HSA Commercial Real Estate, which owns more than 17 million sf of commercial real estate in 14 states, recently hired Craig Phillips as executive vice president and head of the Chicago-based firm’s development division. The 20-year real estate veteran previously served as a partner and regional vice president at Seefried Properties Inc., where he helped deliver over one million sf of industrial space with a market value in excess of $100 million. GlobeSt.com interviewed the executive about HSA’s industrial investment and development plans.

GlobeSt.com: Will you be spending as much on development and investment this year as last year?

Phillips: I suspect less. We’re waiting for pricing to come back to reality. There are buildings now on the market we’re going to take a look at, but you’ve got to be careful about overpricing. We’re looking for properties with good, basic market underwriting. Those are out there but not in abundance. There’s a lot of turbulence in the capital markets, which is causing a lot of people to stand at the sidelines and wait to see what’s going to happen.

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