Winter 2026 Midwest Real Estate News

Solutions

Pop-up concession stands and porta-potties? Not anymore: Picture a high school football field, softball stadium or track. What do you see? Lonely metal bleachers, a card table covered with candy bars and rows of portable toilets?

Buoyed by a pro-business government and soaring population growth Columbus’ CRE market weathers challenging times: A pro-business climate and strong population growth continue to boost the commercial real estate market in Columbus, Ohio.

A slowdown in office leasing activity? Not at downtown Minneapolis’ SPS Tower: Not all office buildings are struggling to attract tenants today. Consider the SPS Tower in downtown Minneapolis.

Flash cameras, massive LED screens, collaboration spaces and a hidden speak-easy: Some projects stand out. For Clune Construction, that includes the work that the company did on building the new NBCUniversal office and broadcast studio in downtown Chicago’s NBC Tower.

Spec industrial to return to Northeast Indiana this year? That’s what the Zacher Company predicts: Expect an increase in new industrial construction in Northeast Indiana this year. Expect, too, that some of this new construction will be spec.

A surge of affordable apartment units has hit U.S. cities: It might seem difficult to believe for renters searching for low-cost apartment units in major cities, but developers are building affordable multifamily units at a record pace in the United States, according to the latest research from RentCafe.

Demand for coworking space?

It’s still on the rise: Demand for coworking space continues to rise across the country, according to a new study. And there is no sign that this demand will slow down soon.

Midwest Real Estate News 2025

Commercial Real Estate Hall of Fame: The most anticipated feature of the year is here, a look at the newest class of Midwest Real Estate News’ Commercial Real Estate Hall of Fame. Who made the list this year? Check out our coverage starting on page 19 to find out.

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The Midwest Commercial Real Estate Hall of Fame: Honoring the best of our profession

By Dan Rafter, Editor

The first issue of every year is always a special one at Midwest Real Estate News. It’s the issue we look forward to the most, the one in which we pause from covering transactions, trends, and market shifts to honor the newest inductees into the Midwest Real Estate News Commercial Real Estate Hall of Fame.

These Hall of Fame profiles are more than recognition pieces. They are reflections of what it truly means to build a lasting, impactful career in commercial real estate.

So what defines a Commercial Real Estate Hall of Famer?

At the most fundamental level, Hall of Famers succeed in any market, even the most challenging ones. They thrive during periods marked by elevated interest rates, stubborn inflation, volatile capital markets, and soaring construction costs. Rather than waiting for ideal conditions, they adapt. They study their markets closely, anticipate change, and evolve alongside an industry that is constantly reshaping itself.

Hall of Famers understand that longevity in this business depends on relationships as much as transactions. They build trust over decades, not quarters, and their client lists reflect that commitment. Repeat business, long-term partnerships, and reputations built on integrity are hallmarks of their success.

Technology, too, plays an important role in the careers of our inductees.

Hall of Famers are not afraid to embrace new tools, platforms, and data to strengthen their businesses and serve clients more effectively. But they also know that technology alone is not a shortcut to success. The fundamentals still matter: understanding the market, listening to clients, delivering value, and putting in the hard work, day after day, year after year.

What truly sets Hall of Famers apart, however, is what they do beyond their own businesses.

When they are not closing deals or managing portfolios, Hall of Famers are deeply engaged in their communities. As you read through this year’s profiles,

you’ll notice a common thread: service. These leaders give back generously, not only to the commercial real estate industry but to the neighborhoods and cities where they live and work.

They sit on association boards, advocate for policies that strengthen the industry, and mentor the next generation of professionals. They volunteer at food banks, homeless shelters, and community organizations. Many coach youth sports teams, serve on village councils, or participate in planning commissions. They understand a simple but powerful truth: strong communities create strong commercial real estate markets.

As you read about our newest inductees, we encourage you to look closely at the paths they’ve taken, the habits they’ve formed, the risks they’ve managed, and the values they’ve upheld. This issue is meant to honor their achievements, but it’s also meant to inspire. There are lessons here for every commercial real estate professional, regardless of career stage or specialty.

Of course, this Hall of Fame issue is not limited to profiles alone. You’ll also find feature stories examining the trends shaping commercial real estate today. There’s no denying that 2025 presented its share of challenges, from continued construction cost pressures to uncertainty surrounding tariffs and interest rates that remained stubbornly high.

Still, the outlook is cautiously optimistic. Many of the industry professionals we’ve spoken with believe 2026 will bring renewed momentum, including increased sales activity and a gradual rebound in development.

No matter the market conditions, there are always steps you can take to strengthen your business, sharpen your strategy, and position yourself for long-term success.

That, ultimately, is the real purpose of this Hall of Fame issue.

Pop-up concession stands and porta-potties? Not anymore. High school athletic facilities are becoming gathering spaces and showcases

By Dan Rafter, Editor

Picture a high school football field, softball stadium or track. What do you see? Lonely metal bleachers, a card table covered with candy bars and rows of portable toilets?

That might have been true at one time, but a growing number of high schools are rethinking athletic facilities as more than fields and bleachers. They’re turning them instead into community gateways that focus on safety and accessibility while offering modern amenities.

Just consider much of the work that Minneapolis-based Wold Architects and Engineers has done on high school athletic facilities, including a recent job performed for Richmond-Burton Community High School District #157.

Richmond-Burton Community High School District #157 in Richmond, Illinois, recently unveiled a new entrance for its outdoor athletic stadium. Designed by Wold Architects and Engineers, the project adds clear and secure entry points, larger restrooms, improved concessions and a new press box to the facility.

Midwest Real Estate News spoke with Alison Andrews, education practice leader with Wold, about the new expectations high school officials have when ordering upgrades to their school athletic facilities.

Here is some of what she had to say.

Why are we seeing so many school districts investing in their athletic facilities today?

Alison Andrews: Richmond-Burton is one of those communities that is still so engaged with the whole Friday Night Lights atmosphere of high school sports. The community shows up for basketball or football games.

During football season, if there’s a home game, everyone in town is there. This is not a new trend. There are always those communities with that culture. That is one of the drivers leading to school districts transforming their athletic facilities so that they make more of a statement about what the community is all about.

How much work needed to be done to the Richmond-Burton athletic facility to transform it?

Andrews: They had a traditional outdoor athletic facility. It could’ve been built by someone in the community. It had an old restroom that hardly worked. The pipes would freeze in the winter. They also didn’t have a good space to sell concessions or merchandise. They were carting out a pop-up tent instead.

We changed that. We designed a new entrance to the stadium that acts as a

gathering point for the high school. We also added new restrooms and a concession space. We transformed that space and made it more of a central hub for the building.

We also wanted to look at what is unique to Richmond-Burton. What makes this school different? At Richmond-Burton, they have a group of people who without fail show up, bring their own chairs and sit on a berm to watch the game. They don’t sit in the bleachers. The school didn’t want to lose that. That is part of the school culture.

When working through the design, we had to develop around a significant grade. We had to manage this change of elevation anyway, so we decided to place the stadium amenities on this raised platform area. We created this plaza area. If people bring their own chairs, they can sit there and watch the game from there instead of going

into the bleachers. That is something unique to this stadium.

The new entrance to the stadium was designed to serve as a gathering place and plaza before the games. How important is that central-plaza space becoming to high school districts?

Andrews: It is something we are seeing more districts want. We are working with another school district, the Kaneland School District in Kane County, Illinois. They are enhancing their outdoor stadium experience. The work will include a new turf field, the outbuildings, concessions, restrooms and a new press box.

Part of our conversation with Kaneland focused on the sequencing. How are we going to bring the spectators in and out of the stadium? Where does everyone go after the game, including the parents and friends who want to welcome the team as the team mem-

bers come out after the game? That gathering space has become important. School districts don’t want people hanging out in the parking lots. They want an intentional space designed for people who want to hang out at the stadium.

These spots can also be used during the school day. Districts can, say, bring the entire freshman class together in these spaces if they wanted.

I know no one likes to talk about restrooms, but adding modern bathroom facilities is key, too, right?

Andrews: It does feel like having cleaner, modern bathrooms has become an expectation. When a high school approves a new stadium, turf field or running track, the decisionmakers don’t want a line of porta-potties. They don’t want a line that is an hour long because there aren’t enough bathroom facilities. There has been a shift in what the expectations are for parents or grandparents who are watching a meet. It’s not just about the high school kids, but about the spectators, too.

Are permanent concession facilities also something that you are seeing?

Andrews: It is. They might sell the same items – nachos, pizza, candies and sodas – but they want a permanent facility that offers protection from the elements. We also see a lot of schools running grilling stations, a place where you can get a hot dog, brat or burger. That is another piece of the puzzle. If everyone is out there on that Friday night, that becomes dinner for a lot of fans. So you want a facility

that makes the people running those stations comfortable.

These games are usually run by volunteers, the people collecting the tickets, the parents running the concession stand and the people manning the grill. A lot of what we design are facilities and spaces designed to protect them. In Richmond-Burton, that was a big catalyst for the project. They were selling tickets on the side of the road. Once people parked, it was a free-forall for them to get into the stadium.

The guy who was grilling might be standing in the rain. Schools now want a built space where you are selling tickets and selling concessions. They want a nice booth for the volunteers running these spaces.

The Richmond-Burton athletic facility is now open. What has the feedback been?

Andrews: The school principal recently gave an update to the board of education. He mentioned all the compliments they’ve gotten about the new stadium, all the excitement in the community about the new space. The students, athletes and band members are all excited about it. The parents appreciate the attention to detail.

We are now in the design phase with the Kaneland School District. We took officials with the district on a field trip to some of the stadiums that we designed. Richmond-Burton was one of the ones we took them to. We like to show them what is possible.

Principle is proud to announce that they have been selected by Globe Transportation, Inc. for the construction of their new truck maintenance facility and warehouse. Located on the historic Autoland site on Rand Road, this 44,911-square-foot state-of-the-art facility will feature a dedicated truck wash bay to service Globe’s massive fleet of over 300 vehicles.

Buoyed by a pro-business government and soaring population growth: Columbus’ CRE market weathers challenging times

By Dan Rafter, Editor

Apro-business climate and strong population growth continue to boost the commercial real estate market in Columbus, Ohio. That’s a good thing: These positives are helping the local market survive a sometimes-tumultuous economy and weather an office sector that remains in flux.

We spoke with Jason Krug, senior managing director with Berkadia, about the enduring strength and resiliency of the Columbus CRE market. Here is what he had to say.

Are you still seeing a strong demand for new commercial real estate de-

velopment in the Columbus market? Why or why not?

Jason Krug: We are seeing very strong demand for new commercial real estate developments in the Columbus market across most asset classes. Higher interest rates have posed challenges for developers, but Columbus’ pro-business environment mixed with strong population growth (over 30,000 annually) shows just how resilient the Columbus market and economy really are.

The pro-business climate and ongoing population growth continue to attract employers and provide forward-looking developers the confidence and vision for new projects.

Are there any projects currently in development in the Columbus market that you are most excited about?

Krug: There are many new projects in the Columbus development pipeline to get excited about including Nationwide Chidren’s Hospital’s expansion, Bridge Park’s expansion in Dublin, the new terminal at the John Glenn Airport and Anduril’s Arsenal-1 campus.

Anduril’s Arsenal-1 is particularly exciting as it will showcase the employment base in Columbus on both the manufacturing and the technology front. Additionally, the site will

support 4,000 high-paying jobs that will have a direct effect on other CRE asset classes such as retail, office and most notably multifamily.

Columbus has long had a reputation as a being a consistent, conservative CRE market. How has that helped the local CRE market through challenging economic times?

Krug: The Midwest is largely known for slow growth and is often overlooked by some investors. However, the conservative Midwest approach in Columbus has not only led it to be a consistent performer but is now garnering our market a reputation as an outperformer.

Which commercial sectors are performing especially well today in the Columbus market? What are the reasons for this strong performance?

Krug: Class-A office, industrial/logistics and multifamily are on the list for sectors performing especially well. Multifamily is performing particularly well given the record number of deliveries. There are pockets with shortterm softness with new deliveries in lease-up; however, despite the record number of deliveries, over 5,500 units have been absorbed over the last 12 months while rents continue to grow.

Multifamily stands out with resilient absorption outpacing historical averages, setting up for stronger rent growth as 2026 deliveries are projected to drop 40-50% from 2025 peaks.

A moderate cost-of-living, the pro-business environment, positive population growth and strong employment growth all position Columbus as one of the most attractive markets nationally for multifamily as well as other CRE classes.

Are there any commercial sectors that are struggling today in the market?

Krug: This will not come as a surprise to most commercial real estate professionals, but the office sector is struggling today in the market. Not all office, but the B/C class in older submarkets as well as the CBD is showing the most weakness. This is not a Columbus-centric trend but something we are seeing nationally. Although vacancies in office are around 25%, the trend is heading in the right direction with many employers looking to bring people back to offices.

What draws companies to the Columbus market? Why are so many companies opening headquarters or satellite locations in this market?

Krug: Population growth, business-friendly incentives and a deep talent pool anchored by Ohio State University are all major drivers for companies opening headquarters or satellite locations to the Columbus MSA.

The 2025 Global Groundwork Index ranked Columbus as the #1 most attractive market, highlighting the pro-business environment, strong talent pool and central location as support for the ranking. Since 2021, there have been 195 companies that have chosen Columbus for expansion, creating around 27,000 jobs. The momentum seems to be contagious, with the outlook for the future even better.

I know it’s difficult to predict, but are there any trends you expect to see as far as commercial real estate leasing and building activity in the coming months?

Krug: Higher interest rates will moderate some development, but the

overall picture looks very bright for the Columbus MSA. Industrial/logistics will continue strong performance metrics and office vacancy likely continues to decline. I don’t think office occupancy will be in the low 90% range we saw in the late 2010s but should continue to recover.

Multifamily will continue to draw both institutional and private capital for both new development and investment sales. New developments such as Arsenal-1, Google’s data centers and hospital expansions (Nationwide Children’s Hospital, OSU Wexner, Mount Carmel Dublin) all show strong indicators for the economic future and will continue to attract outside capital looking to invest in CRE.

With deliveries slowing sharply in 2026 and absorption projected to outpace supply for the first time since 2021, Columbus multifamily is well-positioned to continue its historic rise. My prediction is Columbus multifamily will not only be a rising star on the rankings of most attractive markets, but it will be a mainstay top-five market nationwide.

A slowdown in office leasing activity? Not at downtown Minneapolis’ SPS Tower

By Dan Rafter, Editor

Not all office buildings are struggling to attract tenants today. Consider the SPS Tower in downtown Minneapolis.

The 31-story, 655,070-square-foot Class-A office tower completed 66,000 square feet of new and renewed leases in the third quarter of last year. A big contributor? A new 30,000-square-foot Regus workspace scheduled to open on the tower’s 21st and 22nd floors.

Other businesses that signed new leases in SPS Tower in the third quarter of last year were Schechter Dokken Kanter, A Twin Cities-based CFO, accounting and tax firm, which leased 14,000 square feet; Emergent Software, which is moving into

“The average tenant here stays for 17 years. We don’t give them any reason to leave.”

a 6,700-square-foot spec suite; and Heritage Wealth Advisors, which leased a 4,200-square-foot spec suite.

Three existing tenants renewed their leases in the building during the third quarter, too.

SPS Tower stands out among its competitors thanks to its amenities. The

building offers a two-floor spec suite space on the 19th and 20th floors with a tenant lounge, meeting spaces and a podcast studio. Earlier this year, FRGMNT Coffee opened in SPS Tower’s skyway level.

And one of the more unusual amenities? The Turf Club, the largest lawn in downtown Minneapolis. The Turf Club

offers a putting green and entertainment space.

We spoke with Jim Montez, vice president of agency leasing with the Minneapolis office of Transwestern, about the reasons behind the success of SPS Tower. Montez handles leasing for the tower and has seen firsthand just how popular this space has become with

tenants. Here is some of what he had to say about the leasing activity at this key Minneapolis property.

Why have you seen such high leasing activity at the SPS Tower?

Jim Montez: It’s a great building. It’s a classic. It was built in the late ‘80s by a developer out of Dallas. If you were building a tower today, you would never to be able to afford to do what they did. It is a fundamentally high-quality building, and that helps to attract tenants. The building also has great ownership.

From there, it’s about building an ecosystem that attracts tenants. This building was originally supposed to be two buildings. The second one was never built. So it has double the amount of parking that the typical building in downtown has.

We also have half a block of green space that we call the Turf Club. We program that with live music at least once a week in the summer. We bring in food trucks. We have a bags tournament. Last year, we had more than 70 teams participate in the bags league. There’s a putting green there and people play bocce ball there. It’s a place to get out of the office and get fresh air.

The building was also recently renovated, too, right?

Montez: There was an interior renovation anchored by the addition of FRGMNT Coffee. Prior to that, there were marble and granite everywhere. It was all hard, shiny surfaces. People just passed through it quickly. With the renovation, we created zones anchored by food and beverage. There are now places for people to hang out and sit, places where employees can get out of the office. The first floor is curated like a fine hotel lobby.

This success, though, would not have happened without the ownership, Sumitomo Corporation of Americas, which purchased the tower in 2019. At that time, we were studying all the ways to make an office tower successful. But nobody was prepared for a pandemic. When COVID hit, we decided to wait and see what happened. Two-and-a-half to three years ago, we started seeing new patterns. We saw that people wanted places to bring their teams to, that they wanted amenities and private spaces. We incorporated those ideas into our renovation. Those ideas have been a big catalyst for the leasing momentum we are now seeing.

More renovation work is planned for the building.

Montez: Yes, the next phase of the renovation will include an addition to our conference center. We are going to offer a big training area that many buildings don’t have today. We are also going to add more tenant lounge spaces. Employers are trying to get people back to the office. A building that supports those efforts is desirable.

Companies are leasing space in office buildings that are attractive to their employees. In the past, before the renovation, we’d have people looking at the building and they’d tell us it was pretty but that nothing was happening. After the renovation, people tour the building and they see people, activity and energy. They can see their employees enjoying working in this space. That is the environment here.

How big of a role do these amenities play in attracting tenants?

Montez: They do play a big role. It helps that also have world-class management. The tenants are well cared for. The average tenant here stays for 17 years. We don’t give them any reason to leave, which is another part of the success story for this building.

Amenities like the Turf Club are so important. That grassy area creates a campus feel. That’s important for companies that are trying to attract younger workers. This isn’t just a plain office. People can go outside and get fresh air. The Turf Club is a great amenity.

Are you seeing improvements in office leasing activity in the Twin Cities CBD today? And how is ICE activity and the resulting protests impacting the area?

Montez: If you just watch it on the news, it looks like the protests and ICE activity are happening in downtown Minneapolis every day and that they are very disruptive to businesses. That activity, though, has generally been in the neighborhoods outside of downtown. It has not been present much in the CBD.

But like every other urban city, we are dealing with the changing work world. We are never going back to seeing everyone work five days a week from the office. It will probably be three to

four days a week for most companies. But we are seeing a recovery in the CBD. That is real. You can see it. It’s a welcome sight. There is still work to be done, of course. It is still tough on the retailers and restaurants in the CBD. It’s tough for them to operate when you only have a reliable customer base three days a week.

But we are seeing more activity in the CBD. We will see more in 2026. We will just keep building the momentum and moving forward.

Are you still seeing a flight to quality when tenants are looking for new office space?

Montez: Absolutely. SPS has had good success. The Wells Fargo Center has had good success. North Loop Green is successful. Those are all high-quality buildings that are amenitized appropriately for what the buildings are. That’s important. Buildings need to be what they are. When you try to force them into something they’re not, it doesn’t work.

Flash cameras, massive LED screens, collaboration spaces and a hidden speakeasy: Clune Construction brings it all to NBCUniversal’s new Chicago broadcast studio

By Dan Rafter, Editor

Some projects stand out. For Clune Construction’s Kevin Steger, that includes the work that the company did on building the new NBCUniversal office and broadcast studio in downtown Chicago’s NBC Tower.

And why not? The NBC Tower on Chicago’s Near North Side is an iconic property. It has been home to broadcast stars including Jerry Springer, Jenny Jones, Judge Mathis and Steve Harvey.

Working on this project, then, was like

writing a new page in Chicago’s history books.

“This was a special project,” Steger said. “There is so much history here. It’s a special feeling to be a part of something like this. It was a long project and it required a lot of adjustments and planning. But to see it all come together like this is a great feeling.”

The new studio supports NBC 5 Chicago, WMAQ-TV to Chicagoans, and Telemundo Chicago, WSNS-TV, in these stations’ newsgathering and broadcasting

operations. The project spans more than 70,000 square feet of newly remodeled space and cost more than $70 million. Clune Construction started work on the project in 2021.

Clune completed the bulk of its work for NBCUniversal in November of last year. News and production workers have steadily moved into the new space since.

The new space is a high-tech, modern facility that consolidates four previously separate floors into one floor. This improves communication be-

tween producers, news personalities, reporters, managers and other workers. It also provides a space equipped with all the modern technology that a news station needs in 2026.

Clune says that the project was inspired by the energy of 30 Rock, featuring an open design with an industrial aesthetic. This means open ductwork and concealed conduits.

The project was a massive undertaking, including the construction of five new television studios and two podcast

studios. This construction took place while NBC and Telemundo continued broadcasting in the same building. In fact, the new studios were built directly above active broadcast areas.

How did Clune handle this? It required careful coordination and planning. Construction workers were also subject to daily noise monitoring to make sure that their activities did not interrupt live broadcasts. This required Clune to schedule strategic pauses during both live programming and breaking news broadcasts.

Steger said that Clune installed red lights throughout the construction zone. The lights would be flipped on if NBC or Telemundo were filming. That would tell all trade partners to stop work in the marked areas. Clune would then turn off the red lights when trade partners could again make noise. This system helped, too, when breaking news hit and reporters needed to broadcast immediately, Steger said.

As Steger said, it was a juggling act.

“We often had to adjust our schedule to make sure weren’t interrupting or

disrupting broadcasts,” Steger said. “That was one of our main focuses during construction: We always had to be mindful of not disturbing the work that NBC was doing.”

The main news floor boasts a 35-foot suspended news ticker and a 40-by60-foot LED screen. The newsroom also features several spaces designed for quick, impromptu meetings. The space is also home to several smaller cameras that news personalities and producers can use to quickly film updates for NBC’s social media sites.

Kevin Cross, NBCUniversal Local Chicago president, said that the new space allows NBC to better serve two key groups: its viewers and its employees.

“Having everything on one floor improves communication, our workflow and the product that we can create,” Cross said. “Viewers today need constant information. It’s not enough for us to be live at certain times of the day. We also need to create content throughout the day in our studios. We can do that quickly now and put it on our socials and our site. We can provide information as it happens.”

That’s where the smaller flash cameras come in, Cross said. When news breaks, including weather-related events, NBC reporters can quickly jump in front of one of these cameras and film an update for NBC’s online sites. The cameras will be used for news that impacts viewers but isn’t quite serious enough to require NBC to break into local programming, Cross said.

Jonathan Garratt, NBCUniversal Local Chicago vice president of technology and operations, said that the new studio was designed with the needs of today’s modern newsgathering organizations in mind. This meant including the latest in technology but also designing areas that can be used for impromptu meetings between producers, reporters and on-air staffers.

“We wanted to foster collaboration,” Garratt said. “This is more of an open floorplan. People aren’t isolated on different floors or in closed offices. It makes it easier to communicate with each other and to quickly pivot when breaking news happens.”

The studio’s design also includes some fun touches. There’s a hidden speak-

easy with a bar that workers can relax in after their shifts end. There’s also a game room with a pool table and shuffleboard game.

These areas might not seem important when it comes to reporting the news. But NBCUniversal officials say that they play a role in fostering camaraderie and helping workers blow off steam after a busy day. They also provide sometimes quiet spots for phone calls, writing or other creative work.

Another feature of the remodel? The introduction of the Unified Production Platform, a suite of newsroom applications designed to support integration across NBCU Local markets and with national news operations. The national NBC News Chicago Bureau is also moving into the new space.

The project is not only state-of-theart, Clune helped make sure that the remodel also achieved LEED Gold certification. The new space reduces indoor water use by more than 30% and lowers energy costs by nearly 10%.

Spec industrial to return to Northeast Indiana this year? That’s what the Zacher Company predicts

By Dan Rafter, Editor

Expect an increase in new industrial construction in Northeast Indiana this year. Expect, too, that some of this new construction will be of the spec variety.

Those are two big takeaways from the 2026 Northeast Indiana Industrial Market Report released earlier this month by The Zacher Company.

