The 20 Rising Stars of Real Estate 2008 - (Page 12) benefit to the community has great appeal to me.” Belew co-founded Fifth Square Partners, formerly Northstar Property Group, in 2002 with Wharton classmate David Berger, and together they have undertaken more than $150 million in residential and commercial development projects in New York, Philadelphia, Baltimore, New Jersey and Connecticut. “I also look forward to bringing our brand of development to other markets besides the northeastern U.S.,” he added. “Building a successful development business in New York City and finding deals in this market has been the greatest challenge,” Belew said. “My biggest accomplishment always seems to be the latest deal that I am working on, since our deals have gotten progressively larger as time goes on.” Currently, Fifth Square is heading up a $65 million warehouse conversion in Williamsburg, Brooklyn, in which the Lewis Steel Products facility is being turned into a 130,000-squarefoot condominium complex. From 2001 to 2002, Belew worked in JPMorgan’s real estate and lodging investment banking group, with advisory responsibility for real estate companies in mergers and acquisitions as well as equity and debt financing. He began his career in 1995 with JPI Development, a national apartment company, developing 300- to 600-unit luxury multifamily real estate projects in Dallas, San Diego and San Francisco. Belew pointed to inspirations in real estate as well as technological innovation. He called hotelier and developer Ian Schrager’s work impressive because he proves that good design really does sell. “I always admire companies like his and Apple, which can create truly innovative products and break the existing mold,” he said. Belew hopes Fifth Square will be a strong presence in real estate over the next decade, although he foresees a shift in real estate during that time.“The current popularity of real estate as an asset class will decrease and cap rate spreads will widen from their current compressed state,” he predicted. “Or maybe that is just wishful thinking! Meanwhile, current trends in urbanism will continue, as downtown areas around the country continue to revitalize and people gravitate towards the center to avoid commuting nightmares.” 3. JOSE CRUZ Executive Director, Metropolitan Area Capital Markets Group Cushman & Wakefield, East Rutherford, N.J. Age: 38 Education: Rutgers University (B.A. in Financial Economics and Real Estate Development); Columbia University (M.S. in Real Estate); Fordham University (M.B.A. in Finance) Mentors: Jose Cruz, Residential Real Estate Broker, Hernandez Realty, and Cruz's father Cruz has spent 14 years with Cushman & Wakefield and has been in charge of its multifamily practice for the last two years. He currently is responsible for marketing investment property and valuing institutional-quality real estate in northern New Jersey, Fairfield County, Conn., and Long Island and Westchester County, N.Y. Cruz and his team have completed more than $12 billion in office, industrial, retail, multifamily and land sales since 2000, including more than $2 billion annually since 2004. Last year, he was instrumental in the $228 million sale of Metro Park Office Center, an 830,000-square-foot, Class A campus in Iselin, N.J., as well as the sale of Mariners Communities, two luxury rental apartment complexes totaling 222 units in Edgewater, N.J. As a result of their sales success over 3. JOSE CRUZ the years, Cruz and his partners have been five-time winners of the National Association of Industrial and Office Properties, New Jersey Chapter’s ‘Deal of the Year Award.’ Still, it is his role in expanding Cushman & Wakefield’s business base and being able to leverage the firm’s expertise that he regards as his biggest accomplishments. During his tenure with Cushman & Wakefield, Cruz has been promoted seven times, most recently to his current position of executive director earlier this year. Prior to joining the Metropolitan Area Capital Markets Group, he was the Northeast Area Manager for Cushman & Wakefield’s Research Services division, where he was responsible for overseeing a staff of 12 individuals that compiled detailed quarterly and yearly analytical market reports on the New York and New England areas. Cruz earned a real estate salesperson’s license at age 18 and a broker’s license at age 20, crediting his inspiration to family. “I was influenced by my 12 REAL ESTATE RISING STARS MARCH 2008
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