OAKBROOK TERRACE, IL-Mid-America Real Estate Corp. is forming afour-person team for the production of single tenant net leasedinvestment and 1031 Exchange business. The company has hired BillWright from InSite Real Estate, and he will join current executivesMark Goldberg and Tom Fritz, with another new hire planned.

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Wright spent three years at InSite as a directoroverseeing single tenant, build-to-suit retail properties, andbefore that was at CB Richard Ellis for nine years where he was aVP for investment sales. Goldberg has been with Mid-America fornine years, and Fritz came to the company from Grubb & Ellis in2007.

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Rick Drogosz, investment principal, tells GlobeSt.com thatthough the company was performing single-tenant deals, the companyhas been more involved in the multitenant side. “”We were busy with$800 million on the multitenant deals, we have seven people I inthat area, we hadn’t made a concerted effort to push single tenant.Now there’s been a lull, this is the ideal time to staffsingle-tenant up. Plus, we’ve seen other competitors doing it,” hesays.

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Wright says that the retail investment market has seen arebound in sales during the past several months. “Investors areback in the game, lenders are loosening up, and buyer and sellerexpectations are coming together,” he says.

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The team will focus on expanding the firm’s reach beyondChicago and into the secondary Midwest markets, Drogosz says. “Withthe stock market underperforming, investors continue to invest insingle tenant properties. We have offices in Wisconsin andMinneapolis, plus our affiliation with ChainLinks Retail Advisorsin a few other states. Single tenant is a very time intensiveprospect, but we have the database; it’s a matter of growing thatdatabase and being a clearinghouse for that information. We reallysee this as a growth avenue for the company,” he says.

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