Daniel Goodwin, a former science teacher who went on to form a real estate investment giant near Chicago, is being remembered for his ability to combine his business acumen with philanthropic interests in efforts that attracted celebrities from sports stars to a former U.S. president.
The co-founder, chairman and CEO of Inland Real Estate Group of Companies, who died Friday night at age 80, was well-known around Chicago as he helped to build the Oak Brook, Illinois-based company into a major investor and financier of real estate.
Inland companies have been involved in more than $80 billion in real estate transactions, and six Inland affiliates were listed on the New York Stock Exchange or merged with public companies that were on the exchange, the company said in a statement.
Goodwin died at Advocate Good Samaritan Hospital in west suburban Downers Grove after a respiratory problem turned into pneumonia, said one of Inland’s other founders, G. Joseph Cosenza.
“It was quick, and it caught us all by surprise,” Cosenza told CoStar News. “Dan was a healthy guy, for gosh sakes.”
A Chicago native, Goodwin began his career teaching on Chicago’s West Side before later teaming up with Robert Baum, Cosenza and Robert Parks to form Inland more than five decades ago.
“Dan was a pioneer and visionary in the commercial real estate industry, as well as an exceptional human being and friend,” Baum said in a statement that noted he will become Inland’s chairman. “Dan’s legacy leaves an indelible mark upon the commercial real estate and investment industry and the thousands of lives he impacted through his many civic and philanthropic endeavors, especially in the areas of affordable housing, higher education, and good government."
Inland said that in following a long-term succession plan, Chief Financial Officer Anthony Chereso will take over as the company’s CEO, effective immediately.
“Dan was an incredible leader, mentor, and friend to me for many years,” Chereso said in the statement. “I will endeavor to honor his legacy and lead our organization into the bright future he made possible.”
Multiple Investments
Under Goodwin’s leadership, Inland companies invested in several types of real estate, including a retail-focused company that was sold to New York-based DRA Advisors for $2.3 billion in 2016.
Earlier this month, Inland said it acquired a majority stake in California-based Devon Self Storage Holdings for an undisclosed amount. Also this month, the company announced that Mitchell Sabshon was retiring as president and CEO of one of Inland’s companies, Inland Real Estate Investment, with Keith Lampi taking over those roles.
Goodwin was known for civic and philanthropic endeavors, including making donations to and serving as chairman of the board of trustees at Northeastern Illinois University, the Chicago university from which he received his undergraduate degree.
“Dan was the smartest guy I knew, and it didn’t matter who you were — the maintenance guy or a top officer in the company — he treated everyone the same,” Cosenza said.
Goodwin's annual holiday party in suburban Chicago was known for famous guests, including former President George W. Bush and other conservative politicians, strategists and commentators, such as Karl Rove, Jeb Bush, Dennis Hastert and Bill O’Reilly. Other party guests included sports figures such as former Chicago Blackhawks star Bobby Hull, Super Bowl-winning Bears coach Mike Ditka and World Series-winning White Sox manager Ozzie Guillen.
Goodwin and the former president playfully bantered on stage during the 2014 holiday party, Crain’s Chicago Business reported at the time, causing Bush to comment: “We should take this show on the road.”