Tomorrows Leaders: RETAIL
This is an HTML version of an article that ran in the May 2014 issue of Real Estate Forum. To see the story in its original format, click here.
The ever-changing retail sector will belong to the CRE professionals who can see where the market is headed while demonstrating the time-honored virtues of hard work, creativity and the ability to tailor solutions to the specific needs of clients. Real Estate Forum has identified 27 retail experts age 35 and under from across the US—men and women whom we believe will help write the sector’s future history.
Jake Brewer, 30
Cushman & Wakefield | Cornerstone Brokerage
Brewer came to brokerage from CRE lending, where he worked with life insurance companies and CMBS lenders placing large non-recourse permanent financing on commercial properties. It was a career stint that began in 2007 at the height of the last cycle and continued through the downturn, giving him the ability to view transactions from every angle and an understanding of how each stakeholder views the deal. In his current role with C&W | Cornerstone, Brewer is contracted as the national broker for DriveTime Auto Sales, among the largest used auto dealerships in the country under one brand name. He met his future client on a cold call five years ago and has since done more than 20 transactions with DriveTime across the US.
Parker Carroll, 29
Coldwell Banker Commercial Net Leased Investment Group
Along with serving as the managing director for Coldwell Banker Commercial’s Austin, TX office, Carroll created the firm’s net leased investment group and launched the first office in Austin before age 27. In addition to maintaining one of the highest levels of production among all sales professionals in the industry, he is responsible for day-to-day operations, strategic planning, business development, recruiting and employee development for his team. Among his other achievements, he has been ranked in the top 2% of all CBC affiliates each year since 2010, and in the top 20 of CBC affiliates in North America for 2013 and 2012. He notes that net lease is “quickly becoming a mainstream investment instrument, and will continue to grow in the future.“
Joseph Dougherty, 31
Metro Commercial Real Estate Brokerage
A VP at Metro Commercial, Dougherty is instrumental in its leasing and sales brokerages department. He represents numerous national/regional retailers throughout the Mid-Atlantic as well as some of the country’s largest and most successful retail landlords in Pennsylvania, New Jersey and Delaware. As of Dec. 31, Dougherty had completed more than 380 lease/sale transactions with a gross aggregate value over $631 million and 4.825 million square feet in the Mid-Atlantic region, mainly in the Philadelphia metro area. For 2013, he was named the company’s top producer. In addition, he serves as a mentor to new agents coming aboard at Metro.
Zach Fox, 29
Urstadt Biddle Properties
Before joining the Greenwich, CT-based shopping center REIT, Fox spent four years on the retail leasing side with Winick Realty and RKF & Associates, representing major New York City landlords in more than 40 transactions. At UBP, he’s responsible for sourcing, underwriting and financing new shopping center acquisitions for the company. He is also tasked with selling non-core assets. In all of these capacities, he’s shown an insatiable appetite to learn and is considered gifted beyond his years in seeing the angles and forming creative solutions in the heat of negotiations. He has also shown a keen ability to coordinate the due diligence process and navigate all the players involved.
Grant Gary, 26
Just four years into his CRE career, Gary is responsible for marketing and leasing a portfolio of shopping centers, enclosed regional malls and outlet centers in Texas, Oklahoma, Georgia and Missouri totaling more than 2.5 million square feet of GLA. He calls on an ability to focus efforts specifically on each client in helping make transactions happen for the betterment of clients and landlords. He’s known for a sharp focus on overcoming roadblocks and making sure clients are fully cared for. The results can be summed up by his accolades: a CoStar Power Broker in the category of Dallas/Fort Worth retail leasing for 2010 and 2011; in-house recognition for most completed transactions in 2012 and 2013; and being named a D CEO Magazine Power Broker for 2012, 2013 and 2014.
Brendan Gotch, 30
Director of Retail Leasing
Massey Knakal Realty Services
Gotch has been a key team player for both the sales and retail leasing divisions at Massey Knakal. Starting as an intern while still in college, he became an integral team member for one of Massey Knakal’s top sales brokers, James Nelson. He took a leap of faith to join Massey Knakal’s retail leasing team and is now on the path to become one of the top retail brokers in New York City. Gotch was responsible for bringing in Massey Knakal Retail Leasing Services’ largest listing to date—26,000 square feet near the Fulton Transit Center in the Financial District. He also coaches Massey Knakal’s younger brokers. Routinely published in a number of news outlets, Gotch also speaks regularly on the state of the market at a variety of events.
Tim Gunnink, 35
Launching a commercial real estate business in Phoenix in 2009, amid one of the worst economic downturns in the last hundred years both locally and nationally, took some doing. Gunnick doubled the company’s revenue each year from its inception through 2012, and grew the physical office to double in size and personnel. “The transactional volume of our leasing and sales division has consistently been one of (if not) the highest of any similar organization in Arizona on a per-person basis,” he says. “We were able to lease eight shopping centers to 100% occupancy, including the only ground-up retail shopping center development in the Phoenix metro area in 2010,” namely Watson Marketplace in Buckeye, AZ.
Michael Hazinski, 33
VP and Director of Investments, South and West Regions
Retail Properties of America Inc.
RPAI is a publicly traded REIT focused on acquiring, developing and managing a diversified mix of retail assets, including power centers, community centers and lifestyle centers. Hazinski joined RPAI in 2007 as institutional portfolio manager responsible for the day-to-day asset and portfolio management of the REIT’s joint venture portfolio, and was a key participant in the initial formation, management and recent successful completion of its largest joint venture, with Canada-based RioCan. Hazinski was promoted to his current role of VP and director of investments in 2013; in the fourth quarter he executed RPAI’s first acquisitions as a publicly traded company with deals for Fordham Place in the Bronx and Pelham Manor Shopping Plaza in Pelham Manor, NY for a combined $192.4 million.
Elizabeth Hoffman Lucas
As principal of Atwater Group, Hoffman manages a team of brokers and support staff who actively works on a pipeline of 100-plus deals at any time. She is the go-to point person on all projects and oversees every aspect of the development. Hoffman herself has been actively involved in more than 200 deals as a broker and developer for Family Dollar’s rapid expansion plans. “The retail property market is always changing,” she says. “It correlates directly with the economic and status of businesses. I think the market will stabilize and hopefully we will learn from our mistakes from the last bubble.”