There’s nothing wrong with a little friendly competition…


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On Thursday, October 19th, Holladay Properties’ South Bend office hosted its annual Chili Cook-Off. The friendly competition took place at the Holladay-owned Hilton Garden Inn on State Road 933. 19 Chefs and 8 card sharks from the Northern Indiana branches gathered to compete for the titles of Best Chili, Best Dessert and Top Euchre Team.


The winners were:

1st Place – Shasta Kreighbaum
2nd Place – Paul Phair
3rd Place – Kathy Williams
People’s Choice – Kathy Williams

1st Place – Catherine Garrison
2nd Place – Todd Monk
3rd Place – Nora Wiseman
People’s Choice – Cassie Sprigg

1st Place – Melissa Morin and Kurt Palmer
2nd Place – Amanda Domalewski and Todd Topolski

When asked to share their award winning recipes, the winners were not keen to divulge. “The Chili Cook-Off is an event that our office looks forward to, all year,” commented Cassie Sprigg, winner of the People’s Choice Dessert award. “I would tell you my secret ingredient, but that would take the fun out of next year’s competition.”

Here’s to looking forward to the 2018 Chili Cook-Off!


I had to order paper!


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By Bryan Monahan
Property Manager – Minneapolis, MN


Well, I’ve come to the end of an era…I had to order paper. Six years ago, when I started with Holladay, I made it a goal in this office to be as paperless as possible, starting with our AR/AP process. And while my quest of reducing the amount of paper we use was met with snickers along the way, I embraced the ‘Paper Nazi’ title I inherited due to our efforts. It has been six years since I’ve ordered paper (or supplies in general) for the Minneapolis office.

Let’s look at the last six years for a second. When I started, the Minneapolis office budget was around $1,000 per year. In the first year, I reduced the office supplies budget to about $150. Each year, during projections, I further reduced the office supplies budget to about $20, and didn’t spend that! Over the last five years, I’ve bought stamps for the office…that’s about it, and have saved about $5,900 in the Minneapolis office/office supplies budget in the last six years!


Let’s look at a few paper/printing related items specifically. In 2015, Holladay purchased the printer that is currently used in Minneapolis and discontinued service for it. In the four years prior, Holladay leased the machine at $300/month.

Service for the machines was an extra expense, and toner replacements weren’t included. Because our office rarely prints, we have not had a service related call on the printer since it was purchased.

  • Printer Toner Cartridge Savings – $46 each X 6 = $276 (Color bundle including Black is$235). Estimated number of cartridges that may have been used over the last six years = 6 (1 per year, and this may be a low estimate)

  • Paper Savings – 5000 pieces of paper (10 reams) per case X 5 years = 25,000 piecesof paper (or about 50 reams of paper) saved in 6 years

  • Paper cost savings – $45 per case X 5 = $225

  • Printer/Scanner/Fax Machine – Lease/service $300/month X 24 months = $7200

Total estimated paper/printing savings for 6 years = ~$7,700!

common maple tree isolated on white background

Now, how many trees is that? Based on the calculations of

  • It takes 24 trees to make one ton of uncoated non-recycled printing and office paper.

  • It takes 12 trees to make one ton of 100 percent non-recycled newsprint.

  • It would take a little more than half a tree to make a case (10 reams) of 100 percent, non-recycled 20-lb. copier paper.

  • One tree makes 16.67 reams of copy paper, or 8,333.3 sheets.

  • One ream (500 sheets) uses 6 percent of a tree.

  • One ton of coated, higher-end virgin magazine paper (used for magazines like National Geographic) uses a little more than 15 trees.

  • One ton of coated, lower-end virgin magazine paper (used for news magazines and most catalogs) uses nearly 8 trees.

We’ve saved roughly 2.5 trees in this office alone, not to mention all of the manufacturing costs, Co2, H2O, etc., associated with making paper.

Anyway, it’s been a great run – one I’m actually proud of, and one that assists with our green efforts here in Minneapolis. I encourage you to look at the green documents linked below (but please don’t print them!):

Holladay Properties Mid-South Operations continues to develop practices of paper saving, printer maintenance reduction, and recycling. Please consider this in each office.

