When Katie Falvey joined Milwaukee-based The Marcus Corp. as director of real estate marketing and property management, she had never sat in the driver’s seat of a real estate deal.
Eighteen years later, after racking up a history of completing transactions as a buyer, seller, landlord and tenant, Falvey has been promoted to vice president of real estate at the Milwaukee-based company.
“I feel very fortunate,” Falvey said. “It’s a great position. It’s so diverse. You never know what’s around the corner. None of the things we do are…cookie cutter or rubber stamp.”
Falvey, born and raised in Milwaukee, did not outright pursue a career in real estate, but found her way into the industry through a background in marketing and a solid grasp of technology.
The Marquette University graduate, who studied communication and public relations, counts the first major milestone in her career roadmap as a position she held in the marketing department of Clear Channel Outdoor. While in that marketing role during the mid-1990s, Falvey learned how to use geographic information systems, or GIS. The technology, a standard tool in real estate today, at the time was “cutting edge,” according to Falvey.
From Clear Channel Outdoor, NAI MLG Commercial pulled Falvey into its marketing department to deploy GIS technology. During Falvey’s tenure at NAI MLG Commercial, Marcus Theatres was a client that looked to the firm to produce materials that would help the division grow and identify new locations.
Marcus’ director of real estate at the time, Mike Bingham, approached Falvey, who was responsible for producing the materials, about moving to Marcus to work for him.
Falvey accepted on the condition that she would be granted the opportunity to learn the real estate business and complete transactions.
Up until then, Falvey’s career had positioned her behind the scenes of real estate deals, and she wanted to take a more prominent role in negotiating them.
“It was really ideal because I started to learn every possible kind of real estate situation (and) transaction,” Falvey said.
The first deal Falvey worked on for the company involved the lease of a 900-square-foot space in a strip mall in Brookfield, now the site of The Corners of Brookfield development.
Later in her career, The Corners development project became among the most ambitious of her priorities and one she hails as a “career-changing experience.” The $200 million, 750,000-square-foot mixed-use town center development is under construction on a 19-acre site bounded by Bluemound Road, North Barker Road and I-94. The site was formerly home to Marcus Theatres’ West Point Cinemas and a Menards store.
The development, which is slated to be complete in the fall of 2016, will be anchored by a 140,000-square-foot Von Maur store.
Falvey credits the Marcus family for being “entrepreneurial and opportunistic” in empowering her to explore the potential of the site. After the Great Recession hit in late 2007, the bevy of buyers vying for the land disappeared. Marcus had to get creative in moving forward with a viable plan, one beyond a big-box company swooping in to buy the land, Falvey said.
Marcus could have held onto the land until the market rebounded, she said, but with knowledge of Von Maur’s interest in entering the region, Marcus wanted to seize the opportunity.
Marcus approached Von Maur, introducing the retailer to both the Brookfield site and a piece of property in Madison. Von Maur was immediately “thrilled” about the Brookfield site at Goerke’s Corners, according to Falvey, and sought to be part of a development that would have a critical mass of retail, fashion and dining.
For Falvey, the development became a patchwork project, as she had to pull together the land and the right team, as well as advocate for special legislation to do a tax incremental financing district.
“It was a long process and a lot of work and kind of a whole new world in that national fashion arena,” Falvey said.
Now, as Falvey settles into her role as vice president, she will direct real estate growth initiatives for both Marcus Theatres and Marcus Hotels & Resorts.
Falvey is particularly excited about the growth opportunities within the company’s theatre division. In the last two years, Marcus has invested more than $90 million in the division as it has reinvested in its existing theatre portfolio and outfitted many of its venues with top-of-the-line technology and amenities, including Dream Lounger Recliner Seating.
Marcus Theatres is the fifth largest theatre circuit in the country and will continue working to add more theatre locales to its collection, Falvey said.
On the hospitality side, the company in June purchased Milwaukee’s iconic Safe House Restaurant and Bar. Marcus plans to tweak the restaurant’s menu to feature fresh, locally-sourced ingredients and craft cocktails and beverages.
Falvey is currently working on building a relationship with the venue’s landlord and solidifying a long-term lease at the secret historic downtown Milwaukee location.
“We’re looking at a major investment in the space, and so we’ll want to make sure that we’re there for a long time,” Falvey said.
