Glenstar Logistics, the industrial division of Chicago-based Glenstar, has appointed Tim Thompson as principal of development and acquisitions. This appointment marks the company’s expansion into the logistics sector, leveraging Thompson’s extensive experience to accelerate growth.
Thompson brings over 25 years of expertise from HSA Commercial Real Estate, where he developed more than 10 million square feet of industrial space in Chicago and the Southeast. His move to Glenstar was driven by a desire for new challenges, aiming to apply his proven skill set in a different context.
Rapid Growth Since 2022 Launch
Since its inception in 2022, Glenstar Logistics has developed and leased over 2 million square feet and now controls approximately 400 acres in the Southeast. Managing Principal Brian Netzky plans to develop an additional 6 million square feet over the next four years, emphasizing the company’s ambitious growth trajectory.
Their inaugural project, an 800,000-square-foot speculative build in Fort Myers, Florida, was completed in 2023 and sold to a real estate investment firm. This project exemplifies Glenstar Logistics’ ability to execute large-scale developments from the outset, a feat made possible by its integration with Glenstar’s established resources.
Leveraging Established Relationships
Netzky credits Glenstar’s established relationships and organizational structure for enabling them to undertake large-scale projects immediately. “We’ve been the beneficiary of the Glenstar relationships and organization to be able to take on projects of this scope from the onset,” he said, highlighting the advantages of being part of a larger, well-connected entity.
The company currently holds four land parcels in the Southeast, ranging from 250,000 to 1.6 million square feet. Many of these acquisitions were off-market, allowing Glenstar Logistics to avoid competitive bidding and secure prime locations efficiently.
Strategic Site Selection
Thompson and Netzky, both with brokerage backgrounds, prioritize tenant needs by focusing on locations with strong population growth, highway access, labor availability, and thorough supply-demand analysis. Their shared history, Netzky was trained by Thompson nearly 40 years ago during a college internship, strengthens their collaborative approach.
Netzky stresses the importance of building adaptable sites to attract tenants, acknowledging the inherent uncertainty in market forecasting. “No one can be 100% certain on predicting supply and demand two years down the road,” he said, emphasizing the company’s focus on flexibility and quality.
Glenstar Logistics is actively exploring sites in key submarkets, assessing demand for projects ranging from smaller bay developments to large distribution centers. With half a dozen sites under consideration, the company is strategically evaluating each submarket’s unique needs to ensure optimal development outcomes.
