8th Annual Chicago State of the Market

Scott Wolstein leads Starwood Retail Partners as Chief Executive Officer. Mr. Wolstein has led Starwood Retail Partners since its inception. Under his leadership, the firm has grown to a well-regarded leader in the retail real estate industry with a portfolio valued in excess of seven billion dollars. He previously served, since its inception in 1993, as Chairman and CEO of Developers Diversified Realty (DDR), a publicly traded REIT. Under Scott’s leadership, DDR grew into the world’s largest landlord of power centers and community centers, with ownership and management of nearly $20 billion of retail real estate assets comprising over 160 million square feet of GLA in the US, Puerto Rico and Brazil. DDR’s portfolio also included a dynamic group of regional malls, including three of the top five malls in Puerto Rico and a mall in Brazil that today is still the largest enclosed mall in South America. Mr. Wolstein was named Chairman Emeritus of DDR in 2011. Prior to co-founding DDR, Mr. Wolstein served as an associate at the law firm of Thompson, Hine, & Flory, specializing in partnerships and joint ventures. He left the firm in 1981 to co-found the firm of Diversified Equities and the Wolstein Group a specialist in structuring and operating tax advantaged investments in real estate, cable television, and various equipment initiatives. In his role as principal of the Wolstein Group, Mr. Wolstein spearheaded the development of several large scale development projects in his hometown of Cleveland, Ohio, including the Flats East Bank development, the Barrington Golf Club Community, and the US Bank Building. Wolstein has served on the Boards of ICSC, NAREIT, Real Estate Roundtable, Co-Chairman of H.E.L.P. Malawi, President: United Cerebral Palsy Cleveland, Chairman: State of Israel Bonds Of Northern Ohio, United Way Of Cleveland, Red Cross of Cleveland, Greater Cleveland Partnership, Case Western Reserve University, Hathaway Brown School for Girls, Great Lakes Theater Festival, Executive Committee of Zell Lurie Real Estate Center at the Wharton School, Cleveland Development Authority and Leadership Cleveland. He has participated extensively with ULI, the World Economic Forum, and the Milken Institute. He was named CEO of the Year four times by the Realty Stock Review, a selection that is voted on by equity investors and analysts. Wolstein has also been recognized by the Downtown Cleveland Alliance receiving their 2013 Lifetime Achievement Award. Further awards and recognitions: Greater Cleveland Business Hall of Fame, Scroll of Jerusalem Award: State of Israel Bonds, Shining Star Award: State of Israel Bonds, Malden Mills Corporate Kindness Award: Project Love, Man of the Year: American ORT-Cleveland Chapter, Award of Excellence: Leukemia & Lymphoma Society, and Honoree: Friends of Israel Defense Forces Wolstein holds degrees from the Wharton School at the University of Pennsylvania and the University Of Michigan Law School.

Eugene "Gene" J.M. Leone is a Partner in the Global M&A Practice Group and a member of the Real Estate Industry Group, based in the Chicago and New York offices. Gene represents some of the most recognizable names in real estate and has a track record of leading, structuring and executing complicated deal transactions for a broad universe of investors, including private equity, entrepreneurs and public companies. His practice focuses on all aspects of commercial real estate, including joint ventures, acquisitions, dispositions, leasing, financings and workouts. A highly rated lawyer and sought-after speaker, Gene is a member of the American College of Real Estate Lawyers and the Real Estate Roundtable and frequently speaks on a variety of real estate topics at conferences around the country.

Seth Singerman is the President and Managing Principal of Singerman Real Estate, LLC (“SRE”), an opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. SRE focuses on investments in both debt and equity across all major asset classes, including office, industrial, retail, hotel, and multifamily, in addition to secondary real estate asset classes such as senior and student housing. Mr. Singerman has led and sourced over $2.5 billion of investments. In addition to his direct investment experience, Mr. Singerman has a public-private crossover background as he helped lead the formation and development of a long-short real estate securities hedge strategy. Mr. Singerman is on the Advisory Board for the Center for Real Estate and Finance at Cornell University; the Board to the Real Estate Applied Security Analysis Program at the University of Wisconsin; and Next Generation Board Member of the United States Holocaust Museum. Mr. Singerman received his MBA with a concentration in Real Estate and Finance from Northwestern University and his B.S. with a concentration in Real Estate and Finance from Cornell University.

