HSA Commercial Real Estate

What HSA Commercial Real Estate does

HSA Commercial Real Estate is a privately held, Chicago-based full-service commercial real estate firm founded in 1981 that develops, leases, manages, and finances industrial, retail, healthcare, office, and mixed-use properties. The company operates through a unified platform with multiple specialized service lines (Industrial Development, Retail Development, Healthcare, Office, Property Management, Acquisitions, Development Services, and Finance) and a wholly owned healthcare-focused subsidiary, HSA PrimeCare. HSA's primary geographic focus is the I-94 logistics corridor between Chicago and Milwaukee, with established positions in Indianapolis and a 2023 expansion into Fort Myers, Florida. Its portfolio spans 16+ million square feet across 14 states, anchored by Class A speculative and build-to-suit industrial developments (Bristol Highlands Commerce Center, Gateway Business Park, Heartland Corporate Center, Terminus at Hobbs Station, Pabst Farms) and large mixed-use projects such as The Mayfair Collection in Wauwatosa, Wisconsin.

HSA generates revenue through three principal streams: (1) one-time development fees and project economics on speculative and build-to-suit projects ranging from 35,000 SF small-bay warehouses to 2+ million SF industrial parks; (2) recurring property management fees on owned and third-party-managed assets; and (3) transaction-based leasing commissions on new leases and renewals. The firm leverages institutional capital partners — including a $200 million joint equity fund with USAA for healthcare, partnerships with Clarion Partners, Washington Capital Management, and Innovative Capital Advisors — to co-invest in development and acquisitions. Distribution is executed through exclusive leasing relationships with CBRE, Colliers, and Cushman & Wakefield, supplemented by direct executive sales.

HSA PrimeCare, the healthcare real estate division founded on an initiative launched in 1995, manages a 2+ million square foot portfolio of medical office buildings and outpatient facilities across multiple states, with repeat relationships with health systems including Silver Cross Hospital, Froedtert & the Medical College of Wisconsin, UChicago Medicine, Ascension, and Children's Wisconsin. The company has no disclosed proprietary technology platform; its competitive position rests on location-specific land control, institutional capital relationships, and the operating track record of its senior team.

Name

HSA Commercial Real Estate

Legal name

HSA Commercial Real Estate

Website

https://hsacommercial.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

101–250 employees

Short description

HSA Commercial Real Estate is a Chicago-based full-service commercial real estate firm providing development, leasing, management, and financing for industrial, retail, healthcare, and office properties across 14 states, with a 16+ million square foot portfolio anchored along the I-94 corridor.

Ownership category

akta.pro rank

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain, Others

Revenue model

1. Real Estate Development: HSA Commercial generates revenue through development of industrial, retail, healthcare, and office properties on a speculative basis or build-to-suit. They develop properties ranging from 35,000 SF small-bay warehouses to 2+ million SF industrial parks.
2. Property Management: The firm manages a portfolio of commercial properties including industrial, medical office, retail, and office properties across the Midwest. Management fees are a recurring revenue stream.
3. Leasing Commissions: HSA Commercial earns leasing commissions on transactions for space at properties they develop or manage, including renewals and new leases with tenants such as Marathon Electric, HARIBO, Kenco Logistics, and others.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

HSA Commercial Real Estate is a full-service commercial real estate firm that develops, manages, leases, and finances industrial, retail, healthcare, office, and mixed-use properties. The company pursues both speculative development (buildings constructed without pre-leasing) and build-to-suit projects for specific tenants, while also providing third-party property management services to institutional owners. Notable offerings include Class A warehouse and distribution facilities, shopping centers, medical office buildings, and mixed-use developments. The firm has developed over 50 million square feet of commercial space across 14 states, with a strategic focus on the I-94 logistics corridor between Chicago and Milwaukee.

Product overview

HSA Commercial Real Estate is a diversified, national full-service commercial real estate firm that provides development, management, leasing, and client services. The company's service offering is organized as a unified platform with multiple divisions and specialized sub-brands: HSA PrimeCare handles healthcare real estate; core services include Industrial Development, Retail Development, Healthcare Real Estate, Office Services, Acquisitions, Development Services, Finance, and Property Management. Notable named development projects include The Mayfair Collection (mixed-use retail/hotel/residential), Gateway Business Park (industrial), Bristol Highlands Commerce Center (industrial), Terminus at Hobbs Station (industrial), Beacon Hill Medical Development, and Silver Cross Medical Office Pavilion. The company operates across the Midwest and Southeast regions with a portfolio spanning over 16 million square feet.