According to the report, favorable incentives included in newly passed federal tax laws will lessen the impact of steadily increasing development costs. Thanks to these incentives, developers will still be willing to add new industrial product to the Northeast Indiana region despite higher construction costs, the Zacher Company says.

And when it comes to new spec industrial construction? The Zacher Company predicts that more spec developments will hit the region in 2026, though most of this type of construction will take place in Fort Wayne and Allen County. New spec construction will increasingly target users seeking 100,000 or more square feet, the Zacher Company said.

At least half of the Northeast Indiana region’s vacant spec industrial buildings will be absorbed this year, the Zacher Company predicts. Zacher, though, says that this absorption won’t have a major impact on the region’s industrial vacancy rate because seven of these buildings are 40,000 square feet or less.

The Zacher Company predicts, too, that Northeast Indiana will see more industrial sales in 2026. Owners should be more open to sales this year as lease rates remain flat and sale prices continue to increase in the region.

And what happened in the local industrial market in 2025? The Zacher Company reported that eight industrial spec buildings in Northeast Indiana were absorbed last year. This activity took a total of 762,500 square feet of industrial space off the market.

New construction activity came in at a lower volume than at any point in the last 10 years. The Zacher Company reported, too, that buyers are becoming less price-sensitive in the region when

seeking in-demand industrial space. That pushed sale prices to $70 a square foot for second-generation buildings in some cases.

Outdoor storage for trailer parking and materials also became a higher priority for users in the region last year, the Zacher Company reported.

As far as numbers go, the Northeast Indiana market began 2026 with an industrial vacancy rate of 4.75%. The region saw about 2.6 million square feet of new industrial construction last year and 362,000 square feet of positive net absorption.

RentCafe report: A surge of affordable apartment units has hit U.S. cities

By Dan Rafter, Editor

It might seem difficult to believe for renters searching for low-cost apartment units in major cities, but developers are building afford multifamily units at a record pace in the United States, according to the latest research from RentCafe.

In the past five years, the U.S. built nearly 310,000 new affordable apartments, with nearly one-third of that total delivered in 2024, according to RentCafe’s Jan. 27 Market Insights report.

How does this pace of development compare to other five-year periods? RentCafe reported that affordable housing construction rose 73% during the last five years compared to the previous five-year period (2015–2019), far outpacing the 36% growth in overall apartment construction during the same period.

RentCafe said that more than 91,000 affordable apartments were completed in 2024 alone, which ranks as the

highest annual total in the past decade. This surge made 2024 the busiest year for multifamily affordable housing construction in a decade.

Affordable housing is starting to make up a larger portion of all new apartment construction, RentCafe said. In 2024, nearly 14% of all new apartments were income-restricted, up from just under 9% 10 years earlier. This indicates a growing emphasis on affordability in new multifamily development.

What’s behind this increase in lower-cost apartments? RentCafe’s report cites the American Rescue Plan, which has directed billions of dollars into housing through State and Local Fiscal Recovery Funds. Many states also introduced or expanded their own tax-credit programs. These efforts helped developers cover rising costs and move projects to completion while also keeping rents affordable for the long term.

Between the two five-year periods

spanning 2015 to 2019 and 2020 to 2024, the U.S. saw a dramatic increase in the completion of affordable apartments: The number of apartments for lower-income renters delivered nationwide surged by 73%, rising from approximately 179,000 in the first half of the 10-year period to nearly 310,000 in the latter.

Seattle led the way in affordable-housing construction with 14,290 affordable apartments completed in the last five years. This is an increase of nearly 40% when compared to the previous fiveyear period.

New York City ranked second, with 14,240 affordable units added since 2020. Austin, Texas, ranked third with 13,343 new units; Minneapolis-St. Paul fourth with 10,722 new affordable apartment units; and Atlanta fifth with 10,486.

Chicago ranked 12th in RentCafe’s report, adding 7,112 new affordable mul-

tifamily units during the last five years, while Nashville added 5,498, ranking 16th. Dallas ranked 17th with 5,317 new affordable apartment units in the last five years.

This doesn’t mean that finding affordable multifamily units is easy for renters. Many still struggle with high monthly rents, especially if they are looking for apartment units in major cities or located in walkable neighborhoods with easy access to public transportation. But the recent influx of affordable apartment units is good news for renters looking to spend a lower share of their monthly incomes on rent.

Will the surge in affordable multifamily units continue? That’s difficult to predict, but the RentCafe report suggests that developers will continue adding this housing type to U.S. markets in the coming years.

Demand for coworking space? It’s still on the rise

By Dan Rafter, Editor

Demand for coworking space continues to rise across the country, according to a new study. And there is no sign that this demand will be slowing soon.

By the end of the fourth quarter of 2025, the U.S. coworking market reached 8,854 locations, up from 8,420 in the third quarter, according to CoworkingCafe’s fourth quarter 2025 Coworking Industry Report.

That increase in coworking spaces represents a 5% quarter-over-quarter increase.

The total coworking footprint in the

United States also rose, expanding from more than 152 million square feet in the third quarter of last year to 159 million square feet in the fourth quarter. That is a jump of more than 7 million square feet from the end of the third quarter to the end of the fourth.

Despite this growth, coworking still accounts for just more than 2.2% of total U.S. office inventory. As CoworkingCafe says, this illustrates just how much potential there is for the future growth of this office sector.

Los Angeles remained the largest coworking market by number of locations, according to CoworkingCafe. This market closed the fourth quarter of last year

with 338 active coworking spaces after adding several net new locations during the quarter.

In Chicago, location counts increased to 328 spaces. The Dallas-Fort Worth market also grew past the 320-location mark in the fourth quarter.

Several mid-sized markets — including Raleigh–Durham, Nashville, and Columbus -- recorded flat or near-flat location counts in the fourth quarter. An explanation? CoworkingCafe suggests that operators in these markets might be focusing on maximizing performance at existing sites before committing to further expansion.

CoworkingCafe reported that in the Chicago market the total coworking inventory increased to nearly 9 million square feet by the end of the fourth quarter of 2025. Total coworking space climbed to 6.7 million square feet in the Dallas-Forth Worth market, a 15% increase from the third quarter of 2025.

Rental rates for coworking spaces didn’t fluctuate much from the third quarter of 2025 to the fourth. CoworkingCafe reported that the national median rate for open and dedicated desk memberships dropped slightly in the fourth quarter from $225 to $220 a month. Day passes remained at $30, meeting rooms sat at about $45 a hour and virtual offices hovered near $159 a month.

2025 MIDWEST COMMERCIAL REAL ESTATE

HALL OF FAME

Midwest Real Estate News would like to congratulate the latest inductees in our Commercial Real Estate Hall of Fame:

Jasin Alfaro Metonic

Charlie Armstrong NAI Ruhl Commercial Company

Justin Beal Newmark Zimmer

Jeff Bennett McColly Bennett

Bonnie Boden Transwestern

Tracy Brown Friedman Real Estate

Sal Caldarone Realogic Analytics, LLC

Reed Christianson Transwestern Real Estate Services

Dennis Cisterna Sentinel Net Lease

Julie Collier Flaherty & Collins

Kristen Diamond Hayman Company

Kelly Disser NAI Hiffman

Holly Duran Colliers

Rob Epstein Block & Co., Inc. Realtors

John Feeney The Boulder Group

Jill Ferrari Schenk & Bruetsch, PLC

Andy Finn Northmarq

Brenner Holland Hunt Midwest

Kyle Hughes Veritas Realty

Clarence Hulse Economic Development Corporation Michigan City

Patrich Jett Colliers

Jeffrey Kaftan Kaftan Communities

Geoffrey Koss CIBC Bank USA

Cam Kucic Colliers

Steve Levy McCownGordon Construction

Edward Lowenbaum Cresa LLC

Charles Margosian III Highland Management Associates, Inc

Andy Martin SVN | The Martin Group

Daniel McCleary NAI Farbman

Bobby Mills GREA

Tim Moore IDI Logistics

Maurice Pogoda Pogoda Companies

Jim Postweiler Newmark

Cindy Powers Seldin, LLC

Tori Rendano Nook Anchor Retail

Mark Rubenfire Taft

Tom Rupprecht R&R Realty Group

Shannon Rusk Oppidan

Todd Szymczak NAI Farbman

Michael Thanasouras SVN Chicago Commercial

Jason Tolliver Cushman & Wakefield

Paul VanDuyne IMEG

Dale Watchowski REDICO

Jeff Winters Colliers

Robin Zellmer Colliers

2025

JASIN ALFARO

CEO Metonic | Chicago, Illinois

With more than 27 years in commercial real estate, Jasin Alfaro has built a career marked by disciplined investing, strategic innovation and a deep commitment to the communities his projects serve.

During this time, Alfaro has managed more than $4 billion in investment and development across senior living, hospitality and multifamily properties.

Today, Alfaro serves as CEO of Metonic, a Midwest-based real estate investment and development firm that reflects his belief in long-term growth driven by strong fundamentals. Metonic has assembled and manages a $1.2 billion multifamily portfolio across 27 markets.

Under his leadership, Metonic has delivered five new multifamily communities and broken ground on four additional developments, expanding housing options across a wide spectrum, from urban infill projects and suburban build-to-rent communities to a pioneering rural apartment development that addresses housing shortages often ignored by larger investors.

Alfaro’s investment strategy focuses on high-growth, supply-constrained Midwest markets that frequently fall outside the scope of institutional capital. By targeting these overlooked regions, he has been able to unlock value while maintaining an emphasis on thoughtful capital planning, strong market fundamentals and longterm, risk-adjusted returns. That approach has allowed Metonic to grow deliberately, without losing sight of the people and places impacted by its developments.

Before joining Metonic, Alfaro held senior leadership roles that helped shape prominent real estate platforms. He previously established and scaled a real estate vertical for a Midwest family office, building a foundation for sustained investment growth. Earlier in his career, Alfaro served as chief operating officer of AJ Capital Partners, where he played a key role in transformative projects such as the redevelopment of the Chicago Athletic Association Hotel and the creation of Graduate Hotels, a boutique hospitality brand later acquired by Hilton.

Prior to that, Alfaro worked at a real estate fund managing more than $3 billion in equity, experience that helped him gain broad exposure to markets and asset classes while sharpening his understanding of investment fundamentals.

Throughout his career, Alfaro has remained grounded in the Midwestern values of integrity, stewardship and accountability. Those principles have guided his involvement in the growth, development and management of Metonic’s 70+ property porfolio across Nebraska, Iowa, Missouri, Texas and Illinois, helping elevate the region’s real estate landscape while delivering durable results for investors.

Alfaro’s impact extends beyond real estate. He actively supports the Museum of Science and Industry in Chicago, with a focus on STEAM partnerships that connect the institution with local elementary schools. He is also a supporter of Nourishing Hope, an organization that provides food and critical resources to families in need. As a member of the Stanford Alumni Real Estate Council, Alfaro promotes collaboration and thoughtful dialogue within the industry.

Known as a tenacious and curious leader, Alfaro approaches challenges with conviction and a solutions-oriented mindset. He is willing to take calculated risks, balancing bold vision with disciplined execution. He continues to champion responsible growth, innovation and investment in both people and communities.

CHARLIE

Senior

ARMSTRONG

Vice President/Director

NAI Ruhl Commercial Company | Davenport, Iowa

Charlie Armstrong’s career is defined by longevity, consistency and a deep understanding of industrial real estate that few professionals can match. A Senior Vice President and Director with NAI Ruhl Commercial Company in Davenport, Iowa, Armstrong recently marked his 25th year with the firm. Over the past quarter-century, he has remained one of the company’s top-producing brokers and a trusted advisor to clients across Eastern Iowa and Western Illinois.

Armstrong specializes in industrial real estate, handling acquisitions, dispositions, sale-leaseback transactions and investment properties, along with select corporate services and consulting assignments. His client roster spans local entrepreneurs, regional operators and national and international companies.

He is also a go-to referral partner for major brokerage firms that lack a physical presence in the Quad Cities, relying on Armstrong’s market knowledge and on-the-ground experience to guide complex industrial deals.

What sets Armstrong apart is the depth of his experience prior to entering brokerage. Before joining NAI Ruhl, he served as President and CEO of a multi-branch industrial distribution company operating across a four-state region. That role gave him firsthand insight into the needs and challenges of manufacturers, machine shops and distribution users.

When Armstrong sold that company in 2000, transitioning into industrial brokerage was a natural next step. Armstrong had already owned commercial real estate investment properties and, perhaps more importantly, had walked through nearly every major industrial facility along the Mississippi River corridor in Iowa, Illinois, northern Missouri and western Wisconsin.

Armstrong credits his sustained success to a combination of entrepreneurial leadership and strong interpersonal skills. A self-described people-person, Armstrong is known for asking tough questions, listening closely to clients and delivering solutions tailored to their long-term goals.

Last year, Armstrong was part of the team handing one of the most significant industrial development in the market, META/Facebook’s purchase of 328 acres of land adjacent to the Eastern Iowa Industrial Center for a new $800 million data center. When completed, this will be the largest economic development project in the history of the Quad Cities. Armstrong is currently marketing more than 1,350 acres of land for industrial and data center development, positioning the Quad Cities for future growth in emerging sectors. Over the years, Armstrong has been active in numerous civic, charitable and professional organizations at the local, state and national levels as a volunteer, board member and President. He has also been on the board for several banks and a regional bank holding company. He also was a founding board member and investor in a De Novo start-up bank. Outside the office, Armstrong and his wife, Vicki, are the parents of twin daughters and grandparents to five grandchildren. A lifelong adventurer, he has traveled to all 50 states and more than 80 countries and has pursued a wide range of interests, from triathlons and pickleball to scuba diving, skiing and serving as a national high-performance driving instructor.

JUSTIN BEAL

Executive Managing Director | Principal of Retail Brokerage Newmark Zimmer | Kansas City, Missouri

Justin Beal, Executive Managing Director and Principal of Retail Brokerage at Newmark Zimmer, has long been a driving force behind the firm’s retail brokerage platform. He currently represents about 1.5 million square feet of retail properties across the Kansas City area.

Beal also works closely with clients on site-selection projects spanning Kansas City, Omaha, Topeka, St. Louis and beyond.

With more than 21 years of experience, Beal has built a distinguished career specializing in landlord and tenant representation, site selection, and the strategic rollout of retail expansion initiatives. His client base ranges from emerging concepts to nationally recognized brands, and his work is known for blending market insight with practical, results-driven strategy.

“One of the most rewarding aspects of my work is helping business owners, particularly small and growing businesses, navigate some of their most critical and challenging decisions,” Beal said. “In retail commercial real estate, location can often determine whether a business ultimately succeeds or struggles. Being able to guide clients to the right location and then watch their businesses thrive is incredibly fulfilling.

Beal brings a unique perspective to brokerage through more than 18 years of business management and ownership experience. This background allows him to approach transactions with a deep understanding of both the operational and financial considerations facing his clients. Over the course of his career, he has negotiated contracts ranging from $50,000 to $20 million and has completed numerous high-profile lease and sale transactions on behalf of both landlords and tenants.

Beal credits his time as a business owner with providing him many of the skills he’s tapped to build his successful CRE career.

“That experience has given me a deep understanding of the challenges and priorities business owners face,” Beal said. “Being able to see decisions from the client’s perspective has allowed me to provide more thoughtful, strategic guidance.”

Beal also cites his commitment to continually learn more about the worlds of business and commercial real estate as a major reason for his success.

“To truly serve as a trusted advisor, you must thoroughly understand both the market and your client’s business,” Beal said. “Without this level of insight, it’s impossible to provide meaningful counsel or act as a true consultant.”

Among the national and regional brands Beal has represented are Planet Fitness, Dairy Queen, Qdoba, Smoothie King, Q39, HomeGrown, Harbor Freight, Pure Hockey, Hotshots Bar & Grill, Woodhouse Spa and many more. His transaction experience includes retail centers, and mixed-use assets throughout Missouri, Kansas and beyond.

In addition to his professional achievements, Beal is deeply engaged in the community and the industry. He is an active member of the International Council of Shopping Centers, KCRAR, and CCIM Institute, and has served on the Blue Springs Economic Development Council and previously served as a city councilman in the Blue Springs Rotary. He holds an MBA in Project Management from Columbia Southern University and a bachelor’s degree in marketing from the University of Central Missouri.

When not working, Beal spends much of his time with his family. His children participate in a wide range of sports, many of which run year-round. When the family manages to find a free summer weekend, they usually spend it at the lake. During the winter months, Beal and his family enjoy visiting Colorado to ski and enjoy the mountains.

Congratulations to Newmark Zimmer’s

Justin Beal

2025 inductee to the Midwest Commercial Real Estate Hall of Fame.

Honoring Justin Beal—21+ years of leadership, strategic vision, and Midwest retail impact, worthy of the Commercial Real Estate Hall of Fame.

FAME - CLASS OF 2025

JEFFREY BENNETT

Managing Partner McColly Bennett Commercial | Bourbonnais, Illinois

Jeffrey Bennett has spent four decades shaping communities and guiding real estate development across Northwest Indiana and Chicago’s Southland.

As managing partner of Bourbonnais, Illinois-based McColly Bennett Commercial, Bennett has played a central role in positioning the firm as a trusted advisor in community and commercial real estate development throughout Kankakee County and beyond.

As an owner, developer and broker, Bennett has acquired, developed and sold commercial buildings, industrial parks and manufactured home communities, while regularly participating in more than $100 million in real estate transactions annually.

“I’ve most enjoyed the always changing, unique situations that require problem-solving to get a deal done on behalf of clients,” Bennett said. “When you meet those challenging times and solve those issues, you become a trusted advisor to your clients, a moment you both can enjoy.”

Bennett’s leadership extends well beyond his home market. He has been an active participant in the Leading Real Estate Companies of the World Commercial Initiative, attending global symposiums in Athens, Greece (2019); Dubai (2021); Lisbon, Portugal (2022); Budapest, Hungary (2024); and Prague, Czech Republic (2025).

These experiences have informed his perspective on global capital flows, industrial development trends and the increasing interconnectedness of regional markets. In 2024, Bennett further strengthened international ties when he joined a Kankakee County delegation touring Gotion’s electric vehicle battery manufacturing facilities, gaining firsthand insight into advanced manufacturing and supply-chain investment.

Like other successful CRE veterans, Bennett has faced challenges. One of the biggest? The Great Financial Crisis in 2008.

As Bennett says, this was a time when sourcing deals and generating enough income to meet expenses proved to be a real challenge. As a way to grow revenue opportunities, Bennett teamed up with Ron McColly of McColly Real Estate to form the current McColly Bennett Commercial.

This new firm expanded Bennett’s and McColly’s target market from the I-57 corridor in Illinois to Northwest Indiana, a market that offered the potential for significant growth. “In hindsight, that market expansion proved to be very smart as transaction activity in Northwest Indiana is approximately 50% of our business,” Bennett said. “Equally important, we’ve developed expertise in these markets that allows us to source our own client relationships and be a strong referral partner for those not familiar with the area.”

Before founding Bennett Commercial LLC, Bennett worked at Tony Perry & Associates, where he led the Community Development Division. In that role, he successfully wrote Enterprise Zone applications for the Kankakee River Valley, Manteno/Illinois Diversatech and the Calumet Region, and participated in the creation of 11 Tax Increment Financing districts along the I-57 Corridor.

His work also included securing critical project financing, procuring $2.1 million from the U.S. Department of Commerce’s Economic Development Administration and $1.4 million from the Illinois Department of Commerce and Community Affairs.

When not working, Bennett enjoys cheering on his favorite sports teams.

“I believe sports is the greatest theater out there,” he said.

Bennett said that he is proud of his 20-year career as a basketball coach, including the years he spent leading his daughters’ teams. He is also blessed with a loving family that includes five daughters and 15 grandchildren.

“That’s my world,” Bennett says.

BONNIE BODEN

Executive

Vice President –

Midwest Asset Services Operations Transwestern | Chicago, Illinois

Bonnie Boden has been a prominent figure in commercial real estate for over 20 years, successfully leading numerous properties through redevelopments, dispositions, acquisitions, receivership and seamless management transitions.

Since joining Transwestern in 2019, Boden has become an integral part of the company, consistently exceeding her regular job duties every day. Boden has mentored numerous rising stars throughout her career and collaborates closely with each property team member to develop and execute meaningful goals aligned with the client’s strategy for each asset.

She has also enhanced the regional educational programs for Transwestern’s property teams by creating the TW Academy, which focuses on property tours, vendor partner learning sessions, and networking opportunities among junior property team members and engineers.

“The most enjoyable part of my career has been collaborating with and learning from so many amazing people in this industry,” Boden said. “This includes clients, my teams, service partners, mentors, peers, and so many on the other side of the table in deals.”

Boden facilitated several classes for the Midwest team, including Construction Drawings Review, Receivership 101, and Disaster Response. Boden also believes in recognizing the exemplary work Transwestern’s employees do every day. In 2024, she led the development of a quarterly award to honor Midwest building engineers for their hard work and dedication in various areas.

Much of Boden’s success can be traced to her willingness to continue learning. As Boden says, it’s important to listen to others in the industry, no matter how many years these peers have logged in the industry.

“Every team member in every position can and should share their ideas and solutions,” Boden said. “Some of the greatest and most creative solutions come from the places you least expect. As a manager, I am determined to give every teammate a safe environment to share. There are no bad ideas, and the solution is always more successful if we work together and all buy in.”

Another key? Boden is a firm believer in continuing her CRE education and networking.

“Never closing the door on an opportunity to learn, whether through reading, taking a course, attending a lecture, or taking part in any kind of training class keeps us open-minded and constantly adapting. Take every opportunity to meet with people in this industry; you never know who will become part of your story down the road,” Boden said.

In response to the current economic climate, Boden has distinguished herself through her work with distressed assets. Boden and her teams have had to significantly pivot to rethink these properties. When taking on a new assignment involving a distressed building, Boden provides extra attention and support to this historically neglected property type.

Boden’s teams identify and resolve financial and administrative issues, such as missed charges, incomplete leases, and outstanding violations. These efforts help maintain and even add value to the properties. Through this elevated service, Boden and her teams have become trusted partners to lenders. Today, her successful work with distressed Chicago properties has led to many new assignments across the country.

As one of the leaders of the Midwest Belonging Committee, Boden is also instrumental in many of Transwestern’s community and philanthropic efforts, such as Make-A-Wish fundraisers, Greater Chicago Food Depository volunteer days, high school student tours, and City College of Chicago internships.

TRACY BROWN

Senior Managing Director - Multifamily Real Estate Friedman Real Estate | Farmington Hills, Michigan

During her more than 20-year career with Friedman, Tracy Brown has been a driving force behind the company’s growth and evolution in multifamily property management.

What began as a few hundred apartments under management in Michigan has expanded to 17,000 apartment homes nationwide under her leadership.

Locally, Brown has served on the Board of Directors for IREM Chapter 5, where she has held both Treasurer and President positions. Her commitment to professional development and operational excellence extends across every level of the organization.

In recent years, Brown established Friedman’s multifamily marketing division, an in-house team that provides website design, reputation management, advertising strategy, and event planning services. This group creates innovative, results-driven marketing programs tailored to each property, driving resident engagement, retention, and satisfaction. Their work has contributed directly to high occupancy levels, strong collections, and market-leading rental performance across the portfolio.

Brown also created the Certified Training Associate (CTA) program to develop the next generation of community managers and leasing consultants. The program pairs experienced leaders with emerging talent, fostering mentorship, professional growth, and leadership development. She also created a facilities management team focused on capital projects and major repairs while providing on-site training for maintenance teams.

Under Brown’s leadership, Friedman Communities has expanded into several new markets. The company recently entered St. Louis, Missouri, adding 915 apartment homes across two communities: Spanish Lake Townhomes and Hathaway Village. Brown’s management and HR teams oversaw a smooth transition for residents and ensured uninterrupted leasing operations.

In Indianapolis, her team added three premier communities, including Maple Creek Village, Knoll Ridge Townhomes, and Lake Castleton Apartments, bringing nearly 1,000 new residences under Friedman management. Most recently, Lafayette West Apartments in Detroit joined the Friedman portfolio in October 2025. This newly built Class-A mid-rise includes 136 luxury units ranging from 436 to 1,223 square feet.

Brown’s passion for property management, team development, and collaboration, along with her dedication to operational excellence and innovation, has made her one of the most respected leaders in the industry. Her ability to inspire teams, elevate performance, and drive transformative growth continues to shape Friedman’s success and set the standard for excellence in multifamily housing.

When she’s not in the office, Tracy is deeply committed to her church community, where she serves on the board. She and her husband, Brad, love spending weekends with friends and family at their cottage, and she’s often up early for a run through the neighborhood.