Victoria L. Noonan leads Cushman & Wakefield in metro Chicago. As Managing Principal, Noonan provides strategic leadership to a team of more than 300 professionals who create holistic solutions for the firm’s investor and occupier clients across the region. Additionally, she shapes the firm’s Chicago growth strategies and recruiting efforts. A Chicago native, Noonan joined Cushman & Wakefield from Tishman Speyer, where she enjoyed a three-decade career and led the firm’s Chicago and Milwaukee leasing teams. As one of Chicago’s most respected commercial real estate executives, her market knowledge, brand-management skills and vision are unsurpassed. Vicki has built her career on a reputation for being tenacious, people-centered and bold. She is a connector of people and ideas, and she’s a person of principle. She believes in the advantages of a varied and empowered workforce and encourages those in the industry to seek out employees who share this ethos. Vicki’s openness, accessible nature and wealth of industry knowledge are guiding forces for Cushman & Wakefield brokers and employees and have left an enduring mark on Chicago commercial real estate.

Robert Bronstein co-founded The Scion Group and has led its growth over 16 years from a two-person consulting practice to North America’s leading private owner, operator and advisor of student housing. Founded in 1999, Scion focuses exclusively on ownership, operation and advisory services for modern, institutional-quality student housing, both on and off campus. The company has participated in the completed acquisition or development of over 50,000 beds, totaling over $4.0 billion of project value. Scion has also acted as an advisor to colleges and universities, foundations and private-sector providers in more than 180 campus markets, representing an additional $3.5 billion of value. Scion is currently the largest privately-held US owner/operator of student housing, with a staff of over 900 people and nearly 39,000 owned and managed beds in 56 communities. Among the most active participants in its sector, Scion has acquired or recapitalized over $2.0 billion of purpose-built student housing since 2013, with an additional $900 million of pending transactions. Earlier in 2016, Scion completed one of the largest ever private transactions in its sector – the $1.25 billion acquisition of University House Communities, in partnership with the sovereign wealth funds of Singapore (GIC) and Canada (CPP).

Not only does Todd Stofflet have more than 20 years of experience in brokering and owning multifamily assets: He is one of the most recognized Midwest market experts in the industry. Todd has negotiated the sale of more than $2.0 billion of assets for the most prominent institutional owners in the industry. In addition to his Midwest expertise, Todd has established himself as one of Chicago’s top performers, with more than $700 million in sales. Todd leads the KIG sales team in Chicago while managing strategic growth throughout the Midwest. Prior to joining KIG, Todd was a Senior Vice President at ARA Real Estate Investment Services. Todd is a graduate of Miami University in Oxford, Ohio and The John E. Dolibois European Center in Luxembourg. Todd is a licensed real estate broker in Illinois, Kentucky and Ohio and is an active member of National Multifamily Housing Council and ULI.

Keith Largay is a Managing Director for Capital Markets in Chicago, IL, part of the Real Estate Investment Banking team. Keith advises institutional and private real estate owners in the capitalization of their properties and executes equity and debt financing solutions. Keith has been directly involved in the placement of over $8 billion in real estate financings. His financing experience includes all major property types including office, multi-family, retail, industrial, hospitality, and condominiums. His product knowledge is similarly widespread having completed transactions including first mortgages, construction loans, mezzanine debt, preferred equity, B-Notes, and structuring joint ventures. Years of experience:15 Experience: Prior to joining Jones Lang LaSalle, Keith served as a Director at Cushman & Wakefield and as Vice President of NorthMarq Capital. Earlier in his career, Keith was an analyst with Mercer Management Consulting, a national strategy consulting firm. Key transactions: Aon Center - $630,000,000; 150 N Riverside - $497,000,000; Palmer House Hilton - $420,000,000 ; 540 W Madison - $250,000,000 ; Elysian Hotel & Private Residences - $203,750,000 ; Great Lakes REIT Acquisition - $193,000,000 ; 333 W Wacker - $156,000,000; 345 California Center - $150,000,000; 505 Apartments - $131,500,000; Onterie Center - $125,000,000 ; 225 W Wacker - $115,000,000 ; 200 W Madison - $110,000,000; 55 W Monroe - $108,000,000 ; Shoppes @ Grand Prairie - $69,000,000 ; Caterpillar Industrial - $51,800,000 ; Redwood Capital Partners JV - $50,000,000 ; Aurora Medical Office Portfolio - $49,600,000 ; Education: Keith received his Bachelor of Science degree in Economics from the Wharton School of the University of Pennsylvania, with concentrations in Finance and Strategic Management. Affiliations: Keith is an active member of the Urban Land Institute, serves on the Chicago Advisory Board, is the Chairman of the Program Committee, and a member of the Urban Development and Mixed Use Council.

