Longtime fixtures in Chicagoland’s residential real estate market have made moves, including one’s retirement, and a couple commercial property investment veterans have struck out on their own with a venture seeking to buy distressed assets and single-family rentals.
Read on for more on the latest career moves of the Windy City’s real estate scene.
➤ After 40 years of serving tenants and landlords seeking to fill rental homes, the Apartment People is joining Compass, bolstering its presence in Chicago’s leasing market.
Founded in 1984 by Bob Scholl, the Apartment People was previously independent.
“When the opportunity was offered to me for us to join Compass, I thought I was dreaming,” Apartment People principal Eric Scholl said.
The integration of the Apartment People with Compass was motivated in part by Compass’ technology offerings.
“Their rich history, unwavering commitment to excellence, and deep-rooted impact on Chicago’s real estate market make them an invaluable addition,” Compass’ Fran Broude said.
➤ Shanna Khan, the investor behind Fulton Market’s newest office construction project, has formalized a position as a design executive with her family office’s commercial real estate firm.
Khan, whose father is the billionaire owner of the NFL’s Jacksonville Jaguars with deep ties to Illinois business, will serve as chief design officer at Iguana Investments, the Khan family office’s real estate arm based in Jacksonville.
In addition to leading fundraising for the equity behind the 409,000-square-foot 919 West Fulton office project — Chicago’s only to break ground in last year’s challenging market — Khan will also continue to oversee development and marketing of the Jacksonville Shipyards, including the plan’s centerpiece Four Seasons Hotel and Private Residences.
➤ Veteran commercial real estate executives Bill Rogalla and Tom Savage have started their own investment firm, motivated by the chance to buy up property as pricing craters amid the higher interest rate market.
The pair’s venture is called Marion Investments. It’s focused on the dislocation of pricing in commercial properties, and it has already been active in the single-family rental market in suburban Chicago. Its investments will be backed by funds from family office and private equity sources.
Rogalla’s 35-year career has included stints with Chicago-based John Murphy’s development firm, as well as KBS Realty Advisors, McWhinney and M&J Wilkow, with experience in multiple asset classes including life sciences, office, industrial, multifamily and retail.
Savage most recently worked as the COO of Chicago-based developer Glenstar, and has also worked with CBRE, KBS Realty Advisors and HFF over his 15 year career.
➤ Tony Iannessa has snagged an executive from one of Chicago’s biggest construction companies.
Chris Farrington has jumped to Iannessa’s BIG Construction in an exit from Pepper Construction, the city’s sixth-biggest contractor in 2022 by the value of its permits, according to The Real Deal’s ranking (the firm fell to 23rd last year in a down market for contractors).
Iannessa’s firm said the alliance helps set BIG on a trajectory to reach its goal of $350 million in annual revenue by the end of the decade.
“Bringing Chris on board as our integrator and president is the catalyst for an explosive transformation we are calling ‘BIG 2.0,’” Iannessa said. “His expertise at turning visionary strategies into concrete realities ensures that our ambitious goals aren’t just dreams but inevitable outcomes.
➤ Kathryn Hoth is calling it quits after more than half-a-century in residential brokerage.
Hoth, who specialized in the western suburbs, this month announced her retirement from Berkshire Hathaway HomeServices Chicago after 52 years in real estate.
“Kathryn’s in-depth market knowledge and ability to connect deeply with clients over the years has been the key to her success,” said Terri Doney, managing broker for BHHS’ Downers Grove, Glen Ellyn, Hinsdale and La Grange offices. “We are so pleased to recognize this milestone both personally and professionally and thank her for her years of service to both our company and our industry.”
➤ Office leasing brokerage and investment firm Bradford Allen is bringing on Michael Cannon from Sterling Bay.
Cannon’s title with Bradford Allen will be senior managing director of development, and he will oversee adaptive reuse, renovation and construction of residential and commercial properties. Before joining the firm, Cannon was a vice president with Sterling Bay, where he managed the development of life science and office properties as well as multifamily projects in Chicago and other U.S. cities.
“Michael has vast knowledge of the construction industry and a proven track record of leadership and success building new developments in the U.S. and internationally,” said Jeff Bernstein, principal and co-founder of Bradford Allen. “As we identify more opportunities for ground-up construction or capital improvements in the office, retail, multifamily and industrial sectors, Michael is a natural fit to help us accelerate our pipeline of large-scale projects in top-tier markets across the country.”
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Cannon will help lead the charge of Bradford Allen’s new construction and adaptive reuse projects in Illinois, Indiana, Florida and Tennessee, including a mixed-use project in Arlington Heights featuring 300 apartments, 25,000 square feet of retail and a 150,000-square-foot medical office complex, known as ArlingtonMed.
Prior to Sterling Bay, Cannon served as senior development manager with Chicago-based Golub & Company, where he helped along the redevelopment of the Tribune Tower from office space to luxury condos. He also worked on the development of 1001 South State, a 40-story, 397-unit apartment tower in the South Loop.