Pair of Excelsior Group employees leave to start their own real estate firm

By Nick Halter – Staff Reporter/Broadcaster, Minneapolis / St. Paul Business Journal
Updated Nov 3, 2017

Two former employees at The Excelsior Group have left the firm to start their own real estate company.

Joe Boone and Jim Hegedus announced Tuesday that have formed Water Street Partners LLC. The firm will acquire properties, raise equity for development and make value-add investments.

Boone is the former vice president of commercial acquisitions for The Excelsior Group, which is based in St. Louis Park. Hegedus was vice president of fund management for that real estate firm.

Water Street Partners will have a “strategic alliance” with Oppidan Investment Co. It will use office space in Oppidan’s Excelsior headquarters and provide funding for Oppidan developments. On the flip side, Oppidan could provide construction management and other services to Water Street.

“We can utilize certain services that they offer and pay for those services, just like any third-party group, and they can utilize our services as well,” Boone said.

Boone is a former Oppidan developer and the nephew of Oppidan CEO Joe Ryan.

Water Street expects to announce its first acquisition in the coming months, targeting properties in all sectors under $20 million, Boone said. Water Street is looking both in the Twin Cities and in markets where Oppidan does business.

“We are very excited to be out in the market actively pursuing investment opportunities for Water Street Partners,” Boone said. “We look forward to building a diverse portfolio for our company, investors and partners.”

Excelsior Group CEO Kim Culp called Boone and Hegedus “good guys.”

“I like them both,” Culp said. “Joe is a good kid who worked here for five years and Heggie is a nice young man.”

This article about Water Street Partners comes from Minneapolis / St. Paul Business Journal.