Connecting Sound Economics With Experience in Real Estate
30 Years Of Creating Value. As the year comes to a close, there’s always a time for taking stock and making plans for the future. It is especially poignant this year as we celebrate our 30th year in business.
Thirty years ago, the prospects for Concordia Realty were not rosy. We were a bootstrap operation, in a 400 square-foot office, in the attic (literally the attic) of a retail building in Oak Park, Illinois. The office was a fire trap with exposed wires and only one egress down a narrow set of stairs. The floor sloped into the middle of the room so much that we had to shim up the front of the file cabinets 2 to 3 inches so they would not come flying out and kill someone when opened.
1990 was the height of a recession. Maybe you can remember the phrase in that era’s presidential election “it’s the economy stupid” At the 1990 ICSC (International Council of Shopping Centers) annual convention in Las Vegas, the motto was “Stay alive until 1995”.
Those were the formative years for Concordia Realty. Being formed in adversity has given us a unique perspective on business cycles and how they affect real estate projects and investments. We have survived and thrived through 3 downturns and the resulting peaks after the troughs. We learned not to panic when problems arise but instead see opportunity. Most importantly, we have built a nationwide network of financial partners, specialists, lawyers, consultants, and contractors that can assist us with solving almost any problem and exploit any opportunity. The past 30 years have taught us that theory is great, but experience is better.
It has been a great adventure over these past 30 years. We’ve had the privilege to create millions of dollars of income and value for our investors and partners. Our lives have been blessed with some really wonderful people who have worked with us and for us. We are proud of the number of exceptional interns and junior hires they have going on to be major movers and shakers in the real estate business. We have worked with an amazing and talented lineup of partners over the years who have not only contributed to our knowledge base but also have been dear and treasured friends.
On a sad note, a few of those partners and mentors have passed onto their eternal rest. We mourn with their families and celebrate the joy that they brought to our lives.
Closing out this decade and moving into 2020 have are focusing on improving processes, hiring the right people, and preparing for new growth. In the words of another famous Chicagoan, Daniel Burnham, “Make no little plans; they have no magic to stir men’s blood … Make big plans; aim high in hope and work…”
Our plan for the next decade is titled Vision 2020, in it we have a road map of how we intend to grow to a billion-dollar-plus fund. Stay tuned for more information on our Single-Tenant Net-Lease strategies and how we are progressing with our blockchain-based Security Token Offering. I will be participating in the Security Token Realised Global Summit in London on February 4 & 5, 2020, to move this forward to reality.
Peace be with you.
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