeth Massaro

  Partner

  Husch Blackwell

Suburban Vs. Urban Retail

Key differences and areas of overlap across varied retail experiences, as told through operational best practices

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  Adam Tritt

  As Chief Development Officer, Adam Tritt spearheads our portfolio of development projects and oversees the construction, design, development, tenant coordination, and CAD teams. In this role he is responsible for the company's long term development pipeline in excess of $3 billion, leading strategies to achieve $200 million in capital growth. Adam previously served as the Executive Vice President of Development for Brookfield Properties' retail group. He began his career with the company in 1999 as an analyst in the development group. Adam earned a bachelor's degree in engineering from the University of Pennsylvania as well as bachelor's degrees in real estate and finance from The Wharton School of the University of Pennsylvania.

  Brookfield

  Chief Development Officer

  Adam Tritt

  Chief Development Officer

  Brookfield

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  Ramzi Hassan

  Ramzi Hassan is the President of Edwards Realty Company, a leading Commercial Development and Property Management firm based in Orland Park, IL. Hassan has completed over $250M in retail and mixed-use projects since 2003, finding significant opportunity and upside in distressed assets. Hassan’s keen sense of how community drives commerce, combined with his involvement in the music and fashion industry have helped inform his real estate strategy. Edwards Realty Company owns and manages more than one million square feet of commercial real estate property in the midwest. The firm is actively investing in new mixed-use properties in key growth markets. Hassan earned a Bachelor of Science Degree in Finance with a concentration in Real Estate from DePaul University. He is an active member of the International Council of Shopping Centers (ICSC) and President-Elect of the Orland Park Area Chamber of Commerce and a Member of the Economic Development Committee (EDC) in the Village of Burr Ridge. Ramzi holds his managing broker license in Illinois, Missouri and Michigan.

  Edwards Realty Company

  President

  Ramzi Hassan

  President

  Edwards Realty Company

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  Jim Harris

  Vice President of Tenant Partnership & Engagement

  Navy Pier

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  Sam Whitebread

  VP, Development & Tenant Coordination

  Centennial

• Moderator

  Andy Schnack

  Vice President, Sales

  Zentro

Opening Remarks

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  Mayor Gary Grasso

  Mayor Grasso has a long history of public service, serving two tenures as Mayor (2005-12; 2019-present) as well as two terms on the DuPage County Board (2012-18). While on the County Board, he served as Chairman of the 911 Emergency Telephone System Board and led efforts to build two state-of-the-art call centers. Mayor Grasso also previously served on the County Board of Health for 13 years. Prior to living in Burr Ridge, Gary served for several years on the Thomas Ford Library Board, and then on its foundation, while also being elected by parishioners to the St. John of Cross Parish Council and School Board. After moving to Burr Ridge in 1995, Gary served on the Village’s Environmental Quality Commission, was then elected as Trustee, and finally became Mayor in 2005. Mayor Grasso boasts a 40-year career as an attorney and litigator, representing clients in cases related to real estate, commercial transactions, and business reorganizations. His current practice focuses on attorney malpractice issues. Gary has been selected as one of Illinois’ Leading Lawyers three times. Gary has lived in Burr Ridge for almost 30 years and is married to former Trustee Janet Grasso, while also has six children and six grandchildren.

  Burr Ridge Village Hall

  Mayor

  Mayor Gary Grasso

  Mayor

  Burr Ridge Village Hall

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  Tony Schiappa

  Trustee Schiappa has been a Burr Ridge resident for more than 30 years and is in his second term as Trustee. He serves as the chair of the Economic Development Committee and works on the Streets Policy Committee, Personnel Committee, and the Environmental Quality Committee. He is also the acting liquor commissioner. Trustee Schiappa's broad career expanded from investment brokerage to banking and ultimately to entrepreneurship. He then went on to work in the banking industry by helping small to mid-size business owners achieve their financial goals. Trustee Schiappa recently started and operated two small businesses: a print shop and a property management firm. After making the print shop operational and profitable, he eventually sold it to a strategic acquirer. Trustee Schiappa has also helped start and grow a non-profit organization that serves underprivileged Chicago residents by helping prepare their tax returns. Trustee Schiappa's experience has allowed him to provide creative solutions to complex challenges. He is a seasoned executive with experience in sales, negotiation, and operations, as he has personally taken a company from inception to sale. Trustee Schiappa is a father, husband, marathon runner, and voracious reader. He loves to read about the history of successful businesses and business executives.

  Burr Ridge Village Hall

  Economic Development Committee Chair

  Tony Schiappa

  Economic Development Committee Chair

  Burr Ridge Village Hall