Mandelbaum Properties
Mandelbaum Properties is a family-owned Des Moines real estate development and investment firm building mixed-use, adaptive reuse, and residential projects, and advising REITs and institutional investors on sale-leaseback financing.
- Company typePrivate
- Founded1999
- HeadquartersDes Moines, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Mandelbaum Properties does
Mandelbaum Properties is a family-owned real estate development and investment firm headquartered in Des Moines, Iowa, founded in 1999 by John Mandelbaum. The firm operates across two integrated lines of business: large-scale real estate development (mixed-use, residential, and adaptive reuse projects) and a sale-leaseback advisory platform, the latter run through a dedicated division called Mandelbaum Sale-Leaseback Advisors that serves publicly-traded REITs, private REITs, and institutional investors. Current and recent developments include The Fifth (a 40-story downtown Des Moines mixed-use tower with luxury apartments, a hotel, and a movie theater), Mainframe Studios (a nonprofit creative-workspace building described by the firm as the nation's largest of its kind), and Maffitt Ridge (a 38-lot premier residential community). The firm also manages 17 real estate partnerships encompassing over 1.5 million square feet of mixed-use, retail, office, industrial, and residential properties.
The business is relationship-driven and go-to-market is sales-led, with principals directly sourcing institutional capital, REITs, and high-net-worth investors using networks built through prior careers at Bear Stearns, Goldman Sachs (Whitehall Funds), Starwood Capital Group, the Blackstone Group's real estate private equity fund, and iStar Financial. Revenue is generated through a mix of development fees, equity participation in projects, asset management fees on the existing portfolio, and transaction/advisory fees from sale-leaseback and build-to-suit deals. Cumulative disclosed transaction activity includes over $250 million in sale-leaseback arrangements, over $3 billion of real estate and operating-company acquisitions, and over $15 billion of M&A advised for publicly traded companies — though these figures reflect principals' prior-career and lifetime involvement rather than firm-level annual revenue.
The firm is privately held by the Mandelbaum family across two generations; John Mandelbaum is Founder/Emeritus, and sons Justin, Chad, and Sean Mandelbaum serve as Principals with experience at leading real estate private equity firms and Wall Street institutions. Operations are concentrated in the Midwest, with no disclosed expansion outside Iowa/Des Moines. No proprietary technology, AI/ML capability, patents, external funding, or institutional investor backing is disclosed; pricing is quote-based and not publicly stated. The firm competes in the regional real estate development and investment segment primarily on the strength of its principals' track record, family continuity, and institutional relationships.
Mandelbaum Properties firmographics
Firmographics- Name
- Mandelbaum Properties
- Legal name
- Mandelbaum Properties LLC
- Website
- https://mandelbaumproperties.com
- Company type
- Private
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Mandelbaum Properties is a family-owned Des Moines real estate development and investment firm building mixed-use, adaptive reuse, and residential projects, and advising REITs and institutional investors on sale-leaseback financing.
- Ownership category
- akta.pro rank
Mandelbaum Properties industry classification
Industry- Product category
- Commercial Real Estate Development and Investment
- NAICS
- Real Estate Property Managers (53131), New Housing For-Sale Builders (236117), Lessors of Nonresidential Buildings (except Miniwarehouses) (53112), Residential Building Construction (23611), Offices of Real Estate Agents and Brokers (5312)
- SIC
- Real Estate (6500), Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531), General Bldg Contractors - Nonresidential Bldgs (1540)
- akta.pro primary industry
- Real Assets — Real Estate (Core, Core+, Value-Add, Opportunistic) (FSAHAIAA)
- akta.pro secondary industries
- Real Estate Debt & Mortgage Strategies (FSAAAKAC), Real Estate Management for Family Offices (Acquisition, Development, Property Ops) (FSAAADAI), Rural Residential & Acreage Homesites Brokerage (BPAJADAE)
Keywords
Where Mandelbaum Properties is headquartered
LocationHeadquarters
- HQ city
- Des Moines
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Mandelbaum Properties business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Supply Chain
Revenue model
- Real Estate Development: Development fees and equity returns from large-scale mixed-use, residential, and adaptive reuse projects including The Fifth (40-story mixed-use), Mainframe Studios, and Maffitt Ridge residential community.