SAL CALDARONE

President and Co-Founder Realogic Analytics, LLC | Chicago, Illinois

Sal Caldarone co-founded Realogic, a leading commercial real estate consulting firm based in Chicago, 35 years ago and served as company CEO for 27 years. Under his leadership, Realogic grew from a three-person start-up into one of the industry’s most successful providers of specialized commercial real estate services and solutions, including financial modeling, due diligence, underwriting, lease abstraction and administration, loan abstraction and ready-to-use Excel models for commercial real estate development and acquisitions.

Today, Realogic’s large, diverse client base ranges from small owners and investors to many of the industry’s biggest developers, investors, property owners, brokers and lenders.

“Our entire purpose, our reason for being, is to help our clients succeed,” Caldarone said. “Whatever their role -- owner, broker, investor, developer, lender -- and whatever the nature of the work we do for them, it’s always exciting and gratifying when a project we helped with is a huge home run.”

Through the years, Caldarone and the Realogic team have supported many of the industry’s most high-profile acquisitions, dispositions and development projects, including in the Midwest, Canada and Europe. His work has had a far-reaching and lasting impact on commercial real estate by making thousands of major real estate transactions possible through the years. Since Caldarone co-founded Realogic in 1992, he and the Realogic team have:

• Worked with over 20 asset classes and in 15 different countries

• Modeled billions of dollars in JV partnerships and waterfalls

• Abstracted millions of lease pages

• Underwritten or performed due diligence on over 10,000 CRE assets

• Conducted thousands of site inspections

• Modeled development projects that used hundreds of millions of metric tons of steel

In addition to co-founding one of CRE’s most successful and enduring consulting firms, in 2019 Caldarone co-founded and became CEO of rSquaredCRE, a proptech company and spinoff of Realogic, where he oversaw the development and launch of rDCF, the company’s cloud-based commercial real estate valuation and underwriting software. Recognizing the enormous potential of rDCF, CRE heavyweight SitusAMC acquired rSquaredCRE and its assets in 2020. Caldarone stayed on with SitusAMC for three years, then rejoined Realogic as president in 2024.

In addition to rDCF, Caldarone has overseen the development of several other successful proptech solutions that have been used by hundreds of clients from across the commercial real estate ecosystem. These include rAbstract, Realogic’s proprietary lease abstraction and administration software and Realogic Budget, Realogic’s popular CRE budgeting and forecasting software, which became the property of rSquaredCRE and was rebranded as rBudget.

Another important way Caldarone has made a lasting impact on the commercial real estate industry is through the many young professionals he has mentored, coached and trained through the years. Many of today’s commercial real estate leaders got their start working at Realogic, experience that helped lay the groundwork for long, successful, productive careers in commercial real estate.

“It’s very rewarding to see the promising young people we hire grow, learn and develop the hard and soft skills they need to succeed in this industry,” Caldarone said. “I’m very proud that many of today’s industry leaders and influencers began their careers at Realogic.”

In addition, through Realogic and rSquaredCRE, Sal has sponsored numerous industry events and organizations over the past 35 years, including the REFF Annual Holiday Party, The Sterling Bay Benefit Bash, the Goldie Initiative and the Chicago chapter of CREW.

Outside of work, Caldarone prefers spending time with his family. He’s been married 32 years and has two grown daughters. He spends as much time with his family as possible, whether it means cooking the traditional Seven Fishes Christmas Eve dinner together or hiking in the mountains of Colorado.

REED CHRISTIANSON

Principal Transwestern Real Estate Services | Minneapolis, Minnesota

Reed Christianson has focused on the Minneapolis office market since 1992, where he has worked on transactions totaling over 25 million square feet. In 2024 alone, Christianson closed 200,000 square feet of lease deals.

As a leading expert in the Minneapolis office market, Christianson has been involved in tenant representation assignments, office leasing, building renovations, and new office building development and sales.

“Starting off in commercial real estate is very hard and takes a lot of trust in yourself and your abilities and the willingness to hang in there,” Christianson said. “The market cycles every 10 years or so and knowing that gives you the ability to ride out the ‘down’ times and really appreciate the ‘up’ times.”

Christianson has had an indelible influence on the office market landscape in Minneapolis with large-scale renovations and the repositioning of several of the top office projects. Properties that Christianson has worked with include Capella Tower, Fifth Street Towers, SPS Tower, Washington Square, AT&T Tower, The Dayton’s Project, Baker Center, Wells Fargo Tower, IDS Center, and RSM Plaza. Christianson’s clients have included Milliman, McCollum Crowley, Rize Financial, Heley Duncan, Discount Tire, Travelers, PIMCO, Zeller, ASB Capital, United Properties, Mapletree, Hempel Companies, Shorenstein, Golub, and Sumitomo Corporation.

In recent years, Christianson has been instrumental in multiple Agency Leasing assignments. For example, in 2023, Christianson and his colleagues became the broker representatives for the 29-story, 698,606-square-foot 50 South Sixth, completing over 100,000-square-feet of new leasing in just 18 months. Representing owners of prestigious office properties throughout the Twin Cities, Christianson has closed hundreds of high-profile lease transactions in the last few years:

• Christianson represented the owner of 50 South Sixth in a nearly 30,000-square-foot deal with Messerli Kramer.

• Christianson was involved with over 160,000-square-feet of transactions at Fifth Street Towers.

• Christianson represented the owner of 50 South Sixth in a two-floor, 60,000-square-foot lease with Wold Architects.

• Christianson represented the owner of 921 Washington Ave. S. in a 50,000-square-foot lease with the McKnight Foundation

• And at RSM Plaza, Christianson represented ownership in a 12,277-square-foot lease with Meyer Borgman Johnson

“The biggest factor in my success is my ability to stay one step ahead of the market and my competitors, working extra hard to anticipate what will happen next week and next year,” Christianson said. “Also, I was able to have my toughest competitors become some of my best friends. It all comes down to trust and follow-through. If you are in it for the long haul, there is no other way to operate.”

Christianson was instrumental in 50 South Sixth’s lease transaction with tenant Wold Architects, which was among the most significant lease transactions in the Minneapolis CBD in 2024. Christianson leveraged experience and modern commercial real estate knowledge to successfully market the Mapletree property to the architecture firm. Working in tandem with the property management team—the property is within the Transwestern Asset Services group’s portfolio—Christianson was able to highlight the tenant-focused efficiencies of 50 South Sixth. Christianson stressed the benefits of a streamlined space, state-of-the-art amenities, an active tenant events calendar, and more to convince Wold that 50 South Sixth was its new office home.

When not working, Christianson spends time with his wife Lisa, who is also in the CRE business, and his two adult children. He also enjoys playing golf at his second home in Florida.

DENNIS CISTERNA III

Co-Founder and Chief Investment Officer Sentinel Net

Lease

Dennis Cisterna III has built a commercial real estate career defined by discipline, judgment, and an ability to think ahead of the market rather than chase it. Over more than 25 years, he has completed nearly $4 billion in transactions across the United States and Europe, navigating multiple cycles with a consistent focus on risk, structure, and long-term value.

As co-founder and chief investment officer of Sentinel Net Lease, Cisterna leads capital allocation, underwriting, and portfolio construction. Every major investment decision runs through his desk. His background spans acquisitions, development, lending, and investment management, allowing him to evaluate opportunities across asset types, capital stacks, and market environments.

“I like the mix of strategy and accountability,” Cisterna said. “Commercial real estate doesn’t let you hide. You make decisions, you live with the outcome. Markets change, but the danger is sticking with the same playbook just because it worked before. You have to constantly pressure-test your strategy against what the market is actually offering.”

Beyond Sentinel, Cisterna founded Guardian Residential, where he was an early participant in the single-family rental build-to-rent sector through a partnership with Lafayette Real Estate and the Carlyle Group. Before launching his own platforms, he served as chief executive officer of Investability Solutions and as managing director at FirstKey Lending.

Like many investors with long careers, Cisterna points to difficult periods as defining moments.

“The hardest lesson came early,” he said. “A strong market can make bad decisions look smart. I benefited from a rising tide before the financial crisis, and the downturn made it very clear what I still needed to learn. That reset forced discipline and humility. It changed how I think about risk, downside protection, and deal structure, and it still guides how we invest today.”

He remains an active voice in the industry, with more than 22,000 followers on LinkedIn and continued involvement with NAIOP, ICSC, ULI, and PREA. He speaks regularly at industry conferences, previously wrote monthly columns for U.S. News & World Report and Builder & Developer, and hosted The Investability Podcast. Cisterna’s influence has been recognized by ThinkAdvisor, HousingWire, and Real Estate Forum. He also serves on the Real Estate Cabinet of the Los Angeles Make-A-Wish Foundation.

“I focus on fundamentals and avoid stretching assumptions,” Cisterna said. “You always have to invest based on reality, even when the market rewards shortcuts. Learning to say “no” matters. Most long-term success in this business comes from the deals you walk away from, not the ones you force.”

Outside of work, Cisterna values time with his family, staying active, and traveling. Fitness keeps him sharp, he says, and travel provides perspective.

JULIE COLLIER

Vice President of Development, Principal Flaherty & Collins | Indianapolis, Indiana

Julie Collier has built a career defined by steady leadership, technical expertise and an ability to guide complex real estate developments from vision to reality. As vice president of development and a principal at Indianapolis-based Flaherty & Collins, Collier provides senior leadership across the firm’s development platform, helping shape projects that deliver long-term value, strengthening the communities they serve.

With 23 years of experience in the real estate industry, including the past 13 at Flaherty & Collins, Collier brings both depth and perspective to her role. During her tenure with the firm, she has been directly involved in 20 development deals representing more than $640 million in total project costs. Her experience spans the full lifecycle of development, from early-stage site selection and entitlements to financing, design coordination, construction oversight and project stabilization.

Collier is known for her ability to manage complex deal structures while aligning the interests of a wide range of stakeholders. That includes public officials, community leaders, public-sector partners, lenders, investors, consultants and internal teams. Navigating those relationships while keeping complex projects on track requires a blend of technical knowledge, diplomacy and decisiveness—qualities that have become hallmarks of her leadership style.

What keeps Collier energized after more than two decades in commercial real estate is the combination of challenge and collaboration that defines development work.

“The unique challenges and the people I get to work with keep me engaged,” Collier said. “Problem-solving and reaching quick and mutually beneficial decisions with various partners is paramount to success. The quick pace coupled with these types of challenges and negotiations keeps it interesting.”

Today, Collier is leading a development pipeline that exceeds $700 million. That includes a major multifamily, mixed-use redevelopment in Kansas City – with partners at Twelfth Street Heritage Development Corporation – encompassing approximately 1,100 residential units, along with several developments in East Peoria, Lisle and Mundelein, Illinois. Her leadership has been instrumental in advancing Flaherty & Collins’ growing portfolio of multifamily projects across multiple markets.

While the scale of these developments is significant, Collier remains grounded in the fundamentals of the business and the broader purpose behind it.

“Development generally is challenging,” she said. “Getting a deal over the finish line is always a challenge, but there is a lot of reward in bringing people together to get housing built.”

Within Flaherty & Collins, Collier plays a key role in shaping development strategy and reinforcing the firm’s reputation as a trusted, execution-focused industry leader. Colleagues and partners alike recognize her for her collaborative approach, sound judgment and ability to navigate complex regulatory and financial environments with confidence and clarity.

Beyond her professional accomplishments, Collier is deeply committed to her family. When she is not working, she spends her time with her husband and their three children, volunteering at her children’s schools and trading design ideas with her husband, an architect. As a family, they enjoy traveling, snow skiing and spending time with family and friends whenever possible.

KRISTEN DIAMOND

VP of Multifamily Management Hayman Company | Southfield, Michigan

For almost three decades, Kristen Diamond has been a driving force in the multifamily real estate industry, an inspiring leader whose expertise, vision and passion have shaped communities and elevated standards across the multifamily landscape.

As Vice President of Multifamily Management at Hayman Company, Diamond oversees a portfolio of 30 apartment communities spanning several states, leading with a rare blend of strategic precision and heartfelt dedication.

Diamond’s deep understanding of both the industry and the markets she serves has made her an invaluable guide through cycles of change and growth. She approaches every challenge with insight born from experience and an unyielding belief in the power of teamwork and purpose-driven leadership. Her decisions are grounded in data, market intelligence and a genuine care for the people—residents, partners, and associates—who make each community thrive.

“I truly enjoy the ‘puzzle’ aspect of a complex deal,” Diamond said. “Aligning the needs of the investors, residents and the community is not always easy. There is nothing quite like being part of an operations leadership team that is empowered to transform neglected or underperforming assets into thriving, vibrant communities.”

Known for her unwavering drive and integrity, Diamond inspires excellence at every level. Her leadership style empowers teams to exceed expectations, fostering a culture of accountability, collaboration, and pride in performance. Through her guidance, properties are not merely managed; They are transformed into vibrant, enduring communities that enrich the lives of those who call them home.

“My success is rooted in a commitment to leave every person and every property I encounter better than I found them,” Diamond said. “Early in my career, I learned to ‘put my name on the sign,’ to treat every asset as if I were the owner. I have carried that sense of stewardship with me for 30 years.”

Diamond has thrived, too, by working hard to form successful collaborations.

“I recognize that while data is a ‘treasure trove’ for operators, numbers remain static until you engage the people tasked with executing the vision,” Diamond said. “My ability to collaborate with site teams and bridge the gap between analytics and action has been vital.”

Diamond views herself as a lifelong learner. This means that she never stops seeking ways to improve her career.

“I view my career in commercial real estate as an evolution,” she said. “As a lifelong learner, I haven’t just occupied a role in this industry. I have been molded by it, gaining wisdom from every professional I have the privilege to work alongside.”

This real estate veteran is committed to her industry, too. Diamond has served on numerous IREM national committees. She has also been elected to more than six boards of directors, including the Detroit Metropolitan Apartment Association and the Washtenaw Area Apartment Association.

Outside of her professional life, Diamond possesses a deep passion for the arts.

“I love to get lost while exploring art, science and history exhibits and museums,” she said.

Diamond also finds balance in a variety of reading and personal writing projects. Her most cherished time, though, is spent with her family, whom Diamond says keeps her rooted through the ups and downs of commercial real estate.

Diamond is committed, too, to community advocacy, focusing her efforts on supporting the Center for Child Protection and championing the mission of several no-kill animal shelters across Michigan.

KELLY DISSER

Executive Vice President NAI Hiffman | Oakbrook Terrace, Illinois

Over the course of his 23 years in the Chicago commercial real estate industry, Kelly Disser has completed more than 650 sale and lease transactions valued at over $3 billion.

With a focus on the I-90, Central DuPage, and I-88 markets and experience across the United States, Disser has a track record of success with a range of asset types and sizes and can handle every aspect of industrial real estate.

“I have been blessed,” Disser said. “Early on I was fortunate to ‘know’ what I wanted to do.”

While home on spring break from Butler University as a freshman, Disser had the opportunity to shadow a mentor and family friend at one of his development projects in Fort Wayne, Indiana. That helped ignite Disser’s passion for real estate.

During his junior and senior years at college, Disser completed a formal internship with Duke Realty within the company’s industrial development group in Indianapolis. Duke hired Disser full time upon his graduation in 2003.

And ever since? Disser has thrived in the commercial real estate industry.

The numbers tell the story of Disser’s success. In addition to the sale and lease transactions he has completed, Disser has also spearheaded 10 development projects totaling 1.9 million square feet.

And since becoming a partner at NAI Hiffman in 2015, Disser has built one of the most successful industrial brokerage teams in Chicago, his transaction activity consistently ranking among the most prolific in the Midwest.

“The foundation of my business is to make my clients money, or save my clients money, as it relates to their real estate situation,” Disser said. “I have a career and professional purpose because I can make their lives easier.”

Disser has been recognized as a Top Producer in the NAI Global network every year since 2021. In 2021 he was the #4 Top Producer. He has been ranked among NAI Hiffman’s Top Producers each year since 2015.

What is behind Disser’s success? He points to his willingness to log long hours and study his market.

“Without a doubt, work ethic is key,” he said. “There is a direct correlation to the hours invested, and long-term success in our business. There are other factors and functions certainly that are important and do contribute to success: background, experience, talent, relationships. Many brokers possess one or two of these and may get a deal done here or there or have periods of success due to one of those functions. The best of the best never rest.”

Disser also believes in challenging himself.

“While always searching for the most efficient means to achieve, I am also looking for the hardest and most difficult challenges to take, because no one else will do that,” Disser said. “It is human nature to take the path of least resistance. I seek the path of most resistance. That is the difference between good and great.”

When not working, you can find Disser spending time with his family and friends. Disser and his wife Audra have three children. Disser says that he enjoys coaching his children’s sports teams, taking walks with his wife and their dog, Romeo, and taking family trips. Disser also makes it a point to talk with his own parents nearly every day.

“Time is the only resource on Earth that cannot be bought or manipulated,” Disser said. “I enjoy and appreciate being thoughtful with the time I have.”

HOLLY DURAN

Principal Colliers | Chicago, Illinois

Colliers’ Holly Duran is a powerhouse and one of the city’s—and country’s—most influential and successful brokerage professionals in CRE today.

During her career, Duran has been the driving force behind lease negotiations for more than 23 million square feet of space, consistently securing highly aggressive, flexible, and cost-effective deals for her clients.

Duran is also the former founder/owner of Holly Duran Real Estate Partners LLC, a boutique commercial real estate services firm in Chicago that she formed in 2004 after acquiring the Real Estate Services Group of The Levy Organization, where she had served as managing broker and long-time business partner to Principal Larry Levy.

She quickly grew the Women Business Enterprise-certified operation into one of the city’s top firms, known for its unique focus on global services for the futures, options, and financial markets industry.

Duran’s transaction list is extensive and enviable. She has negotiated numerous sale/leaseback transactions on behalf of her clients including the historic Chicago Board of Trade Building, the Kansas City Board of Trade Building, and the NYMEX Building at 300 Vesey St. in New York. In addition to her work in major financial centers around the world, she also represents clients in data center leasing and other complex transactions internationally.

Known for her tenacity, Duran has won praise from clients and colleagues alike and is the recipient of multiple honors including The Greater Chicago Food Depository’s “Tenant Representative of the Year” award.

Duran’s clients have nothing but praise for this professional’s work.

“Holly Duran and her team is a strategically oriented business partner that achieves tremendous value for their global clientele,” said Craig Donohue, chief executive officer at Cboe Global Markets and former chief executive officer at CME Group. “During my tenure as CEO of CME Group, Holly helped guide our long-term global real estate strategy as we completed more than $20 billion in mergers and acquisitions and expanded our global footprint including acquisitions and divestitures in our real estate portfolio. If you’re looking for a strategic partner who understands your business versus a firm to handle a specific transaction, Holly--and Colliers--is who you should choose.”

“Holly Duran and her team worked tirelessly to find our new office space and worked alongside us during every phase of the buildout and reconfiguration,” said Cheryl Sandner, senior managing director with Brokers Risk, a division of One80 Intermediaries. “She negotiated a rightsizing and extension of our lease with extremely favorable concessions and helped us create a beautiful office on time and on budget with minimal frustration.”

Duran is a fierce advocate for her community and a devoted supporter of Ann & Robert H. Lurie Children’s Hospital of Chicago, an active board member of the Children’s Memorial Foundation, and a long-time sustaining member of the Children’s Service Board. Additionally, Duran, leveraging her real estate network, supports the Covenant House Illinois Sleep Out fundraiser hosted at the CME Center. Covenant House provides housing and support to Chicago’s youth facing homelessness.

A champion for women, Duran is a founding member of the organization that would eventually become CREW. In addition, she is an initial investor in Bonfire Chicago, a career development business aimed at helping women excel in the workplace by equipping them with the skills to achieve success on their own terms.

CONGRATULATIONS

Kelly Disser

Hiffman appreciates your tenacity, expertise and dedication to making lives easier for your clients. We celebrate your well-deserved induction into the Midwest Commercial Real Estate Hall of Fame.

ROB EPSTEIN

Senior Vice President, Property Management Block & Company, Inc., Realtors | Kansas City, Missouri

Rob Epstein was a professional. For more than four decades in commercial real estate, he built deep expertise across property management, leasing, and the day-to-day realities of keeping retail real estate healthy. He worked with corporate owners, private investors, and institutional groups, bringing a disciplined, owner-focused approach to every assignment. His work was not fabricated by flash. It was built on reliability. He showed up, paid attention, and followed through.

At Block and Company, Inc., Realtors in Kansas City, Rob managed a substantial portfolio of shopping centers and retail sites across the metro. Owners relied on him for operational clarity and financial discipline. Tenants trusted him because he listened, communicated directly, and handled problems without drama. When a situation was complex, Rob simplified it. When a decision was difficult, he helped people make it. He had a reputation for steady judgment under pressure and for protecting relationships without compromising the facts.

Inside the firm, Rob was a quiet mentor. He did not need attention to lead. He led by example. Colleagues remember his calm presence, his dry wit, and his ability to bring levity to a busy day without ever making himself the center of the room. He valued privacy, but he left a lasting imprint by treating the work and the people with respect.

Rob also held the IREM CPM designation, a credential that fit him. It reflected the way he operated: competent, ethical, prepared, and accountable. Owners and peers knew what they were getting with Rob. Consistency. Candor. A professional standard that did not drift.

Rob passed away in November 2025 after an aggressive battle with cancer, but the signature of his career remains visible in the portfolios he cared for, the client relationships he protected, and the colleagues he influenced quietly and for the better. Rob loved his career, and while his longevity mattered, it was his conduct, professionalism, and kindness that made it meaningful.

Outside of work, Rob had a deep affection for animals and was a devoted dog dad to Charlie, his Shih Tzu mix rescue companion. He supported Blood Cancer United and Wayside Waifs in Grandview, Missouri. Rob would often end his emails with “Namaste.” For Rob, it was not a slogan. It was a sincere wish for others to be well.

On behalf of Rob, and all he inspired, Namaste.

JOHN FEENEY

Senior Vice President The Boulder Group | Wilmette, Illinois

John Feeney is a Senior Vice President with The Boulder Group, a boutique investment real estate service firm specializing in single tenant net lease properties. Throughout his time at The Boulder Group, Feeney has been involved in the acquisition and disposition of approximately $3 billion worth of single tenant properties.

Feeney has been able to develop long-lasting strong client relationships ranging from high-net-worth individuals to publicly traded REITs and Fortune 500 companies. The personal attention paid in each transaction has resulted in ongoing relationships with many clients.

“The variety and challenges of each deal keep things exciting,” Feeney said. “No deal is ever the same. However, deals close and deals die, but the relationships built over time are by far the most enjoyable. Long-term client relationships that turn into friendships are truly the best part of this business.”

In an industry where many brokers advise clients based on gut reactions, Feeney has taken an approach to make decisions based on empirical facts utilizing the research The Boulder Group provides, even in instances where the advice provided results in a client not pursuing a particular property.

“Brokerage can sometimes feel like a transactional business given its commission-driven nature,” Feeney said. “Over the years, I’ve learned that it’s significantly more important to take a long-term approach and put clients’ needs ahead of everything else. Sometimes that means recommending against a deal or passing on immediate business that is not a fit.”

The commercial real estate brokerage industry has been historically viewed as short-sighted in its client relationships due to the transactional nature of the industry’s compensation structure. Feeney has been able to have a long-term vision with client relationships that have greatly impacted the company’s growth.

“Success in net lease brokerage is all about performing for your clients and managing expectations regardless of the market conditions,” Feeney said. “I have very strong partners at The Boulder Group with Randy Blankstein and Jimmy Goodman. It’s amazing to have the two of them to lean on for advice when difficult situations arise.”

Beyond transactions, Feeney oversees The Boulder Group’s net lease research division, where he has authored and published over 70 quarterly and specialty reports on the sector. These reports provide market trends for the single tenant net lease sector and have been featured by prominent organizations including CCIM, CoStar, Globe Street, ICSC, NAIOP, and the Mortgage Bankers Association. Feeney has also served as a featured speaker at the Net Lease Summit Conference in Chicago.

Outside of the office, Feeney is heavily involved in Marquette University’s Vieth Institute for Real Estate Leadership. Feeney serves on the Vieth Institute’s Advisory Board and is a Co-Chair for the board’s structure committee. Feeney is a member of Marquette University’s President’s Society and the International Council of Shopping Centers (ICSC).

Feeney was a recipient of REJournal’s CRE Future Leaders (2019), Chain Store Age’s 10 Under 40 (2020) and Connect CRE’s Next Generation Awards (2021).

When not working, Feeney enjoys spending time with his family, taking vacations, cooking and golfing.

