Real Estate for Breakfast

“Real Estate for Breakfast” is a Chicago-centric commercial real estate podcast presented by McGuireWoods. Hosted by Phil Coover, a partner at McGuireWoods, the podcast features conversations with industry leaders including developers, property management professionals, brokers, attorneys, investors, visionaries, tenants, tenant representatives, and business owners. The show delivers thoughtful commentary on current real estate issues, explanations of sophisticated real estate challenges, and insights on emerging trends—all at the intersection of real estate business and law. Phil leverages his experience as both a licensed attorney and real estate managing broker in Illinois to translate complex issues into engaging discussions about real estate, business, and life. McGuireWoods is a full-service firm providing legal and public affairs solutions to corporate, individual, and nonprofit clients worldwide for more than 200 years collectively. Our commitment to excellence in everything we do gives our clients a competitive edge in everything they do. Our law firm, over its 186-year history, has earned the loyalty of our many long-standing clients with a deep understanding of their businesses, and broad skills in corporate transactions, high-stakes disputes, and complex regulatory and compliance matters. To learn more about our discussions, please email host Phillip Coover at pcoover@mcguirewoods.com or visit our website at mcguirewoods.com. This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

When You Construct Buildings and Build Relationships, with John Slaten

Slaten Construction is a “service company for building relationships,” explains founder and CEO John Slaten. And because building relationships is a core value, the company enjoys repeat business from customers with projects ranging from a $400 million data center to a $50,000 office remodel. In this conversation with host Phil Coover, John describes his journey, from launching the firm by himself in 2017 to growing it over the years. Tune in for his insights about weathering construction trends, hiring people who fit the company culture, and doing “whatever it takes” to ensure the firm succeeds – for his customers and his staff.Connect and Learn More☑️ John Slaten | LinkedIn☑️ Slaten Construction | LinkedIn | Facebook☑️ Phil Coover | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

11-04
36:07

From Single-Family Homes to 200-Unit High-Rise, with Tony Andrews and Dimitri Nassis

Tandem has built an impressive portfolio scaling from single-family homes to a 200-unit high-rise in Chicago's competitive market. To explain why Crain’s took notice with a recent article about the firm, co-founders Tony Andrews and Dimitri Nassis share their remarkable journey with host Phil Coover. After reconnecting in an airport, the childhood friends partnered on their first profitable single-family project. “It was just very simple for me,” Tony recalls. “The accounting was simple. It's pluses and minuses and a little bit of division.” The duo expanded into multifamily developments, weathering the recession of ‘08 and Covid shut-downs. Tune in for their insights about vertical integration in development, the hidden profit strategies some general contractors use, and prioritizing transparency over traditional bidding battles. Connect and Learn More☑️ Dimitri Nassis | LinkedIn☑️ Tony Andrews | LinkedIn☑️ Tandem | LinkedIn | Facebook | YouTube☑️ Phil Coover | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed...

08-20
44:42

Private Equity's Secret Weapon: Real Estate Arbitrage, with Jordan Shtulman and Jonathan Wolfe

What if you could turn your real estate into a money-making machine while keeping your business running exactly where it is? Jordan Shtulman and Jonathan Wolfe of Stream Capital Partners have mastered the art of sale leaseback arbitrage, helping private equity firms unlock millions from non-earning real estate assets. With host Phil Coover, they explain how private equity firms buying businesses at four to eight times EBITDA can sell the underlying real estate at 12 to 18 times rent multiples. Tune in for their insights about structuring complex sale leaseback deals, the personality traits needed for success in commission-only brokerage, and why being an advisor trumps being a broker.Connect and Learn More☑️ Jordan Shtulman | LinkedIn☑️ Jonathan Wolfe | LinkedIn☑️ Stream Capital Partners | LinkedIn | Facebook | Instagram | X☑️ Phil Coover | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional

07-15
41:35

Alternative Investment Strategies: Accessing Institutional-Grade Opportunities, with Chris Burns

