partner/owner, Quinette & Traudt Inc.
Company: Quinette & Traudt Inc.
Title: Partner/Owner
Education: BBA Finance, Real Estate UW-Milwaukee 1990
City of Residence: Nashotah
Family: Wife (Kathleen) and 3 children (Johnathan, William and Katie)
Hobbies and Interests: Running, mountain biking, hunting, golfing, pool, and volunteer projects.
What are you working on? "My Partner, Ben Quinette, and I originate and market sale/leaseback and investment transactions in the industrial, office and retail sectors. We also market only five to six traditional type commercial listings at any point in time. This way we can be more opportunistic to take on special projects focusing on client needs in getting the job done."
How does the market look to you? "Although I am aware of some properties that have taken longer than expected to stabilize, from an occupancy perspective, the market is stable and in good condition. I have seen a number of companies wanting to expand and grow yet having very few options. Unlike the residential marketplace, overall, the commercial market appears active and healthy. There are even a fair number of new construction projects and spec-developments under way in our market. Regarding the investment landscape, investment properties are selling quickly at relatively low capitalization rates. However, the CMBS credit markets are experiencing some tightness with large credit spreads and a degree of illiquidity; many local banks are the active sources of financing in transactions."
What was the best deal you’ve ever been involved in? "I would have to say the sale/leaseback of the RateWatch facility in Fort Atkinson and then being involved in selling the owner’s business to a national investor, TheStreet.com. The building only sold for $1.8 million but the capital raised allowed the owner to reinvest in his business and launch a start-up company. The reinvestment in the business and investment in the start-up company was a textbook example of how businesses create more value by investing their capital in the business. As it turned out, the owner sold his business less than two years later for $25 million. There was tremendous value creation by re-directing the capital out of the bricks and mortar and investing it in his core business eventually leading to the sale of his business. I also sold a trailer home in Hollywood for a nun at Alverno College. Hollywood, Fla. – no charge. It was sort of a miracle."
What was the funniest moment of your career? "I would say it was when I was just getting started in real estate and we were touring the Moebius Printing plant in the Third Ward. We were taking a look at the mechanical room where the transformers and power came into the building. I was the last to leave so I hit the switch next to the doorway and it sounded like I pulled the plug on the entire plant. Lights went off, the hum of the equipment stopped, everyone was looking around. It was not the right switch. So I flicked it back on, and left the room."
