Somerstone

What Somerstone does

Somerstone LLC is a private commercial real estate investment and development firm headquartered in Brookfield, Wisconsin with a regional office in Zionsville, Indiana. The company operates as a small, principal-led boutique (approximately four staff members) and offers five integrated service lines: development (retail, multi-family, medical office, land subdivision, mixed-use), investment sponsorship via limited partnerships with passive ownership structures and defined exits, brokerage (acquisitions, dispositions, leasing, and 1031 exchange facilitation), property and asset management, and 1031 exchange structuring. Customers span two primary segments: passive real estate investors (HNIs and 1031 exchange participants) seeking syndicated equity ownership and monthly distributions, and national retailers, franchise operators, franchises, and JV partners seeking site selection, entitlements, build-to-suit development, and disposition services. Named tenant relationships include Starbucks, Chick-fil-A, Chipotle, Texas Roadhouse, Chase Bank, Ascension Wisconsin, Dunham's Sports, Ross Dress for Less, Old Navy, First Watch, Landmark Credit Union, and Lifepoint Rehabilitation.

The firm's revenue model is transaction- and fee-based: brokerage commissions on buy/sell and lease transactions, development and construction-management fees, recurring property and asset management fees, management fees and carried interest on syndicated equity, and fees from 1031 exchange facilitation. Pricing is individually negotiated per deal and not publicly disclosed. Go-to-market is direct and relationship-led — principals engage institutional investors, JV partners, and major tenants directly, supplemented by a deal-registry portal, company website, and limited email/newsletter distribution. Underlying technology is conventional (DCF modeling, lease abstracting, comparative analysis); there is no proprietary platform, no AI/ML capability, and no app or API surface.

Somerstone's recent strategic activity is anchored by the Fox Run Shopping Center JV (with VJS Development and Bedford Development, late 2019) which produced a $32M+ mixed-use redevelopment (The Den at Fox Run luxury apartments, Ascension micro-hospital, retail); the West Bend Corporate Center REO acquisition (2021) repositioned to 96% occupancy with three national tenants; the Shops at Meadow Ridge neighborhood retail center in Pewaukee; and a recurring single-tenant NNN ground lease program with Starbucks, Chick-fil-A, Texas Roadhouse, Chipotle, First Watch, and others. Principals report 85+ years of combined CRE experience across landlord, appraisal, brokerage, leasing, lending, sponsorship, and ownership roles, with career transaction volume exceeding $4 billion. The firm is independently owned with no external institutional capital or parent company disclosed.

Name

Somerstone

Legal name

Somerstone LLC

Website

https://somerstone.co

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Somerstone is a private, principal-led commercial real estate firm in Brookfield, WI (with an Indiana office) offering development, investment syndication, brokerage, property management, and 1031 exchange services to passive real estate investors and national retail and franchise tenants across Wisconsin and Indiana.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Services

NAICS

Offices of Real Estate Agents and Brokers (53121)

SIC

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

akta.pro primary industry

Land Brokerage (Raw Land & Development Sites) (FSAEAJAD)

Keywords

• Commercial real estate
• Real estate development
• Real estate investment
• 1031 exchange services
• Property management

Headquarters

HQ city

Brookfield

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

Revenue model

1. Equity Syndication / Investment Sponsorship: Somerstone sources, analyzes and acquires/develops well-located properties for investment syndication. As sponsor, they manage all aspects of property operations, tenant relations, leasing, financing, accounting, investment reporting, tax prep/compliance and dispositions. Revenue comes from management fees and carried interest on syndicated deals. Investment structures include limited partnerships, tenants-in-common, and defined exit strategies with monthly distributions.
2. Real Estate Brokerage: Brokerage services for acquisitions, dispositions, deal sourcing, and leasing. Revenue earned through commissions on buy-side and sell-side transactions.
3. Development Services: Full range of development services including entitlements, land assemblage, tax increment financing, budgeting, forecasts, and project management. Revenue from development fees and profit participation.
4. Property and Asset Management: Ongoing property management services including lease administration, vendor supervision, tenant relations, accounting, capital cost planning, and CAM reconciliations.
5. 1031 Exchange Facilitation: Facilitates like-kind tax-deferred exchanges for clients, sourcing ideal exchange assets and structuring valid 1031 exchanges within IRS timelines.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Somerstone is a commercial real estate investment and development firm that sponsors limited partnership deals, develops and redevelops land and buildings, sells and leases commercial real estate, and facilitates 1031 exchanges. The firm operates across Wisconsin and Indiana, serving national retailers, franchises, JV partners, and passive investors with development, investment syndication, brokerage, property/asset management, and 1031 exchange services.