"I'm an advisor for alternative investments," explains Chris Burns about how he connects individual investors with institutional-grade opportunities. The founder of Quema Capital and a broker-dealer with Great Point Capital in Chicago, Chris specializes in helping investors access real estate syndications, development deals, acquisition funds, and private REITs. Tune in to this conversation with host Phil Coover about tax-advantaged investment strategies, including the powerful Roth IRA conversion technique that can reduce tax liability during real estate development's natural J-curve and why Chicago's limited-supply market presents compelling opportunities for both developers and distressed-asset buyers.Connect and Learn More☑️ Chris Burns | LinkedIn☑️ Quema Capital | LinkedIn☑️ Phil Coover | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

06-17
32:32

Chicago's Premier Neighborhoods: The 100-Unit Sweet Spot, with Matt Katsaros

“Underwriting in Chicago is, I think, a bit easier than a lot of other markets,” says Matt Katsaros, founder of Wildwood Investments, adding, “Especially when you're local and you know the players, you can quantify risk a little bit easier.” Matt knows the players. Wildwood Investments has carved a niche in Chicago's premier neighborhoods by developing mid-sized multifamily properties of 30 to 100 units. Tune in to this conversation with host Phil Coover about the advantages of having both construction and finance expertise in-house and the unique challenges and opportunities in Chicago's limited-supply market.Connect and Learn More☑️ Matt Katsaros | LinkedIn☑️ Wildwood Investments☑️ Phil Coover | LinkedIn☑️ McGuireWoods | LinkedIn | Facebook | Instagram | X☑️ Subscribe Apple Podcasts | Spotify | Amazon MusicThis podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

05-21
34:18

Reaching New Heights in Multi-Family Real Estate with Joe Smazal

In this episode of the Real Estate for Breakfast podcast, Ice Miller Real Estate Practice Group partner and host Phil Coover, sits down for a conversation with Joe Smazal, Senior Managing Partner at Interra Realty. Joe brings more than a decade of experience specializing in the sale of mid-market apartment buildings in Chicago. With nearly $1 billion in total property transactions under his belt, Joe discusses his journey in real estate, the nuances of Chicago’s vibrant housing market, and the lessons he’s learned along the way. The conversation kicks off with Joe reflecting on his career highlights, including his anticipation of hitting the billion-dollar mark in properties sold. He shares insights into the dynamic Chicago real estate scene, focusing on neighborhoods like Lincoln Park, Lakeview, and Ravenswood, which continue to thrive thanks to great fundamentals and places to live. Joe talks about the importance of keeping up in a challenging market, offering insight into deal and pipeline management and maintaining resilience through uncertain times.Phil and Joe discuss Chicago’s recent Northwest Side Housing Preservation Ordinance, unpacking its potential impact on property values and the city’s housing market. Joe provides a straightforward assessment of the law, voicing concerns about unintended consequences while highlighting the need for balance in legislative approaches. Despite the challenges, Joe remains an unwavering advocate for Chicago, citing the city’s thriving cultural scene, robust economy, and strong community appeal as reasons for why it remains an excellent place to invest and live in. The pair also engage in a dialogue on navigating the complexities of real estate in an evolving Chicago market, and why Joe believes staying consistent and focused on the long-term is key to success in the industry.Since joining Interra in 2014, Joe has personally sold over 240 properties, comprised of over 5,300 units, for a total consideration of over $940,000,000. He has helped the firm grow and and gained the respect of his clients through his honest and direct approach and dedication to his clients’ interests. Joe has been recognized by his peers in recent years as Broker of the Year – Investment Sales by the Illinois Real Estate Journals; and was a Private Capital Markets Investment Broker of the Year Finalist in the Greater Chicago Food Depository CRE Awards. Interra Realty is a boutique commercial real estate brokerage firm focused on selling private capital, mid-sized apartment buildings. Founded in 2010, the firm has closed numerous transactions valued in excess of several billion dollars, with clients ranging from high-net-worth individuals and private investors to private equity groups, hedge funds, and private investors.

