Today we’d like to introduce you to Jesal Patel.
Jesal, can you briefly walk us through your story – how you started and how you got to where you are today.
I like to tell the story of how I got started in real estate when I was just 9 years old. I had an opportunity to purchase a marquee property and I leveraged everything I had to get it. I was later able to develop the property with a hotel and it was a great success.
The property was Park Place and I was playing Monopoly but many of the principles I learned playing that game apply in what I do today. My father began working in real estate before I was born so the business is very much ingrained in me. I would often play in my father’s office and ride along with him as he toured the city and called out every building that he bought and sold along with all the ones that he should have bought. Just like in monopoly when you have a chance to buy a property don’t wait until the next time around because it won’t be there. I always had an interest in real estate and so I enrolled in the Real Estate Finance program and Indiana University. After I graduated I joined my brother and father and together we formed Patel Realty.
We set out to serve as brokers for buyers and sellers and also to grow our own inventory of income properties. We closed many deals on apartment buildings, hotels, shopping centers, and a mix of residential properties including homes and condos. Our path was drastically changed when we struck a deal to purchase 16 shopping centers from a single seller. We were able to structure the deal in a way that allowed us to have separate closings over several weeks with numerous buyers. We flipped 9 of the centers and the profit allowed us to purchase 7 of them for ourselves using the lending relationships we’d built over the years. We were immediately immersed in the retail real estate industry and built a network of colleagues in the leasing industry that further expanded our client base and access to properties.
Over the next few years, we added some additional retail properties as well as some small hotel properties. We used family investors to operate the hotels after we rehabbed them and also expanded our client base in the hotel market. We became very active in the retail real estate and hotel industries joining the International Council of Shopping Centers (ICSC) and the Asian American Hotel Owners Association (AAHOA). In both organizations, we serve in a government relations capacity where we travel several times per year to Washington and Springfield to lobby for industry interests. We have built a reputation of dignified service and provide a wealth of knowledge and experience to every deal that we are involved in.
Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
The road has not been smooth at all. We have dealt with all of the problems inherent in real estate. Evictions, bankruptcies, foreclosures, lawsuits, zoning issues, construction delays, you name it, we’ve seen it. In the 20+ years that Patel Realty has been in business the real estate industry has seen quite a roller coaster ride. The Great Recession was a reckoning for many in the industry and we did not escape its wrath. Banks failed, tenants went dark, the market collapsed, all the while the tax bills just kept growing. Thankfully we were able to navigate the crisis and maintain our standing.
Patel Realty – what should we know? What do you guys do best? What sets you apart from the competition?
Patel Realty is a boutique real estate firm serving as a broker to buyer and seller for all real estate types. We also serve in a consulting capacity for real estate and business development and management. We are uniquely suited to consult for zoning matters with extensive experience on PUD, special uses, variances, and economic incentives. We are most proud of our reputation as zealous advocates for our clients. We treat every deal as if it were our own and add value with our knowledge and resources.
What moment in your career do you look back most fondly on?
I am quite proud of my service to the Village of Lincolnwood as a Trustee since 2007. I have maintained the same address in Lincolnwood since I was 4 years old. I was invited to interview to run in the local election with a slate of two incumbents and I was chosen to run for the seat. I was unopposed and since was re-elected twice.
I am now the senior member of the board and serve as chairman of the finance committee among other posts. I have helped Lincolnwood to attract new businesses, improved public process, and have worked with Board and Staff over the past 10 years to help Lincolnwood move forward. I am proud of each day that I serve but I am perhaps most proud of the day that I was nominated to run for the seat.
Contact Info:
- Address: 3730 W Devon Ave
Lincolnwood, IL 60712 - Website: www.patelrealty.com
- Phone: 8477631480
- Email: jp@patelrealty.com
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