John Hughes and Joseph Kutilek, along with venture capitalist Roger Brodersen, formed Magnum Development Corp. in March of 1997. Magnum was established for the purpose of developing commercial properties, some of which are sold for profit. Others are held by Magnum, or partnerships operated by Magnum, for long-term investment. Magnum works primarily in the Midwest and has completed “ground-up” development projects in 15 states.
In 1999, Magnum principals formed a brokerage and property management company, Magnum Realty, Inc. Magnum Realty is a full service property management and brokerage company. Magnum manages approximately 957,000 SF consisting of its own portfolio, Magnum-related partnerships, and third party management. Magnum associates provide brokerage services for most (but not all) of Magnum’s management portfolio and tenant representation and site selection for local, regional and national retailers throughout the middle United States.