- Asset Management: Ongoing asset management and financial oversight of the firm's real estate portfolio of 17 partnerships totaling over 1.5 million square feet.
- Sale-Leaseback Advisory: Arrangement of sale-leaseback and build-to-suit financing on behalf of publicly-traded REITs, private REITs, and institutional investors. Sean Mandelbaum manages Mandelbaum Sale-Leaseback Advisors for this stream.
- Property Investment: Long-term value creation through stable income generation and cost management across mixed-use, retail, office, industrial, and residential properties.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Mandelbaum Properties product offering
Product offeringCore offering
Mandelbaum Properties is a family-owned real estate development and investment firm that develops, invests in, and manages mixed-use, retail, office, industrial, and residential properties across 17 real estate partnerships totaling over 1.5 million square feet. Its offering includes large-scale development projects (The Fifth, Mainframe Studios, Maffitt Ridge) and sale-leaseback and build-to-suit financing advisory services arranged through Mandelbaum Sale-Leaseback Advisors for REITs and institutional investors.
Product overview
Mandelbaum Properties is a family-owned real estate development and investment firm based in Des Moines, IA. Its product portfolio comprises three signature real estate developments—The Fifth (a 40-story mixed-use tower with luxury apartments, hotel and movie theater), Mainframe Studios (the nation's largest nonprofit creative workspace building), and Maffitt Ridge (a 38-lot premier residential estate community)—alongside Mandelbaum Sale-Leaseback Advisors, a service offering that arranges sale-leaseback and build-to-suit financing for institutional investors. The firm also manages a diverse portfolio of over 1,500,000 square feet of mixed-use, retail, office, industrial and residential properties across 17 real estate partnerships.
Differentiator
Problem solved
Functional benefit
Brands
- The Fifth: A 40-story mixed-use project in downtown Des Moines featuring luxury apartments, a hotel and a movie theater
- Mainframe Studios
- Maffitt Ridge
- Mandelbaum Sale-Leaseback Advisors
Products and services
- The Fifth A 40-story mixed-use real estate development in downtown Des Moines featuring luxury apartments, a hotel, and a movie theater, targeting end-user tenants, guests, and hospitality customers.
- Mainframe Studios The nation's largest nonprofit building dedicated to creative workspaces, providing studio space for artists and creative professionals in Des Moines.
- Maffitt Ridge A premier residential community featuring 38 estate lots in the Des Moines area, targeting end-user buyers of high-end residential real estate.
- Mandelbaum Sale-Leaseback Advisors An advisory division that arranges sale-leaseback and build-to-suit financing on behalf of publicly-traded REITs, private REITs, and other institutional investors, led by Managing Partner Sean Mandelbaum. Output is a transaction fee/consulting engagement with institutional real estate investors.
Quantifiable outcome
- Over 1,500,000 square feet of mixed-use, retail, office, industrial, and residential properties developed and managed
- +4 more outcomes
Companies that use Mandelbaum Properties
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Mandelbaum Properties technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Mandelbaum Properties partnerships and signals
Strategic signalScale indicators10 records
Recent moves5 records
Expansion highlights4 records
Mandelbaum Properties competitors and assessment
Company assessmentBroad incumbents
- Hines: Global real estate developer, investor, and manager active across mixed-use, multifamily, office, retail, and industrial. Comparable to Mandelbaum in property-type breadth, asset management, and mixed-use development capability, but at a vastly larger institutional scale.
- JLL Capital Markets: Global real estate services firm with a large capital markets and sale-leaseback advisory practice serving REITs and institutional investors. Overlaps with Mandelbaum's sale-leaseback advisory and asset management activities but at vastly greater scale.