12-24
46:26

Chicago Industrial Real Estate with David Haigh of NAI Hiffman

We’re back with another episode of the Real Estate for Breakfast podcast. Ice Miller partner and host, Phil Coover sits down with David Haigh, Executive Vice President and Principal with NAI Hiffman, a full-service, privately owned commercial real estate brokerage and management company.Phil and Dave dive right into it--with Dave discussing Hiffman National, his everyday job as a broker and how his time is primarily spent with property owners or industrial landlords or tenants in the marketplace trying to buy, sell or lease a building to suit their business needs. He then tells listeners how he began in industrial real estate in 2005, how the tide turned during the economic downturn of 2008-09, and the market corrections that led to bigger opportunities. He then touches on the market before, during and post-COVID which leads into a discussion on the industrial real estate conundrum of supply chain issues that created a demand for more buildings, and then landing on how inflation and interest rates have distressed cash flow and driven construction deliveries down. The duo also talks about how industrial has become the darling of the investor world, and the regression of landlord-tenant relationships—with fewer private landlords, and how tenants are feeling the trickle-down effect of the high rents market. David explains how Hiffman is crafting ways to cut some of the costs from these deals on the tenant representative side and conversely, how landlords are holding steady since vacancies in the city are low, giving them the advantage. David delves into how tenants are realizing ways to responsibly apply their funds and efficiently utilize their space. They also touch on transportation and how this major industry is in influx, and hypothesize the blueprint of one of the world’s major e-commerce companies and how they make choices on leasing space. Dave also explains what’s happening with infill development and the economic programs that are available in Cook County to spur economic growth, as well as the difficulties that are created by the county’s tax structure and what the future may hold for commercial and industrial property owners trying to make the best decisions for their companies. David Haigh is a vice president and industrial real estate broker whose primary focus includes landlord and tenant representation in suburban Chicago. A veteran of Operation Iraqi Freedom, 2003-2004, Dave credits his attention to detail and work ethic to his time spent in the military. His range of services he provides include acquisitions, dispositions, leasing and site search analysis. Dave and his family enjoy traveling, and he volunteers as a Big Brother within the Big Brothers Big Sisters Association of Chicago.Headquartered in Oakbrook Terrace, Illinois, Hiffman is a full-service, privately owned commercial real estate brokerage and management company. Hiffman National is the company’s management platform serving markets across the nation. NAI Hiffman is the Chicago-based brokerage operation and representative for NAI Global, the world’s largest managed network of real estate service providers across the world.

09-19
47:31

Chicago Office Challenges and Opportunities with Matt Pistorio

In this episode of the Real Estate for Breakfast podcast, Ice Miller Real Estate Practice Group partner and host Phil Coover sits down with Matt Pistorio, principal at R2 Companies, a privately-held, fully integrated real estate investment and development firm, and founder of Madison Rose, a real estate firm specializing in agency leasing.During the conversation, Matt talks about his passion for what he does and details how he began his professional journey with commercial brokerage houses. He recounts his road to becoming a principal at R2, and the opportunities and support of colleagues that allowed him to simultaneously have two significant roles at major real estate companies, including founding and driving Madison Rose forward. He details his involvement with the two companies, which at time cross paths on projects but remain separate. Matt discusses his mentors and the impact they had in the way he guides and manages his employees, and his belief that positive energy and attitude translates into building a positive workforce and overall success. Phil and Matt also talk about the office market and the current vacancy rate in Chicago, and how cities across the nation are feeling the pressure. Specifically, the massive dent in the market due to less demand with more people working from home. Matt and Phil also discuss distressed office space and explain the methodology of what should and needs to occur to get a business to a place that feels good where it can operate effectively.They also dive into the diamond that is 150 North Michigan, and the outlook of how it will play out in the market as a prime location, with new amenities and building upgrades. They touch on what Chicago looks like post-pandemic, if people are coming back downtown, the downside of financing and underwriting transactions, and everyone’s favorite – taxes. The pair also talk about the strategy in bringing back the Chicago Board of Trade building from foreclosure to a white-hot, second-generation property for office use, and how vintage spaces are being rebranded and brought back to life while maintaining their history and importance to the city.Matt has nearly two decades of experience repositioning and leasing of commercial real estate assets. His projects include the Chicago Main Post Office, Aon Center, Citadel Center, Willis Tower and Prudential Plaza. Matt is a two-time recipient of the Greater Chicago Food Depository’s ‘Broker of the Year’ Award.R2 Companies owns, operates and manages superior investment opportunities. With offices in Chicago, Milwaukee and Minneapolis, they are fully-integrated – managing all aspects of the real estate investment process. Madison Rose, founded in 2019, brings buildings back to life. Named after Pistorio’s two daughters, the firm brings a new age model to leasing by curating the stories of properties and tailoring their approach to showcase each building’s unique strengths and value.

