Cresa is fortifying its national retail practice with the addition of a six-person team as the brokerage looks to capture more market share with shop space at a premium across the United States, even in the face of closings by struggling chains.
The Chicago-based firm that focuses on representing users of real estate said it hired broker Marcus Cook, who joined Cresa as a principal, and his team who previously worked at real estate services firm Vestian. Brokers Dan Piskadlo, Skyler Peppo, Lucian Simich, Don Gill and Leslie Karr made the move to Cresa with Cook, the firm said.
Cook is a 25-year industry veteran who has worked with well-known retail brands including Pep Boys, the auto chain he helped with the disposition, re-leasing optimization and growth of its portfolio nationally. Cook also has represented Domino’s and Jet’s Pizza’s and investor Carl Icahn's Icahn Enterprises and Verizon.
The hiring of Cook and his team is significant because it will help Cresa grow its retail business, President Greg Schementi said. “Adding this team immediately enhances our ability to deliver comprehensive services to our retail occupier clients,” Schementi said in a statement.
Cresa is expanding as retailers and chains have fewer options to choose from when seeking new shop spaces even as retailers last year announced plans to close over 8,700 stores. A limited amount of new retail construction has helped create "historically tight conditions" in the United States, according to a CoStar Market Analytics report.
"An overwhelming majority of tenants and brokerage reps continue to report a lack of quality available space, and when spaces do become available, they are being backfilled at the fastest pace in nearly 15 years, with median time to lease falling to just 7.5 months in 2024," CoStar said in the report.
Cook said he and his team were attracted to Cresa, in part, because the brokerage's national presence will enable them to better serve clients, "especially in times of disruption" that impact retailers' properties.
“Joining Cresa is a strategic move stemming from a desire for the strong infrastructure and brand equity necessary to deploy a full umbrella strategy to plug in and optimize existing underperforming or underutilized real estate portfolios,” Cook said in a statement.
Before working at Vestian, Cook held leadership roles at real estate firms including SVN International Corp., Baum Realty, and Conlon Real Estate. He also has worked with hospitality brands including Gibsons Restaurant Group and the Evening Entertainment Group.