Crossroads Development Partners

What Crossroads Development Partners does

Crossroads Development Partners, operating as Xroads Real Estate Advisors, is a privately held, boutique commercial real estate advisory firm founded in 2006 by Michael Nortman and headquartered in Chicago, Illinois. The firm delivers five integrated service lines — Property Management, Property Accounting, Asset Management, Receiverships, and Brokerage (Owner Representation, Tenant Representation, and Investment Sales) — across office, medical office, retail, and industrial asset classes. Its portfolio spans roughly 1.1 million+ square feet of actively managed commercial space, including anchor engagements such as the 1.1 million square foot 161 N. Clark office asset (asset management and receivership, 2023–present) and the 110,394 square foot Sunset Grove Shopping Center.

The firm generates revenue primarily through professional service fees: percentage-based property and asset management fees, transaction-based brokerage commissions, back-office accounting engagements, and receivership mandates. GTM is relationship-led and regional — direct sales targeting commercial property owners, investors, tenants, and financial institutions, concentrated in Chicagoland with selective national engagements (e.g., legacy/loss-share portfolios managed during the career of President Kirsten Bowersox). There is no proprietary technology platform; the model relies on industry expertise, Yardi-based accounting infrastructure, and personal networks ("hitting the pavement and making the phone ring").

Operationally, the company is founder-owned (Nortman) and recently completed a leadership transition in December 2024, elevating Kirsten Bowersox to President and Suzanne Hendrick to COO. Headcount sits in the 11–50 range, consistent with a boutique advisory structure. Customer concentration centers on a handful of multi-year enterprise engagements (e.g., 4201 Lake Cook since 2010, 1255 S. State and Silver Cross since 2016), with a meaningful anchor in financial-institution receivership work that adds episodic but high-value mandates.

Name

Crossroads Development Partners

Legal name

Xroads Real Estate Advisors, Inc.

Website

https://xrdevelopment.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Crossroads Development Partners (dba Xroads Real Estate Advisors) is a Chicago-based boutique commercial real estate firm providing property management, asset management, receivership, brokerage, and accounting services to property owners, investors, and financial institutions across Chicagoland and select national markets.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Services

NAICS

Offices of Real Estate Agents and Brokers (5312), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro industry

PRIMARYBPAJANAC

Real Estate Development & Feasibility Advisory (Highest-and-Best-Use, Entitlements Support)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Advisory & Consulting (Investment, Strategy)

SECONDARYBPAJABAG

Land & Development Site Brokerage

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Commercial Real Estate Brokerage

SECONDARYBPAJANAF

Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Advisory & Consulting (Investment, Strategy)

Keywords

• Commercial property management
• Commercial real estate advisory
• Asset management services
• Commercial brokerage services
• Real estate receivership

Headquarters

HQ city

Schaumburg

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Property Management Services: Professional property management services for commercial properties including office, medical office, retail, and industrial. Revenue generated through management fees, typically calculated as a percentage of managed property value or a per-square-foot basis.
2. Asset Management: Real estate asset management services involving analysis and management of investment assets to maximize returns. Revenue through asset management fees.
3. Brokerage Services: Owner Representation, Tenant Representation, and Investment Sales across all asset classes. Revenue through brokerage commissions on completed transactions.
4. Property Accounting Services: Back-office accounting services for real estate properties including financial reporting, compliance, and decision-making support.
5. Receivership Services: Management and disposition of distressed properties when appointed as Receiver. Stabilization, asset preservation, and financial management services.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Crossroads Development Partners (Xroads Real Estate Advisors) is a fully integrated boutique commercial real estate firm providing five interconnected services: Property Management, Property Accounting, Asset Management, Receiverships, and Brokerage (Owner Representation, Tenant Representation, and Investment Sales). Services are tailored for owners, investors, and financial institutions holding office, medical office, retail, and industrial properties across Chicagoland and select national markets.