JILL FERRARI

Partner Schenk & Bruetsch, PLC | Detroit, Michigan

Jill Ferrari has spent her entire career focused on supporting women in commercial real estate and pushing creative initiatives to break down barriers that women face in the industry.

Ferrari’s entrepreneurial spirit has inspired many and she is a passionate advocate for those who are not represented at decision-making tables. She has consistently worked to promote change, driving support for diversity, equity and inclusion on an industry level.

As a professional, Ferrari has worked on some of the most complicated redevelopment projects in Michigan and developed important strategic initiatives designed to address our state’s biggest economic problems. She is a force in the commercial real estate industry and a beacon for female entrepreneurs.

“I’m driven by the challenge of solving complex problems, particularly those that require creative and strategic thinking,” Ferrari said. “This includes redeveloping highly complicated sites, structuring and nurturing unique partnerships, and assembling comprehensive, layered capital stacks that make deals pencil. I enjoy working at the intersection of constraints and opportunity, where technical, financial, and relational challenges converge—and turning that complexity into projects that are both viable and impactful.”

The commercial real estate development company that Ferrari co-founded, Renovare Development, was named the 2025 “Developer of the Year” by Michigan Real Estate Journal. Renovare is a commercial real estate development company that focuses on attainable housing and mixed-use projects that serve a deep community need with over $100 million of projects in development.

During her career, Ferrari helped build two startups to which she was deeply connected. But when the time was right, Ferrari transitioned control of them to other owners. These were tough decisions, but the right ones for Ferrari’s career.

“Giving up control of something you’ve built is a quiet kind of reckoning,” Ferrari said. “A company starts as an extension of your will, every decision, value, and risk filtered through you. Over time, it becomes larger than its founders, shaped by people, markets, policy and realities you can’t fully predict or manage. Letting go is an acknowledgment that creation and ownership aren’t the same thing.

“You release the belief that care requires control, and you accept that what you built can continue to grow without your hands on the wheel,” Ferrari said. “There’s loss in that, but also relief—and a certain pride in knowing the thing is strong enough to stand on its own.”

Ferrari is also an adjunct practice instructor at the University of Michigan Taubman College of Architecture and Urban Planning and a member of the National Advisory Board for the Urban Land Institute Terwilliger Center for Housing. She is founding board member of the Women’s Sustainable Development Initiative, a nonprofit organization supporting emerging women developers working in low-income communities.

“My ability to adapt has been a defining factor in my success,” Ferrari said. “As the industry continues to evolve, I’ve consistently responded by innovating quickly, identifying emerging tools, and refining strategies that keep my approach to CRE development relevant and effective. This has allowed me not just to keep pace with change, but to anticipate it and turn uncertainty into opportunity.”

Outside of her professional work, Ferrari enjoys traveling with her daughter, using these experiences as a way to explore new places, perspectives and cultures. She’s also an award-winning screenwriter who spends much of her downtime writing.

“Engaging in storytelling sharpens my creativity, deepens my empathy and strengthens the way I approach problem-solving in my professional work,” Ferrari said.

In Memoriam

Shoutout to Clarence on his induction into the Midwest Commercial Real Estate Hall of Fame!

He has put Michigan City, IN, in the spotlight as a place for investment, growth and innovation in economic development for more than 10 years.

Over the past 5 years, an estimated $2 billion in capital investment and more than 2,000 new jobs have been created in the Michigan City community.

ROBERT D. EPSTEIN

It is with great sadness that we share the Rob Epstein, our Senior Property Manager, colleague, and dear friend for more than 30 years.

Rob’s decades of dedication and excellence in commercial real estate were an inspiration to all who had the privilege of working with him. His professionalism, integrity, and commitment left a lasting mark on our company and our community.

Block & Company, Inc., Realtors is proud to recognize Rob’s posthumous induction into the Midwest Real Estate News Hall of Fame. This honor stands as a lasting tribute to his legacy and the meaningful impact he made throughout his career.

ANDY FINN

Managing Director/Senior Vice President, Debt + Equity Northmarq | Minneapolis, Minnesota

Andy Finn, managing director and senior vice president of Debt + Equity in Northmarq’s Minneapolis office, brings a unique perspective when guiding clients through complex transactions. Whether raising project-specific equity or securing financing across a wide range of asset types and lender profiles, Finn is committed to delivering the best possible solution for each of his clients.

And fortunately for Finn, he’s found his ideal career.

“I am the kind of person that loves making friends, and I also love solving problems for people,” he said. “What I do in my day-to-day life allows me to do both of those things on a regular basis.”

Finn began his real estate career in New York City where he worked for several principal investors focusing on acquisitions, development, finance and asset management. Prior to joining Northmarq, Finn spent time with several commercial investment and development organizations in the Twin Cities including, The Ryan Companies US, Inc., Founders Properties and The Excelsior Group.

Throughout Finn’s career he has been involved in more than $5 billion worth of commercial real estate transactions. In the last three years, he has completed over 50 transactions, totaling more than $750 million in financing volume. Since joining Northmarq, Finn has closed over 100 transactions, demonstrating his consistent ability to navigate the intricacies of the capital markets.

Some of Finn’s notable Midwest transactions include the $45 million Freddie Mac refinance for Axle Apartments, a 262-unit multifamily community in Fridley, Minnesota, and the $41.61 million refinance for The Grove at Mankato, a student housing property in Mankato, Minnesota.

None of these deals were simple transactions, either.

“Every day in life there are challenges or problems that come up,” Finn said. “To be honest, every single deal we get involved in generally has something unique we need to address. It is important to be the one that keeps an even temperament in the face of problems and to not let emotions get in the way of problem solving.”

What steps has Finn taken to build his successful career? He takes a strategic approach to his business. He focuses on providing the best service to his clients and is diligent about putting in the hard work necessary to succeed in commercial real estate.

Finn’s background helps, too. He has spent most of his career on the principal side of the commercial real estate business, focusing on raising capital, financing, acquisitions and development.

“This gives me a different perspective when providing solutions for my clients,” Finn said.

Finn is a member of NAIOP and a past board member of Jewish Family and Children’s Service. He is also one of the owners of Ragstock, a new and used clothing company with 40 locations across the United States. He was the recipient of the Minneapolis Business Journal’s 40 Under 40 honor in 2018.

When not working, Finn enjoys spending time with his family and friends. He also plays tennis, pickleball and golf.

BRENNER HOLLAND

Senior Vice

President,

Residential Development

Hunt Midwest | Kansas City, Missouri

Brenner Holland has made a major impact on the fortunes of Kansas City, Missouri-based Hunt Midwest. That’s because the long-time leader of the company’s residential division is one of the key forces behind the company’s ambitious expansion into luxury multifamily developments over the past decade across the region.

For more than 30 years, Hunt Midwest has been a leading developer of master planned new home communities across Kansas City and the company entered the multifamily market in 2014 with the construction of Mission 106 in Leawood, Kansas. The project opened in 2016 and includes 132 luxury apartments and seven for-rent luxury townhomes along with 7,500 square feet of additional retail space in the Mission Farms mixed-use development.

Shortly after, Holland helped create the Fairways at City Center, a walkable community of 80 for-lease twin villas adjacent to Lenexa City Center that in 2018 was one of the first build-to-rent communities in greater Kansas City. Holland then led the design and construction of The Vue, a 219-residence mixed-use multifamily community in the heart of Downtown Overland Park, Kansas.

The walkable design and popular Parisi coffee shop anchoring the complex’s first floor activated the streetscape and helped spark a wave of redevelopment across the historic downtown district, earning the project a 2020 Capstone Award from the Kansas City Business Journal.

“I love the opportunity to be part of a project from start to finish, watching an idea unfold from its first concepts all the way to the pomp of a ribbon-cutting and through stabilization,” Holland said. “It’s very gratifying to start with greenfield land, an overlooked in-fill site, or an underutilized asset and create a team that can transform that blank canvas into a best-in-class development.”

At the same time, Holland’s team began an innovative partnership with KU Endowment to redevelop underutilized residential acreage adjacent to the growing University of Kansas Health System campus on Rainbow Boulevard in Kansas City, Kansas. Hunt Midwest created a three-way partnership with the endowment and LANE4 Property Group to create The Hudson, which opened in June and turned an obsolete 38-unit apartment site on a constrained 2.6-acre lot into a 228-residence, luxury multifamily community for the professionals working in and around the world-renowned health campus.

Holland’s leadership also was instrumental in Hunt Midwest’s entry into the senior living market in 2011 and he played key roles in the development of major public infrastructure projects as well to support the continued growth of the company’s award-winning new home communities across Kansas City.

Today Holland is developing a new mixed-use multifamily community across the street from The Vue to continue Hunt Midwest’s investment in reinvigorating downtown Overland Park with work slated to begin in 2026. The yet-to-be-named project will include about 221 luxury residences and at least 5,000 square feet of retail to further activate the streetscape as Overland Park reinvests in the nearby farmers’ market and works to redevelop the busy Metcalf Avenue corridor.

“With all the extreme regulation and increased bureaucracy, there’s no such thing as an easy project,” Holland said. “Most projects today have one or two pinch points in the process that seem insurmountable, but working to overcome these obstacles is what we do every day.”

Under Holland’s leadership, Hunt Midwest quickly went from new entrants in mixed-use and multifamily developments to one of Kansas City’s most sought-after luxury multifamily developers. “I don’t think there are a lot of secrets to succeeding in commercial real estate,” Holland said. “I have always tried to follow a pretty simple formula that includes building relationships, working hard, volunteering for work others don’t want to do, staying curious and surrounding myself with good, smart people.”

KYLE T. HUGHES

Managing Principal Veritas Realty | Indianapolis, Indiana

As managing broker of Veritas Realty, Kyle Hughes has played a pivotal role in growing the firm from just two brokers to a team of 18, establishing Veritas Realty as one of Indiana’s leading retail brokerage and property management firms.

Over the course of his career, Hughes has successfully completed more than 175 Starbucks transactions across the state, reflecting his exceptional expertise and industry influence.

Hughes has also completed more than $1 billion in sale and lease transactions. His experience encompasses many facets of leasing, site selection, retail development, land assemblage, finance, contract negotiation, sale-leaseback structures and land sales on behalf of a variety of landlords and tenants.

“I thoroughly enjoy that each day in this business is different from the next,” Hughes said. “One morning might entail an extensive market tour with a new-tomarket retailer that is looking for potential sites, while the afternoon might be spent working collaboratively with lenders, attorneys, co-brokers and escrow agents to get a large investment sale transaction closed.”

Hughes also enjoys mentoring younger brokers in his office and helping them to succeed. There’s a reason for this: Hughes’ mentors long ago were instrumental in his career development and provided a foundation of knowledge and best practices that he still relies on. Mentoring younger brokers is Hughes’ way of paying this back.

Hughes said that one of his first mentors in the business told him that to find success in the retail brokerage business, he should become the best and most trusted source of information possible for his clients.

“His point was simple: As brokers, what we possess is information and intuition, but at the end of the day, the client makes the final decision. Therefore, my goal was to provide the best and most accurate information for my retail and restaurant clients,” Hughes said. “As a young broker, I took it upon myself to drive markets all over the Midwest and research property owners to find out which entity owned each shopping center and outlot in a particular market, and to understand each owner’s motivation for selling, leasing or continuing to own the respective real estate.”

Hughes’ ever-growing database of knowledge related to retail real estate in Indiana has allowed him to provide the best information to his clients, helping them make the most informed decision on behalf of their retail businesses.

“I attribute my success to my relentless work-ethic, personal drive and persistence,” Hughes said. “I also attribute my success to my mentors and my team at Veritas Realty that surrounds me each and every day. My partners and co-workers are truly the best.”

Hughes’ extensive market knowledge allows him to effectively conduct site selection searches and “market entry” strategies for national retailers. He represents many national retailers and restaurants including Starbucks Coffee, Portillo’s Hot Dogs, Total Wine & More, Tesla Motors, Potbelly Sandwich Works, Sportsman’s Warehouse, Fresh Thyme Farmer’s Market, and Bibibop Asian Grill.

Hughes’ peers have recognized his accomplishments. He has been named a “Forty Under 40” honoree by the Indianapolis Business Journal, awarded “Broker of the Year” by Starbucks Coffee and has been selected multiple times as a CoStar Power Broker for retail transactional production.

When not working, Hughes enjoys playing pickleball, traveling to beach vacations with his wife and family, spending time with friends and attending Indiana Pacers and Butler University basketball games. And along with much of the state, Hughes enjoyed cheering-on the Indiana University Hoosiers football team in their playoff run to the NCAA championship this year!

CLARENCE L. HULSE

Executive

Director Michigan City Economic Development Corporation | Michigan City, Indiana

Over the past four years, an estimated $1.9 billion in capital investment and more than 1,500 new jobs have been created in this northwest Indiana community thanks in large part to Hulse’s work with the economic development corporation.

From large-scale projects like the $101 million mixed-use project The Franklin at 11th Street train station, Woodridge the city’s first subdivision in 50 years to renovated restaurants such as Burn ‘Em Brewing, Rocco’s and The Cellar Door, the city has experienced a surge in new and revitalized spaces and places under Hulse’s leadership at the economic development corporation.

“I enjoy being part of our community and having the opportunity to meet new people from not only our region, but also beyond Indiana,” Hulse said. “I embrace the process of seeking out new deals, connecting the right resources to keep projects on track and seeking creative ways to solve issues and confront challenges.”

Michigan City is not Hulse’s first economic development stop. Hulse also worked in this field in Florida and North Carolina and is credited with creating more than 30,000 jobs and $5 billion in direct capital investment during the last 25 years.

In 2024, 568,382 square feet of commercial and manufacturing space were added or redeveloped, and 13 new businesses opened in Michigan City. The region has celebrated numerous grand openings in recent years, welcoming restaurants, new neighborhoods, manufacturers and mixed-use projects to the downtown area and beyond. There are 2,000 residential units under construction or permitted for the next five years in Michigan City.

With the creation of the Vibrant Michigan City playbook, the Economic Development Corporation Michigan City has collaborated with neighborhoods and community members to spark change in the areas of the city that need it most. The playbook addresses issues such as food insecurity, access to jobs, affordable housing and public safety.

Hulse credits the guidance from several mentors with helping him succeed in the economic development field.

“Having a diverse set of mentors in my world who are willing to share their expertise, advice, and experience has been a true blessing,” Hulse said. “I have had the opportunity to be a lifelong learner in my industry and in my life. Being stagnant in any arena of life or work does not lead you anywhere. You never know what kind of innovations, ideas and energy are right around the corner if you are not willing to take that turn.”

Hulse’s peers have recognized his talents. This economic development veteran has won both state and national awards for his work in the community and economic development arena, including the International Economic Development Council’s “Outstanding New Developer of the Year,” Indiana Planning Association’s Outstanding Community Initiative Award and the Indiana Economic Development Association’s first Shining Star Award.

When not working, Hulse focuses on reading, turning often to biographies and history. Hulse also enjoys attending the many festivals and concerts in the Midwest, watching college sports and diving into his region’s culinary delights.

PATRICH JETT

Senior Vice President Colliers | Royal Oak, Michigan Clarence Hulse continues to work with Michigan City leadership, business and community leaders to boost the growth and development of Michigan City, Indiana. In more than 10 years as executive director of the Michigan City Economic Development Corporation, he has helped put this Indiana community in the spotlight as a place for investment, growth and innovation in economic development.

For more than 18 years, Patrich Jett has built a reputation as a trusted and strategic commercial real estate advisor.

Based in Detroit-Ann Arbor, Jett advises clients on complex, multi-market real estate and site-selection initiatives, including assignments for Fortune 500 companies, automotive OEMs / suppliers and dealerships, transportation and logistics operators, national industrial developers and investors, and emerging data-center platforms.

A market leader known for navigating complex, high-profile assignments, Jett guides real estate decisions that materially influence operational performance, capital deployment, and long-term business strategy.

Jett’s career has been defined by his ability to align real estate strategy with operational, financial, and supply-chain objectives. He has led transactions and development projects across industrial, automotive, logistics, and development-driven sectors, earning the trust of corporate real estate leaders who rely on him for time-sensitive and mission-critical assignments.

At the core of Jett’s success is a deep commitment to mentorship and team development. He invests heavily in the growth of his team, taking a hands-on approach that spans property tours, deal structuring and strategic planning. By fostering a culture of accountability, rigor, and continuous learning, Jett empowers his professionals to deliver consistently high-level results while building long-term client trust.

“The projects that energize me most are the ones where real estate decisions carry real operational and financial impact,” Jett said. “Selecting the right market, assembling land, securing entitlements or aligning real estate with a long-term business strategy requires more than market knowledge. It demands an understanding of how real estate integrates with operations, workforce planning, supply chains, capital strategy, and long-term growth objectives.”

Alongside his team, Jett specializes in multi-market tenant representation, corporate transaction management, and site-selection strategy, helping clients execute real estate programs with precision. His disciplined approach has delivered measurable outcomes, including cost reduction, risk mitigation, schedule certainty, and portfolio flexibility. Known for creative problem-solving and disciplined execution, Jett leads one of Detroit’s top-performing referral teams, supported by strong broker relationships and deep market insight.

He is widely respected for his collaborative approach, transparency, and ability to align local market intelligence with national execution standards.

“My success comes down to focus, credibility and consistency,” Jett said. “Early on, I chose to specialize rather than generalize, investing deeply in automotive, industrial and development-driven real estate. That focus—combined with continuous education, exceptional teams, and long-term client relationships—has made the difference.”

That focus has been especially evident in Jett’s leadership within the automotive sector. Drawing on Detroit’s rich automotive heritage, he founded and now chairs the Automotive Practice Group, positioning himself as a go-to expert for global automotive real estate.

His work spans top-tier OEM suppliers and advanced manufacturers, including emerging electric-vehicle and battery-related platforms.

In parallel, Jett has expanded his advisory work in land and infrastructure strategy for next-generation uses, including data centers. He views these projects through both an economic-development and long-term community lens, balancing technical requirements with entitlement, power, and infrastructure considerations.

Clients, Jett said, value his team’s discipline and honesty.

“We don’t overpromise, and we deliver when it matters most. Consistent follow-through and executing at the highest level has been the foundation of our success.”

Outside of work, Jett prioritizes family and balance, and values meaningful conversations. He recharges through long-distance trail running, vinyl records and sharing a great bottle of wine with friends.

JEFFREY KAFTAN

President Kaftan Communities | Southfield, Michigan

Jeffrey Kaftan has spent more than three decades proving that longevity in real estate is built not on chasing trends, but on disciplined execution, patient ownership, and an unwavering commitment to people and place.

A second-generation real estate operator, Kaftan leads Kaftan Communities, the family-owned multifamily firm founded by his father, Mel Kaftan, that is now entering its 61st year of operation. Under Jeffrey Kaftan’s leadership, the company owns and manages more than 2,500 apartment units across metropolitan Detroit, focusing on long-term ownership and operational excellence rather than short-term gains.

Kaftan’s career began on the construction side of the business, where he gained firsthand experience in how buildings are assembled, improved, and maintained. That early exposure shaped his practical understanding of real estate and laid the foundation for his later work as an owner-operator. Over time, his focus shifted toward acquisitions and operations, where he discovered a passion for identifying underperforming or deferred assets and unlocking their potential through renovation, repositioning, and thoughtful rebranding.

At the core of that work is a resident-first mindset. Kaftan is driven by the belief that well-run apartment communities should enhance the quality of life for residents while strengthening the neighborhoods around them. Improving physical environments, elevating service standards, and ensuring each property becomes a responsible, engaged neighbor are central to the firm’s operating philosophy.

One of the most defining challenges of Kaftan’s career has been guiding Kaftan Communities through a generational transition while modernizing the business. As the firm evolved from its roots in construction and development into a professional property management organization, Kaftan led efforts to upgrade systems, reinforce operational discipline, and professionalize processes, while carefully preserving the culture and values that had defined the company for decades. These efforts took place amid shifting economic cycles and an increasingly complex regulatory landscape, adding another layer of complexity to the transformation.

Kaftan credits his success to a conservative, disciplined investment approach centered on low leverage, long-term holds, and hands-on management. Rather than pursuing rapid growth or speculative returns, he emphasizes buying assets well, investing thoughtfully, and operating consistently over time.

His influence extends beyond his own portfolio. Kaftan remains deeply engaged in industry leadership as a past president and current board member of the Apartment Association of Michigan, where he works closely with state legislators on policy and regulatory issues affecting the multifamily housing sector.

Family continues to play a central role in Kaftan’s journey. He credits his wife, Marla, for her support and perspective throughout the firm’s evolution. Looking ahead, growing interest from the third generation signals that the Kaftan family legacy, rooted in long-term stewardship and community-focused growth, is poised to continue.

Outside the office, Kaftan enjoys boating in Northern Michigan, training in Krav Maga, and traveling, interests that mirror the balance, discipline, and curiosity he brings to his leadership of Kaftan Communities.

GEOFFREY KOSS

Managing Director, Commercial Real Estate CIBC Bank USA | Chicago, Illinois

With over three decades of dedicated service in commercial real estate, Geoffrey Koss has played a pivotal role in shaping the landscape of Chicago and its surrounding suburbs. His career is marked by a deep commitment to responsible urban development and an ability to navigate some of the region’s most complex and transformative projects.

During the 1990s and 2000s, Koss was instrumental in the expansion of Chicago’s residential market. He provided senior lending and structuring expertise for over 20 highrise construction projects and multiple large-scale site redevelopments. His leadership was central to projects that transformed underutilized land into vibrant, economically productive neighborhoods.

“I particularly enjoy the opportunity to shape communities through transformative projects that revitalize neighborhoods, create economic opportunities, and foster sustainable growth,” Koss said. “Collaborating with diverse stakeholders to solve complex challenges is especially rewarding.”

Koss’s portfolio encompasses several landmark redevelopment projects that have significantly shaped the urban and suburban landscape of Chicago and its surrounding areas:

• Montgomery Ward Campus: Converted over 30 acres and 2.6 million square feet of historic buildings in Chicago’s River North neighborhood into a mixed-use community featuring over 2,000 residential units and 1.5 million square feet of office space.

• Illinois Center–Lakeshore East: Acquired and redeveloped more than 25 acres in Chicago’s Central Loop through a phased approach, ultimately yielding over 5,000 residential units, 1,500 hotel rooms and 3 million square feet of commercial space.

• UIC University Village: Transformed 68 acres of former industrial land in Chicago’s South Loop into a thriving mix of student housing, educational facilities, and over 1,000 residential units.

• Chicago Dock & Canal (RiverEast): Facilitated the acquisition, remediation and development of more than 20 acres in Chicago’s South Streeterville, resulting in multiple high-rise and mixed-use residential buildings.

• Kinzie Park: Redeveloped more than 6 acres of industrial land in Chicago’s River North neighborhood into over 400 housing units, including significant environmental remediation.

• Fort Sheridan: Financed the historic preservation and redevelopment of a former military base on Chicago’s North Shore, converting original structures into homes and constructing new residential units. These projects have revitalized former industrial and underutilized sites, creating new housing, parks, and amenities. The developments have generated significant economic activity, increased tax bases and fostered inclusive, sustainable neighborhoods.

“My success has been driven by a commitment to integrity, adaptability, and collaborative problem-solving,” Koss said. “I have consistently sought innovative financing structures, prioritized mentorship, and maintained a strong focus on community impact.”

His expertise in structuring deals, managing risk and adapting to unforeseen challenges, such as environmental remediation, infrastructure overhauls, and evolving project scopes, was crucial to the success of these transformative projects. Koss applied creative and flexible financing structures to these complicated projects that allowed for the use of separate financing vehicles for land and vertical improvements, enabling developers to mitigate risk, attract diverse capital partners, and reduce upfront capital requirements. This approach proved critical in managing the complexity and scale of multi-phase, master-planned communities. His ability to work collaboratively with developers, public agencies and other financial institutions was a hallmark of his approach.

In addition, over his career, Koss has managed and mentored over 30 real estate professionals, fostering a culture of integrity, risk awareness and collaborative problem-solving.

Outside of work, Koss enjoys playing music and performing in a band with his wife and other friends from the real estate community.

2025

CAM KUCIC

Vice Chair Colliers | Indianapolis, Indiana

For nearly two decades, Cam Kucic has been a steady and influential force in Indiana’s industrial real estate market, earning a reputation as one of the region’s most respected and productive professionals. As vice chair with Colliers | Indianapolis, Kucic has built a career defined by deep market knowledge, analytical rigor and an unwavering commitment to his clients’ long-term success.

Kucic’s expertise spans the full spectrum of industrial real estate services, including leasing, acquisitions, dispositions and build-to-suit development. His client roster is as diverse as the assignments he tackles, ranging from regional owner-operators to Fortune 500 corporations with complex operational needs.