Differentiator

Problem solved

Functional benefit

Brands

• HSA PrimeCare: Healthcare real estate services division providing specialized real estate solutions for healthcare providers and facilities.

Products and services

• Industrial Development Services Development of Class A warehouse and distribution facilities including speculative and build-to-suit industrial properties along key logistics corridors such as the I-94 corridor between Chicago and Milwaukee, with expanding operations in Indianapolis and Southeast markets. Targets industrial/logistics users ranging from 35,000 SF small-bay warehouses to 2+ million SF industrial parks.
• Retail Development Services Shopping center development and brokerage services creating retail environments for consumer-facing businesses, including adaptive reuse of obsolete warehouse buildings into modern retail and mixed-use spaces. Targets national and regional retailers, restaurants, and lifestyle center operators.
• Healthcare Real Estate Services Advisory and development solutions for healthcare facilities including medical office buildings, hospital campuses, and outpatient centers, delivered through the HSA PrimeCare division. Manages over 2 million square feet of healthcare facilities across the Midwest for hospital systems, medical practices, and healthcare networks.
• Property Management Commercial property management services for industrial, retail, office, and healthcare properties across the Midwest, including property tax appeals, property insurance, building operations, tenant relations, budgeting, and forecasting. Manages 16+ million square feet of properties.
• Acquisitions Commercial real estate acquisition services for retail, office, healthcare, industrial, and mixed-use properties. Sources, underwrites, and closes property acquisitions, often in partnership with institutional capital sources and joint venture partners.
• Development Services Full-service development capabilities for commercial real estate projects including master-planned communities, business parks, and mixed-use developments, covering site selection, due diligence, underwriting, construction management, and project oversight.
• Real Estate Finance Real estate financing and capital markets services for commercial development projects, including debt placement and equity sourcing. The SVP of Finance has closed $1.0 billion of debt placements on more than 15 million square feet of commercial real estate.
• Office Services Office property leasing, development, and management services for commercial office spaces in suburban and mixed-use settings, targeting corporate users and professional services firms.
• The Mayfair Collection A 69-acre mixed-use development in Wauwatosa, Wisconsin featuring over 400,000 square feet of retail anchored by Whole Foods Market and Nordstrom Rack, a 146-room Hilton Homewood Suites hotel, and 269 luxury apartments. Awarded Retail Project of the Year by Milwaukee Business Journal in 2015.
• Gateway Business Park A 55-acre master-planned business park in Plainfield, Indiana near Indianapolis International Airport offering warehouse, office, retail, and built-to-suit spaces. Notable tenants include Kuehne+Nagel USA, Continental, Mygrant Glass Company, and Omada Worldwide Expedite.
• Bristol Highlands Commerce Center A 68-acre industrial park in Bristol, Wisconsin near Interstate 94 and the Wisconsin-Illinois border, featuring multiple Class A warehouse buildings. Fully leased with tenants including HARIBO of America and Visual Pak.
• Terminus at Hobbs Station A two-building, 497,540-square-foot speculative industrial development near Indianapolis International Airport in Plainfield, Indiana, with Marathon Electric LLC occupying 233,618 SF.
• Beacon Hill Medical Development A 4.57-acre land site in Crown Point, Indiana offering up to 60,000 SF of medical office space within the Beacon Hill mixed-use development.
• Silver Cross Medical Office Pavilion A 40,000 SF two-story medical office building on the Silver Cross Hospital campus in New Lenox, Illinois, housing urgent care, occupational health, and primary care clinics. Part of a longstanding partnership with Silver Cross Hospital since 2008.
• Heartland Corporate Center A 757,880 SF warehouse in Shorewood, Illinois developed in partnership with Clarion Partners on a 46-acre site, fully leased with Kenco Logistics as tenant.
• HSA PrimeCare The national healthcare real estate division of HSA Commercial, specializing in medical office building development, acquisition, leasing, and property management. Manages a portfolio of over 2 million square feet of healthcare facilities across 8 states. Backed by a $200 million joint equity fund with USAA.