07-02
42:09

Green is Green —The Economic Case for Clean Energy in Real Estate Projects with Chris Gersch

In this episode of the Real Estate for Breakfast podcast, host Phil Coover interviews Chris Gersch, the founder and CEO of Verde Solutions (Verde). Verde is a full-service consulting firm utilizing a sensible approach to renewable energy, primarily focusing on building, financing, and engineering solar systems, also advising on battery storage and EV where appropriate but concentrating on solar energy efforts with over 1,400 projects in 48 states.During their conversation, the pair discuss Verde’s founding in 2012, and the renewable energy projects that affect individual and commercial real estate. They talk about the financing, government incentives, and cost saving for projects using solar energy, as well as the effort to educate commercial developers on the benefits of solar energy for the environment and project costs. Getting more granular, the duo also talk about the energy incentives from the federal government extending to 2031, the potential challenges encountered during projects, and Chris’ hopes for nurturing partnerships and plans for company growth. Chris Gersch knows the in-and-outs of the clean energy industry. For more than 20 years he has cultivated his portfolio through his knowledge of finance and his passion for sustainability. Chris serves as an adjunct professor at the University of Chicago, designing and teaching quantitative trading strategies and algorithmic system modeling, and often appears as an expert guest speaker for CNBC, Bloomberg, CNN, and Fox Business News. Active in his community, Chris sits on many executive and advisory boards for professional and nonprofit organizations and is a distinguished member of the National Small Business Association (NSBA) Leadership Council.Verde Solutions serves clients ranging from large companies to small municipalities by providing a variety of services. The company is focused on providing next-gen solutions for some of the most complex problems in the energy industry across the country.

03-13
41:18

ESG in Commercial Real Estate with Sarah Cannella of Hiffman National

In this episode of the Real Estate for Breakfast podcast, Ice Miller partner Phil Coover interviews Sarah Cannella, Director of Property Management Operations for Hiffman National, which is the asset management arm of the privately owned, commercial real estate and management firm. During their conversation, Phil and Sarah discuss how Hiffman is not a one-size-fits-all company and the intrinsic knowledge it takes to provide what the clients want and need to satisfy their stakeholders and investors. Sarah talks about the ability to be customizable, a perk of being privately owned, and how it has positioned Hiffman as a top alternative firm to the big national players. Hiffman is responsible for spaces in office, medical and industrial real estate — with the latter experiencing a surge in the Midwest since Covid. They also discuss ESG, its history and the three pillars: E for environmentalS for socialG for governanceWithin each of the pillars, different strategies are constantly evolving and being determined in how companies are contributing to being a sustainable player in the nation, world, and ecosystem. ESG is a way for stakeholders, investors and partners to examine more than just the bottom line, and evaluate questions like:“What impact are they leaving on the environment?” and, “What impact are we leaving on society?” The pair digs into how ESG is touching real estate efforts across the globe, and how Hiffman has made huge steps in talking to their clients about how to implement ESG standards and how many institutional money is requiring ESG processes for their investments, particularly from foreign investors.Sarah talks about the growth of the company, first in the Midwest and then branching out to Philadelphia and the East Coast. Their initial growth was organic and then spread through client driven initiatives. Hiffman National delivers full range commercial real estate services nationwide and have planted their flag throughout America with offices in 27 states; however, the company is always examining what may be the best next location for expansion.Sarah Cannella joined Hiffman in 2012 and is currently responsible for the oversight of the property management platform and operational initiatives, including transitioning assets, the Hiffman U property management training program, auditing, due diligence and technology platform directives. Sarah oversees four individuals who are solely dedicated to administering and evolving the Property Management platform. Prior to her role in operations, Sarah worked with the Hiffman Management Services group on behalf of investor clients on industrial, office and retail assets throughout the Chicagoland market.Headquartered in Oakbrook Terrace, Illinois, Hiffman is a full-service, privately owned commercial real estate brokerage and management company. Hiffman National is the company’s management platform serving markets across the nation. NAI Hiffman is the Chicago-based brokerage operation and representative for NAI...