Regardless of deal size, Kucic approaches every engagement with the same focus: delivering customized solutions that align real estate strategy with business objectives.

Colleagues and clients alike point to Kucic’s ability to blend detailed market insight with practical, hands-on service. Known for his methodical approach, he excels at breaking down complex challenges, whether that means optimizing logistics networks, analyzing multi-market portfolios, or guiding development decisions from concept through completion.

What’s behind Kucic’s success? He points to the importance of being consistent.

“This business has a large ramp-up period, and the biggest challenge can beputting in productive work every da – staying focused is key,”Kucic said.

Also important? A commitment to learning. Kucic says that he embraces learning something new every day.

Kucic is committed, too, to strengthening existing relationships and growing new ones. This is a key to keeping the business coming and the deals flowing.

Over the course of his career, Kucic has completed hundreds of transactions totaling millions of square feet, playing a meaningful role in cementing Indianapolis’ status as one of the Midwest’s most active and attractive distribution hubs.

“I think what has helped me the most is to make sure I put in the effort and do what is right at all times,” Kucic said. “Our clients trust us to give them the best information so they can make the best decision for their companies. Being reliable and doing what you say you are going to do is very important to them and myself.”

Kucic’s impact extends well beyond his transaction volume. Within Colliers Indianapolis, he is widely regarded as a mentor and leader who has helped shape the next generation of industrial brokers. He is deeply committed to fostering a collaborative culture, freely sharing knowledge and experience to elevate both individual teammates and the firm.

A consistent top producer and multiple-time recipient of Colliers’ internal performance awards, Kucic’s career stands as a testament to excellence, integrity and sustained client partnership.

When not working, Kucic enjoys spending time with his wife and daughter. This includes taking the dog on family walks, going on boat rides and taking a break from the working world with a family vacation.

STEVE LEVY Chief Operating Officer

McCownGordon Construction | Kansas City, Missouri

Recognized as a transformative leader in Midwest commercial real estate and construction, Steve Levy has built a career defined by strategic vision, operational excellence, and a deep commitment to people. As chief operating officer of McCownGordon Construction, Levy has played a central role in shaping not only how the company builds, but how it thinks and collaborates.

Levy’s influence is evident across every facet of McCownGordon’s operations and culture, but one of his most significant and enduring contributions has been supporting the creation and growth of the firm’s Building Performance Solutions group.

The industry-leading concept brings together construction support services—including quality, MEP, VDC, structural engineering, and other technical disciplines— and integrates them directly with architects and project teams. The result is a highly collaborative model that delivers measurable value for clients while setting a new benchmark for building performance.

By empowering specialized experts to work side by side with designers and builders, Levy helped position McCownGordon as a forward-thinking leader willing to rethink traditional construction processes. The approach has elevated outcomes for clients and strengthened the firm’s reputation for innovation, precision, and accountability.

Much of Levy’s success stems from a leadership philosophy rooted in learning. He is intentional about surrounding himself with strong leaders and organizations whose values mirror his own. He also prioritizes continuous education, believing that curiosity and adaptability are essential in an industry that is constantly evolving.

That mindset extends to his willingness to take calculated risks. Over the course of his career, Levy has moved markets, taken on new challenges, and stepped into unfamiliar roles, decisions that required confidence and long-term thinking.

“I’ve never been afraid to take a calculated risk,” Levy said. “Those decisions weren’t always easy in the moment, but they’ve consistently helped me grow and ultimately paid off.”

Levy’s strategic insight has been instrumental in McCownGordon’s expansion into new markets, including the Dallas-Fort Worth region, as well as the creation of a National Manufacturing business unit. Drawing on more than 42 years in construction, including over two decades spent working in Texas, he brings a deep understanding of industry trends, regulatory environments, and operational best practices. That experience has helped the firm scale responsibly while maintaining its reputation for integrity and excellence.

Despite his executive responsibilities, Levy remains closely connected to the work itself. He continues to find energy and inspiration on job sites, walking projects with teams and watching ideas take physical form.

“Even after all these years, I still love walking a project with the team and seeing what’s being built,” he said. “There’s something energizing about watching people solve problems in real time and create something that will serve a community for decades.”

Levy’s leadership also extends beyond McCownGordon. As chair of The Builders, the Associated General Contractors of Kansas City chapter, he champions workforce development, best practices, and regional collaboration.

Outside of work, Levy prioritizes family. He enjoys traveling with his wife, visiting friends, and returning to Texas to spend time with his grandchild.

“With more grandchildren on the way,” Levy said, “family time is becoming even more important—and more fun.”

2025

EDWARD LOWENBAUM

Managing Principal Cresa | Chicago, Illinois

For more than four decades, Ed Lowenbaum has distinguished himself as one of the Midwest’s most respected and accomplished real estate professionals. With over 25 years focused on tenant rep industrial brokerage, Lowenbaum has played a major role in the Chicago and Midwest industrial markets.

As Managing Principal at Cresa, Lowenbaum has advised manufacturers, distributors, and logistics companies on more than $900 million in real estate transactions. His work spans complex site selection assignments, lease negotiations, portfolio strategies, and build-to-suit developments not only locally but nationally and internationally. Known for consistently putting clients’ long-term business objectives ahead of transactional outcomes, Lowenbaum has built enduring relationships rooted in trust, transparency, and results.

“The most rewarding part of my work is developing long-term relationships with clients and helping them navigate complex real estate decisions that have a direct impact on their businesses,” Lowenbaum said. “I also find great satisfaction in mentoring younger professionals and sharing the experience I’ve gained over the years. Seeing clients and colleagues succeed because of thoughtful guidance is what keeps the work meaningful for me.”

Prior to entering commercial real estate, Lowenbaum began his career as an architectural engineer with an international construction company, an experience that provided a strong technical foundation and continues to inform his analytical, detail-driven approach. He started his real estate career in Orange County, Califorrnia with a regional brokerage company before moving back to Chicago. After stints with Colliers, Insignia, Trammell Crow and his own company, Lowenbaum REP, he joined Cresa as a partner in 2018.

Like anyone with a long-term career in real estate, Lowenbaum has experienced multiple market cycles, including periods of significant slowdown and uncertainty. Those times require creativity, discipline, and the ability to adapt quickly.

An example? During one industry downturn, Lowenbaum utilized his construction management skills to develop a 60-acre equestrian event center in Aiken, South Carolina, an experience that expanded his skill set and reinforced the importance of flexibility.

“I’ve learned that challenges become far more manageable when you have a diverse set of skills, remain open to new opportunities, and are willing to adjust your approach as conditions change,” Lowenbaum said. “Each market cycle has ultimately strengthened my ability to problem-solve and deliver value, regardless of the economic environment.”

Lowenbaum’s professional achievements have earned him numerous industry accolades, including multiple nominations for Industrial Broker of the Year from the Chicago Food Depositories annual real estate awards. Within Cresa, he has consistently ranked among the firm’s elite performers, earning Chairman’s Club and President’s Club honors. He has also been named Cresa Chicago’s Top Producer three times in the past five years.

“To stay competitive, I’ve continually invested in learning, embracing new technologies, strengthening my financial expertise, and staying current with market trends,” Lowenbaum said. “That commitment has allowed me to evolve alongside the industry.”

Beyond transactions, Lowenbaum is deeply committed to developing talent and strengthening the industry through mentorship and collaboration. Many of the people he hired over the past 30 years are some of the top brokers in the field. Most recently, he welcomed his son into the business and is guiding him as he learns the ropes.

Equally important to Lowenbaum is giving back to the community. He actively supports organizations including the Chicago Food Depository, the Humane Society, the American Diabetes Association, Jewish Federation, and Cresa Cares.

Outside of work, Lowenbaum enjoys boating, golfing, tennis, skiing, yoga, and traveling. In his 30 years of competitive sailing, he has competed in 5 Chicago to Mackinaw races. His Hall of Fame recognition reflects not only sustained excellence, but a career defined by integrity, leadership, and meaningful impact.

CONSTRUCTING DREAMS DAILY.

Congratulations, Steve Levy for being inducted into the CRE Hall of Fame. Every day you live our core values of Relationships, Integrity and Performance ensuring that we continue our mission of improving lives. Your strategic leadership has driven growth for McCownGordon and all of our employee-owners.

CHARLES (CHARLEY) MARGOSIAN III

Managing Principal Highland Management Associates | Lombard, Illinois

Charles Margosian III has an aptitude for numbers. And this love of math, along with a commitment to his clients and a dedication to meeting their needs, has played a key role in helping him close a string of lucrative CRE deals as managing principal of Highland Management Associates in Lombard, Illinois.

Highland Management Associates is a real estate developer and owner of 13 retail and office properties throughout the Chicago suburbs that was founded in 1985 by Margosian’s father, Charles Margosian Jr., who is also a Midwest Real Estate Hall of Fame Member.

At Highland, Margosian shares, with his father and the team, responsibility for day-to-day property management, new acquisitions and strategic development initiatives. Together with the team, Margosian strives to provide exceptional service for over 150 tenants and provide them with locations “Where Businesses Succeed.”

“I have basically been in real estate for my entire career, but really my entire life,” Margosian said. “My childhood is full of memories of property visits and photos of me on construction equipment from development sites. As long as I can remember, I have loved real estate and construction.”

Prior to joining Highland Management, Margosian was a partner at Walton Street Capital LLC in Chicago and an associate in real estate acquisitions at The Blackstone Group in New York City. He has been involved with over $2 billion in real estate transactions during his career. Margosian credits his love for putting deals together as one of the prime reasons for his success.

“With my background and education, I really enjoy the numbers and the math involved in a transaction,” he said. “I think the most satisfying part of the business is putting all the pieces together on a development or re-development project, working on every aspect of bringing a building from an idea to a place where local and national businesses will thrive.”

Margosian enjoys, too, that every day in commercial real estate brings new challenges. That might include buying and repositioning outdated or neglected assets. In these situations, Margosian and Highland Management are working to fix the previous owner’s missteps.

At other times, Margosian works with properties that weren’t designed properly or are now outdated. It takes creativity to make such properties work in today’s market.

“Solutions take creativity, patience and time,” Margosian said. “But finding those solutions and implementing them is extremely rewarding.”

Margosian is an active member of CASCO (Chicagoland Area Shopping Center Owners) where he serves on the board of directors as Secretary, and has been a member of ICSC for over 20 years. Margosian resides in Naperville with his wife, Emily, and two daughters. He previously served on the Next Gen board of the DuPage Children’s Museum and he is currently a member of the board of advisors for Naperville’s Riverwalk 2031 Fund.

His primary hobby outside of family is racing automobiles, where Margosian competes in the member series at Autobahn Country Club in Joliet. He has won the annual Member Racing Club Championship for the GT4 class four times.

“Driving the car is the one place where I am completely unplugged from the stresses of daily life, as it requires complete focus and attention,” Margosian said.

CHARLES S. MARGOSIAN III

ANDY MARTIN, CCIM

Managing Director SVN | The Martin Group | Fishers, Indiana

Andy Martin, managing broker with SVN | The Martin Group, boasts more than a decade of experience serving investors, developers, business owners and institutions throughout Indiana and Kentucky.

Martin began his commercial real estate career in 2012 after earning his Indiana real estate broker license in 2009 while still in college. He achieved his CCIM designation in 2024 and earned his Kentucky real estate license in 2025.

“What I enjoy most about commercial real estate is the opportunity to help clients solve complex problems and make decisions that have lasting impact on their businesses, families, and communities,” Martin said. “Each assignment is different, whether it involves structuring a lease, repositioning an asset, working through development entitlements, or advising a client through a long-term investment strategy. That variety keeps the work engaging and fresh.”

In addition to brokerage work, Martin has been involved in development-related assignments, including entitlement approvals, feasibility analysis, land acquisition and advisory work for mixed use and commercial projects. He has worked closely with developers, municipalities and capital partners to help projects move from concept through execution.

One of the secrets behind Martin’s success? He’s built strong relationships, always a key in the CRE business.

“I value the relationship-driven nature of the business,” Martin said. “The best outcomes are built on trust, clear communication and a deep understanding of a client’s goals over time. Many of my client relationships span multiple years with multiple transactions, and being a consistent advisor through changing market conditions is especially rewarding.”

Martin plays an active leadership role within his firm, contributing to strategic planning, mentoring advisors, and strengthening collaboration across offices. He works as part of a highly collaborative brokerage team with Steve Martin, Chris Stuard and Alex Martin. He is quick to note that individual recognition is only possible because of the trust and shared effort of his colleagues. His team-based approach and commitment to collaboration have earned his team multiple transaction awards through SVN including SVN Partner’s Circle, SVN Presidents Circle, and SVN Achiever’s awards, as well as the 2024 CCIM Indiana Chapter Retail Transaction of the Year award.

This doesn’t mean that Martin hasn’t faced challenges.

“I have experienced transactions that stalled, required restructuring or ultimately did not close, even after significant effort. Those moments have tested my patience, judgement and character,” Martin said. “Being willing to have difficult conversations, adjust strategies when conditions change and stay committed to doing what is right for my clients has helped me strengthen long-term relationships.”

Beyond his professional work, Martin has served in multiple leadership roles with the Indiana Commercial Board of Realtors, including the Council Chair, Chair-Elect and Program Committee Chair. He serves on the board of Keep Noblesville Beautiful, supporting community improvement and volunteer initiatives and is a Life Group leader at his church.

Martin points to his CRE work as also making a positive impact on his community.

“Thoughtful real estate decisions can create jobs, strengthen neighborhoods and support economic growth,” Martin said. “Being part of that process and working alongside other professionals to bring deals and developments to life is what continues to motivate me.”

Martin is a graduate of Ball State University and lives in Noblesville, Indiana, with his wife and two children. He values family, faith and community involvement.

DANIEL MCCLEARY

Senior Vice President NAI Farbman | Farmington Hills, Michigan

For more than 40 years, Daniel McCleary has been a constant and respected presence in the Detroit-area commercial real estate market. As a senior vice president with Farmington Hills, Michigan-based NAI Farbman, McCleary has built a career defined by deep market knowledge, tireless work ethic and an unwavering commitment to his clients.

A veteran of metropolitan Detroit’s industrial real estate sector, McCleary has focused his career on the sales and leasing of manufacturing and warehouse facilities, with expertise in properties serving the trucking and logistics industries. Over four decades, he has navigated every type of transaction imaginable, adapting to shifting market cycles while consistently delivering results for his clients.

More than half of McCleary’s career has been spent with NAI Farbman and the Farbman Group, where he has become known not only for his deal-making skills, but also for his ability to cultivate long-term relationships. McCleary credits much of his success to his role as a problem-solver, someone clients trust to find solutions even in the most complex situations.

That trust has translated into an impressive and diverse client roster. McCleary has completed transactions for national and international companies such as General Motors, The Coca-Cola Company, Central Transport, the U.S. Postal Service and Tapco International.

At the same time, McCleary has worked with hundreds of local investors, developers and corporations, helping them expand, relocate or reposition their operations. His experience also extends into the public sector, where he has successfully completed deals with municipalities across metro Detroit, including the City of Detroit, Wayne County and the City of Hamtramck.

“I enjoy that not every two days are the same,” McCleary said. “The opportunity to watch companies grow and be a key cog in their success gives me the drive in this ever-changing business.”

For McCleary, every transaction presents a new challenge.

“Every deal brings a new challenge. They range from big to small challenges, but all deals are a challenge in their own way,” he said. “It’s my job to figure that out and get the deal to the closing table. The biggest challenges are some of the most fun, and I always seem to work those out to meet the needs of my clients.”

Outside of commercial real estate, McCleary enjoys golfing, traveling, spending time with his family and riding with his cycling groups. He is particularly proud of his involvement in the Make-A-Wish “Wish-A-Mile” fundraising event, an annual three-day ride covering 100 miles per day to raise funds and awareness for wish children.

“The ability to give back while doing something I relish makes 300 miles seem like a cakewalk,” McCleary said.

BOBBY MILLS

Managing Director Global Real Estate Advisors | St. Louis, Missouri

Results matter, and Bobby Mills, Managing Director in the St. Louis office of Global Real Estate Advisors (“GREA”), gets them.

The numbers bear this out: With more than 10 years of experience, Mills has been directly involved in over $2 billion of multifamily transactions totaling more than 25,000 units.

What is behind Mills’ success? Making connections.

“Commercial real estate is ultimately a people and information business, and I enjoy connecting owners, investors, and partners in ways that create mutual value,” Mills said. “Aside from the usual avenues, I’ve learned that opportunities often come from places you’d never expect.”

An example? Last year, while moving into a new home, Mills hired a worker from TaskRabbit. Instead of making small talk - or no conversation at all – Mills had a genuine conversation with the worker.

Turns out, the worker’s sister-in-law owned approximately 2,500 multifamily units across Missouri and Illinois. That connection ultimately led to multiple property sales and new listings for Mills.

“The lesson is simple: you never know where opportunity will come from,” Mills said. “Treating everyone with genuine respect, regardless of title or circumstance, matters, and it often comes back around in meaningful ways.’

Mills leads GREA’s Midwest expansion and specializes in the sale, financing, and equity placement of multifamily real estate on behalf of private capital and institutional property owners/ developers. Mills has been recognized as a CoStar Power Broker in 2021, 2022, 2023, 2024, and 2025, and is frequently asked to speak at various multifamily conferences and panels.

Prior to joining GREA, he served as a Senior Director of Investment Sales in Berkadia’s St. Louis office, where he quickly established himself as one of the Midwest’s top producers. During his time at Berkadia, the St. Louis Investment Sales team sold more apartments in St. Louis than all their competitors combined.

“Consistency, preparation, and relationships have been the foundation of my career,” Mills said. “I’ve always believed that strong results come from a disciplined process, transparency, and long-term thinking. Equally important, I’ve learned that being creative - and not always following the traditional playbook - can be a meaningful differentiator in a highly competitive industry. Approaching assignments with fresh perspectives, customized strategies, and thoughtful storytelling has helped me stand out while delivering better outcomes for clients.”

Mills’s leadership enhances GREA’s fully integrated Midwest Team, where he partners with colleagues across Chicago, Detroit, and Indianapolis to provide clients with seamless advisory services across multiple markets. This collaborative model allows the team to deliver best-in-class execution and strategic insight for clients managing portfolios across the region.

Mills holds both a B.S. in Accounting and Finance and an MBA from the University of Dayton, where he was also a member of the Men’s Lacrosse Team. Initially planning to go into public accounting upon graduation, Mills’ experience working as an intern for a local private equity real estate firm the summer before entering graduate school ultimately led him to pivot into a career in commercial real estate.

Outside of work, Mills enjoys the outdoors, spending time with family and friends, and being active in the St. Louis community.

TIM MOORE Senior Vice President Central Region IDI Logistics | Memphis, Tennessee

The numbers highlight just how successful Tim Moore has been during his commercial real estate career: Since joining IDI Logistics in 2005, he has been involved with the leasing and development of inventory and build-to-suit projects totaling more than 38 million square feet of space.

Moore is Senior Vice President for IDI Logistics’ Central Region, a 10-million-square-foot portfolio serving markets including Cincinnati, Louisville, Chicago, Dallas, Houston, Austin, Memphis and Nashville.

Based in Memphis, he leads all capital deployment and operations efforts for the region, including building acquisitions, dispositions, development, and asset management, along with land acquisition and development.

“In earlier roles, I felt enormous satisfaction in closing deals,” Moore said. “Being several steps away from the day-to-day deal flow has allowed me to leverage my experience to guide younger team members toward positive outcomes. Now, creating a collective team mentality and mentoring our future leaders, setting shared goals, developing a shared strategy and seeing that strategy pay off in the form of success for the younger members is what I enjoy most.”

Moore, though, hasn’t always been a commercial real estate star. He began his professional career in environmental consulting and traveled extensively throughout the southeast United States, primarily performing environmental assessments at naval air stations that were closing under the DoD Base Realignment and Closure program.

Later, Moore moved into contamination remediation projects for private clients, something that piqued his interest in the broader field of real estate development.

Moore then began his real estate career as a leasing representative for Security Capital (now ProLogis), where he was responsible for a large second-generation Class-B industrial portfolio in Memphis.

In 2000, ProLogis delivered its first Class-A bulk building in Memphis. This solidified Moore’s interest in the development of best-in-class facilities. He then moved into the Regional Marketing Director role at The Pauls Corporation in Denver, where he focused exclusively on developing and leasing Class-A industrial buildings in Gateway Park in Aurora.

Finally, in 2005, Moore took a position as leasing director for IDI in Memphis. He has thrived in this role.

“At IDI Logistics, we focus exclusively on developing best-in-class logistics facilities,” Moore said. “Never compromising on quality creates a compelling mindset that permeates throughout the broader organization. I take an immense sense of pride in our brand and sincerely enjoy being able to consistently tout and stand behind our product as the best. The IDI Logistics team of Development Managers are the most talented in the business, bar none.”

A big reason for Moore’s success? It comes down to the right mindset.

“Early on in my career when pursuing tenants for leasing, I concentrated heavily on the ‘company’ I was dealing with,” Moore said. “When I changed my perspective from considering them not as customers or companies, but as people who needed a problem solved, the satisfaction from my work increased tremendously. I began to focus on how to solve their problems and make it an incredibly positive experience.”

Moore says that he cherishes every opportunity to get to know the people “behind the deal,” a perspective that has has helped build meaningful relationships throughout his career that last well beyond the transaction.

When not working, Moore prefers spending time with his wife and family. He also enjoys any outdoors activity, golf, hunting, fishing and tackling home-renovation projects.

2025

MAURICE POGODA

President & Founder Pogoda Companies | Farmington Hills, Michigan

Maurice Pogoda has been a driving force in the self-storage industry for nearly four decades, helping shape its evolution through innovation, disciplined leadership, and a deep commitment to advancing the business.

As founder and president of Pogoda Companies, he built one of the nation’s most respected self-storage firms, recognized for operational excellence, strategic vision, and consistent performance across market cycles. His influence extends well beyond his own portfolio — elevating professional standards, mentoring emerging leaders, and playing a significant role in the transformation of self-storage into a sophisticated, investment-grade asset class throughout Michigan, the Midwest, and beyond.

“What I enjoy most now is building the business alongside my sons,” Pogoda said. “I’ve stepped into more of a ‘wise sage’ role — helping spot opportunities, fine-tune operations, and think about long-term value. What I like about self-storage is that it blends real estate, operations, and customer service. It’s a simple business in theory, but the little details make all the difference.”

He has also played an active leadership role in the industry. Pogoda was a founding member of the Self Storage Association of Michigan (SSAM), served as its vice president for many years, and was inducted into its Hall of Fame in 2024. Nationally, he has served on the board of governors of the Self Storage Association Foundation and has been a frequent speaker and contributor to industry events and publications.

Today, Pogoda Companies ranks among the top 30 self-storage owner/operators in the United States, with 71 properties totaling more than 4.5 million square feet across Michigan, Indiana, Kentucky, and Ohio — a footprint built through careful growth and long-term stewardship.

That growth has not come without challenges. Pogoda has guided his company through multiple market cycles, capital market disruptions, regulatory shifts, and changing consumer behavior.

“Each cycle brings both challenges and opportunities,” he said. “The unscientific trick is trying to figure out when to buy, sell, or hold. I’ve gotten plenty wrong, but because our approach is financially conservative, we’ve been able to weather very difficult periods and still capitalize on opportunities.” That measured approach has defined both his philosophy and his track record.

“We’ve walked away from many opportunities because we weren’t willing to stretch beyond our comfort zone,” Pogoda said. “We’d rather be the tortoise than the hare. The payoff is a record I’m very proud of — we’ve never lost a property, missed a mortgage payment, or been on a watch list. Our success comes from thinking long term, staying disciplined, and surrounding ourselves with a strong team, along with a consistent focus on good locations, operational execution, and conservative leverage.”

Outside the office, Pogoda prioritizes time with family, especially his grandchildren, along with close friends. He and his wife, Lori, enjoy walking, biking, and hiking. He’s an avid golfer and, at least for now, is still resisting friends’ efforts to get him onto a pickleball court. Together, they also share a love of travel, with Italy holding a special place among their favorite destinations.

JIM POSTWEILER

Executive Managing Director Newmark | Chicago, Illinois

Jim Postweiler’s commercial real estate career spans nearly four decades and reflects a rare combination of transactional excellence, Midwest-wide influence, and an unwavering commitment to integrity.

Postweiler began his career on the lending side of the business, spending a decade at Mutual of New York in roles that included loan production, asset management, and loan sales. That early experience gave him a deep understanding of capital structures, risk, and market cycles, knowledge that would later become a cornerstone of his brokerage career.

