G. Joseph Cosenza, a co-founder of the Inland Real Estate Group of Companies, and a towering figure in the commercial real estate industry, died Wednesday. He was 81.
The cause of Cosenza’s death, on Dec. 25, hasn’t been disclosed.
Cosenza served as director and vice chairman of Oak Brook-based Inland and as president of Inland Real Estate Acquisitions, and was widely regarded as a legendary dealmaker and a cornerstone of Inland’s success.
He oversaw deals totaling $55 billion in acquisitions, comprising hundreds of millions of square feet in commercial real estate properties and more than 96,000 apartment units that Inland has purchased since its founding 56 years ago, according to the firm.
His sense for negotiating purchases cemented his legacy as a trailblazer in the real estate industry.
“Joe was … a trusted and valued partner, and a dear friend,” Robert Baum, Inland’s chairman, co-founder, and general counsel said in a statement. “We will miss his enduring loyalty, high energy and passion — particularly his tenacity in acquiring real estate on the most favorable terms for Inland and our investors. In the office, Joe’s love, kindliness, and humor left a lasting impression on everyone.”
Born and raised in Chicago, Cosenza earned a bachelor’s degree from Northeastern Illinois University and a master’s from Northern Illinois University. Before embarking on his real estate career, he worked as a teacher and assistant principal in local school districts.
It was during his time at Northeastern Illinois University that he met Daniel Goodwin, his lifelong friend and future business partner. Along with fellow educators Robert Parks and Baum, the group founded Inland in 1968, growing it into one of the largest commercial real estate and finance organizations in the nation. Goodwin died at 80 earlier this year.
Cosenza’s influence extended into banking, where he held leadership roles, including chairman of the board for American National Bank of DuPage and Inland Bank & Trust. His contributions to the commercial real estate sector earned him numerous accolades, such as induction into the Chicago Association of Realtors Hall of Fame.
Tony Chereso, Inland’s CEO and President, said Cosenza “was an unwavering source of inspiration for us all. His tireless dedication to Inland and its investors, combined with his visionary leadership, has left an indelible mark on our company and the industry. Joe transformed the alternative real estate marketplace, making him a true icon in commercial real estate.”
A list of his survivors wasn’t immediately available.
Visitation will be Thursday, Jan. 2, from 3 p.m. to 8 p.m. at Adams-Winterfield & Sullivan Funeral Home, at 4343 Main Street in Downers Grove. A funeral service will be held Jan. 3 at St. Mary’s of Gostyn Catholic Church, at 445 Prairie Avenue in Downers Grove. Service time is pending.
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