Plan B Solutions, LLC (“Plan B”), a Chicago-area real estate advisory firm, has acquired property management firm Rockwell Group Property Management. The newly combined company, Rockwell Partners, will continue to offer a range of real estate services including property management, court-appointed receivership, construction management, leasing and consulting services.
The acquisition was the result of Plan B’s increasing number of property management assignments, as well as a set of values, vision and work ethic that the Principals of the two firms shared.
Plan B, founded in 2008, has grown its court-appointed receivership business for commercial real estate in Chicago, particularly with multi-family, retail and office properties. Additionally, the firm perform construction management, leasing, property management, and consulting services to a broad range of institutions, including financial institutions, real estate companies and universities. Clients include American Chartered Bank, Wintrust Financial, Bank of America, Cohen Financial, Cole Taylor Bank, Starwood Capital, Hudson Advisors, The University of Chicago, The Broe Group, PNC and CIT Group.
Rockwell Group Property Management, founded in 2005, offers management of multi-family and mixed-use properties throughout the Chicago area. With more than 100 buildings and 1,500 units under management, it will add a strong base of multi-family management to Plan B’s institutional services platform.
The two companies have a history of cooperating to turn around distressed properties, and the acquisition makes this relationship official.
“The principals of the two companies have been working together in a number of ways for the past 10 years, so there is a great deal of trust and friendship that helped make this an obvious decision for us,” says Ted Thilman, a Managing Principal of the newly formed Rockwell Partners, in a release.
Thilman, along with the other Managing Principals, Patrick Bader, Douglas Fisher and Matthew Welke, and their team of 40 professionals, will operate under the name Rockwell Partners, LLC.
Rockwell Partners will be based on Goose Island in downtown Chicago with satellite offices in Marquette Park to the south and Rogers Park to the north.
