CHICAGO-Plan B Solutions LLC, an advisory firm that specializes in court-appointed receiving for commercial real estate, has acquired Rockwell Group Property Management. Both firms are based here, and the new firm will be based on Goose Island and go by Rockwell Partners LLC.
The 3-year-old Plan B handles court-appointed actions for multifamily, retail and office properties, with clients such as American Chartered Bank, Wintrust Financial, Bank of America, Cohen Financial and Starwood Capital. However, the firm has been moving to handle more traditional third-party management, says Managing Principal Doug Fisher.
Rockwell was founded in 2005 and concentrates on management of multifamily and mixed-use properties. The company has a portfolio of more than 100 buildings under management.
The new firm includes managing principals Fisher, Ted Thilman, Patrick Bader and Matthew Welke, with another 40 employees. Despite the acquisition, the new group will operate under the Rockwell name, Fisher said in the statement. “The Plan B name was very memorable and appropriate for the assignments we have been working on over the past three years, but increasingly we have become Plan A for our clients,” he said. “So we felt that inheriting the Rockwell name was more appropriate for the long-term.”
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