10-05
37:19

What’s Next? Foreseeing the Drive and Demand in an Ever-Changing Real Estate Landscape with Jon McCulloch, CEO of Belgravia Group

In this episode of the Real Estate for Breakfast podcast, Ice Miller partner Phil Coover interviews Jon McCulloch, CEO of Belgravia Group, an award-winning Chicago based real estate developer, that has provided quality homes and real estate services to clients for 75 years. During their conversation, Phil and Jon talk about his start with the company, growth, and responsibilities as CEO. Jon also speaks on the bread and butter of what makes Belgravia, a smaller conglomerate, a frontrunner in the Chicago condo market and deep dives into how they survived and came out fairly unscathed in the economic downturn of 2008 and how they are navigating the current market. They touch on macroeconomics, failing banks, interest rates and where the market stands and the demand and desire for new product, as well as Belgravia’s expansion into the West. Jon provides his thoughts about the challenges in the market and what goes into the decision-making process in choosing and building a project. The pair also discuss distressed investments in office and the fluctuation in occupancy and funding in older spaces, and the wait and see game. Jon McCulloch has been with Belgravia Group since 2004 and serves as the Chief Executive Officer. He is responsible for the company’s residential developments and oversees the company's debt and equity needs. He also is a Principal at Belgravia affiliate, Lakewest, Inc., as well as a co-founder of Lakewest Venture Partners, and a Venture Partner at Dundee Venture Capital. He is also an avid soccer fan and member of the U.S. Soccer Federation’s Chicago Development Council, which efforts support increasing access and resources to accelerate the development of youth soccer players and their coaches.Belgravia Group is an industry leader and vertically integrated company with divisions for real estate development, sales and marketing, interior design, accounting, customer service, and a full range of real estate legal services. Belgravia recently expanded to the Arizona market, with Portico, a collection of luxury condominiums. Listen to this episode of the Real Estate for Breakfast on Apple Podcast here.

08-14
42:23

Office Space: An Alarming Situation and the Coming Wall of Maturity -- with Alissa Adler of Colliers

In this episode of the Real Estate for Breakfast podcast, Ice Miller Real Estate Practice Group partner and host Phillip Coover welcomes Alissa Adler, Senior Vice President at Colliers, a global real estate services firm. During the podcast, Alissa and Phil discuss serious distress in the office real estate market nationwide—particularly in larger cities such as San Francisco, New York, and Boston. Within those cities, challenges including transportation, tax assessments, and crime are explored while emphasizing other issues such as the change in work culture and having dated, functionally obsolete office spaces. These compounding issues have contributed to the seriously distressed office market, which could have cascading micro and macro economic effects. They also touch on the “Wall of Maturity” for CMBS loans coming due. With lenders having pulled back dramatically on lending in the office market, there is starting to be, and will continue to be, challenging situations for borrowers—who may have to fight foreclosure or hand over the keys to a lender in this difficult environment. The pair also discuss the challenges and factors that play into repurposing a building, whether an owner can demolish or convert a property, and the hurdles that these properties encounter in examining how to value them and what they will become. Ultimately, some people will see a lot more funds to buy distressed assets. Alissa Adler joined Colliers as SVP in 2019, and focuses on office investment sales across the Midwest, as well as debt and equity placement, and has in-depth experience across office, industrial and retail asset classes. Based in the Chicago area, Alissa is recognized in the industry for utilizing her broad real estate knowledge and massive network to uniquely serve her diverse client base.

06-26
34:37

Beds, Sheds and Mixed-Use Property Development with Peter Kelly and Dan Reidy of Lincoln Property Company Midwest

In this edition of the Real Estate for Breakfast podcast, Ice Miller partners, host Phil Coover and co-host Jay Augustyn, welcome Peter Kelly and Daniel Reidy of Lincoln Property Company Midwest (LPC Midwest). The foursome talks about real estate development and trends, specifically in the Midwest and opportunities that the company is exploring for continued long-term growth in office, residential and industrial space. During the podcast, Peter and Dan discuss strong Midwest market and epicenters for growth, as well as the importance of having a partner with strong ties to local government and public affairs to streamline projects for success. They also touch on the challenges in the market with increasing costs and if the demand will keep up with the supply that’s trending. Peter speaks to seizing the right opportunities to go forward and long-term fundamentals, while Dan talks about being selective and the importance of building culture, logistics and the inside knowledge of opportunities that will drive demand to spaces. Peter Kelly is the Executive Vice President of LPC’s commercial real estate activities across the Midwest, which include acquisitions, dispositions, development, joint ventures, agency leasing, property management, construction management and other services. LPC Midwest has grown to over 15 million square feet of assets under management across five states, under Peter’s direction.

