Chicago-based Magellan Development Group, a vertically integrated developer, owner and operator specializing in mixed-use, urban high-rise development, has closed on a capital investment and venture partnership with Winter Properties and BLG Capital Advisors. Winter and BLG will be active strategic partners with a combined 50 percent equity interest, playing key roles in accelerating Magellan’s growth trajectory as a leading national development, management and real estate investment platform.
“We’re delighted to partner with Magellan and BLG on this capital investment and joint venture,” said Winter Properties president, Rick Singer. “This partnership exemplifies our current focus on building relationships with companies like Magellan that have compelling, innovative and scalable growth strategies.”
“We are thrilled to have consummated this transaction with Magellan and Winter and couldn’t be more enthusiastic about the partnership and the growth opportunities ahead for the company,” said BLG Capital Advisors managing director, Jon Bilton.
Magellan co-founders, Joel Carlins and Jim Loewenberg, who have spent the last three decades building Magellan into a robust commercial real estate development and investment firm, will become chairmen emeritus. In their new roles, they will serve as advisers to the company as it continues to grow.
“We are excited by this new partnership and where it will take Magellan in the future,” said Joel Carlins.
“We have created a strong foundation and know the company will continue to soar to new heights,” Loewenberg said.
Magellan has developed more than $5 billion of residential, mixed-use and commercial projects around the country. In Chicago, they have defined the River East master planned community with properties including Aqua, The Chandler, The Regatta and the under-construction Vista Tower and Cirrus, among other projects.
The family legacy continues with David Carlins’ appointment as CEO. Building on his 15-year tenure as president, he will lead the development initiatives and day-to-day operations of the company. J.R. Berger will continue in his role as principal. The senior executive team, who have been working together since Magellan’s formation, have made a long-term commitment to the business and will continue in their current roles.
“I am honored to carry on the legacy and values that my father and Jim have created at Magellan and am energized to lead the company as it takes these exciting next steps,” said David Carlins.