Chicago-based Spaces Real Estate today announced Paul Nelhart has joined the firm’s investment sales division, Spaces Invest, as vice president of commercial real estate. The appointment expands the scope of services offered by Spaces Invest, which initially specialized in multifamily sales following its formal launch in 2019. Under Nelhart’s leadership, Spaces Invest will market and sell a range of commercial properties, including office, retail, mixed-use and industrial assets, throughout the Chicago area while advising clients on overall investment strategies.
“Commercial real estate is a natural next step in growing the Spaces Invest brand, and there’s nobody better than Paul to lead this new initiative, which will benefit from his longstanding relationships in Chicago and the broader industry,” said Bentley Phillips, founder of Spaces Real Estate. “Paul’s dedication to creative dealmaking and ability to foster connections with and among his clients will allow us to take our successful multifamily model and apply it to the retail, office and industrial sectors.”
Nelhart brings over 17 years of real estate sales and marketing experience and 25 years of business development experience to the Spaces Invest team. He most recently was a director at 5M Real Estate Inc., a brokerage and property management firm serving Chicago and the greater Midwest. Nelhart also worked as a broker at Option Realty Group. His entrepreneurial experience includes launching HX Ink LLC, a marketing services company specializing in campaign design, data driving and collateral marketing material for suppliers of consumer and industrial products.
“My career has spanned both residential and commercial real estate, which made the move to Spaces especially enticing because it allows me to build a commercial brokerage within an established brand that, until now, has focused exclusively on the residential multifamily market,” said Nelhart. “Increasingly, investors – including many longtime property owners – are looking to diversify their portfolios, so with this expanded scope of services, Spaces will be better positioned to help clients achieve their investment objectives across all major asset classes.”
Nelhart attended the University of Illinois at Chicago focusing on business administration. He is active with a number of local causes, including Autism Speaks, Bear Necessities and the Light Opera Works.
Julia Stoner and Roman Serra, who have led Spaces Invest since its inception, will continue to execute the division’s multifamily investment sales. The Spaces Invest team plans to bring $50 million in assets to market by this summer.
About Spaces Real Estate:
Spaces Real Estate is a full-service real estate brokerage specializing in residential leasing, with an emphasis on Chicago’s North Side and downtown neighborhoods. The company’s approach is both service-oriented and data-driven, powered by a team of experienced brokers with hyperlocal, block-by-block expertise supplemented by the firm’s industry-leading, proprietary technologies. In addition to providing apartment-finding services to renters, Spaces works with a variety of landlords, including private owners, institutional-level investors and veteran developers. Since opening in 2010, the firm has leased approximately 10,000 apartments. In 2016, Spaces introduced a new division, Elevated Spaces, that focuses on the high-end downtown rental market. In 2019, Spaces introduced a multifamily sales division, Spaces Invest which is comprised of a dedicated team of agents who provide brokerage services to buyers and sellers of residential properties throughout the city.
Paul Nelhart has been named the new vice president of commercial real estate of Spaces Invest.