05-02
42:02

The Complexities of the Cannabis Industry and Real Estate with Chris Fotopoulos and Sam Harmelech of Verano Holdings

In this episode of the Real Estate for Breakfast podcast, host Phil Coover chats with Chris Fotopoulos (EVP of Legal, Real Estate, and Risk), and Sam Harmelech, of Verano Holdings - a multi-state cannabis operator headquartered in Illinois, harvesting six brands and 120 retail dispensaries in 13 U.S. states – and growing. During their conversation, the group discusses the challenges of navigating the cannabis industry, the cultivation of such an enterprise, and the real estate hurdles of expanding in a highly regulated and ever-changing industry. Chris and Sam also speak on the difficulties of financing, fears, and safety of such an operation and the rapid pace with which the cannabis industry is growing.As Executive Vice President of Legal, Real Estate, and Risk, Chris Fotopoulos began his journey in cannabis law in 2012, as one of the first lawyers leading the charge in navigating the emerging regulatory environment. He was key in the creation of the primary application for what serves as the basis for the Illinois Cultivation Center and the first license for what is now, Verano, acting as their external General Counsel, then In-House Counsel, and now his current position. Sam Harmelech is the Vice President of Real Estate and...

03-16
39:25

Integrated Design with Kapil Khanna, CEO of Lamar Johnson Collaborative

On this episode of Real Estate for Breakfast, host Phil Coover and guest Kapil Khanna, CEO of Lamar Johnson Collaborative (LJC), discuss some of the design challenges that the architecture firm faces in a changing world. As part of an integrated design practice with its parent company, Clayco, a full-service, turnkey real estate, architecture, engineering, design-build and construction firm, LJC has a competitive advantage in its understanding of the intersections between design and construction. In addition to discussing LJC’s background and overall design process, Phil and Kapil also talk about the many challenges that have arisen in the architecture industry due to the pandemic. Specifically, they discuss the supply chain and how LJC’s scale allows the company to prioritize and plan strategically to navigate the ever-changing world. Kapil also explains the concept of resiliency planning, which includes anticipating a building’s capacity to adapt to changing conditions and to maintain or regain functionality in the face of stress or disturbance. Along with sustainability, resiliency planning is another important design parameter, and Kapil shares examples of designing vertical agriculture and massive 40 acres greenhouses.Since the year is winding down, Kapil also takes the time to reflect on some of LJC’s recent projects, such as a Macy’s Flagship store, Pfizer’s Midwest headquarters and Fulton East, a newly constructed 12-story office and retail building. He says LJC is optimistic about 2023, especially as industrial projects are increasingly in demand. As CEO of LJC, Kapil Khanna focuses on overall firm management. A member of the executive leadership team, he is responsible for providing direction for both the business strategy and the implementation of initiatives to support the firm’s growth. Kapil works across all disciplines of the enterprise to seek out opportunities for greater alignment and integration, and to make positive impacts on the firm’s most complex projects.

01-21
39:41

The Multifamily Housing Market in Chicago, the Importance of Market Research and the “Next West Loop” with Jon Morgan of Interra Realty