In 1997, Postweiler found his true calling when he joined Insignia ESG (formally Goldie Wolfe & Co.), where he transitioned into commercial real estate brokerage.

At Insignia, Postweiler quickly distinguished himself, rising to lead the firm’s Chicago office and Midwest sales platform. His reputation for executing complex transactions and building trusted client relationships followed him to JLL in 2004, where he served as managing director and co-head of the firm’s Chicago office capital markets group. At JLL, Postweiler specialized in office dispositions and recapitalizations, advising institutional and private clients through multiple market cycles.

In 2019, Postweiler joined Newmark, where he currently co-leads the firm’s Midwest Capital Markets Group from Chicago.

Postweiler has completed more than $15.5 billion in transactions involving over 100 million square feet of commercial real estate. But numbers alone do not tell the full story. Equally significant is his role as a mentor. Over the years, he has guided dozens of young professionals who have gone on to lead teams and firms responsible for many multiples of that transaction volume.

“Transactions have always held my interest, which is why I got into brokerage,” Postweiler said. “It is not for the thin-skinned, but it is where the action is.”

Recent representative work includes the sale of Park Place Village in Leawood, Kansas, a 10-building, approximately 485,000-square-foot mixed-use trophy campus that was fully occupied at the time of sale, executed by Postweiler and his team. The deal has been recognized as the largest multi-tenant office sale in the Midwest since 2022 completed without seller financing.

Additional notable transactions include the Jewelers Building at 35 E. Wacker (winner of “Deal of the Year” 2025 Greater Chicago Food Depository Real Estate Awards), Parkwood Crossing, a portfolio totaling more than 1.2 million square feet in Indianapolis; Keystone at the Crossing, a 1-million-square-foot portfolio successfully traded in a challenging market; Precedent Office Park and Regions Tower in Indianapolis; Tallgrass Corporate Center in Chicago; and the Pierre Laclede Center in Clayton, Missouri.

“There is no special sauce,” Postweiler said. “Winning in the long run is about working hard, being honest, delivering results, and treating people with respect.”

Beyond brokerage, Postweiler has been a longtime council member and contributor to the Urban Land Institute and a regular participant in NAIOP. His philanthropic efforts include ongoing involvement with the Harold Eisenberg Foundation, the American Cancer Society, the American Red Cross, and Feed America.

Congratulations,

Maurice, on your induction into the Midwest Commercial Real Estate Hall of Fame!

Your vision and leadership — building a company grounded in service, integrity, and excellence since 1987 — have shaped Pogoda Companies and inspired so many. We’re proud to celebrate this well-deserved honor.

— The Pogoda Companies Team

CINDY POWERS

Chief

Administrative

Officer

Seldin, LLC | Omaha, Nebraska

Cindy Powers has played a key role in shaping the growth and reach of Omaha, Nebraska-based Seldin, LLC. She has been an ambassador for the company and the industry through her dedication to committees and associations in commercial and multifamily real estate.

Active during her career with SHRM, BBB, Business Ethics Alliance, NACPO and many others, Powers’ time and expertise is a benefit throughout the Midwest. She is always willing to share her knowledge through panels and task force activities and in engaging local, state and national leaders on matters affecting the industry.

“The people aspect of commercial real estate is most significant to me,” Powers said. “I take pride in our company’s management of thousands of apartment homes for residents including affordable housing, providing support to entrepreneurial tenants in commercial spaces and working with property owners on the specific needs of their properties.”

Powers said that she is especially motivated by the dedication of Seldin’s workforce.

“With a team exceeding 500 employees, it is my sincere intention that all employees find satisfaction in their roles and feel empowered to excel within our company,” she said. “I define success as fostering strong engagement and loyalty among our tenants, residents, clients and employees. As a company we are not satisfied with anything but raving fans.”

Working her way from a paralegal to the role of Chief Administrative Officer at Seldin, Powers has shown a dedication and passion for the industry and the work ethic and commitment for skill expansion.

Powers oversees Seldin, LLC’s, IT, HR, admin, legal and insurance department, something that requires broad industry awareness and continuous knowledge management in an ever-changing landscape.

Powers is also skilled at problem-solving. She regularly addresses challenges concerning regulatory compliance across states, rising insurance and operating costs, risk management, technology advancements and shifting legislation.

This often requires Powers to collaborate with legal and industry experts, foster broker partnerships and actively involve other leaders and employees in decision-making to find effective solutions.

“I take pride in navigating complex situations by listening, utilizing conflict resolution skills, and emotional intelligence,” Powers said.

Powers is also the company Pandemic Coordinator for Seldin. Navigating the company through COVID-19 was a challenge, but Powers followed a pandemic plan that she had written and then worked with Seldin’s staff to issue overall guidance along with site-specific criteria to keep properties running for each of the company’s clients.

Further showcasing her problem-solving abilities, Powers has worked with clients facing difficult and potentially costly insurance scenarios to find better options and has also worked with Seldin’s human resources team to use innovative and creative technology and methods to recruit and retain top talent.

“Throughout my career, I have prioritized being a lifetime learner,” Powers said. “I am grateful for the strong mentorship I received by both past and present leaders, each of whom helped me grow into the leader I am today. Additionally, networking within the industry and engaging in shared learning experiences have significantly contributed to my professional growth.”

When not working, Powers enjoys spending time with her husband, children and grandchildren. She and her family are also committed to supporting community causes. For Powers, this means supporting children-focused causes and empowering the next generation.

TORI RENDANO NOOK

CEO/ Founder Anchor Retail | Cleveland, Ohio

Tori Rendano Nook has spent the past 25 years building a commercial real estate career defined by scale, precision, and long-term relationships.

As principal and founder of Anchor Retail, Nook leads a firm widely recognized for its expertise in national retail and investment real estate solutions, commercial brokerage services, and third-party commercial property management. Over a career that has spanned market cycles and shifting retail trends, she has emerged as one of the industry’s most respected tenant representation specialists.

Nook has long represented prominent national retailers, restaurants, landlords, and developers. Those clients benefit from Nook’s nationwide network of relationships with retail and restaurant tenants, shopping center owners, and developers, relationships that have been cultivated through years of consistent results and hands-on service.

Throughout her 25-year career, Nook has closed over $1 billion in real estate transactions. That production reflects not only deal volume, but a business philosophy built on exclusivity, loyalty, and long-term partnerships. Her work in multi-state tenant representation, shopping center leasing, and land sales has helped Anchor Retail deliver value far beyond individual transactions, strengthening client relationships that often span years or even decades.

“I really enjoy meeting new people, building relationships, and the challenge of negotiating deals that make sense for everyone involved,” Nook said.

Anchor Retail’s client roster reflects the trust Nook has earned across the retail and restaurant landscape. She exclusively represents national and regional brands including Academy Sports, AutoZone, Signet Jewelers, PetSmart, Covelli Enterprises dba Panera Bread, Dollar General, Bath & Body Works, Urban Air, SKECHERS, Sweetgreen, and Lands’ End.

“I think my success comes from being responsive, working hard, and following through,” Nook said. “I take my clients’ goals seriously and I work efficiently to deliver results. I also spend a lot of time researching sites so I can bring clients strong options that fit their requirements.” Nook’s leadership and influence have been widely recognized. She was named to Crain’s Cleveland Business “Top 40 Under 40” in 2017, participated in Crain’s “Source Lunch” in 2018, and was nominated as a “Notable Leader in Commercial Real Estate in Northeastern Ohio” in 2023. In 2021, Panera Bread honored her with its “Mother of the Bread” award for securing the largest number of sites nationally, and in 2024 she was named the No. 1 tenant representation broker in Columbus, Ohio, by TRADEWIRE Columbus. Last year, Nook was named 2025 GlobeSt.com Women of Influence – Tenant Rep, CREi #48 Linkedin Influencer, and CREi “Top Women of Influence, and profile by ICSC as a “Rare Woman-Owned Brokerage Firm.” In 2023, Anchor Retail became a member of Realty Resources Network, Inc. for Northern Ohio, where Nook serves on the organization’s Membership Board. In addition, In 2025 Nook became a member of Knakel Affiliate Program, and Anchor Retail became a member of CRE Affiliate International Broker Network. She continues to prioritize innovation in her work, embracing new tools and platforms to stay ahead in a rapidly evolving industry.

“I focus on staying innovative and efficient, always looking for new tools and better ways to work smarter and move faster,” Nook said. “Over the past year, I’ve also leaned into social media, I am a guest on various top ranked podcasts, and I launched my own YouTube Channel @ToriNook and podcast “The Tori Nook Talk Show” which can be found on Apple and Spotify. For me, keeping up with trends and continuing to learn has been a big part of thriving.”

Outside the office, Nook values time with her family, international travel, golf, reading, and long walks—activities she says help her reset and gain perspective. She also serves on the board of Providence House, a Cleveland-based crisis nursery.

MARK RUBENFIRE

Partner Taft | Southfield, Michigan

Mark Rubenfire has made a significant and lasting impact on the Midwest commercial real estate community through his leadership, technical expertise, and unwavering commitment to client success. As co-chair of the firm’s Real Estate practice group, he has helped shape one of the region’s strongest real estate teams, fostering a collaborative culture that consistently delivers strategic, business-minded results.

Rubenfire’s breadth of experience—spanning acquisitions, sales, financing, and leasing across industrial, commercial, multifamily, and residential sectors—has positioned him as a trusted advisor on some of the most complex and meaningful transactions in the region. His deep understanding of lender expectations, including those of banks, insurance companies, and commercial mortgage-backed security (CMBS) lenders, allows him to navigate challenging financing environments with clarity and precision.

Rubenfire specializes in acquisitions, sales, financing and leasing of all types of real estate, including industrial, commercial, multifamily and residential. He has a wide range of transactional experience and has worked on behalf of borrowers with lenders of all types, including insurance companies, banks, and commercial mortgage-backed security (CMBS) lenders.

Rubenfire’s impact isn’t limited to the Detroit area, either. He has managed transactions across the state, region and country, including overseeing the legal aspects of one client’s acquisition and financing of more than 135 properties during the last 29 years.

Rubenfire says that his practice is about understanding each client as a unique partner, serving his clients’ specific needs and helping them achieve their goals.

While Rubenfire is highly versatile, his specialized focus on multifamily and self-storage transactions nationwide has made him an indispensable resource to clients active in these high-growth asset classes. His ability to anticipate issues, craft pragmatic solutions, and keep transactions moving smoothly has earned him a reputation for exceptional responsiveness and reliability.

Rubenfire’s impact extends beyond closing deals. He empowers clients to make informed, strategic decisions that advance their goals and strengthen the broader Midwest CRE ecosystem. His leadership, professionalism, and dedication make him not only a standout attorney, but a true partner to the industry.

Rubenfire is committed to his community, too. He is an active member of the Jewish Community Center of Metropolitan Detroit, having served as the center’s past president and as a member of its executive committee.

Rubenfire is also a member of the executive committee of the United Jewish Foundation of Detroit and a board member and executive committee member of Project Healthy Community.

His peers have recognized Rubenfire’s impact, too. Rubenfire has won several industry honors during his career, including being honored as one of the Best Lawyers in America by Real Estate Law, named as a Michigan Super Lawyer and selected as one of Michigan Lawyers Weekly Leaders in the Law.

- CLASS OF 2025

TOM RUPPRECHT

Executive Vice President R&R Realty Group | West Des Moines, Iowa

With more than three decades of experience in commercial real estate and development, Tom Rupprecht has built a career defined by steady leadership, long-term vision, and an ability to execute complex projects at scale.

As Executive Vice President of R&R Realty Group, Rupprecht plays a central role in shaping the firm’s strategic growth while leading both ICON Construction and Management Professionals, Inc., two divisions critical to R&R’s integrated platform.

In 2025, the ICON Construction team generated more than $72 million in development revenue, a reflection of the depth and quality of projects completed under Rupprecht’s direction. Across his career, Rupprecht has led more than $1 billion in construction and development activity and has been instrumental in delivering more than10 million square feet of industrial and office space throughout Iowa and Nebraska.

In his current role, Rupprecht oversees construction and property management operations, guiding a team of more than 50 professionals. Nearly 400 businesses operate each day in buildings that Rupprecht helped bring from concept to completion, creating workplaces designed to support growth, productivity, and longevity.

“I enjoy seeing projects come together and knowing they’ll be used every day by businesses and their employees,” Rupprecht said. “Ground-up development is especially rewarding because you can see the direct impact a well-designed building has on a company, its employees, and the surrounding community.”

One of the most visible examples of that impact is the redevelopment of the Arcadia Building in West Des Moines, Iowa, where Rupprecht was an integral member of the project team. The transformation earned CoStar’s Redevelopment of the Year and was named runner-up for Redevelopment of the Year by the Des Moines Business Record. Originally constructed in the 1990s as a 272,000-square-foot single-tenant office building, Arcadia was repositioned into a Class-A office property featuring modern amenities and a refreshed design. The project leased to stabilization within 12 months.

The redevelopment included a state-of-the-art conference center, childcare center, Starbucks kiosk, resort-style fitness center, pickleball courts, and the conversion of more than four acres of excess parking into landscaped greenspace. The result was a workplace that reflects evolving tenant expectations while strengthening the surrounding community.

“I’ve had the opportunity to work in property management, brokerage, construction, and development during my career with R&R Realty Group,” Rupprecht said. “Those experiences have given me a practical understanding of how the entire commercial real estate process works from start-to-finish and how decisions in one area affect the rest of a project.”

Beyond the office and jobsite, Rupprecht is equally committed to service. He serves as a board member for Iowa Homes for Heroes, a nonprofit focused on building and donating homes for veterans and first responders.

Rupprecht’s civic and industry involvement also includes leadership roles with the Entrepreneurs Organization, Boys & Girls Clubs of Central Iowa, Candeo, and NAIOP, where he mentors emerging leaders and supports initiatives that strengthen the commercial real estate industry.

SHANNON RUSK

Executive Vice President of Development Oppidan | Excelsior, Minnesota

As Executive Vice President of Development at Oppidan, Shannon Rusk has redefined what leadership looks like in commercial real estate. Over the course of nearly two decades with Oppidan, she has played a pivotal role in expanding the company’s reach and diversifying its portfolio.

Today, Oppidan is a nationally recognized real estate development company with more than 600 projects valued at over $5.3 billion and spanning 31.4 million square feet across 43 states and parts of Canada.

Rusk is one of those lucky few who have found a career that she not only excels at but that she enjoys.

“I love the people and relationship part of the business,” Rusk said. “Development has been such a great blend of challenging problem-solving and wayfinding through a maze. There is no one transaction that follows the same path and I have enjoyed finding the way through every deal with a great team at my side. Every success story of the development deals I have been engaged with at Oppidan has been based on a team of us coming together to get there. This is not an individual sport!”

Rusk has also constantly pursued innovation throughout her career. Recognizing untapped opportunity, Rusk led Oppidan’s entry into the senior housing market and has since guided the development of 13 communities in Minnesota and California, totaling more than 2,000 apartments. Within this portfolio, she created The Pillars brand, which has become a cornerstone of Oppidan’s senior living platform and a model for integrating design, wellness and community engagement.

Rusk has also driven innovation through initiatives she personally launched, including the Pillars Fund, which has committed more than $500,000 to memory-care programming, and WellnessVR, a first-of-its-kind technology program integrated into every Pillars community to enhance residents’ well-being.

Rusk’s support for the senior living industry is unwavering. As an active member of the American Seniors Housing Association, she is frequently invited to speak to national audiences on industry trends and leadership. She also organized a team to participate in the 200-mile Hood to Coast relay to raise funds for Alzheimer’s research.

Prior to her work in senior housing, Rusk built and strengthened Oppidan’s national partnerships, beginning with Camping World’s nationwide expansion and continuing through major developments in oil and gas and sports facilities valued at more than $60 million.

Beyond development success, Rusk has transformed Oppidan’s culture by founding the company’s annual Women’s Networking Event, connecting hundreds of women across industries.

“Finding my voice as a female in this business has taken too many years,” Rusk said.” I wish that I could have found it much earlier. I am committed to helping other females and young professionals get to their potential and establish the confidence that they deserve as quickly as they deserve.”

To stay successful in this business? Rusk has relied on her integrity, work ethic and commitment to her clients.

“Be honest and true to your moral compass,” Rusk said. “There have been occasions early on where I was pushed to do or say something that I did not feel comfortable with. I absolutely will not and do not do that today. I also make sure to share this with any of the team members I work alongside today.”

When not working, Rusk focuses on “anything with movement,” activities that include running, hiking, golf, yoga, pickleball and skiing. She says that her ideal day is filled with plenty of physical activity before relaxing with a book or glass of wine with friends and family. Rusk said she is blessed to have an amazing husband, children, sisters and girlfriends.

to our partner Mark Rubenfire on your induction into the Midwest CRE Hall of Fame.

Your exceptional achievements, leadership, and lasting impact on the industry are truly deserving of this honor.

Mark Rubenfire Partner

TODD SZYMCZAK

Executive

Vice President NAI Farbman | Farmington Hills, Michigan

Todd Szymczak has built a career defined by integrity, innovation and results. And his commitment to those ideals have made him a Commercial Real Estate Hall of Famer.

As an Executive Vice President and member of Farbman Group’s leadership team, Szymczak has been instrumental in driving the company’s growth across the Midwest real estate landscape. This veteran CRE pro blends financial acumen with a deep understanding of investment dynamics, enabling transformative deals that strengthen communities and create long-term value.

Over the course of his CRE career, Szymczak has developed a reputation for accurate valuations for sellers looking for direction on their real estate holdings. His extensive sales experience includes both distressed and stabilized properties across nearly every real estate asset class.

When asked what he likes most about working in commercial real estate, Szymczak said that he most enjoys solving problems to move deals to closure.

“It is very satisfying to overcome roadblocks,” he said. “Additionally, CRE touches so many industries and locations. To properly value and sell a property, you get to learn study so many businesses and locations, you are always learning.”

Like all veteran CRE professionals, Szymczak has faced challenges during his career. As he says, unique properties with a very small buyer pool are difficult to sell.

“Selling a cash-flowing apartment property in a sought-after area is fun because you have so many buyers to choose from and the choice is which buyer will be the most likely to close at a price acceptable to the seller,” Szymczak said.

“Highly unique deals, like selling the former Pontchartrain Hotel in Detroit, are so much more challenging. You must remain open-minded about who the right buyer is, because often it is a buyer who is either not in the market or has never owned that kind of property. It reminds you to treat everyone you talk to with respect, because you never know who the best buyer might be.”

What is behind Szymczak’s success? He points to working with a strong company in Farbman, a company in which he is surrounded by talented, hard-working peers.

Another factor is Szymczak’s integrity and willingness to work hard for his clients.

“I believe honesty has helped me survive and thrive this long,” he said. “I would rather tell owners what I truly believe their property is worth rather than tell them what I think they want to hear. Once owners know how their properties will truly be perceived by the market, they can make intelligent decisions in their best interest. While it isn’t always what they want to hear, I believe that people deserve and appreciate the truth.”

Prior to entering the world of CRE, Szymczak had built a career in the automotive industry as a mechanical engineer and program manager.

Outside of work, Szymczak is on the Board of Directors of the Detroit Athletic Club, a club that offers plenty of fitness activities and the opportunity to meet interesting people. As a club member, he enjoys participating in squash, shooting sports, Beavers!!!, and much more.

Last year, Szymczak marched in the Detroit Thanksgiving Day Parade with others from the athletic club, reviving the Briefcase Drill Team.

“That was hard work, but a really fun experience,” he said.

MICHAEL THANASOURAS

Managing Director SVN Chicago Commercial | Chicago, Illinois

Since the founding of SVN Chicago Commercial in 2008, Michael Thanasouras has been the steady force guiding what has become one of the most respected offices within the SVN International platform.

Serving as managing director, chief financial officer and chief operating officer, Thanasouras has helped build SVN Chicago Commercial into what is widely regarded as the brand’s flagship office, one defined by disciplined growth, collaborative culture and consistent top-tier performance.

Under Thanasouras’ leadership, SVN Chicago Commercial has expanded to more than 60 brokers and staff and has closed nearly $4 billion in transactions. That growth has not come at the expense of stability. Instead, it reflects a carefully managed approach that balances entrepreneurial ambition with operational rigor, a hallmark of Thanasouras’ leadership style.

The firm’s performance metrics tell part of the story. Since 2013, SVN Chicago Commercial has ranked among the top three producing SVN offices globally every year. It has earned the No. 1 office distinction three times and has been named SVN “Firm of the Year” on three occasions.

Thanasouras’ personal contributions have been recognized with multiple honors, including the SVN “Entrepreneur of the Year,” “Team Player,” and “Collaborator of the Year” awards. In 2022, he was named SVN’s “Managing Director of the Year,” a recognition that underscored his impact not only within his own office but across the broader organization.

That influence extends beyond Chicago. Thanasouras has served on SVN International’s Board of Advisors since 2014, a role that reflects the trust and respect he has earned throughout the network. He has also been a featured speaker at multiple SVN National Conferences, sharing insight and perspective with attendees from more than 200 offices worldwide.

At the core of Thanasouras’ leadership philosophy is a belief that people drive results.

“The aspect I value most in my role as an owner and manager of a commercial real estate company is the opportunity to work collaboratively with people to solve problems,” he said. “Whether engaging with internal staff, real estate advisors, or clients, people remain at the center of everything we do.”

Much of Thanasouras’ impact happens behind the scenes. While he is a visible leader within the firm and the industry, he is equally focused on the financial, strategic and operational details that keep a brokerage resilient through changing market cycles. From managing complex financial decisions to guiding long-term strategy and overseeing daily operations, Thanasouras provides the steady hand that keeps the firm on course.

“Success is ultimately a matter of perspective,” he said. “Regardless of our daily responsibilities, I have always believed that our foremost objective should be to act with integrity and do what is right.”

Beyond performance and accolades, Thanasouras has built a culture rooted in collaboration, ambition and mutual respect. He leads training sessions for new-to-business brokers, helping them establish a strong foundation and clear trajectory within the firm. That commitment to mentorship has helped cultivate an environment where professionals thrive and success is shared.

Outside the office, Thanasouras enjoys traveling with his family, cycling and golf. He also enjoys building things of all kinds — “from beer to food to a pizza oven or a table” — a fitting hobby for someone who has spent his career thoughtfully building an enduring organization.

Michael Thanasouras Midwest Real Estate News

2025 CRE Hall of Fame Inductee

Michael has led SVN Chicago Commercial to achieving almost $4 Billion in closed transactions

Michael’s Accolades Include: 3-Time SVN Firm of the Year Managing Director of the Year Entrepreneur of the Year Collaborator of the Year Team Player of the Year 8 Years on SVN International’s Board of Advisors

Michael has opened SVN offices in 3 Markets:

• Chicago

• Rosemont

• Denver

Michael Thanasouras

Managing Director of SVN Chicago Commercial

JASON TOLLIVER

President | Americas Logistics & Industrial Advisory Services Cushman & Wakefield | Indianapolis, Indiana

Jason Tolliver is widely regarded as one of the most influential leaders in logistics and industrial real estate across the Americas. Over an 18-year career with Cushman & Wakefield, Tolliver has shaped the firm’s industrial platform while helping occupiers and investors navigate a rapidly evolving global supply chain landscape.

His leadership, deep market knowledge, and forward-looking perspective have positioned him as a trusted advisor to some of the world’s largest corporations and institutional real estate owners.

“Commercial real estate is endlessly dynamic,” Tolliver said. “Markets evolve, industries change and no two client challenges are ever the same. I genuinely enjoy learning new things, whether it’s understanding a client’s business at a deeper level, adapting to shifts in the global economy, or working through complex problems that require creativity and judgment.”

As President of Americas Logistics & Industrial Advisory Services, Tolliver oversees the integration and delivery of industrial services across the U.S., Canada, and Latin America, ensuring clients receive seamless, strategic guidance from site selection and portfolio optimization to capital markets insights.

His prior role as Global Head of Logistics & Industrial Research expanded his impact internationally, where he advised stakeholders throughout the Americas, Europe, and Asia Pacific on macroeconomic forces reshaping industrial demand, development pipelines, labor availability, and e-commerce-driven market shifts.

Tolliver’s real estate expertise is uniquely enriched by his background in law and economic development. Earlier in his career, he led domestic and international business development efforts for the State of Indiana and later oversaw major commercial accounts for AES Indiana. These experiences provide him with a rare ability to connect global economic forces with local real estate outcomes, an approach that has made him a respected thinker within the industry.

