Chicago-based CA Industrial, the industrial investment and development division of CA Ventures, has appointed Michael Podboy, a veteran of the commercial real estate industry who has overseen more than $750 million in development, as president for the division. Podboy will build on the success of CA Industrial, launched in July 2018 with a goal of investing $500 million in speculative industrial development and acquisition opportunities throughout the U.S. over the next five years.
Podboy joins the existing team of Jim McGill, executive vice president of CA Industrial, and Sean Spellman, chief development officer of CA Ventures.
“The explosive growth in e-commerce continues to spur demand nationally for logistics and distribution space,” said Tom Scott, chief executive officer of CA Ventures. “CA Industrial’s strategy is to capitalize on this opportunity and Michael’s leadership will help enact CA’s national growth initiatives. His extensive network and proven ability to develop and structure growth platforms in a way that maximizes value will help us strategically scale the vertical in markets with strong long-term fundamentals.”
Under the direction of McGill and Spellman, CA Industrial broke ground on CA Elk Grove, a 146,029-square-foot speculative Class A warehouse at 550 E. Devon Avenue in Elk Grove Village, Illinois, in summer 2019. The project marked CA’s first Chicago-area industrial project. Also underway are CA Gateway, a 139,860-square-foot speculative Class A warehouse in the Gateway International Business Park, immediately west of the Cincinnati/Northern Kentucky International Airport in Hebron, Kentucky, as well as CA Ameriplex, a 245,000-square-foot facility just south of the Indianapolis International Airport.
“I look forward to working with Sean and Jim as we advance the strategic growth initiatives for CA Industrial, a division devoted to one of the fastest-growing segments of commercial real estate today,” said Podboy. “We will continue to leverage our combined experience and strong client and broker relationships as we focus on identifying development and acquisition opportunities to meet consumer demand for accelerated deliveries.”
Podboy most recently was founding principal of his own firm, Chicago-based PBRE Ventures LLC, where he recently focused on providing strategic operational, transactional and financial advisory services to a national industrial real estate owner and operator.
Prior to that, he spent 11 years in progressively senior executive positions with InventTrust Properties Corp. in Downers Grove, Illinois, ending as chief financial officer, chief investment officer and treasurer. Among other accomplishments, he steered the company through a significant transition in organizational focus, managed a corporate budget of $20 million and a team of more than 50 employees, and oversaw $15 billion in transactions. Podboy has also held positions with KMPG LLP in both Chicago and Minneapolis.
Podboy holds a bachelor’s degree in accounting and computer science from the University of St. Thomas in St. Paul, Minnesota. He is a certified public accountant in Minnesota and Illinois (not active) and a member of several industry groups.