John Bucksbaum, founder of Bucksbaum Retail Properties, LLC. Bucksbaum previously served as chairman and CEO of General Growth Properties, Inc., a publicly traded Real Estate Investment Trust (REIT) which had ownership and management interest in over 200 regional and super regional shopping malls in 44 states. The company portfolio totaled approximately 200 million square feet of space. Bucksbaum received his bachelor’s degree in economics from the University of Denver, Denver, Colorado in 1978. Professional affiliations include the following: past worldwide Chairman of the International Council of Shopping Centers (ICSC). Trustee and member of the Executive Committee of ICSC; past Chairman of the Zell/Lurie Real Estate Center at The Wharton School; Trustee of the Urban Land Institute (ULI). In addition Bucksbaum serves on the boards of the University of Chicago Hospitals, The Field Museum, the Chicago Sports Commission, the U.S. Ski & Snowboard Team, USA Cycling, the Paralympics Advisory Committee to the U.S. Olympic Committee, Young Presidents Organization and the Advisory Board of the Chicago Chapter of the American Jewish Committee. John and his wife, Jackie, are the parents of Max and Eli Bucksbaum.

Shane C. Garrison has served as RPAI’s Executive Vice President, Chief Investment Officer and Chief Operating Officer since January 2012. In this role, Mr. Garrison is responsible for several operating functions within the Company, including leasing, property management and asset management, as well as investments, development, joint ventures, information technology and operations. Mr. Garrison has overseen more than 14 million square feet of leasing transactions which has resulted in occupancy gains of 400 basis points since the Company’s IPO in April 2012. He has also spearheaded the Company’s capital recycling program and repositioning, completing over $2.8 billion in transactions through 2015. Additionally, Mr. Garrison has served as an Executive Committee member of our joint venture entity MS Inland Fund, LLC and as an Advisory Board member of our joint venture entities RC Inland L.P. and RC Inland REIT LP. Mr. Garrison has served as our Chief Operating Officer since January 2012, as our Executive Vice President since October 2010, and as our Chief Investment Officer since the internalization of our management November 2007. Prior to that time, Mr. Garrison served as Vice President of Asset Management of Inland US Management LLC, which was a property management company affiliated with our former business manager/advisor, since 2004. In this prior role, Mr. Garrison underwrote over $1.2 billion of assets acquired by us, and went on to spearhead our development and joint venture initiatives. Prior to joining RPAI, Mr. Garrison served as head of asset management for ECI Properties, a small boutique owner of industrial and retail properties, and the general manager of the Midwest region for Circuit City, a large electronics retailer. Mr. Garrison received his B.S. in Business Administration from Illinois State University and an MBA in Real Estate Finance from DePaul University. He is an active, CRX certified, ICSC member and will serve as an NOI+ committee member for his second consecutive year. Finally, he is a member of the Commercial & Retail Development Council (Green Flight), appointed by the Urban Land Institute in 2014.

Jay V. Minchilli is an Asset Manager in the Residential and Office/ Industrial East Sectors within the Asset Management group of JPMorgan Global Real Assets. An employee of the firm since 1996, Jay has direct asset management responsibility for residential assets in Chicago, IL and Westchester, NY and also focuses on office and industrial assets in the North East. Jay holds a B.A. from Fordham University, an M.B.A. in Finance from Iona College and a Real Estate Certificate from NYU.

