Bradford Allen has expanded its development leadership, appointing Nick Placek as executive vice president, development. Placek will oversee the firm’s multifamily, office, hospitality and mixed-use development and redevelopment projects from acquisition through completion, bringing a background that spans construction, engineering and finance. Over the course of his career, he has managed developments with more than $2 billion in capital value and has documented more than $75 million in savings across his portfolio.
Colliers reported that Tim Bratvold has joined Colliers | Des Moines as associate vice president. Bratvold brings over 14 years of commercial real estate industry experience and will work closely with the firm’s Minneapolis-St. Paul multifamily team. That team has closed more than $1 billion in multifamily transactions during the past two years and maintains a significant presence in the regional rental housing market.
Michigan-based Schostak Brothers & Company, Inc. announced a new leadership structure that includes several executive changes. Jeffrey Schostak has been named CEO and will guide overall company strategy and operations while continuing to lead development and acquisition activities. Josh Schostak has been appointed senior vice president of business development and operations, with responsibility for retail acquisition and leasing as well as identifying new business opportunities, asset classes and other growth avenues.
As part of the same transition, David Schostak will move into the role of executive chairman, where he will continue to provide strategic counsel based on his experience with the family enterprise. In the finance and accounting area, Ken Marquette has been promoted to senior vice president of finance and accounting and will direct the company’s financial functions and strategy. In the industrial segment, Charlie Rice has been elevated to director of industrial investments after playing a key role in expanding the firm’s industrial portfolio outside Michigan.
On the transaction front, Lee & Associates completed the sale of an industrial asset in Itasca, Illinois. The firm closed an $895,000 sale of a 13,600-square-foot industrial building at 125 N. Prospect Avenue. Lee & Associates senior vice presidents Dustin Albers and Mike Adams represented the seller, RBJS, LLC, while Adam Fortino of KW Commercial represented the buyer, Celli Investment Holdings, LLC.
In the multifamily sector, One Cardinal Way received national recognition from the National Apartment Association. The St. Louis Cardinals and The Cordish Companies announced that the 29-story, 297-unit luxury apartment community within Ballpark Village was named Large Community of the Year through NAA’s annual Excellence Awards program, which highlights performance and leadership across the rental housing industry.
