NEW YORK CITY-Collaboration is key, and for anyone feeling part of a team is essential to not merely encourage productivity, but also to ensure all perspectives and voices are heard. For Heather Milazzo, this has been the high point to her career. With this team-oriented approach, we present two women's views this week: Stacy Ferrone vice president at GA Keen Realty Advisors, a division of Great American Group and the aforementioned Heather Milazzo, also vice president at GA Keen Realty Advisors, a division of Great American Group.

Globest: How did you each get involved in the commercial real estate industry?

HM: Call it luck or divine intervention, but I did not seek out a career in the real estate industry. I had been working in public relations, on the agency side, for eight years and had started looking for a public relations position in the private sector. I was hired by Keen Consultants, now GA Keen Realty Advisors, as their Public Relations and Marketing Manager. I found the real estate disposition work they did in bankruptcy and restructuring situations fascinating. While handling marketing I got my real estate license and started handling projects.

I find myself extremely fortunate to have discovered a career I enjoy focused on both distressed and healthy real estate portfolios. I work with some amazing people and have the opportunity to utilize my public relations skills in an ever changing industry that challenges me. My PR skills have definitely served our clients well as we have received some great coverage of our projects.

SF: I started my career with Keen Consultants, now GA Keen Realty Advisors, over 10 years ago as an intern with interest in marketing. Working for a diverse advisory firm that provides real estate disposition, analysis, valuation and strategic planning services and lease restructuring services has provided various challenges that have offered me many opportunities to learn about the real estate industry, especially assets in and out of bankruptcy. We have been involved in many of the most well-known restructuring situations nationwide and it is exciting to be involved in those projects. After graduating from college, I returned to explore the real estate industry further and GA Keen Realty Advisors' niche had me hooked. That early internship led to my current role today - working with a highly motivated and dedicated team of professionals, on a wide range of real estate transactions, across various sectors.

Globest: What has been the highest point of each of your careers?

HM: The interesting thing about our firm is that everything is a team effort for the benefit of our clients. Every moment, every triumph, is a collaborative experience. I have had so many moments that I have been proud to be a part of - from presenting an analysis for a portfolio of properties, to presenting terms for a lease renegotiation or delivering an asset purchase contract for review. However, there is a level of excitement when you close a sale on a property. Some of my most recent sale projects have included the sale of a multi-family portfolio of 380 apartments in Brooklyn, NY for Brookdale Hospital and Medical Center, raising $22,000,000, and selling Really Cool Foods' processing facility in Cambridge City, Indiana on a turn-key basis for $13 million. You never know when the next phone call will result in a new client, a new referral, or the successful buyer. Every day and every phone call can bring a surprise.

SF: One of the greatest highlights of my career remains the successful completion of my first major real estate lease restructuring assignment for one of our largest clients, Blockbuster. We were retained by Blockbuster to assist in reviewing and evaluating over 3,000 of their retail locations and to help create a restructuring plan that reduced their occupancy costs. Our approach focused on unproductive store locations and achieved rent concessions and lease modifications that helped bring stores more in line with revenues and current market conditions. Our deliberate and strong negotiating tactics helped save Blockbuster tens of millions of dollars of remaining liability on their lease portfolio, making it one of our most successful lease restructuring projects. Working on this assignment showed me that I could flourish in this business, and provided me with tremendous confidence that I now apply in support of all of our clients.

Globest: In what ways can the commercial real estate industry be more welcoming of women?

We don't think that it's the industry that needs to be more welcoming. Commercial real estate isn't an exclusive club that extends an invitation to join. Like any career, you need to have an interest, drive, strength and confidence in yourself to succeed. Companies in general can create a welcoming environment; recognize the talents and strengths of their employees encourage education and growth that are reflective of the ideals of a company that anyone would like to work for. We have been fortunate to work for an amazing company that does just that and champions us to succeed.

Globest: What trends are you seeing emerge in the New York market and what new developments are you most eagerly anticipating?

A combination of less stringent underwriting standards by financial institutions in 2012 and new capital gains tax regulations that went into effect as of 2013 resulted in a significant uptick in real estate investments at the end of 2012. So while early 2013 real estate investing in New York, and nationally, is off to a slow start, there are expectations of a better second half. It will be interesting to see how these financial changes affect the market, especially as investors acquire income producing properties and distressed real estate portfolios.

While we work with real estate nationally, New York continues to be an attractive market to buyers where demand is high and supply is low. Many of our clients look to close on transactions quickly. In many cases they seek out all cash deals, which are more attractive to the seller. However, the availability of financing may change the number of interested parties in a property and create a competitive bidding environment.

Globest: And what advice would you give to women thinking about a career in commercial real estate?

If you're committed to a project and willing to take risks, you'll become a valuable member of any team.

No matter how smart or skilled you are, your personality and attitude determine your overall success. A positive attitude makes a world of a difference – people who like you, will want to do business with you.

Talk to people in the industry and network. Join a real estate organization and get yourself out there. You never know when an opportunity might present itself to you.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.