“At its best, this business is an act of service,” Tolliver said. “I believe service to others is the highest calling in business, and in life, and commercial real estate gives us a tangible way to live that out every day. When we do our work well, we help companies grow, create jobs, strengthen supply chains, and invest in places where people live and work. The impact is real and visible, and it extends far beyond a single transaction.”

He is also a frequent speaker at national conferences and a recurrent contributor across radio, television, and business media.

“The most rewarding part of my role is seeing others achieve success,” Tolliver said. “Watching professionals grow into leaders, helping clients reach milestones they once thought were out of reach, and knowing that our collective efforts helped create better outcomes for communities is incredibly fulfilling.”

When not working, Tolliver focuses on civic service and spending time with his family. He serves on several boards and community organizations, which he says gives him a deep sense of purpose and perspective. Tolliver is also an avid reader, another source of learning and reflection for him.

And one of his greatest joys? Watching his daughter perform as she pursues her passion as a contemporary ballet dancer.

“Seeing her dedication, discipline, and creativity come to life on stage is incredibly inspiring,” Tolliver said.

PAUL VANDUYNE

President, Chief Operating Officer IMEG | Rock Island, Illinois

Paul VanDuyne has built Rock Island, Illinois-based IMEG into one of the nation’s fastest-growing engineering consulting firms. That’s thanks to VanDuyne’s strategic vision and people-first philosophy, a formula that has guided IMEG’s evolution from a small regional firm to a national powerhouse.

With an electrical engineering degree from Drexel University, VanDuyne began his professional journey at an engineering firm in New Jersey before relocating in the late 1970s to study at Palmer College of Chiropractic in Davenport, Iowa. While earning a doctorate, he worked part time as a draftsman for IMEG’s predecessor, KJWW in Rock Island, earning $5 an hour, fully intending to leave engineering behind.

Instead, he joined KJWW full time as employee No. 16 and eventually combined his engineering expertise and healthcare insight to establish the firm’s design work in healthcare. By 2003, he had risen to lead the company as president. IMEG has since grown from 500 employees in the Midwest to more than 3,100 team members at over 100 offices across the U.S.

IMEG has become known for technical excellence, innovation, and sustainability, including multiple net-zero-energy projects, more than 450 LEED Certified projects, and numerous national and global engineering awards. The firm also has established a college scholarship program for underrepresented students, providing more than 90 awards of $10,000 each in the last three years.

“One of the biggest challenges I’ve encountered and worked to overcome is transforming IMEG from a regional engineering firm into a cohesive, national firm with a deep bench of expertise while preserving the local relationships that define who we are,” VanDuyne said.

VanDuyne is a member of the Design Futures Council, NSPE, IES, and AEE, and serves on IMEG’s Board of Directors. He is also a member of Strategic Coach and Chief Executive Network.

Although VanDuyne was considering retirement in 2014, after joining Strategic Coach, he realized that his ambition was still in full gear. Instead of retirement, he chose to focus on growing the firm. That decision led to a pivotal 2015 merger between KJWW and a California-based firm, TTG, which resulted in the creation of IMEG. It was the first of over 50 mergers and acquisitions he has overseen to date.

“What matters most to me is not the number of deals, but our history of successfully integrating new firms,” VanDuyne said. “My approach is intentionally different from the stereotypical corporate acquisition where one company consumes another and large numbers of employees are displaced.”

VanDuyne personally writes every acquisition letter, explaining the terms in clear language. He only considers an acquisition that has either successful leadership that will remain or upcoming leadership that would like to assume key roles.

VanDuyne is also active in the Quad Cities community. He has chaired the boards of the Quad Cities Chamber of Commerce, the Bettendorf Family Museum, The Learning Center, Ballet Quad Cities, and Rivermont Collegiate. He remains involved with his alma mater, Palmer College of Chiropractic, serving as vice chair of the board of trustees. He and his wife, Donna, co-chaired the college’s recent fundraising campaign and led the way with a significant donation.

“Success in this industry has come from a combination of relentless focus on technical excellence, strategic growth, and an unwavering commitment to relationships with clients and colleagues,” VanDuyne said. “From the very beginning of my career, I embraced diversity in our work and thought broadly about where our company could make an impact.”

DALE WATCHOWSKI

President and CEO REDICO | Southfield, Michigan

More than 25 years ago, when Dale Watchowski stepped into the role of chief executive officer at REDICO, the company was a respected regional firm best known for its suburban office portfolio. Under Watchowski’s leadership, REDICO grew into something larger: a diversified, national commercial real estate organization built to withstand market cycles and seize opportunity in moments of disruption.

From the outset, Watchowski focused on building institutional character. His strategy centered on diversification by geography, asset class and business line to reduce exposure to any single market or property type.

That philosophy guided REDICO’s expansion beyond office assets into retail, medical, industrial and research-and-development properties. Watchowski was particularly adept at identifying opportunities during economic downturns, using challenging market conditions as a springboard for long-term growth.

“I’ve always enjoyed acquisitions and development and the creativity that accompanies the pursuit,” said Watchowski. “Leading through periods of change and turning complexity into opportunity has been a defining and fulfilling part of my career.”

That disciplined approach proved especially critical during the global financial crisis. While many firms pulled back, Watchowski leaned into alternative asset classes. During this period, REDICO made the strategic decision to enter senior housing through the acquisition of American House Senior Living Communities—at the time, a 30-year-old company operating just 13 properties.

Through disciplined acquisition, new development and the cultivation of long-term institutional capital partnerships, Watchowski helped scale American House into a nationally recognized senior living platform. Today, it includes approximately 70 communities throughout the Midwest, Southeast, Mid-Atlantic and Northeast, and ranks among the top 25 largest senior housing operators in the United States.

“Undoubtedly, my biggest challenge was managing a senior housing business during the pandemic,” Watchowski said. “That period was further exacerbated by the impact on our office business and the rapid transition to remote working.”

REDICO emerged from the recession not only intact, but stronger—having successfully diversified its portfolio and business model. Watchowski’s ability to anticipate economic cycles and adapt accordingly also led to the creation of complementary businesses designed to support and enhance the real estate industry, including Continuum Services and AQUIS, further strengthening REDICO’s vertically integrated model.

Throughout his tenure, Watchowski has consistently preserved and expanded REDICO’s value by prioritizing reinvestment in properties, elevating customer service and enforcing rigorous management oversight. These principles embedded operational discipline into the company’s culture and supported sustained portfolio growth and performance.

Watchowski points to several factors that have guided his success in commercial real estate.

“Surrounding myself with a strong, talented team, maintaining an unrelenting pursuit of excellence, and embracing challenges while capitalizing on opportunities created by changing market conditions have all been key contributors to my success,” Watchowski said.

Watchowski credits the support of his family as an attribute to his success. When not working, he engages in outdoor activities with his family. An avid skier and sailor, Watchowski enjoys both pursuits whenever his schedule allows.

Leaders in engineering and innovation

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Congratulations to PAUL VANDUYNE on becoming a member of the Midwest Commercial Real Estate Hall of Fame!

“With more than 3,000 team members nationwide, we’re proud to call the Midwest our home base. We’re grateful for the trust our clients place in us every day— together we create positive outcomes for people, communities, and our planet.”

Paul VanDuyne IMEG President & CEO

JEFF WINTERS

CLASS OF 2025

Senior Vice President | Principal Colliers | Kansas City, Missouri

With more than 15 years of experience in commercial real estate, Jeff Winters has established himself as a trusted leader in the Kansas City office market, specializing in both tenant and landlord representation. His career reflects not only a proven track record of success in office leasing, but also a deep commitment to mentorship, client service, and industry growth.

Winters began his career at Cushman & Wakefield (2009–2021), where he built a strong foundation in office leasing. During this time, he guided professional services firms, medical users, and corporate clients through complex relocations and strategic occupancy planning. His ability to align real estate solutions with business objectives quickly set him apart as a trusted advisor.

“I really enjoy the creativity that comes with the real estate profession,” Winters said. “Rarely does a deal follow a straight-line process, and each transaction presents its own set of challenges. Navigating those obstacles pushes me to think creatively, adapt quickly, and develop unique, practical solutions that align with my clients’ goals. That problem-solving aspect is one of the most rewarding parts of the work for me.”

In 2021, Winters joined Colliers as Senior Vice President and Principal, where he has continued to expand his leadership role. He helps clients navigate evolving workplace strategies, ensuring that real estate decisions support long-term business goals. Beyond client service, Winters contributes to the firm’s future as a member of the Colliers executive committee, where he plays a pivotal role in shaping company strategy and aligning growth initiatives with Colliers’ mission.

What are some of the reasons for Winters’ success? He credits the influence of mentors who helped mold his skills and challenge his assumptions while encouraging him to pursue opportunities that he might have taken on otherwise.

“These experiences have helped me become someone who listens carefully, builds trust easily, and stays calm and solutions-focused in high-pressure situations,” Winters said.

Winters also benefits from being organized, detail-oriented, and proactive, which allows him to manage multiple clients and moving parts effectively.

“I also genuinely enjoy helping people make important decisions, and I take pride in advocating for their best interests,” Winters said.

Winters has faced challenges during his career. The key? He’s overcome them.

“The 2020 pandemic reshaped the way deals are done in the office market, and its ramifications are still being felt six years later,” Winters said. “Deal cycles have become longer, and employers continue to reassess how they use office space as workplace strategies evolve. Shifts toward hybrid and flexible work models have changed tenant priorities, placing greater emphasis on adaptability, employee experience, and long-term efficiency. As a result, office transactions now require more strategic planning, patience, and creative problem-solving than ever before.”

When not working, Winters enjoys spending quality time with his family, whether that means coaching one of his three sons’ teams, traveling, or just relaxing together, those moments help Winters recharge and stay grounded.

“Family is a constant source of support and perspective for me, and it reminds me of the importance of balance, connection and showing up for the people who matter most,” Winters said. Winters also enjoys golfing, skiing and finding a good place to read a book, preferably on a beach.

ROBIN ZELLMER

Executive Vice President Colliers | Minneapolis - St. Paul | Minneapolis, Minnesota

A career spanning over three decades, a list of extensive clients, numerous young professionals who call her a mentor and colleagues who call her a friend: Robin Zellmer truly embodies what it means to be an influential and impactful leader in commercial real estate.

Zellmer consistently demonstrates excellence, is an advocate for her clients and young professionals and is considered a visionary by her peers. Since joining Colliers in 2008, she helped launch the Corporate Solutions division and is an Executive Vice President with Colliers | Minneapolis-St. Paul.

Zellmer is known as a trusted real estate advisor that excels in site selection, facilitating dispositions and masterfully negotiating leases to develop real estate strategies that align with a company’s workplace goals and initiatives.

When asked what she enjoys most about commercial real estate, Zellmer is quick to answer: “Definitely the people. I have some of the best clients, which makes it even more enjoyable to do what I do. I am so grateful that they continue to work with me year after year. It’s what motivates me.”

Zellmer can also boasts impressive production. In 2025, she completed 48 commercial real estate sales and lease transactions including the 90,000-squarefoot headquarters for nVent in St. Louis Park, Minnesota; 250,000-square-foot industrial facility for nVent in Dayton, Minnesota; and the 120,000-square-foot industrial facility for nVent in Blaine, Minnesota.

While Zellmer is considered an expert and mentor to many, what’s closest to her heart is empowering women and young female students who are considering a career in commercial real estate. She is dedicated to fostering the next generation of female leaders in the industry and does so with enthusiasm.

“I have never tried to be someone I am not,” Zellmer said. “I have also been lucky to have the best mentors and role models. Surrounding yourself with people that make you feel good about yourself and that are uplifting is a piece of advice I share with everyone, especially young professionals just starting their careers.”

Zellmer is a member of the Colliers Mentorship Program, a program that connects mentees with a mentor who can offer insight, advice, and opportunities.

Zellmer is also involved in a number of professional real estate organizations including MNCREW, the industry’s premier business networking organization advancing all women in commercial real estate, and CoreNet Global, a non-profit association representing nearly 10,000 members in 50 countries.

In addition, she is a member of Colliers National Tenant Advisory Council, an industry-leading network of Colliers’ tenant representation experts.

When not working, Zellmer said that she cherishes time with her family and friends. She also loves to travel and enjoys running and working out, citing staying active as an important stress reliever. Zellmer also enjoys volunteering, particularly at nursing homes, where many of the elderly rarely get visitors.

“Being able to brighten someone’s day with conversation means so much to me,” Zellmer said.

Colliers is proud of these forward-thinking professionals, who continue to push the standard for excellence. Congratulations to the honorees for their selection to this year’s Midwest Real Estate News Hall of Fame.

