At Black Creek Group, we invest in real estate from the ground up, building by building, scrutinizing and managing every aspect of every investment seeking to create value for our shareholders. For more than 25 years, Black Creek has developed, acquired, operated, financed and sold commercial and residential real estate in North America, with two decades of experience working on behalf of institutional investors.1
We take a rigorous, hands-on approach that benefits from proximity to our real estate investments.2
While the performance of past programs is not indicative of future results, Black Creek Group’s principal owners have sponsored four industrial real estate programs within the last ten years, including two that have gone full-cycle through a liquidity event:3
Evan H. Zucker, is a principal of Black Creek Group, a Denver-based real estate investment firm he co-founded in 1993. In addition, Mr. Zucker serves as Chairman of the Board of Black Creek Industrial REIT IV Inc. and Industrial Property Trust Inc., and is a manager of Black Creek Diversified Property Advisors LLC, the advisor to Black Creek Diversified Property Fund Inc., BCI IV Advisors LLC, the advisor to Black Creek Industrial REIT IV Inc; and Industrial Property Advisors LLC, the advisor to Industrial Property Trust In.
Mr. Zucker has been active in real estate acquisition, development and redevelopment activities for Black Creek Group since 1993, and as of September 30, 2018, with affiliates, has overseen directly, or indirectly through affiliated entities, the acquisition, development, redevelopment, financing and sale of real properties having combined value of approximately $18.5 billion.
Mr. Zucker received a bachelor’s degree in economics from Stanford University.
Raj Dhanda joined Black Creek Group in 2016 as President of Black Creek Group U.S., responsible for the oversight of distribution, marketing, product development, operations and legal functions. In April 2017, Mr. Dhanda was appointed President of Black Creek Diversified Property Fund Inc. and President of Black Creek Industrial REIT IV Inc. In May 2018, Mr. Dhanda was appointed Chief Executive Officer of Black Creek Group.
Prior to joining Black Creek Group, Mr. Dhanda spent 26 years at Morgan Stanley, leading key divisions of the firm’s Institutional and Wealth Management platforms, while also serving on the firm’s Management and Risk Committee for his last eight years. Most recently, he was Head of Investment Products and Services in Wealth Management, responsible for all of the products distributed by Morgan Stanley’s financial advisors. In this capacity, he worked closely with the firm’s financial advisors and third-party asset managers to design and distribute products offering a breadth of investment solutions. In addition, as a member of the division’s Executive and Operating Committees, Mr. Dhanda worked to develop strategies for the changing regulatory environment and the opportunities that technology and data offer today in the wealth management channels.
Mr. Dhanda holds a Bachelor’s degree in both Business Economics and Organizational Behavior & Management from Brown University.
Dwight Merriman joined Black Creek Group in 2010 as the CEO of Black Creek Group's industrial platform. Mr. Merriman currently serves as Head of Real Estate for Black Creek Group, responsible for the oversight of the investment process for industrial, office, retail and multi-family investments. In April 2017, Mr. Merriman was appointed Managing Director, Chief Executive Officer, Black Creek Diversified Property Fund Inc. Mr. Merriman has also served as Managing Director, Chief Executive Officer and a member of the Board of Directors of Industrial Property Trust Inc. since January 2013 and for Black Creek Industrial REIT IV Inc. since November 2014.
Mr. Merriman has been active in acquisition, development, and value-added investment opportunities, and in operations activities related to industrial and office properties since 1984. Prior to joining Black Creek Group, he served for three years as a Managing Director at Stockbridge Capital Group LLC; for seven years as a Managing Director at RREEF Funds where he started CalSmart, a $1.2 billion value-added real estate investment firm with the California Public Employees’ Retirement System; and for five years as Managing Director at Carr America Realty Corporation. Prior to that, Mr. Merriman spent 11 years developing office and industrial properties in Southern California with Overton, Moore & Associates.
Mr. Merriman holds a Bachelor of Science degree in Business Administration from the University of Southern California and an MBA from the University of California at Los Angeles.
Dave Fazekas joined Black Creek Group in 2010. He currently serves as the Managing Director for the Eastern Region for Black Creek Group’s industrial platform.
Mr. Fazekas has over 20 years of real estate experience and is responsible for the sourcing and execution of all industrial investments in the eastern half of the US. In this role he has overseen in excess of $3.5 billion of investment cost totaling over 57.5 million square feet of industrial properties.
