MNCAR Monthly Spotlight

MNCAR –  Monthly Spotlight- Judd Welliver

1. Why did you join MNCAR and how long have you been a member?

I joined MNCAR in 2006 when I started in the business at Welsh Companies. I joined because it was the best local resource for market information and connectively with clients and colleagues.

2. In one sentence, what do you want MNCAR members to know about your business?

My team specializes in the acquisition, disposition and sourcing the equity capital stack in industrial real estate transactions.

3. Name one fun fact that makes your company or yourself different from others.

In 2022 I became a member of CBRE National Partners, a collaborative national partnership formed that focuses exclusively on industrial and logistics capital markets. I have over 30 business partners across the country – which is rare in our industry.

4. What would you tell other CRE professionals about the need to join MNCAR?

Simply put, its essential for doing CRE business in Minnesota.

5. What is the most encouraging thing you see for the future of the CRE industry?

I’m very encouraged by the up-and-coming talent within the industry. Both locally and nationally, I’m seeing a new generation of great leaders. As a father of 3 daughters, I’m also encouraged by the number of young women in the business… that was not the case when I started nearly 20 years ago.

6. What was your most interesting project of the year and why?

With a national practice, we get to work on a lot of interesting assignments. Locally, we’ve been very busy this year but the most notable transaction has to be the sale of Prologis’s portfolio to Exeter. Its a new entrance for Exeter into our market with over 5M square feet. We take a lot of pride in bringing new capital to our market.

7. Favorite CRE event of the year and why?

The MNCAR Expo is always a great event. Its fun and you get to see a lot of fiends, clients, and colleagues.

8. Something that took you a long time to learn in the CRE industry?

Learning how to utilize CBRE’s platform. Its really important to be a student of the company you work for. To this day, I spend a lot of time studying CBRE as a company and brand.

9. What do you enjoy most about the CRE industry?

I enjoy it all. I’m a deal junky but its the people I get to work with that is most enjoyable.

10. What’s one thing – either industry-related or not – you learned in the last few months?

I’m constantly learning about debt execution to help execute our offerings. We have a great debt team at CBRE that I’m constantly learning from.

11. Who inspires you in the CRE industry or in your personal life?

My parents have always been my biggest inspiration in life and business. They are very hard working people and instilled strong work ethic and good morals in me and my siblings.

12. Any advice you have for someone considering the CRE industry?

I always tell people that our industry isn’t a job… its a life style. You need to make a 110% commitment and be passionate.

13. What’s the next place on your travel bucket list?

I travel a lot for work but any personal travel is focused on my family. I’ll go wherever my wife and daughters want to go!

14. What are you currently binge-watching?

I’m a big sports fan but I don’t get to control the remote in my house very often!

15. What do you think is going to be the next HOT CRE-related topics?

I think niche assets classes like Data Centers, Industrial Outdoor Storage, Services Centers, etc. will be interesting investment opportunities. That said, Industrial is still the “darling” asset class.

16. What has been your biggest professional achievement?

Recruiting my partner Bentley Smith to CBRE in 2018. I took a lot of pride in mentoring him. He’s one of the best in the business and now mentors me!

17. If you could collaborate with anyone, who would it be? Why?

We collaborate a lot with our National Partnership. Outside of CBRE, I’d love to collocate more with CRE lenders. Debt execution used to be easy… today we need to get a lot more creative.

18. Goals for 2025?

Work hard and have fun.

19. What do you think are going to be industry disruptors for the CRE field whether good or bad?

The cost of debt relative to Inflation and the economy is the biggest head wind we face today and into 2025.

20. Any other fun information you would like to share?

Fundamentally, Minneapolis is one of the strongest industrial markets in the county. Everyone should be proud of our local market!