Product overview

Xroads Real Estate Advisors is a fully integrated, boutique commercial real estate firm providing a unified platform of five interconnected services: Property Management, Property Accounting Services, Asset Management, Receiverships, and Brokerage Services. The firm leverages entrepreneurial agility with institutional expertise to deliver tailored solutions across office, medical office, retail, and industrial properties in the Chicagoland area and select national markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Property Management Professional commercial property management delivering exceptional service and optimizing property performance for commercial property owners. Covers office, medical office, retail, and industrial properties, employing best practices and technology to create value, enhance tenant experiences, and drive long-term success for owners.
• Property Accounting Services Financial reporting for real estate properties including accurate recording and reporting of financial transactions, compliance with accounting standards, and reliable financial insights to support decision-making for ownership. Provided to property owners, asset managers, investors, and other stakeholders.
• Asset Management Analysis and management of real estate investment assets to develop strategies that maximize returns while minimizing risk, encompassing implementation and oversight of activities aimed at optimizing performance and value of investments.
• Receiverships Receivership services acting as a mechanism to protect the interests of creditors, property owners, and other stakeholders through orderly management and disposition of distressed commercial properties. Includes stabilization, asset preservation, and financial management when appointed as Receiver.
• Brokerage Services Owner Representation, Tenant Representation, and Investment Sales brokerage across all commercial asset classes. Combines traditional brokerage approach ('hitting the pavement and making the phone ring') with individualized digital marketing campaigns to analyze markets and execute strategies for clients.

Named customers5 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

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• JLL (Jones Lang LaSalle): Global commercial real estate services and investment management firm. Comparable in property management, asset management, investment sales brokerage, and capital markets advisory. Competes for institutional owner mandates, large receivership engagements, and Chicago-based assignments; Xroads' leadership team (especially Hendrick from Transwestern/MBRE) overlaps in talent pipeline.
• Cushman & Wakefield: Global full-service commercial real estate services firm. Comparable across all of Xroads' service lines (property management, asset management, brokerage, valuation, receivership support). Competes for the same large institutional and lender clients, particularly in distressed asset and receivership work where scale and national platform matter.
• Transwestern: National full-service commercial real estate firm with strong Chicago presence. Directly comparable in property management, asset management, and brokerage services; Suzanne Hendrick was previously EVP of Asset Services Operations at Transwestern running the Chicago portfolio. Larger scale and national footprint make it a primary incumbent competitor for institutional mandates.
• CBRE: Largest global commercial real estate services firm. Comparable across property management, asset management, investment sales, and capital markets. Sets the competitive ceiling on institutional-grade mandates and is the incumbent that boutique firms like Xroads most often compete against for the largest Chicago-area assignments.
• Colliers: Global commercial real estate services firm with strong property management and brokerage franchise. Comparable in integrated service delivery (PM + asset management + brokerage), competing for the same owner/investor relationships in Chicago and nationally. Mid-tier boutique competitors like Xroads frequently lose or win mandates against Colliers in mid-market segments.
• Newmark Group: Global commercial real estate advisory and services firm with growing property management and capital markets businesses. Comparable in investment sales, leasing, and asset management services; competes for distressed-asset and lender-driven mandates similar to Xroads' 161 N. Clark receivership work.
• Marcus & Millichap: National commercial real estate investment services firm specializing in investment sales, financing, and capital markets. Comparable in investment sales brokerage and owner/investor advisory, particularly for mid-market transactions. Differentiated by its sales-only model versus Xroads' full-service property management platform.

Direct peers

• MB Real Estate: Chicago-based full-service commercial real estate firm offering property management, asset management, and brokerage. Directly comparable: both Kirsten Bowersox (Xroads President) and Suzanne Hendrick (Xroads COO) previously held senior leadership roles at MB Real Estate, and Xroads explicitly competes in the same Chicagoland property/asset management and brokerage segments.
• NAI Global: Global network of independently owned commercial real estate brokerage and management firms. Comparable as a similarly boutique/franchise-style model offering integrated property management, brokerage, and asset management services; competes for the same mid-market owner/investor relationships, particularly outside the top-tier institutional space.
• SVN International: Commercial real estate franchise with a national network of offices providing brokerage, property management, and advisory services. Highly comparable in boutique/entrepreneurial positioning and integrated service model, particularly in mid-market owner representation and investment sales — directly competitive for similar client profiles.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/crossroads-developments

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

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 Crossroads Development Partners