Product overview

Somerstone is a commercial real estate investment company that operates as a unified platform of real estate services rather than a modular software product. The company offers five integrated service lines: Development Services (retail, multi-family, medical office, land subdivision, mixed-use), Investment/Syndication (limited partnerships with defined exit strategies), Brokerage (acquisitions, dispositions, deal sourcing, leasing), Property/Asset Management, and 1031 Exchange Services. The company sponsors limited partnership deals, develops land, redevelops buildings, sells and leases commercial real estate, and facilitates 1031 exchanges. Notable development projects include The Den at Fox Run (72-unit luxury apartments), West Bend Corporate Center (127,992 SF retail), The Shops at Meadow Ridge (multi-building retail development), and multiple single-tenant properties including Starbucks, Chick Fil A, First Watch, Ascension Milwaukee Hospital, Chase Bank, and Chipotle locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Development Services Full-service real estate development for retail, multi-family, medical office, land subdivision, and mixed-use projects. Services include land assemblage, entitlements, tax increment financing, budgeting, forecasting, and project management. Targeted at national retailers, franchise operators, JV partners, and investors seeking build-to-suit or speculative development in Wisconsin and Indiana markets.
• Investment/Syndication Sponsorship of limited partnership and equity syndication deals offering passive ownership investment opportunities in commercial real estate. Investments include defined exit strategies, monthly distributions, prudent leverage, and structures such as limited partnerships and tenants-in-common. Targeted at individual accredited investors and institutional capital seeking passive income, diversification, and tax deferral.
• Brokerage Commercial real estate brokerage services covering acquisitions, dispositions, deal sourcing, leasing representation, and 1031 exchange facilitation. Principals serve as licensed brokers in Wisconsin and Indiana, handling buy-side and sell-side representation for property owners, investors, and tenants.
• Property/Asset Management Property and asset management services including property-level accounting, vendor supervision, tenant relations, lease administration, CAM reconciliations, and capital cost planning. Designed to maximize asset value for owners of commercial real estate in Wisconsin and Indiana.
• 1031 Exchange Services Sourcing, structuring, and closing valid Section 1031 like-kind exchanges to defer capital gains taxes for clients. Includes identifying ideal exchange replacement assets and managing transactions within IRS-mandated timelines. Targeted at property owners seeking tax-deferred reinvestment of sale proceeds into like-kind commercial real estate.

Named customers13 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• Mid-America Real Estate Group - WisconsinminorChannel Partner/ Reseller/ Distributor · 1 March 2023Brokerage partner assisting with sale of Texas Roadhouse ground lease in Oak Creek. Mid-America facilitated buyer representation on the transaction.
• VJS DevelopmentcoreStrategic or Co-development Partner · 1 November 2019Joint venture partner in Fox Run Shopping Center acquisition and redevelopment. VJS Development partnered with Somerstone and Bedford Development to acquire and transform the aging retail center into a mixed-use development.
• Bedford DevelopmentcoreStrategic or Co-development Partner · 1 November 2019Joint venture partner in Fox Run Shopping Center acquisition. Bedford Development collaborated on the $32M+ mixed-use redevelopment project including luxury apartments, micro-hospital, and retail.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Phillips Edison & Company: Phillips Edison is a publicly traded net-lease REIT focused on grocery-anchored and necessity-based retail centers, with an in-house asset and property management platform. It addresses overlapping investment and asset management activities with Somerstone (retail strip center ownership and management) but operates as a large, externally managed REIT - a structurally different capital and scale proposition.

Direct peers

• NAI Global: NAI Global is a network of independently owned commercial real estate brokerage firms providing investment sales, leasing, and property management. It is comparable to Somerstone because it aggregates many small/mid CRE principals under a shared brand - similar in feel to a boutique, principal-led investment and brokerage firm but with broader geographic reach.
• SVN International Corp. SVN is a commercial real estate franchise network focused on investment sales, leasing, and auction services. It is comparable to Somerstone's brokerage and investment-syndication model for retail and net-leased assets, with a similar deal-by-deal, principal-driven culture but at a national footprint through franchisees.
• Mid-America Real Estate Group: Mid-America Real Estate Group is a Midwest-focused commercial real estate brokerage and investment sales firm with offices in Wisconsin and other states. It is directly comparable because Somerstone has explicitly partnered with Mid-America as a brokerage channel (e.g., on the Texas Roadhouse ground-lease sale in Oak Creek), and both firms operate regional CRE brokerage/investment businesses targeting similar investors and tenants.

Broad incumbents

• JLL: JLL is a global commercial real estate services firm offering investment sales, leasing, development advisory, and property/asset management. It is comparable because Somerstone's integrated five-service offering mirrors a scaled-down version of JLL's platform, though JLL operates globally with institutional clients.
• Colliers International: Colliers is a global diversified professional services and investment management firm with a major CRE services practice (brokerage, investment sales, property management). Comparable to Somerstone's brokerage and asset management activities but at an institutional, multi-national scale with significantly more resources.
• Cushman & Wakefield: Cushman & Wakefield is a global commercial real estate services firm offering investment sales, leasing, valuation, and asset services. It competes with Somerstone in CRE investment sales and asset management, particularly for retail and mixed-use assets, but at a much larger institutional scale.
• Newmark Group: Newmark is a global commercial real estate advisory and investment sales firm offering brokerage, investment sales, capital markets, valuation, and property management. It overlaps with Somerstone across investment sponsorship and brokerage but serves institutional clients at a much larger scale.
• Marcus & Millichap: Marcus & Millichap is a large, publicly listed commercial real estate investment sales and financing brokerage with national coverage. It is comparable to Somerstone's brokerage and investment-syndication activities but operates at vastly greater scale across property types and geographies, with institutional financing capital markets capabilities Somerstone does not have.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/somerstone-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Somerstone