Inspiring Leaders in Our Changing Industry: Tony Chereso, Inland Real Estate Group

This summer, Connect CRE is producing a series titled, “Inspiring Leaders in Our Changing Industry” as a follow-up to last summer’s “Leading in Tough Times” series. We’ve selected leaders around the U.S. and across the commercial real estate spectrum to discuss significant changes in the industry and their organizations. In this installment, you’ll hear from Tony Chereso, CEO and president of The Inland Real Estate Group, LLC.

Charting a New Course: How do you navigate the transition from established practices to pioneering new frontiers within your organization?

Intrinsically, the commercial real estate industry is cyclical. Change and evolution are inevitable. Inland has embraced this fact for more than 55 years, and the companies like Inland that survive for the long-term are ones that are constantly evolving, adapting, and innovating through these cycles. At Inland, this means embracing an entrepreneurial corporate culture and mindset, in which every level of the organization is empowered to work collaboratively on a shared vision and are encouraged to incubate and cultivate new ideas. This starts with being hyper focused on market trends and vigilant with our clients and investors. As leaders in the commercial real estate industry, Inland executives also stay actively involved by serving in leadership positions on boards and committees with industry organizations and associations contributing our thought leadership on driving change and innovation. Finally, we value and empower our employees who work tirelessly every day with integrity and expertise to build upon and execute at the highest level our collective vision for success.

A Triumph to Celebrate: What recent organizational accomplishment brings you the most satisfaction? What specific challenges did it overcome, and what key factors led to its success?

While Inland has executed over $80 billion in commercial real estate transactions over the years, we purchased Devon Self Storage, one of the nation’s largest privately owned self-storage operators, earlier this year. This was done not simply as a portfolio acquisition, but also as a platform acquisition to further build out Inland’s scale and reach within the important self-storage sector. Since 2016, Inland has amassed a $1.7 billion self-storage portfolio across 30 states and continues to develop self-storage assets for Inland and other operators. This acquisition allows Inland to leverage Devon’s existing senior management team and provide additional capital and infrastructure at a scale necessary to further drive innovation and expansion plans, including growth of Devon’s self-storage third-party management, development, and tenant insurance platform. The synergies created by this acquisition are endless and will serve as a growth driver for the organization for years to come.

Most large corporate acquisitions of this size are challenged by different corporate cultures and approaches to business. However, in this case, Inland and Devon had partnered for years on development and third-party property management projects. As organizations, we share similar cultures and operational philosophies, which has been a critical part of the success of melding our two organizations. Finding the right match and partner for such an acquisition is crucial to ensure it is a success.

Catalysts for Change: What are the essential elements for achieving significant progress within your organization and the industry as a whole?

The essential elements that Inland was founded on and continues to operate with are integrity, expertise, and innovation. I, along with all Inlanders, remain committed to honoring the legacy of our late founder, Dan Goodwin, and our responsibility to serve our many thousands of investors with integrity.

The alternative investment industry continues to accomplish great things. Transparency and industry engagement are key to providing the best opportunities for growth and expansion. The experience, integrity, and unparalleled performance of Inland is paramount, and I am proud to be a part of a company and industry that continues to proactively evolve to innovate with the ever-changing market conditions.

Click here to see the full Inspiring Leaders in Our Changing Industry series.