September Employee News


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Tony-FittsTony Fitts promoted to Chief Financial Officer

(South Bend, Ind.) – Holladay Properties is pleased to announce that Anthony (Tony) Fitts has been promoted to the position of Chief Financial Officer as of September 1, 2017. He joined Holladay Properties in 2015 as Treasurer and was also recently appointed a Partner of the South Bend, Ind.-based real estate firm.

Tony has over 30 years of real estate finance, asset management, loan workout and development experience, including financing transactions which have utilized low-income housing tax credits, historic tax credits, tax increment financing, and other incentive programs. He started his real estate career as an asset manager with the Prudential Real Estate Group in their Cincinnati, Philadelphia, and Chicago offices. Previously he earned his CPA working with Coopers & Lybrand (now Price Waterhouse Coopers) as an audit supervisor.
Since joining Holladay, Tony has overseen more than $250 million of financing for new construction projects, as well as the refinancing of existing loans. As CFO, he will be responsible establishing and maintaining relationships with lenders, securing and closing financing commitments for Holladay’s new construction as well as existing projects, treasury management, and managing the accounting department.

Catherine-GarrisonHolladay Properties hires Catherine Garrison as Controller

(South Bend, Ind.) – Holladay Properties has hired Catherine Garrison as Controller for the South Bend corporate accounting department.

Catherine brings over 20 years of experience in the accounting profession to her new role with Holladay. Her responsibilities include overseeing the financial reporting of the assorted property portfolios including month end close, annual audit and tax filings.

Prior to joining Holladay, Catherine was the Division Controller for KIK Custom Products, a manufacturing firm in Elkhart, Ind. She joined Holladay because of the company’s excellent reputation. She is looking forward to the challenge of learning about tax regulations as they relate to real estate transactions, and transitioning from the manufacturing industry to commercial real estate.

Samantha-HaleSamantha Hale joins Holladay’s Indiana Property Management Team

(South Bend, Ind.) – Holladay Properties has a new Property Manager for our South Bend area commercial facility. Samantha Hale has joined the Holladay Properties Indiana Property Management Team.

Prior to joining Holladay, Samantha worked for Matthews LLC, where she worked in commercial property management as well as project management for over five years. She joined the Holladay team looking for a chance to grow her career.

Since joining the team, she has been impressed by the way Holladay continually strives to have their employee’s best interest in mind. Samantha is excited to have a chance to grow professionally with Holladay Properties and learn more about property and project management.

Fun with a purpose


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By Kelly Manion, Senior Vice President-Property Management
Nashville, Tennessee

HCP, Inc. held their 5th Annual Putt Putt Tournament to benefit Alzheimer’s on August 24, and invited us to participate in the festivities. Four players from Holladay Properties (Jeff Ottman, EVP‐Operations; Ewing Smith, Director of Property Management‐TN; Fred Scott, Director of Engineering; and Kelly Manion, SVP Property Management) attended and joined a respective HCP employee playing 18 miniature golf styled holes, laid out across the entire HCP office.

Many of the holes were sponsored by specific teams with a variety of unique obstacles to avoid during a putt. The grandest hole of all incorporated a jungle theme with a large inflatable monkey and a Plunko‐style ramp that was a challenge to first scale over and then roll down into the hole. We sponsored and designed a hole that incorporated a number of marketing pieces including Holladay logo water tumblers with LED flash light accents, logo coasters, and a small ramp that assisted the flight of the golf ball over a Holladay flag. The challenge of our hole, beyond the bling, was a sharp dogleg . Other holes included beach themes with real sand traps, pom‐poms handmade by “the naughty knitters” hole sponsor, and an actual train set that surrounded the hole approach.

Holladay had an excellent showing with Kelly Manion and his HCP counterpart Michael Spruill coming in second place overall. We also made a sizable donation to the cause and were able to present a giant check created by Jayme Baldwin to the Alzheimer’s personnel. Facts and information were shared by the Alzheimer team related to this devastating disease that impacts thousands of Americans each day.

Holladay Properties is proud to have participated in such a worthy cause and like all others in attendance we have become much more aware of this very important cause. In the end, nearly $8,500 was raised during the event.