On this episode of Real Estate for Breakfast, host Phil Coover is joined by a fellow champion of Chicago, Jon Morgan. Jon is co-founder and managing principal of Chicago-based Interra Realty, and he and Phil begin their conversation by discussing Interra’s formation to its emergence as a middle-market commercial real estate brokerage focusing primarily on multifamily asset sales. During the episode, Phil and Jon reminisce on the 2008 recession and how it differs from today’s market conditions, especially concerning the level of control banks previously had on real estate. Now that the real estate market is so volatile, Jon ensures that research is an integral part of Interra’s philosophy. Jon says he and his colleagues track the market weekly and stay in constant communication with clients to effectively take advantage of fluctuating market conditions.Jon also explains how the multifamily market has managed to stay lucrative despite seesawing trends spurred by the pandemic. He points out that retailers are now starting to participate in the multifamily space because it keeps pace with inflation, making it a prime investment opportunity. As fellow Chicagoans, Phil and Jon do not forget to pay homage to the city by highlighting Chicago’s phenomenal restaurants, major sports teams and growing tech scene. As the two discuss prominent Chicago neighborhoods such as the West Loop, Phil capitalizes on Jon’s knowledge of economics to get him to reveal what he believes the “next West Loop”, or at least an up-and-coming area of Chicago.Jon Morgan began his career in real estate in 2004. Since then, he has been involved in more than $1 billion in transactions, including apartment buildings, retail properties and ground-up developments. Jon co-founded Interra Realty with David Goss in 2010 to create a different kind of brokerage firm, one built on trusting relationships with buyers and sellers and hyperlocal, block-by-block expertise. This, coupled with Interra’s commitment to client service, has helped the company to establish many long-lasting relationships, fuel its meteoric growth and become a destination for talent and the training of up-and-coming brokers. As Chicago’s top middle-market brokerage, Interra now handles almost one in five sales of apartment buildings up to 100 units, according to CoStar. Learn more about Interra here: https://interrarealty.com/

08-20
42:29

Real Estate Development Strategy in a Changing Market and Avoiding “the Dumb Tax,” with Chris Coleman of Wingspan Development Group

Vice President of Development for Wingspan Development Group Chris Coleman says that the privately owned real estate company is more of a “developer with a general contractor in-house,” than a traditional developer.  That vertical integration gives Wingspan a differentiator in the market.  Currently focused on multifamily and mixed-use developments in Northern Illinois, Southeastern Wisconsin and Central Florida, Wingspan is now seeking to expand into the Greater Phoenix, Greater Denver, and Greater Atlanta markets. On this episode of Real Estate for Breakfast, host Phil Coover and Chris Coleman discuss Wingspan’s real estate development strategy, how the company differs from other developers, and some of the group’s most successful projects. Additionally, they discuss how Wingspan is navigating the current real estate climate and how Chris and other company leaders chose which new markets to target. Chris explains that the Phoenix, Denver, and Atlanta markets are all areas that he himself or the group’s Director of Development, Jason Macklin, are personally familiar with, and that is what gives Wingspan comfort in moving forward in those regions. Chris refers to this concept as the group’s way of avoiding “the dumb tax,” or losing money by naively developing in areas that the local operators have passed over due to local knowledge of a development challenge. Chris also discusses the group’s formation, and how it grew out of its sister company, Nicholas & Associates. As a family-owned business, Chris points out that Wingspan can be selective about its deals, and that patience can sometimes give it an advantage over traditional development companies. Overall, Chris says, Wingspan’s number one priority is to protect the family and execute good projects. As Wingspan’s Vice President of Development, Chris is responsible for all of the company’s lines of business, including development oversight, fostering new debt and equity relationships, and implementing Wingspan’s overall strategic plan.  Prior to joining Wingspan, Coleman served as Chicago Division President for William Ryan Homes, Inc. Chris first began his career in real estate in 1988 as a market analyst with The Zale Group.

07-14
40:05

Environmental Mitigation and Ecological Offset Markets with Mark Bernstein of Magnolia Land Partners