Farpoint Development’s founding Principal, Scott Goodman, is an innovative real estate leader who cares deeply about how a development relates to the community it sits within. For 30+ years, Scott Goodman has successfully helped neighborhoods and buildings thrive by retaining the integrity of the neighborhood while making a culturally unique home for businesses and people. Goodman focused on launching Sterling Bay in the mid-1980s, a firm that grew to national acclaim under his drive for innovation. He deployed a visionary approach to revitalizing existing commercial buildings and new developments in unexpected locations. He implemented strategies like warehouse loft office space and the condo/commercial subdivision of buildings. These concepts in adaptive reuse stood out in the world of commercial development. As a leader, Goodman brought together a team that infused artistry, architecture, and experience into each development. Over the years, he championed major projects for such prestigious clients as Google, Sara Lee, and gogo, bringing deep insights into how people and office tenants experience and benefit from a development within a community. After Sterling Bay, Goodman sought to transition to a more streamlined operation that was even more responsive to client and community needs. His focus on investor relations, procurement of financing and equity and transaction structuring serve as the foundation for Farpoint Development. Under Goodman’s guidance, Farpoint has been defining and delivering notable Chicago projects, from the purchase and enhancement of Prairie Shores in the Bronzeville community to the development of the 100-acre Bronzeville Lakefront, a mixed-use district championing life sciences and health innovation in Chicago. Goodman’s insight and sense for real estate reinvention come from a diverse education, background, and sense of commitment to a cause. Goodman’s Bachelor of Science in Economics was earned at the University of Michigan. Additionally, he received an MBA from Northwestern University’s Kellogg School of Management. As his career accelerated, he served as the former Board Chair of the PKD Foundation and Heartland Alliance and is a current Board Member for both prestigious organizations. His membership in the Chicago Economics Club offers insight to his fiscal acumen as well. Goodman’s long-standing leadership, attention to detail and deep building experience are what make his projects stand out from the others, making them many of Chicago’s celebrated icons, both current and future.

Craig K. Huffman is a veteran of real estate private equity with nearly two decades of experience as an entrepreneur. Most recently, he served as Co-Founder and Principal of Ascendance Partners, a Chicago-based real estate private equity firm established in 2006 and focused on commercial real estate investments in metropolitan Chicago. Ascendance was an early sponsor of institutional investment funds that acquired real estate in economically underserved communities of Chicago and has sponsored real estate funds for foundations, endowments, pension funds, family offices and high net worth individuals. Notable Ascendance investors have included Bank of America, PNC Community Development Company, LLC, the Retirement Plan for Chicago Transit Authority Employees’ Trust and the University of Notre Dame. Prior to Ascendance, Huffman worked in diverse senior management roles in the sectors of entrepreneurship, education, non-profit and politics. Huffman serves on numerous philanthropic boards and is an advisor and investor for several emerging minority entrepreneurs. He holds a B.A. from Morehouse College and a master’s degree and MBA from the University of Chicago.

Wesley Prato, CPA, is an audit partner in the Firm’s Commercial Real Estate Industry Practice and leads the Southwest Region in this area. Based in CohnReznick’s Chicago office, he has 16 years of experience in public accounting, providing client services in the areas of audit, review, and other financial reporting needs. This experience includes working with developers, hospitality owners and private equity investors of companies in the commercial real estate industry. Wes specializes in the commercial real estate and hospitality industries serving both real estate operators and real estate investment funds. He is responsible for planning the engagements, supervising staff, and coordinating all fieldwork. Other responsibilities on these engagements include determining audit scope, selecting procedures to be applied, establishing budgets, reviewing work papers, identifying audit issues, communicating with clients, and preparing financial statements or reports. In addition, Wes takes an active role in working with his clients to plan and brainstorm on ways to get the next project from concept to development. Wes has participated nationally within the Firm in developing audit programs and techniques specifically tailored to auditing commercial real estate and hospitality entities. He has also leads internal training classes on commercial real estate and often speaks on panels focused in the industry.