Recognizing Our People in the Community – Matt Poncy


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(Plantation, Fla.) – Matt Poncy, Leasing/Marketing Agent for our MOB Satellite Office in Plantation, Fla. is actively involved with a group called Share our Strength, or No Kid Hungry. Find out about this great charity below.


No child should go hungry in America, but 1 in 5 kids will face hunger this year. Using proven, practical solutions, No Kid Hungry is ending childhood hunger today by ensuring that kids start the day with a nutritious breakfast and families learn the skills they need to shop and cook on a budget. When we all work together, we can make sure kids get the healthy food they need. No Kid Hungry is a campaign of national anti-hunger organization Share Our Strength.

Today, too many kids know what it’s like to open their textbooks with an empty stomach. Studies confirm that when a hungry child eats breakfast, they have better attendance, improve in math, and are more likely to graduate from high school. No Kid Hungry works with schools across the country to make sure every child starts the day with a healthy breakfast. No Kid Hungry also works to expand the availability of meals for kids who need them in the summertime and after the school day is over.

No Kid Hungry’s Cooking Matters program has been featured by First Lady Michelle Obama’s Let’s Move! campaign and recognized by the U.S. Department of Agriculture for excellence in nutrition education. Cooking Matters courses and grocery store tours provide families with the skills they need to maximize their food budgets and put healthy meals on their tables, every day.

Learn more about this program at

Company Update: Annual Partner Retreat


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By John Phair
President & CEO

The Holladay Partners, representing all areas of our Holladay Properties, recently completed our 2nd Quarter meeting and annual retreat.  This two day event included a couple hours of fishing one rainy, cool morning. But as the picture below shows, we had pretty good success, catching more than enough small and large mouth bass to provide a very ‘fresh’ lunch.


We had some fun, but the balance of our meeting was all business! Many of the individual projects and property management expansions we discussed have already been well documented in our various newsletters, but I’d like to share a few highlights:

  • Our company current has more construction underway than ever before! This activity includes new developments and dozens of locations involving tenant finishes, additions, etc.


  • Holladay Properties recently completed the company’s largest – and longest – financing in history, insuring the long term ownership of 15 of our best industrial properties. These facilities will continue to be managed by all offices of Holladay Properties and the Property Management group is largely responsible for that success.



  • We have commenced the process of long term financing of the hotels like the industrial portfolio to insure our long term ownership in that sector.
  • We welcomed one new partner, Tony Fitts – Treasurer, at this meeting and another, Jeff Arthur – SVP of Hospitality, at our first quarter meeting. We expect to add another partner to our numbers later this year, while a couple others inch towards retirement.


  • We have debuted our new website.  Under Amanda Watson’s leadership, and over 100 internal reviews/suggestions, I believe we should all be proud of the new site.  She will also be turning future attention to Facebook, Twitter, etc. to help insure our future use of all current communication vehicles.
  • Our single largest addition to our development portfolio is doubling the size of our apartment portfolio with two projects under construction, (Burlington Station in Downers Grove, IL and The Promenade at Founders Square in Portage, IN) and two others being worked on for 2018 starts. This is a big change for Holladay and very positive enhancement, and it is happening because of our management success of the existing apartments – Maple Lane in Elkhart and West Jefferson in Mishawaka.
  • We are a team of about 240 people today, only a little higher than at the start of the year. We have experienced very low turnover – I wish it was zero – but have also had several great additions, and a successful transfer from one office to another.  By year end, we will be looking at all of our benefit programs, salary levels, and all other HR issues – we know we must be competitive and fair.

All in all, this last quarter has been very exciting, but also challenging. The new customers added to our Property Management portfolio, record construction levels, and large financings have pushed many of our employees to the maximum.  I want thank everyone involved – very much – for your extraordinary efforts.

The real estate business is littered with high flyers and dramatic announcements of success – only to be followed by a failure. At Holladay, we have chosen to build our portfolio carefully and with a lot of thought. We are adding steadily to our management base. We aren’t particularly flashy – we just get the job done and insure our continuation well into the future. We hope we provide a positive work environment and strong incentives to continue our success. And, our leadership is really strong and focused on the future.

To our employees, partners, customers, and friends – thank you all for your contributions!