Magnolia aims to balance the needs of economic development with the important task of preserving our world's most valuable natural resources.  On this episode of Real Estate for Breakfast, host Phil Coover talks environmental mitigation (that is mitigation with an “M”, not an “L”), and the creation of ecological offset markets, with Mark Bernstein of Magnolia Land Partners. The two discuss Magnolia Partners’ distinctive business model, which includes creating mitigation banks to help businesses navigate complex permitting challenges, while working with landowners to restore environmentally protected areas such as wetlands. The company receives credits for each restoration project, which it then trades with companies that need to comply with environmental regulations. The podcast also covers the economic incentives for participating in these types of restoration programs, and how available programs create economic markets which revolve around mitigation. Mark explains that Magnolia covers 100 percent of the costs associated with restoration and landowners are simply required to maintain the land and comply with the terms of the conservation easement. He also points out that this opportunity allows a proprietor to retain ownership of their land.  This company is a fascinating case study in land preservation, while creating tax incentives, other economic incentives, and even profits, while being environmental stewards.Phil also asks Mark about the challenges of environmental mitigation work, his favorite projects, and the company’s plans to increase their ability to preserve land. As a co-founder of Magnolia Land Partners, Mark and his team have already secured 10,000 acres under conservation in fourteen active states, and are pioneering a new era in environmental stewardship. Prior to founding Magnolia Land Partners, Mark led the analyst team and guided new market development at one of the largest mitigation banking companies in the US. During that time, he was published in the Journal of Environmental Geosciences for contributing to the development of a new condition assessment protocol employed in wetland and stream mitigation throughout the state of Pennsylvania. Mark holds a Bachelor of Arts (cum laude with departmental honors) in Environmental Science and Economics from Northwestern University and is a member of the inaugural class of Venture For America. For more information about Magnolia Land Partners, visit https://mitigation.org/.

05-31
31:28

Decades of Chicago Development with Mike Drew of Structured Development

In this episode of Real Estate for Breakfast, host Phil Coover is joined by Mike Drew, a founding principal of Structured Development, a Chicago-based real estate company. Phil and Mike discuss the history of Structured Development, including the company’s recent shift toward developing projects in up-and-coming areas of Chicago. Specifically, they discuss Structured Development’s Big Deahl project, a residential and mixed use building at the corner of Dayton and Blackhawk Streets in Chicago’s Clybourn Corridor. They also discuss Chicago’s Affordable Requirements Ordinance (ARO) and the requirements for affordable housing in the city. Mike explains how the ARO works, its’ challenges and pitfalls, and how Structured Development has approached meeting the city’s ARO requirements with its Big Deahl project. As you may suspect, Mike has extensive war stories from his remarkable career building Chicago. Mike regales us with the tales of the great Chicago flood in the 90s, his team’s near-death proximity to the calamity, and overwhelming aftermath of that situation. ...

04-06
38:45

Creating a Positive and Growth Minded Company Culture with Nicole White – CLO of Avison Young

In this episode of Real Estate for Breakfast, host Phil Coover is joined by his colleague and guest co-host LaTonya Ellis, and his former law school classmate, Nicole White, the newly appointed Chief Legal Officer and Corporate Secretary at Avison Young.  Avison Young is a full service global real estate company. Nicole and Phil briefly reminisce about their time as law students at DePaul University, but quickly jump into a conversation about Nicole’s new role as Chief Legal Officer and Corporate Secretary at Avison Young: what it entails, her career trajectory and how the company has grown so fast in such a short amount of time, and challenges for growth and culture in a post pandemic world.During the episode, LaTonya shares that she too will be taking on a new position as Ice Miller’s Director of Legal Operations and Knowledge Management. She and Nicole acknowledge that there is a degree of uncertainty that accompanies taking on a new role, but they both admit that they are more excited for the chance to leverage their talents in new and different ways. As their conversation continues, Phil, LaTonya and Nicole discuss the importance of workplace culture and how employees’ priorities have shifted during the pandemic. In particular, they agree that strategic growth and a healthy, flexible workplace culture can help retain employees and sustain revenue. As Chief Legal Officer and Corporate Secretary of Avison Young, Nicole promotes the firm’s corporate culture of trust and integrity through strategic growth initiatives and the overall management of the firm’s global legal affairs. She provides the senior leadership team and Board of Directors with legal guidance to achieve Avison Young’s objectives, including leveraging multidimensional data, technology and consultative solutions that enable clients to achieve their unique and rapidly transforming goals. In addition, Nicole handles complex business matters, mitigates risk and protects the firm’s competitive advantage. She also sits on the firm’s Executive Committee.Prior to joining Avison Young, Nicole was an attorney for the Allstate Corporation. She earned her juris doctor from DePaul University College of Law and received her undergraduate degree in psychology from the University of Michigan in Ann Arbor.

03-03
44:14

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