- Newmark Group: Commercial real estate services firm with capital markets, investment sales, and structured financing (including sale-leaseback) capabilities. Overlaps with both Mandelbaum's advisory and investment activities but as a national incumbent.
- McCarthy Building Companies: Large, employee-owned U.S. builder-developer with development, construction, and asset management services. Comparable in mixed-use and adaptive reuse capabilities but operates at substantially larger scale and broader national footprint.
Direct peers
- The Opus Group: Minneapolis-headquartered real estate developer with national reach across mixed-use, multifamily, office, industrial, and senior living. Comparable to Mandelbaum in property-type breadth and Midwest origin, though materially larger in scale.
- Walker & Dunlop: Capital markets intermediary focused on multifamily finance, sale-leaseback, and investment sales. Directly comparable to Mandelbaum Sale-Leaseback Advisors given shared focus on arranging sale-leaseback and build-to-suit financing for institutional investors and REITs.
- Ryan Companies: Minneapolis/Des Moines-based national real estate developer and investor with integrated development, capital markets, and asset management capabilities. Highly directly comparable to Mandelbaum given overlapping Midwest footprint and similar mix of mixed-use, residential, and adaptive reuse development.
- Gilbane Building Company: Family-owned real estate development and construction firm operating nationally across mixed-use, residential, office, and healthcare. Highly comparable ownership/governance model and similar diversified development mandate.
Regional players
- The Beck Group: Texas/Southeast-based integrated design-build developer and investor with mixed-use and adaptive reuse projects. Comparable in integrated development/investment model but operates in a different regional footprint from Mandelbaum.
- Van der Weide Capital / RPS Des Moines (Racom Realty / RPS): Smaller Des Moines/Iowa-based commercial real estate investment and brokerage firms (e.g., local multifamily investors, brokerage shops) competing for local deals. Comparable only at the regional/local level and not as broad as Mandelbaum's development pipeline.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
Mandelbaum Properties social profiles
Digital presenceMandelbaum Properties financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mandelbaum Properties leadership team
Management profileNumber of profiles
Profiles4 records
Mandelbaum Properties funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mandelbaum Properties M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mandelbaum Properties
What does Mandelbaum Properties do?
Mandelbaum Properties is a family-owned real estate development and investment firm that develops, invests in, and manages mixed-use, retail, office, industrial, and residential properties across 17 real estate partnerships totaling over 1.5 million square feet. Its offering includes large-scale development projects (The Fifth, Mainframe Studios, Maffitt Ridge) and sale-leaseback and build-to-suit financing advisory services arranged through Mandelbaum Sale-Leaseback Advisors for REITs and institutional investors.
Is Mandelbaum Properties a public or private company?
Mandelbaum Properties is a private company. It is classified as family owned and is currently operating.
When was Mandelbaum Properties founded?
Mandelbaum Properties was founded in 1999. It employs 11 to 50 people.
Where is Mandelbaum Properties based?
Mandelbaum Properties is headquartered in Des Moines, United States, in the North America region.
How does Mandelbaum Properties make money?
Four revenue lines are on record. Real Estate Development is the primary driver. The others are asset Management, sale-Leaseback Advisory and property Investment.
Who are Mandelbaum Properties's main competitors?
Broad incumbents on record are Hines, JLL Capital Markets, Newmark Group and McCarthy Building Companies. Direct peers are The Opus Group, Walker & Dunlop, Ryan Companies and Gilbane Building Company. Regional players are The Beck Group and Van der Weide Capital / RPS Des Moines (Racom Realty / RPS).
Does Mandelbaum Properties have an API?
No public API is recorded for Mandelbaum Properties.
What industry is Mandelbaum Properties in?
Mandelbaum Properties's product category is Commercial Real Estate Development and Investment. Its primary akta.pro industry code is FSAHAIAA, Real Assets — Real Estate (Core, Core+, Value-Add, Opportunistic), with a secondary code of FSAAAKAC, Real Estate Debt & Mortgage Strategies. Its NAICS code is 53131 and its SIC code is 6500.