Mr. Fazekas holds a B.S. in Business and Economics from Rutgers University and an M.S. in Real Estate Finance and Investment from New York University. He is also a member of NAIOP.
Andrea Karp serves as head of due diligence at Black Creek Group. Ms. Karp has also served as the Senior Vice President of Real Estate of IPT since January 2014 and previously for IIT from August 2010 to November 2015.
From 2006 to 2007, Ms. Karp was Vice President of Fremont Investment & Loan, a California-based bank where she was responsible for originating commercial loans.
From 1997 through 2006, Ms. Karp served as First Vice President of ProLogis. In this capacity, Ms. Karp was responsible for overseeing the Asset Services team, which handled all due diligence and underwriting activities of the corporate mergers, joint ventures, financings, acquisitions and dispositions with activity levels in excess of $6 billion per year.
Ms. Karp holds a Bachelor’s Degree in Economics from the University of Colorado. Ms. Karp is a member of both CREW and NAIOP.
Tom McGonagle joined Black Creek Group in 2010 as the CFO of Black Creek’s industrial platform – Industrial Property Trust Inc. (IPT) and Black Creek Industrial REIT IV Inc. (BCI IV). He has been CFO of IPT since 2013 and of BCI IV since 2014.
Prior to joining Black Creek Group, Mr. McGonagle consulted for several different corporate clients, including as a director and Chairman of the Board of Directors of Pinnacle Gas Resources, Inc., an independent energy company, until the sale of the company in January 2011. Prior to that, Mr. McGonagle was Senior Vice President — Corporate Development at MacDermid, Incorporated, a global, specialty chemical company. Prior to joining MacDermid, Mr. McGonagle was Senior Vice President and Chief Financial Officer of Vistar Corporation, a $3 billion food distribution company. He also served as Managing Director and Co-Head of the U.S. Merchant Banking Group at Babcock & Brown LP, and prior to joining Babcock & Brown, Mr. McGonagle was a Managing Director of the Financial Sponsors Group of Donaldson, Lufkin & Jenrette / Credit Suisse. From 2006 until the sale of the company in January 2012, Mr. McGonagle was a director and chairman of the audit committee of Consolidated Container Company LLC.
Mr. McGonagle received his Bachelor of Arts degree in Economics from Dartmouth College and MBA from the Tuck School of Business at Dartmouth College.
Lainie P. Minnick joined Black Creek Group in 2007. She currently serves as the Head of Debt Capital Markets, responsible for overseeing the development and management of corporate and property level financing and interest rate hedging strategies and lending relationships for Black Creek Group’s lending platforms. In addition, Ms. Minnick serves as the Chief Financial Officer for Black Creek Diversified Property Fund Inc., overseeing financial reporting and forecasting, treasury management, application of NAV policies and procedures, accounting, tax compliance, and other related areas of responsibilities. Ms. Minnick has overseen the execution of over $10.0 billion of financings for Black Creek Group since 2007.
Prior to joining Black Creek Group, Ms. Minnick was a Project Executive for Urban Villages Inc., a Denver-based real estate development firm. She was previously with Goldman Sachs, most recently as Vice President working exclusively with Whitehall Funds, a series of global real estate opportunity funds. Based in both New York and London, Ms. Minnick was responsible for executing real estate related financing transactions throughout the U.S. and Europe. Prior to joining Goldman Sachs, Ms. Minnick worked for the Archon Group, a subsidiary of Goldman Sachs, where she was responsible for real estate related portfolio management and loan asset management efforts.
Ms. Minnick holds a Bachelor of Business Administration degree from Southern Methodist University and an MBA from the Wharton School at the University of Pennsylvania.
Scott Recknor joined Black Creek Group in 2010. He currently serves as the Head of Asset Management, responsible for oversight of all asset management functions including leasing, operations, third party property management, and portfolio capital management. During Mr. Recknor’s tenure at Black Creek Group, the industrial franchises have acquired, managed, and developed an industrial portfolio located in 25 top U.S. industrial markets.
Mr. Recknor’s additional professional experience includes regional management positions at AMB Property Corporation (NYSE: AMB), RREEF, The Goodyear Tire & Rubber Company (NASDAQ: GT) and Colliers International (NASDAQ: CIGI).
Mr. Recknor received his Bachelor of Arts degree in Political Science from the University of California – Irvine.
