Mike Yungerman has been around construction all of his life, as his father—who he calls his biggest mentor— was a plumbing contractor.
“My father was the hardest, and smartest, working person I have known,” Yungerman said, now Vice President of Opus Development Company LLC. “He started from nothing and built a nice little plumbing business. He worked at least six days a week, and I have memories of paperwork and blueprints spread out on the dining room table on Sunday mornings. The work ethic he displayed growing up, and seeing it first hand while I worked weekends and some summers with him, taught me a lot.”
It’s no surprise that Yungerman went on to study construction management while in school, and got his start in the business in 1993 as a construction intern with Northern Builders, which eventually led to a full-time job as an assistant project manager.
“I had no idea how fortunate I was to have this opportunity given the state of the industry and economy during those years,” he said. “Over time, I became lead developer for the organization. What I didn’t know at the time is that the years of experience formed a great real estate career.”
“I learned how to underwrite a deal, get a project out of the ground and lease it up – soup to nuts – it allowed me to learn all sides of the business. I spent about 11 years at Northern Builders supporting office and industrial projects.”
After more than 20 years in the industry, Yungerman really enjoys the business of creating something – being a part of an idea at the front end and seeing it through to completion.
“The industrial sector appeals to me because the speed to market and shorter project cycles keep me focused – you’re running all the time,” he said. “Lead times to get projects out of the ground are much shorter than required for office or residential projects. This momentum has been the force behind why I’ve stayed with it.
It’s fun to chase projects for Yungerman, as well as to chase the tenants, see it through to completion, and then find the next opportunity.
“It’s never boring. We also have a lot of great people in our business. I know it sounds corny, and we hear others say it, but it’s true. We have great people in our industry and here in our market – especially across the Midwest – to do business with; people that have become good friends over the years. It’s a rare opportunity.”
In the Chicago market specifically, Yungerman said he truly appreciates the size of the market and diversity of opportunities.
“I’ve been fortunate to work in multiple markets throughout the Midwest over the last five plus years. In many markets, it is either hot or cold. In Chicago, there are so many different sub markets where you can always find an opportunity.” From the industrial side, earlier this summer Opus broke ground on a 1.6 million-square-foot dry foods distribution center for ConAgra Foods in Frankfort, Indiana. Prior to that, they started a 484,216-square-foot spec industrial warehouse building at Opus Business Center at Rickenbacker in Groveport, Ohio.
“We’re also finishing up construction on our 604,565-square-foot spec project in North Aurora, Illinois in partnership with USAA Real Estate Company,” he said. “In Indianapolis we are finishing up two side-by-side spec warehouses totaling 924,530 square feet in Plainfield, Indiana. Those are being done in a partnership with Northwestern Mutual. We also have a 200,000-square-foot spec industrial project in Shakopee, Minnesota. We have been very busy and are looking forward to doing more.”
What sets Opus apart from other companies, according to Yungerman, is the people and the magnitude of the experience they have; people with tremendous backgrounds and many who have been with Opus for more than 25 years.
“They are on all sides of the business. It’s knowledge that you can lean on and everyone is very open to share. There is always someone in-house who has the expertise to solve a problem creatively. It’s amazing.”
So what’s he biggest lesson he’s learned, which not only applies to industrial real estate, but business in general: Always be up front and honest.
“If there is an issue, bring it to the forefront,” he said. “Issues are easier to solve early in the process rather than if you try to sweep it under the rug. A problem will never solve itself. People make mistakes. When mentoring the younger people I work with, I try to get any issues out in the open quickly. We’ll solve it – and we’ll solve it together.”
When he isn’t working, Yungerman enjoys spending time with his family, especially his three kids—they keep him going.
“I’m a baseball coach, a soccer dad, and a champion for all my kids’ activities. I also like to get in a round of golf when time allows. But overall, spending time with my three kids is very important to me.”
Yungerman also is a very big football fan – a die-hard Bears fan to be exact. “It’s exciting to see an offense that can actually compete on a week-to-week basis, something we haven’t had here since the Ditka heydays.”
