The Excelsior Group’s (TEG) foundation is rooted in a partnership formed between Kim Culp and Sheldon Wert in 1983 that lasted for more than 20 years. Together, Kim and Sheldon founded The Shelard Group, which began as a property management and leasing company focused on office and industrial properties in the Twin Cities. By 1995, Shelard managed ten million square feet of commercial space in the Twin Cities area. Along the way, Kim and Sheldon developed and acquired a portfolio of 700 multifamily units for their own investment. In 1997, Shelard assumed an asset management role for their portfolio, which swelled to 1,200 units over the next five years. In 2002, Shelard began to again deliver property management, expanding this service to nearly 1,000 units over the next three years.
In 2005, to facilitate succession planning, Kim and Sheldon divided Shelard into two companies – assigning half of its asset and property management portfolio to TEG. TEG began to provide property management services for approximately 750 units located in Minnesota and Wisconsin. That same year, TEG took advantage of the high demand for multifamily assets and sold 375 units in Wisconsin and 250 units in Florida.
One year later, in 2006, TEG welcomed Ted Glasrud as Executive Vice President. Shortly thereafter, Kim, Chris and Ted in collaboration with Stan Baratz and Kirt Woodhouse, established Opportunity Advisors, a family of opportunistic real estate investment funds totaling in excess of $100MM.
In September of 2014, Jim Jetland joined TEG as President of the Real Estate Advisory Team. Since then, the team has grown into a creative and dynamic group of professionals, focusing on advisory and agency work in the healthcare, office, and industrial sectors.
January of 2015 marked the introduction of homebuilder lending services and Excelsior Capital, an affiliate of The Excelsior Group. This group is a premier non-regulated residential construction lender, offering construction loans for model, inventory, remodel, and pre-sold homes to home builder clients.
Today, TEG’s current management contracts consist of more than 2MM SF of commercial real estate, nearly 4,000 apartment units, including 1,200 under development, 1,500 acres of raw land, 300 single-family home lots, and the management of Opportunity Partners Funds I, II, III, IV, and V.