Quantifiable outcome

• Developed over 50 million square feet valued at $5 billion over company history
• +3 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core, minor and major.

• Range GroupcoreStrategic or Co-development Partner · 4 February 2025HSA Commercial partnered with Range Group to acquire 2.25 acres on Chicago's Near West Side within the Kinzie Planned Manufacturing District. The firms plan to develop a pair of 35,000 SF small-bay warehouses for last-mile fulfillment.
• Fiduciary Real Estate DevelopmentcoreStrategic or Co-development Partner · 7 January 2015Partnership to develop up to 1,050 luxury residences at The Mayfair Collection in Wauwatosa, WI. HSA provides retail and commercial development while Fiduciary handles residential component. Synergy luxury apartments (269 units) opened as part of this partnership.
• Cornerstone Architects (Nelson Company)minorImplementation/ SI/ Consulting PartnerProject architect for Pabst Farms 226,800 SF speculative industrial facility.
• Pinnacle EngineeringminorImplementation/ SI/ Consulting PartnerCivil engineer for Pabst Farms development.
• Riley ConstructionminorImplementation/ SI/ Consulting PartnerGeneral contractor for Pabst Farms speculative industrial facility.
• Cushman & Wakefield | BoerkemajorChannel Partner/ Reseller/ DistributorLeasing broker for Pabst Farms industrial facility. Reported 1.1% industrial vacancy in Waukesha County in Q1 2025.
• ColliersmajorChannel Partner/ Reseller/ DistributorLeasing representation for Terminus at Hobbs Station development. Represented ownership (HSA) and Marathon Electric in 233,618 SF lease transaction.
• CBREmajorChannel Partner/ Reseller/ DistributorExclusive leasing representation for Gateway Business Park properties in Indianapolis including Gateway Industrial I-VI. CBRE brokers Terry Busch and Jared Scaringe lead landlord representation.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• CenterPoint Properties: Chicago-area industrial real estate developer and owner-operator focused on logistics properties near transportation hubs. Directly comparable to HSA's I-94 corridor industrial strategy with similar geography and tenant mix (3PLs, distributors, manufacturers).
• Panattoni Development Company: Largest privately-held industrial real estate developer in the US, building speculative and build-to-suit Class A warehouse and distribution space across major Midwest and national logistics markets. Directly comparable on industrial development and build-to-suit services.
• Hillwood: Perot family's industrial and mixed-use real estate developer operating across major US logistics markets including the Midwest. Comparable on industrial development, mixed-use projects, and alliance-based capital structure similar to HSA's institutional partnerships.
• CRG (Clayco Related): Chicago-based real estate developer of industrial, multifamily, and mixed-use properties. Comparable as a Midwest-headquartered full-service developer with similar urban industrial infill and master-planned community activity.
• Logistics Property Company: Chicago-based industrial real estate developer focused on Class A logistics facilities in major US markets. Directly comparable on speculative and build-to-suit industrial development for 3PL and distribution tenants.
• NorthPoint Development: Kansas City-based industrial real estate developer building large-scale Class A distribution parks across the Midwest and nationally. Comparable on speculative industrial development scale, geographic overlap, and logistics corridor focus.
• Anchor Health Properties: Healthcare-focused real estate developer and manager specializing in MOBs, outpatient facilities, and hospital campus developments. Directly comparable to HSA PrimeCare's healthcare real estate platform.
• Opus Group: Minneapolis-based national real estate developer of office, industrial, retail, and healthcare properties with integrated development, design, and construction capabilities. Comparable as a Midwest-rooted full-service CRE developer across multiple asset classes.
• Bridge Industrial: Privately-held industrial real estate developer and owner-operator focused on Class A logistics facilities in core US markets including the Midwest. Comparable on industrial development strategy and institutional capital relationships.

Broad incumbents

• JLL (Jones Lang LaSalle): Global commercial real estate services firm offering brokerage, property management, development advisory, and capital markets across all asset classes including industrial and healthcare. Comparable as a full-service CRE platform but with vastly larger scale and global reach than HSA.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/hsacommercial
• YouTubeyoutube.com/channel/UCzTf
• LinkedInlinkedin.com/company/hsa-commercial-real-estate

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HSA Commercial Real Estate