CHICAGO—Urban Innovations, a Chicago-based firm with long experience in the city's off-Loop loft-style office market, has just promoted Monica Makin to vice president of acquisitions and asset management. Makin will lead both teams within the company's affordable housing division.
“Monica has the right combination of passion and expertise to advance our company in the affordable housing sector,” says Mike Scilingo, the president of Urban Innovations. “She is a proven leader in this industry and has exceeded our expectations. We are proud to have her on our team.”
This year, GlobeSt.com reported that Chicago-based Urban Innovations had repurchased, for about $14 million, several office buildings in the West Loop's Greektown neighborhood that the firm had sold to an out-of-town investor in 2005 for about $18 million. And company officials recently said that they have signed several leases which have boosted occupancy at the 60,000-square-foot 833 West Jackson Blvd. by 20% and another two leases at the 90,000-square-foot 322 South Green St., an adjacent building, which boosted occupancy there by 17%.
Makin joined Urban Innovations as vice president of asset management in 2011. She will seek opportunities for Urban Innovations to expand their portfolio primarily in the Midwest, and focus heavily on the Section 42 tax credit program and HUD Section 8 housing. Prior to Urban Innovations, she was the national director of asset management for National Fund Equity. She was also a principal with Hardy Consulting LLC and a municipal bond attorney with Preston, Gates & Ellis LLP.
In other personnel moves, commercial real estate services firm Studley, Inc. has hired industrial real estate specialist Michael Mangan as an associate director in its Chicago office. He will work to build the company's industrial presence in the Midwest with a primary focus on the Chicago metro area.
Mangan has over seven years of industrial real estate experience and has helped complete over 8.5-million-square-feet of transactions in the Midwest. His major transactions include Caterpillar/Progress Rail's 740,000-square-feet lease in Muncie, IN, and Northstar Aerospace's 297,000-square-feet lease renewal in suburban Bedford Park.
Prior to joining Studley, Mangan served as senior associate of CBRE's Industrial Properties Group.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