Jeff Taylor joined Black Creek Group in 2003, serving in various management capacities. He has served as Chief Operating Officer since January 2017.
Mr. Taylor’s background includes investment management, risk management, product management, operating company analysis and strategic planning within financial services companies.
Prior to joining Black Creek Group, Mr. Taylor served in various positions with INVESCO Funds Group, most notably in management roles within the investment division and the distribution company, as well as positions within the transfer agency.
Mr. Taylor holds a Bachelor’s degree from Pennsylvania State University and an MBA from the University of Colorado at Denver. He also is a CFA charterholder.
J.R. Wetzel joined Black Creek Group in 2011. He currently serves as the Senior Managing Director for the Western Region for Black Creek Group’s industrial platform.
Mr. Wetzel has over 30 years of real estate experience and is responsible for the sourcing and execution of all industrial investments in the western half of the U.S. In this role he has overseen in excess of $5 billion of investment cost totaling over 60 million square feet of industrial properties.
Mr. Wetzel holds a Bachelor of Arts degree in Economics from Claremont McKenna College (CMC) and an MBA in Real Estate Finance from the University of Southern California.
Josh Widoff joined Black Creek Group in 2007. He has served as Chief Legal Officer and Corporate Secretary since June 2018 and previously was Managing Director, General Counsel and Corporate Secretary of Black Creek Diversified Property Fund Inc., Black Creek Industrial REIT IV Inc., and Industrial Property Trust Inc.
Prior to joining Black Creek Group, Mr. Widoff was a partner of the Denver law firm of Brownstein Hyatt Farber Schreck, P.C., where he was active in the management of the firm, serving as chairman of both the firm’s Associate and Recruiting Committees and overseeing an integrated team of attorneys and paralegals servicing clients primarily in the commercial real estate business.
Mr. Widoff was named by the Denver Business Journal in 2012 as one of Denver’s Best Corporate Counsel, is an alumnus of Leadership Denver, and has served on many charitable, community and political boards during his career. Mr. Widoff serves as Vice Chair of the Board of Commissioners of the Denver Urban Renewal Authority where he heads the Redevelopment Committee. He currently also serves as a member of the board of directors of the U.S. subsidiary of a publicly-traded Canadian oil and gas company, Enerplus Resources (NYSEL ERF). Mr. Widoff also is an adjunct professor at the University of Colorado School of Law.
Mr. Widoff received his Bachelor’s Degree in Economics and Political Science from Trinity University and his Juris Doctor Degree from the University of Colorado School of Law.
1 Institutional investors are not likely to invest in BCI IV. Institutional investors often invest on substantially different terms and conditions, which may include lower fees, expenses or leverage.
2 Represents the total cost of real estate projects and loans secured by real estate acquired and/or developed by Black Creek Group, its affiliates and its direct and indirect owners, including John Blumberg, James Mulvihill and Evan Zucker, from inception through September 30, 2018.
3 DCT Industrial Trust Inc. and Industrial Income Trust Inc (IIT) are no longer controlled by affiliates of BCI IV’s sponsor. A liquidity event for BCI IV is not guaranteed and may be postponed. Prior performance is not a guarantee of future results.
4 Concurrently with the closing of the merger transaction, IIT transferred 11 properties then owned by IIT that were under development or in the lease-up stage (the “Excluded Properties”) to a liquidating entity (the “Liquidating Trust”), the beneficial interests in which were distributed pro rata to IIT stockholders. The Liquidating Trust currently anticipates that it will complete its liquidation within 12 to 24 months following the merger, with the goal of maximizing the value of the Excluded Properties for IIT’s former stockholders. Academy Partners Ltd. Liability Company (“Academy Partners”) is the former owner and user of the names “Industrial Income Trust Inc.,” “Industrial Income Trust” and “IIT” (collectively, the “Trademarks”) and GLP (or its affiliate), which is unrelated to Academy Partners and Black Creek Group, is the present owner and source of services provided under the Trademarks.
5 Although BCI IV intends to focus its investment activities primarily on distribution warehouses and other industrial properties, BCI IV’s charter and bylaws do not preclude it from investing in other types of commercial property or real estate debt. It is important to note that creditworthiness does not necessarily mean that BCI IV’s corporate customers will be investment grade, and, in fact, it is anticipated that much of BCI IV’s portfolio will be comprised of non-rated and non-investment grade corporate customers.