Aaserud, Wendy 2020

Abelson, Aaron 2020

Abernethy, Scott 2015

Abraham, Amanda 2013

Abrams, Jeffrey 2021

Accurso, Joseph 2017

Ackerman, Chuck 2018

Adler, Jim 2024

Agree, Richard 2019

Ahern, Patrick 2017

Altemare, Steve 2019

Altemuehle, Doug 2016

Aluisi, Patricia 2019

Amick, Kevin 2010

Arends, Daniel 2023

Armstrong, Kevin 2019

Arnburg, David 2019

Arnold Kovitz, Kathryn 2017

Arpe, William 2014

Ashley, Brad 2022

Ashton, Richard 2018

Assoian, Bob 2016

Aston, Ken 2018

Atkins, Jerry 2014

Augustin,Drew 2015

Augustyn, Mark 2020

Baier, Rick 2014

Bailey, Forrest 2017

Baja, Bruce 2024

Baker, Ivan 2018

Banks, Eric 2023

Banyai, Joseph 2019

Barbe, Jana Cohen 2013

Barlow, Jacqueline 2023

Barlow, Marc 2021

Barnes, Bill 2022

Barnett, Jenna 2018

Barnett, Seth 2018

Barron, Michael 2012

Barry III, James 2012

Barry Jr., James 2010

Baskin, Kyle 2018

Bayt, Phillip 2016

Bazoian, Scott 2013

Beachum, A.J. 2021

Beggs, Brian 2016

Behman, Sarah 2011

Bell, Eric 2011

Bell, Mike 2022

Bender, Jeffrey 2013

Benedetto, Peter 2017

Bennett, Barbara 2013

Bennett, Michael 2019

Bercu, David 2013

Berger, Richard 2016

Bergman, Laurence 2013

Bernard, Dennis 2010

Berriz, Albert 2010

Bessenbacher, Stephen 2020

Birge, J. Taggart 2018

Bistolarides, Deno 2022

Bittenbender, Marilyn 2014

Blagojevich, Alex 2022

Blankstein, Randy 2017

Blechschmidt, Chris 2017

Block, Bruce 2018

Block, David 2014

Block, Kenneth 2010

Block, Michael 2013

Block, Stephen 2011

Blum, Marc 2018

Blumberg, Sue 2013

Blumenthal, Amy 2017

Boerke, David 2013

Boll, John 2017

Bonifas, William 2017

Bonner, Kofi 2021

Book, Randall 2017

Borowiec, Bradley 2020

Bosworth, Brett 2023

Bowling, Bill 2012

Boyd, Darrin 2024

Boyd,John 2015

Bramson, Jeffrey 2014

Branding, David 2017

Brandt, Keith 2022

Branscome, Susan 2010

Brehmer, Robert 2010

Brennan, Michael 2017

Bridges, Larry 2015

Broderick, Adam 2015

Brown, Dan 2017

Browning, David 2010

Browning, Michael 2013

Brucato, James 2018

Bruzas, Chris 2020

Bubniak, Bill 2017

Buckley, Owen 2014

Bullock, Heath 2015

Burkhart, Mark 2010

Burkons, Daniel 2012

Burns, Russ 2020

Burstein, Richard 2015

Busch, Robert A. 2019

Buss, Steven 2017

Butcher, Doug 2014

Byers, Scott 2013

Caffey, Steven 2016

Caldeira, Len 2011

Callaghan, Colin 2017

Canvasser, Dan 2024

Capitani, Jason 2016

Capitani, Mason 2013

Capitani, Mason 2015

Carris, Jim 2021

Casaccio, Anthony 2017

Case, Karen 2012

Casey, Britt 2019

Casey, Erin 2020

Cash, John 2015

Castle, Ronald 2016

Cates, Andy 2012

Cathlina, Laura 2017

Cawley, Daniel 2022

CCIM, Chris Robertson, 2024

Chaben, Steve 2012

Chaconas, James 2015

Chaney, Jeffrery 2015

Charmoli, Phil 2014

Chavin, Barry 2020

Chenore, Rodger 2013

Cherafat, Ramin 2023

Chodos, Bob 2011

Choukourian, Paul 2018

Christenson, Andrea 2015

Cibula, George 2012

Cisler, Brett 2017

Clark, Jim 2016

Clark, Robert 2010

Clements, Earl 2013

Click, Robert 2011

Clifton, Kevin 2017

Cockerham, Chris 2016

Coe, Gabriel 2023

Coe, Nathan 2023

Cohen, Linsey 2020

Cole, Elmer 2013

Coleman, Doug 2023

Collins, Craig 2013

Collins, Mark 2019

Collins, Rick 2013

Conceller, Carl 2020

Connor, James 2012

Converse, Chandler 2012

Cook, Mike 2014

Cooler, Thomas 2010

Cooper, Dan 2015

Cooper, Gary 2015

Copaken, Jon 2018

Copaken, Keith 2015

Cope, James 2014

Copley,Melissa 2015

Corson, Debbie 2017

Cory, Rob 2012

Cosenza,Joseph 2015

Coulter, Gregory 2018

Coury,Jack 2015

Couston, Elise 2010

Coyne, Terry 2012

Cressy, Donald 2010

Crisp, John 2019

Cristal,Jeffrey 2015

Cruz, John 2019

Cullen, Shaylyn 2023

Cullinan Oberwelman, Diane 2018

Curran, Chris 2016

Dahl, Jon 2021

Daitch, Andrew 2017

Damiani, Jim 2018

Dandamudi, Sandya 2023

Daniels, John 2012

Davidson, Andy 2013

Davidson, Lisa 2014

Davis, Hank 2015

Davis, John 2010

Davis, Mark 2019

Davis, Paul 2015

Dawda, Edward 2012

DBIA, Ben Warriner, 2024

DeLair, Sally 2020

Delaney, Chuck 2021

Delguyd, Anthony 2018

Dellonte, Mark 2019

Del Rosso, Patricia 2011

Demaree,John 2015

Dempsey, Patrick 2017

Denenberg, Gary 2012

DenHartog,Thad 2015

Dent, Mark 2011

Denton, David 2018

DePasquale, Ralph 2017

Derrough, Lee 2012

DeSantis, Dennis 2011

Despot, Brad 2019

Dickey, Dan 2010

Dickman, Samuel 2012

Diehl, Kelly 2022

Dieter, Jim 2011

Dillon, Kevin 2018

Dingel, Tyler 2024

Dingman, Gina 2016

Disse, Steve 2020

Dixon, Collete English 2010

Dokovic, Dan 2017

Dolen, Brent 2024

Donato, Jr., Albert 2019

Donovan, Paul 2019

Dowdell, Kimberly 2024

Doyle, Dennis 2010

Doyle, Jim 2012

Drake, Harry 2012

Drake, Lynn 2014

Dreher, Jeff 2017

Dudek, Lawrence 2021

Dumes, Joel 2015

Dunsmoor, Daniel 2018

DuPraw, Rick 2015

Durning, David 2011

Dusek, Jonathan 2010

Duvall, Greg 2012

Dye, Scott 2013

Earlywine, Angie 2019

Eaton,Barbara 2015

Eaton, Jeff 2016

Ebbing, William (Bill) 2019

Edelman, Richard 2024

Effler, DJ 2016

Ehlers, Amy 2024

Ehrenberg, Maureen 2013

Ehret, Bill 2011

Eisenshtadt, Steve 2017

Elbaum, Larry 2011

Elder, Ed 2013

Ellis, Christopher 2024

Ellis, LaTonya 2019

Ellison, Steve- O’brien, John 2016

Elsas, Gene 2014

Engle, Ryan 2020

Erickson, Brent 2019

Evans, Pete 2021

Fagan, Robert 2018

Falk,Stanton 2015

Farbman, Andy 2013

Farrell Steve 2015

Fazio, Joseph 2020

Feller, Bryn 2024

Fifield, Steve & Randy 2012

Fink, Jamie 2018

Finn, Michael 2016

Firsel, Chad 2018

Fisher, Paul 2010

FitzGerald, Leah 2022

Fleming, Andrew 2017

Fleming, Dick 2016

Fleming, ED 2017

Flood, Bob Jr. 2023

Flynn, Michael 2014

Fogarty, Sheila 2023

Forde, Brian 2023

Forslund, Richard 2019

Fox, Christopher 2017

Frain, Ron 2014

Franke, Jerry 2012

Frantze, David 2011

French, William 2012

Fricke, John 2023

Friedman, David 2010

Friedman, David 2015

Friedman, Jay 2018

Fritton, Mike 2024

Fuller, Craig 2018

Fura, Doug 2020

Galbraith Kohn, Anne 2019

Gallagher, Kevin 2015

Gallucci, Cheryl 2019

Gamble, Kyle 2010

Gardner, Jay 2014

Garfinkel, David 2019

Garrett, James 2011

Gartner, John 2013

Gayman, Tom 2013

George, Brendan 2023

George, Kevin 2011

Gerard, Mike 2013

Gerbie, Ralph 2014

Gialamas, George 2010

Giannakopoulos, Dean 2024

Giannini, Ray 2020

Gibbs, Linda M. 2019

Gilbert, Bruce 2024

Ginkel, Brian 2018

Ginsberg, Bennett 2023

Glasgow, William 2020

Glass, Michael 2022

Glaze, Larry 2014

Glimcher, Michael 2010

Glotzhober, Gary 2012

Godwin, John 2011

Golden, Sandy 2013

Goldie, Gordon 2019

Goldstone, Ron 2019

Golob,Diana 2015

Goodman, Gary 2024

Goodman, Jimmy 2018

Goodman, John 2011

Goodman, Randy 2017

Goodwin, Daniel 2010

Gordon, Brett 2020

Gordon, Steven 2010

Gordy, John 2014

Graves, J.D. 2018

Gray,Stephan 2015

Greazel, Ben 2018

Green, Michael 2018

Greenfield, Eric 2022

Griffith Jr., Stephen 2022

Grove, Kevin 2012

Grummons, Ember 2022

Guenther, Glenn 2016

Guimbarda, Bob 2012

Gujral, Brenda 2012

Gustafson, Thomas 2017

Gutierrez, Alfredo 2019

Gutman, Lesley 2023

Gutrman,Andrew 2015

Haas, Lori Pittman 2019

Haggerty, Nancy Leary 2016

Hamway, Joseph; Hudas, Gregg 2016

Hanna, Brandon 2020

Hansen, Laura 2020

Hanson, Breck 2011

Hardin, Tripp 2019

Hardy, David 2010

Harer, Wayne 2017

Harf, Isaiah 2023

Harrington, Timothy 2016

Harris, Scott 2014

Hartlage, Matt 2018

Hartman, Kimberly Estes 2016

Hartmann, Michael 2011

Harvey, Susan 2022

Hassler, John 2023

Hatcher, Brett 2017

Hatfield, Daniel 2015

Hauber, Catherine 2014

Hauptman, Jeff 2018

Hauser, Maddin 2024

Hausman, Larry 2017

Hawkins, Taylor 2017

Hawley, Jeffrey 2013

Hawley, Todd 2014

Heath, Donald 2014

Heinrichs, Jerry 2017

Heitman, Karl 2020

Held, Andrew 2020

Helgesen, Donald(Deceased) 2014

Helmuth, Michael 2012

Hendrick, Suzanne 2018

Hendrickson, David 2017

Hengle, Laura 2017

Hennelyy, Tim 2015

Henrick, Sean 2024

Henry, Jeff 2013

Herrington, RA 2020

Herron, Steven 2023

Herzberg, Marilyn 2022

Hess, Andrew 2024

Hess, Kristy 2021

Hess, Robert 2013

Hiffman, Dennis 2010

Higa, Perry 2019

Hil, Joseph 2022

Hill, Geoff 2019

Hinchman, David 2015

Hipp, Estel 2015

Hobbs, Leslie 2020

Hochberg, Andrew 2013

Hodess, Ronald 2018

Hoge, Paul 2012

Holland, Jay-Pritchard, Piers 2014

Holtz, Tom 2013

Holtzman, Jonathan 2018

Hood, Brett 2022

Hopper, Andrea 2024

Hopwood, david 2013

Horn, Bob 2017

Houston, Crystal 2016

Howland, John 2012

Hrubes, Matthew 2023

Hubbard, Zach 2021

Hudas, Greg; Hamway, Joe 2016

Hudson, Dax 2019

Hughes, Lauren 2023

Hunter, Matt 2015

Hupp, Tony 2021

Hurd, Richard 2013

Hurd, Richie 2024

Hurtuk, Brian 2012

Hyun, Cecilia 2020

Inch, Donna 2011

Irgens, Mark 2010

Isaac, Al 2010

Isaac, Bruce 2017

Ives, Rodney 2014

Jackson, Doug 2015

James, Kevin 2019

Jameson, Andrew 2013

Jappaya, Kevin 2020

Jehle, Michael 2011

Jelepis, Alex 2017

Jellison, David 2013

Jennings, J. Kieran 2021

Jensen, Andrew 2013

Jensen, Dan 2016

Jessup, Daniel 2015

Jessup, Jon 2022

Johns, LaVon M. 2023

Johnson, Aaron 2014

Johnson, Bryan 2014

Johnson, Derrick 2018

Johnson, Janet 2012

Johnson, Nancy 2015

Johnson, Tom 2012

Johnston, Jeffrey;Timmel, Steven, Jones, Kevin 2013

Jonna, Simon 2019

Jordan, Patrick 2021

Judeh, Jumana 2013

Kadish, Scott 2015

Kaduce, Adam 2021

Kahn, Jeffrey 2011

Kahnweiler, David 2010

Kalil, Michael 2018

Kalil, Tim 2020

Kane, Jean 2011

Kapsalis, Traci 2013

Karbank, Steve 2011

Karmin, Tony 2013

Kasselman, Geoffrey 2016

Katai, Ernie 2011

Katz, Wendy 2018

Kauffman, Fritz 2018

Kavanau, Michael 2011

Keais, Garrett 2017

Keller, Laurel 2019

Kelly, Brendan 2017

Kelly, Patricia 2017

Kelpe, David 2016

Kemper, Jim 2024

Kendrick, Andrea 2018

Kennedy, Crystal 2017

Kepic, Peter 2011

Kepic, Peter J. 2024

Kerber, Paul 2011

Kerr, Gib 2022

Kerr, Jr., Whitney 2016

Kerrigan, Timothy 2019

Kerr Sr., Whitney 2012

Khoury, Norm 2017

Kingston-Bahn, Rebekah 2017

Kinsinger, Douglas 2010

Kirschbraun, Tom 2014

Kiser, Lee 2018

Klamm, Mike 2013

Kling,Steve 2015

Knight, Michael 2024

Knoff, Kurt 2014

Kolsrud, Mark 2020

Koman, James 2021

Kooperman, Cory 2019

Kratchman, Cynthia 2022

Kratky, Jan 2012

Krawitz, Charles 2019

Krimm, Paul 2021

Krombach, peter 2010

Krug, Jason 2018

Krusinski, Joe 2020

Kuiper, John 2016

Kurtzon, Michael 2012

Kurzmann, Matthew 2023

Labe, Monica 2017

Labes, Daniel 2018

Lampi, Keith D. 2023

Lampitt,Ed 2015

Lanford, Ross 2022

Langfeldt, Matt 2017

Larimer, Kevin 2017

Larmie, Micah 2024

LaSala, Todd 2021

Lasser,David 2015

Latessa, John 2018

Lawson, Susan 2021

Lawton, Matthew 2013

Leahy, Dan 2020

Learner, Joseph 2012

Leathers, Amanda 2023

Lee, Wonwoo 2022

Leipsitz-Makino, Kathy 2017

Lenhoff, Randall 2013

Leopardo, James 2010

Leopardo, Michael 2017

Lerner, Jay 2022

Lester, Matthew 2014

Letherman, John 2016

Levey, Lewis 2011

Levin, Daniel 2017

Levitan, Mike 2019

Levitas, Steve 2019

Licausi, Paul 2010

Linder, Michael 2015

Lindley, Patrick 2011

Lines, Susan 2017

Lingertat, Jessica 2018

Lippincott, Edward 2018

Lissner, Marilyn 2012

Locher, Gwen 2019

Lockridge, Christy 2014

Long, Mark 2017

Loseman, David 2024

Lossner, Justin 2017

Lovett, Mary Forbes 2016

Lowe, Dan 2013

Lubbers, Mike 2013

Lumpkins, Jerry 2020

Lund, John 2012

Lund, Matthew 2015

Lundstedt, Paul 2020

Lutz, Eric 2013

Lyles, Debra Swearingen 2024

Lynch, Catherine 2018

Maas, Bill 2022

MacDonald, Dave 2016

MacDougall, Irene 2015

Mack, Robert 2021

Macke, Fred 2016

Madyun, Anne 2024

Maesel, Scott 2013

Magid, Trenton 2010

Magner, A.J. 2016

Mago, Angela 2021

Mandel, Barry 2012

Mannion,Ellen 2015

Marciniak, Kenneth 2019

Margosian, Charles 2020

Marshall, Adam 2022

Martens, Steven 2010

Martin , David 2019

Martin , John N. 2019

Martin, Steven 2014

Martin, Van 2012

Martinez, Dominic 2024

Mathews, Terry 2012

Mattioda, Richard 2012

Maune, Ramsey 2013

Maxwell, Korb, 2019

Mayer,Michael 2015

Mays, John 2021

McCaffrey, James 2014

McCarthy, John 2017

McClellan, Jonathon 2016

McConahay, Mark 2019

McCue, Michele 2017

McDonald, Jim 2020

McFadden, Matthew 2021

McGarity, Tom 2016

McGregor, LeGrande 2014

McHale, William 2012

McKee, Chris 2017

McKenna, Kevin 2016

McKinney, Jack 2015

McKinney, Suzet 2022

McLaughlin, Lawrence 2014

McLaurin, Zeb 2021

McMahon, Kimberly 2022

McShane, James 2010

McShane, Molly 2016

Medinger, Jerry 2014

Meginnis, Richard 2011

Mehlman, Mark 2018

Melonides, Elaine 2011

Mensch, Gretchen 2023

Merlo, Dan 2016

Merrill,John 2015

Mesmer, Aaron 2018

Messina, Joe 2017

Michel, Timothy 2014

Mike Hanrahan & Paul Hilton 2012

Milks, Jodi 2014

Millang, Todd 2013

Miller, Bruce 2018

Miller, Craig 2022

Miller, Dave 2020

Miller Charles 2015

Mills Stephen 2015

Minea, Patrick 2020

Miscavish, Steve 2019

Missner Barry 2015

Mistler, Amy 2020

Mitchelson, Mike 2024

Moberg, Matthew 2019

Mobley, Shawn 2010

Monsees, Olen 2012

Monte, Mann 2016

Monteleone, Joseph 2013

Mooney, Michael 2010

Moran, Patrick 2014

Morgan, P.J 2015

Morgan, Shannon 2021

Moritz, Debra 2015

Morris, David 2012

Morse, Mike 2013

Mosby, James 2013

Mosier, Michelle 2021

Moyer, Gregory 2013

Moynihan, Michael 2016

Much, Larry 2022

Mullady, Michael 2019

Mumm, Kurt 2011

Munaco, Sam 2021

Murawski, Ken 2012

Murnane, Tim 2012

Murphy, Shenan 2011

Murphy, Thomas 2022

Murray, Joyce 2018

Murray, Ted 2012

Musser, Daniel 2020

Musser, Jeff 2017

Mutchler, Vicki 2019

Myers, Mark 2011

Myers, Rusty 2015

Nadborne, Craig 2014

Nash, Troy 2015

Neary, R.J. 2013

Nevanen, Martha 2011

Newcomb, Ken 2013

Neyer, Dan 2017

Neyer, John 2019

Nicoll, Emily 2024

Nieman, Drew 2012

Nikitas, Danny 2016

Noddle, Jay 2015

Noonan, Victoria 2016

North, Molly 2016

Norton, Tim 2020

Nosal, Robert 2014

Nussbaum, Gary 2014

Ober, Becky 2015

Ober, Becky 2021

Ohmes, Mike 2017

Oklak, Dennis 2010

Olson, Scott 2015

Orf, Geoffrey 2021

Osborne, Thomas 2013

Ostoich, David 2019

Owen, Doug 2017

O’Brien, John-Ellison, Steve 2016

O’Connell, Jim 2015

O’Neill, Dan 2017

Pace, Richard 2014

Pacella, Alec 2016

Pacher, Nancy 2013

Padilla, Edward 2010

Palec, Steve 2022

Palmer, Mark 2011

Palms, Stephen 2019

Panovich, Michelle 2019

Pape, Jim 2018

Parent, Diane 2011

Parker, Gary 2013

Parrott, Joe 2019

Pate, Reuben 2017

Patton, Erin 2014

Peck, Phil 2023

Pelok, Philip 2020

Petersen, David 2011

Petersen, John 2012

Petersen, Nancy 2023

Peterson, Leslie 2015

Petrigan, Michael 2016

Petrovski, John 2013

Petruska, Kenneth 2016

Pettinger, Jim 2024

Phair, John 2013

Phelps, Todd 2020

Phillips, Stanley 2014

Picchiotti, John 2013

Piggot, Cameron 2011

Pisczak, Spencer 2019

Pitstick, SI 2017

Pitts, Marcus 2016

Pizzuti, Joel 2013

Pizzuti, Ronald, 2010

Planey, James 2018

Plattner, Paul 2012

Pliska, Robert 2013

Podell, Charlie 2015

Podolsky, Randy 2011

Podolsky, Steven 2010

Poffenberger, Bill 2017

Pofok, George 2018

Ponader, Erick 2018

Porter, Christopher 2017

Potts, Christopher 2016

Powers, Tom 2014

Price, Joe 2024

Primo III, Quintin E. 2022

Prock, Francis 2015

Prosser, Christopher 2014

Provancher, Stephen 2019

Pschirer, Frank 2013

Pudlosky, David 2018

Pulliam, Steve 2014

Purcell, Kevin 2014

Purtell, Ned 2022

Quigley, Brian 2017

Quinn, Peter 2014

Raday, Jeffrey 2012

Raker, Keith 2019

Rasmussen, Dave 2010

Rasmussen, Jill 2015

Reardon, Jack 2012

Reddick, Marci 2010

Reed, David 2015

Reed, John 2019

Reich, Lynn 2010

Reich, Lynn 2017

Reichter, Mark 2023

Reifman, David 2019

Reilly, John 2017

Reilly, Patrick 2018

Reimchisel, Troy 2018

Remiger, Vern 2018

Reves, Grant 2019

Revolinski, Scott 2011

Reynolds, Ora 2010

Richardson, David 2015

Rickert, John 2014

Riggle, Kara 2014

Riley, David 2016

Riley, Debbie 2014

Ritter, Bill 2024

Roach, Nancy 2012

Robbins,Mark 2015

Roberts, Brent 2017

Roberts, Claire 2016

Roberts, David 2015

Robertson, Brent 2019

Robins, Harlan 2016

Robinson, John 2011

Roe, Rob 2019

Rogalla, Bill 2012

Roge, Bret 2019

Rohrer, Chris 2015

Rolander Jr., William 2017

Roseboro, Angela 2012

Rosen, Jim 2019

Rosen, Susan 2016

Rossi, Sr., Anthony 2019

Roth, Adam 2023

Roth, Steve 2011

Rowlett, Jeff 2015

Ruhl, Charles 2010

Ruhl, John 2016

Rupprecht, Daniel 2014

Rupprecht, Paul 2020

Ryan, Bob 2011

Ryan, Daniel 2016

Ryan, Joe 2023

Ryan, Nick 2018

Saewitz, Andrea 2017

Salata, Chris 2020

Salazar, JD 2011

Sallen, Steven 2024

Salsberry, John 2019

Saltzman, Bill 2019

Samoylovich, Alex 2019

Sandler, Stephen 2022

Sansone, Douglas 2014

Sansone, James 2012

Sansone, Sr. Anthony 2010

Sansone, Timothy 2013

Saunders, Caroline 2018

Saville, Brad 2014

Savoy, Jon 2011

Schaefer, Richard 2015

Schaffer, Timothy 2010

Schenck, Lynn 2010

Schenk, Greg 2015

Scherer, E.P. 2019

Scherer, Phil 2016

Scheufler, Alan 2020

Schmidt, Paul 2022

Schmidt, Ted 2013

Schneider, Keith 2017

Schneider, Steve 2013

Schnuck, Mark 2010

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Schorgl, John 2019

Schueler, Mike 2016

Schuen, Richard 2010

Schuham, Richard 2012

Schulman,Albert 2015

Schultz, Vernon 2014

Schwartz, Robert 2013

Schwegman, Steve 2018

Seelig, Chris 2016

Seldin, Theodore 2010

Sellergren, David 2011

Sellet, Andrew 2016

Semarjian, Christoper 2018

Shaffer, Jack 2011

Shapiro, Donald 2016

Sharpe, Timothy 2020

Shaver, Tom 2013

Shawn Clark 2021

Sheahan, Jr., John 2016

Sheahan, Peter 2018

Sheinkop, Michael 2012

Shepherd, Cheri 2015

Siedenburg, Doug 2014

Simmons, Joel 2020

Simon, David 2010

Simon, Judith 2018

Simono, Julie 2024

Sims, Mark 2013

Sims, Tom 2016

Six, Robert 2019

Skender, Joseph 2017

Slane, Elizabeth 2010

Slusky, Jerry 2010

Smaniotto, Tony 2021

Smietana, Robert 2013

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Smith, J.J. 2022

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Smith, Jr., Paul Ray 2019

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Smith, Terry 2013

Smith, Terry 2015

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Spears, Powell 2013

Speckman, Jason 2023

Spencer, Mike 2016

Stacy, John 2016

Stafford, John 2017

Stafford, Phil 2024

Stahnke, Sam 2023

Stamm, Brent 2017

Stange, Drew 2013

Steinbach, David 2016

Stephens, Dick 2018

Stephens, Randy 2013

Stern, Martin 2011

Stern, Tom 2013

Stewart, Parker 2022

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Stingley, Jeff 2022

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Stratton, Marge 2017

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Sturm, Keith 2019

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Sullivan, Michael 2019

Sullivan, R. Joseph 2023

Suwyn, Duke 2011

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Swatsenberg, Barry 2012

Sweeney, Floyd 2011

Sweeney, John 2017

Sweeney, Mike 2019

Swetnam, Greg 2012

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Tharpe, Steven 2013

Thompson, Chelsea Leiter 2024

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Zacher, Steven 2018

Zaslavsky, Eteri 2021

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COMMERCIAL SERVICES

ASSET/PROPERTY MANAGEMENT FIRMS

MID-AMERICA

One Parkview Plaza, 9th Floor Oakbrook Terrace, Illinois 60181

Primary Contacts

Jean Zoerner-Illinois, JMZoerner@midamericagrp.com; Brad Lefkowitz-Michigan, blefkowitz@midamericagrp.com; Brandon O’ Connell-Minnesota, boconnell@midamericagrp.com; Jim Vaillancourt-Wisconsin, jvaillancourt@midamericagrp.com

Core Services

Mid-America provides strategic consulting services that maximize net operating income, net cash flow, and accelerate property appreciation. We provide property and construction management, leasing, due diligence, and market analysis. Additionally, we offer MA Building Services, a self-performing porter and maintenance company offering our clients cost savings and improved accountability for related services.

About Mid-America

Mid-America Real Estate is #1 in retail real estate services in the Midwest, with full-service offices in Illinois, Michigan, Minnesota, and Wisconsin. Our exclusive focus on retail property, combined with cutting-edge technology and unsurpassed service, distinguishes Mid-America within the industry and provides clients with a competitive edge. The total consideration value of leasing and investment sales transactions facilitated in 2025 was $2.6 billion. Mid-America leases and manages more than 50 million square feet of retail space, provides comprehensive selfperforming facility services, and represents over 270 retailers and other tenants. For more information, visit www.midamericagrp.com.

BROKERAGE FIRMS

AREA REAL ESTATE ADVISORS

4800 Main Street, Suite 400 Kansas City, MO 64112

P: 816.895.4800 openarea.com

Primary Contacts

Tim Schaffer, Founder & President, tschaffer@openarea.com

Matt Vaupell, Managing Partner, mvaupell@openarea.com

Doug Grossenbacher, Partner, Director of Property Management, dgrossenbacher@openarea.com

Core Services

Office, Retail & Industrial Landlord and Tenant Representation; Property Management; Project Management; Investment; Research Analytics and Consulting

Firm Profile

AREA Real Estate Advisors is a full-suite commercial real estate firm in Kansas City. AREA is the hometown team that plays in the big leagues. Our size and scope allow us to be nimble and apply a team-driven approach while providing best-in-class service. At AREA, we deal in real estate, but our business is relationships. We are committed to meaningful partnerships with our clients to ensure that their goals are achieved. Our goal is to exceed our clients’ expectations.

Selected Clients

KU Endowment, Federal Realty, SomeraRoad, Price Brothers Management, Gillon Property Group, Five Below, Bath & Body Works, Arvest Bank, Emler Swim School, 151 Coffee, Equity Bank, American Academy of Family Physicians

OUTLOOK MANAGEMENT GROUP, LLC AMO

S74 W16853 Janesville Road

Muskego, WI 53150

P: 414.369.3511 | F: 414.435.0251 outlookmgmt.com

Primary Contact

Ray Balfanz, President/Partner, ray@outlookmgmt.com

Core Services

Full-service property and asset management services, financial analysis and reporting; budget preparation and expense reconciliations; lease administration; construction management; preventative maintenance and consulting services.

Company Overview

Outlook Management Group, LLC AMO provides comprehensive property and asset management services for all asset classes in multiple states and markets.

Selected Properties Managed

Washington Corners, Naperville, IL; Ironwood Office Park, Glendale, WI; Wood River Condominiums, West Bend, WI; Seven 10 West Luxury Apartments, Chicago, IL; MDJD Aesthetic MOB, Rockford, IL, Ascension Health MOB Milwaukee, WI; Henry Ford Health Systems Pharmacy Services Bldg. in Rochester Hills, MI; Henry Ford Medical Center in West Bloomfield, MI.

GOODMAN REAL ESTATE SERVICES GROUP LLC

25333 Cedar Road, Suite 305 Cleveland, OH 44124

P: 216.381.8200 | F: 216.381.8211 goodmanrealestate.com

Primary Contacts

Randy Goodman, President, Randy@goodmanrealestate.com; Richard Edelman, Senior Vice President/Principal, Richard@goodmanrealestate.com

Core Services

National investment sales, tenant and buyer site selection, property marketing, leasing, sales, and disposition.

Firm Overview

Goodman Real Estate Services Group LLC is a leading commercial brokerage firm based in Ohio that currently markets 13.6 million square feet of property for sale, lease, or development throughout Ohio, and 14 other states with partner brokers, nationwide for investment sales, and tenant and buyer site selection with over 100 companies represented. We combine experience, technology, a large support team and hard work to provide exceptional service to our clients. Goodman Real Estate have offices in Cleveland and Columbus.

CONSTRUCTION COMPANIES/GENERAL CONTRACTORS

BRINKMANN CONSTRUCTORS

16650 Chesterfield Grove Road, Suite 100

Chesterfield, MO 63005

P: 636.537.9700

BrinkmannConstructors.com

Primary Contacts

Brian Satterthwaite, CEO, bsatterthwaite@brinkmannconstructors.com; Tom Oberle, President, toberle@brinkmannconstructors.com; Rebecca Randolph, Executive Director of Business Development & Marketing, RRandolph@brinkmannconstructors.com

Core Services

General contracting services including design/build, design/assist, and construction management

Company Overview

Brinkmann Constructors is a national general contractor that has completed over $10 billion of construction projects across multiple market sectors, including senior living, multifamily, student housing, warehouse, cold storage, manufacturing, automotive, retail, hospitality, and more. With regional offices in St. Louis, Denver, Kansas City, Phoenix, and Richmond and a project footprint that spans 41 states, our mission is to deliver the best construction experience for the people we serve, with a foundation built on lasting relationships and expertise driven by insight—beyond measure.

Selected Projects

•Coastal Cold Storage - Foristell, Missouri - 125,000 SF cold storage industrial warehouse

•Axial Rockville 64 - Rockville, Virginia - Two speculative warehouses totaling 330,550 SF

•I-10 International - Tucson, Arizona - Two warehouses totaling 374,000 SF •74 Broadway – Kansas City, Missouri - 440,000 SF mixed-use development with 280 units

•Aspendale Littleton - Littleton, Colorado - 231,000 SF active adult community with 190 units

MERIDIAN DESIGN BUILD

9550 W. Higgins Road, Suite 400 Rosemont, IL 60018

P: 847.374.9200

info@meridiandb.com meridiandb.com

Primary Contacts

Paul Chuma, President

Howard Green, Executive Vice President

Core Services

Meridian Design Build provides construction and design/ build construction services on a national basis with a primary focus on industrial, office, medical office, retail and food and beverage work.

Company Overview

With a team of in-house professional project managers, Meridian has extensive experience coordinating the design and construction of new buildings, tenant improvements, and additions/renovations from 15,000 square feet to 1,000,000+ square feet. Meridian Design Build has been a Member of the U.S. Green Building Council since 2007.

Selected Projects

University Park Logistics Center, University Park, IL - 970,123 sf speculative multitenant industrial distribution/warehouse facility for Clarius Partners and Hillwood Investment Properties. Silesia Flavors, Huntley, IL - 134,075 sf food production, laboratory, research and development, and office facility for Venture One Real Estate and a global leader in confectionery and beverage flavors. FedEx Ground, Gary, IN - 324,901 sf package sorting and distribution center on a 78-acre redevelopment site for Scannell Properties and Transport Properties.

PRINCIPLE CONSTRUCTION CORP.

9450 West Bryn Mawr Ave., Suite 120 Rosemont, IL 60018

P: 847.615.1515 | F: 847.615.1598 pccdb.com

Primary Contacts

Mark L Augustyn, COO, maugustyn@pccdb.com, James A. Brucato, President, jbrucato@pccdb.com

Core Services

Since 1999, Principle Construction Corp. has been a leading design-build general contractor serving the industrial markets of Chicago Metro, Southern Wisconsin, and Northwest Indiana. We specialize in designing and constructing exacting solutions for our clients, including:

• Built-to-Suit Facilities

• Speculative Facilities

• Warehouse and Distribution Centers

• Logistics and Cross-Dock Facilities

• Industrial Outdoor Storage

•Industrial and Manufacturing Plant • Tenant Improvements

• Expansions and Additions• Food Processing Facilities

• Specialty Projects

Selected Projects

• 8,205 SF animal shelter for Heartland Animal Shelter, at 586 Palwaukee Dr., in Wheeling, IL.

• 12,560 SF showroom and outdoor pool park for Doheny Enterprises, at 5307 Green Bay Rd., in Kenosha, WI

• Phase 1 renovation project for SMW Autoblok, at 285 Egidi Dr., Wheeling, IL

REAL ESTATE LAW FIRMS

SARNOFF PROPERTY TAX

100 N. LaSalle St., 10th Floor Chicago, IL 60602

P: 312.782.8310 Sarnoffpropertytax.com

Primary Contact

James Sarnoff jsarnoff@sarnoffpropertytax.com, P: 312.448.5337

Core Services

Since 1986, Sarnoff Property Tax has been a leading and recognized law firm concentrating solely in the field of property taxation. We help clients secure favorable taxes in Illinois through property tax appeals, incentives, and consulting.

Firm Overview

Sarnoff Property Tax’s clients include Owners, Developers, Managers, REITs, Fortune 500 Companies, Private Equity Firms, etc., in connection with commercial property, high-rise and low -rise apartment buildings, condominium associations and singlefamily home portfolios.

WORSEK & VIHON, LLP

180 North LaSalle Street, Suite 3010 Chicago, IL 60601

P: 312.917.2307 P: 312.917.2312 F: 312.596.6412 wvproptax.com

Primary Contacts

Francis W. O’Malley, Managing Partner, fomalley@wvproptax.com; Jessica L. MacLean, Partner, jmaclean@wvproptax.com

Core Services

Worsek & Vihon, LLP represents taxpayers in Illinois by limiting their property tax liabilities through ad valorem appeals resulting in lower tax bills. We have over 40 years of experience and can handle basic to the most complex assessment issues while offering the dependable, personalized attention our clients deserve. We have experience representing owners of all property types. In addition to filing thousands of appeals with the Cook County Assessor, we have been involved in numerous proceedings before various Boards of Review, the Illinois Property Tax Appeal Board, and the Circuit Court of Illinois, and have appeared before the Illinois Appellate and Supreme Courts.

Firm Overview

Worsek & Vihon LLP, is a team of highly experienced attorneys singularly focused on Illinois real estate tax law. The firm is dedicated to minimizing property tax liabilities through strategic tax portfolio management, well researched, creative appeal preparation and aggressive advocacy.