A New Chapter for Mike Polachek
When you ask Mike Polachek the key to building relationships in commercial real estate, there is no hesitation. “A good broker has experience, knowledge, personality and perseverance,” he says. “But it is the trust that your clients have in you, that allows you to be part of their decision making process.” And For Polachek, that trust is the most satisfying aspect of being a broker.
Clients agree, “Working with Mike is a pleasure because you have someone who is solution oriented and not just trying to get the deal done. He understands both sides of the equation and tries to make it work for everyone. Mike is one of the great ones! If only we could clone him,” says Terry Gibbons of Westcor Partners.
When Mike Polachek joined SRS Real Estate Partners this year as Executive Vice President, specializing in tenant and landlord representation, he knew that he’d found the right spot. He explains, “I thought their brokers were some of the brightest in town…they had integrity and I felt their personalities and culture would mesh with mine.”
Why Move?
Six years before Polachek was approached by SRS, he merged his company with two partners from RED Development in order to give that company a brokerage arm. The newly formed entity was called RED Realty Advisors. While business was good, (the firm worked on the Shops at Norterra, a joint venture with USAA Insurance that included leasing of approximately 350,000 square feet and is anchored by Harkins Theatres, Best Buy, & Dick’s Sporting Goods), their focus was local-centric.
When the call from SRS came, Polachek thought it was the perfect growth opportunity. His respect for Ed Beeh and the other people associated with SRS, solidified his decision to join the company. “My contacts, the people I know around the country, and my tenant relations were attractive to SRS,” he says. But with some young leasing agents to consider, SRS offered something important too; national presence and a more structured environment in which they could flourish. “I thought it was the perfect fit,” he notes. Polachek feels lucky to be surrounded by the people that have helped to contribute to his success and whose success he has fostered.
Focus on Retail
SRS is the largest national ‘retail only’ brokerage company with 20 offices throughout the U.S. Although there is plenty of competition from other firms, Polachek isn’t worried. “Some of the finest brokerage houses in the country have offices in Phoenix – but SRS has a different model,” he explains. The smaller size of SRS allows employees to have an ‘all for one’ mentality. Teams meet regularly to share collective information and sales and lease summaries are made accessible over their internal network. In addition, the company is very careful to steer away from potential conflicts of interest. To avoid questions of competition, SRS won’t duplicate business opportunities in close proximity of one another.
Polachek has embarked on a new chapter and his excitement is palatable as he explains how SRS is geared to adding value. “We use sophisticated graphics and mapping tools to locate competitors and retail nodes for clients. But it is the blend of the culture, the tools and the brokers themselves that allows SRS to stand out from other firms.” A boutique brokerage firm with a national presence, the SRS model is a big part of what made Polachek interested in joining the company. He believes it is a powerful combination and contributes to their success.
Prep-hair-ation
Originally from Los Angeles, Polachek came to Phoenix to attend Arizona State University. After graduation, he took a job with Owens Corning Fiberglas which meant relocating to the midwest. It was a good position, but his dream was to be a stockbroker. Eventually, an interesting position opened up with Ross Perot’s newly purchased investment company and Polachek seized the opportunity to interview with him and possibly move back west. After three hours of waiting and three haircuts, he was offered a job.
Polachek explains the interview preparation; “Perot was a veteran of the Navy and his assistant would not allow any of the male candidates to be interviewed without a haircut. After my first two attempts didn’t pass his inspection, he called down to the lobby barber and told him she was sending another one down to get the, ‘Perot cut,’” he laughs.
The position proved fateful. Polachek moved back to Phoenix and while working at his new career in finance, one of his clients suggested he look into real estate. Enticed by the challenge that the commercial real estate industry presented, he interviewed with several companies and accepted a position with Grubb & Ellis. At the time, it was a new office with only eight people.
Developing his Niche
Polachek was made responsible for retail leasing and he developed an area of expertise; working with retailers and restaurants. His area specific focus helped him grow, but concentrating on cold calling is really what expanded his business. Remembering his early days, Polachek describes going to the library and searching through yellow pages just to find out where a potential client’s home office was located. “Technology gives us instant access to information now, but it’s still a cold calling business,” he states.
Establishing relationships, coupled with the fortunate position of being the only person in Phoenix who specialized in tenant representation at that time, gave Polachek the ability to complete multiple transactions. “We were constantly prospecting for national or regional retailers who were not in the Arizona market, but that might want to locate here. You have to stay ahead of the game to compete.” The formula proved very successful for Polachek.
Doug Walrod is one of the clients that Polachek has worked with, “Mike has been instrumental in assisting me in the expansion of such retail chains as Famous Footwear, Sears Grand, Ulta and Dick's Sporting Goods. He is one of the top brokers in the country and respected for being knowledgeable of the markets he covers, and for his overall integrity.”
After leaving Grubb & Ellis, Polachek joined Trammell Crow as the retail development partner for Arizona, Nevada and Utah. Over a seven year period he developed approximately 2 million square feet, with seven shopping centers in Phoenix, four in Tucson and one each in Las Vegas and Orem, Utah. During this time, Polachek was the state Director of ICSC for both Arizona and New Mexico and from 1989-1992 he was the Government Affairs director. When Trammell Crow made the corporate decision to vacate the development business, Polachek decided to start his own company.
In 1991, Polachek Realty Advisors (PRA) was formed. Concentrating once again on tenant representation resulted in steady growth for the company. “We provided competition studies for companies showing good locations for them to expand based on their demographic profile,” Polachek states. He soon added three people to his staff and gained key clients like Best Buy, who remains his client to this day.
Their Director of Real Estate, Melissa Moseley notes, "Mike Polachek has been instrumental in assisting Best Buy in securing top real estate locations within Arizona." PRA developed strategic plans for Best Buy in Arizona and Nevada and they now have 26 locations since 1993.
What’s Important
Mike Polachek considers his work a hobby. “I love what I do. Every day is a new challenge; some good – some bad, but I enjoy coming to work every day.” Yet he is quick to point out that he and wife Jane of 36 years have three sons, the oldest Brett is 34 and they have twins Blair and Brian who are 32. Close-knit, they all live in Phoenix and all three children are in commercial real estate. Polachek is a huge ASU fan, and he is currently on the Board of Directors of the ASU Sun Angel Foundation. Giving back is important to Polachek and he is proud to be a member of the Phoenix Thunderbirds, but it’s his family that is most important. “My family was always first; I coached my kids in sports, if I had to go to one of their games, I did it. I did everything I could to make sure they were first… my passion is my family.
Michael Polachek
SRS Real Estate Partners
2415 E. Camelback Rd., Suite 465
Phoenix, AZ 85016
602.682.6000
mike.polachek@srsre.com
