Michelle Brokaw
Chief Executive Officer
michelle.brokaw@fsbrei.com

Michelle Brokaw is the owner and Chief Executive Officer of Fleisher Smyth Brokaw LLC. She is responsible for the firm's strategic direction, investment strategy, investor relations, and capital sourcing. Ms. Brokaw's real estate career spans more than twenty years and includes experience in commercial real estate acquisition, development, finance, leasing, and asset management. Michelle began working for Fleisher Smyth Company in 1992 and purchased the company from Donald Fleisher and Clark Smyth in 2004 after 15 years with the firm. Early in her career, Michelle worked at the Resolution Trust Corporation (RTC), focusing on troubled real estate assets left behind by the 1980's Savings and Loan debacle and disposing of some of the most difficult real estate assets in the RTC portfolio.

During her career at FSB, Michelle was directly involved or responsible for the acquisition or development of over 40 properties totaling more than 2,000,000 square feet of medical office, office, mixed-use, industrial, retail, and multi-family projects. Moreover, she has collaborated in raising more than $50 million in equity and obtaining more than $150 million in debt, assembling a portfolio valued at more than $200 million.

She was a founding member of CREW Denver, Commercial Real Estate Women and elected Chairperson of the organization at age 27. In 2001 she was selected by the Denver Business Journal as a recipient of its prestigious 40 under 40 award. Also in 2001, she served as chair of Brokers Benefiting Kids which has now raised over $2,000,000 to benefit Colorado's children at-risk. She is a member of National Association of Industrial and Office Properties (NAIOP) and the Urban Land Institute (ULI). Ms. Brokaw has been a licensed real estate broker in the State of Colorado since 1989. She earned a Bachelor of Science degree in Business Administration from the University of Colorado, Boulder where she majored in real estate and minored in finance and she holds a Masters Degree in Business Administration with a finance emphasis from the University of Denver.

Glen Sibley
President
glen.sibley@fsbrei.com

Glen Sibley is President of Fleisher Smyth Brokaw LLC. He is
responsible for the firm’s development, construction, acquisition, disposition, and asset management activities in addition to serving on its advisory board. Mr. Sibley’s real estate career spans more than twenty-five years and includes experience in commercial real estate development, acquisition, leasing, finance, and the environmental issues affecting commercial real estate. Sibley has been responsible for nearly one billion dollars in office, retail, residential, and hotel transactions and development.

Sibley was the developer of and arranged financing for the $35 million Embassy Suites Hotel at Denver International Airport, acquired and financed a 255,000 square foot vacant office tower in the Inverness Business Park, and led the joint venture to design, develop, and build the $50 million Museum Residences (condominiums) at the Denver Art Museum designed by Daniel Libeskind. Earlier in his career, he led the development of the 766,000 square foot World Trade Center/Denver and was responsible for the leasing and management of the 1.2 million square foot Republic Plaza in Denver.

Sibley founded and remains Managing Principal of Confluence Partners, LLC and currently serves as a Director of Denver Civic Ventures. Formerly, he served as a director of Colorado Public Radio, Chair of the Economic Development Task Force of the Downtown Denver Partnership, and as a director of Downtown Denver, Inc., Denver’s World Trade Center, and as President of the Historic Paramount Foundation. He is an active member of the Urban Land Institute (ULI) and former Chair of its Urban Mixed Use Development Council. Mr. Sibley holds a Master of Business Administration degree from the University of Denver and undergraduate degrees in Business Administration and Economics from the University of Puget Sound.

Kim Davis
Director of Asset Management/Property Management & Leasing
kim.davis@fsbrei.com

As Director of Asset Management/Property Management and Leasing for Fleisher Smyth Brokaw, Kim Davis is directly responsible for all aspects of operations, including property management, leasing and marketing, and the internal accounting department. Kim is responsible for implementing leasing and marketing strategies and managing the in-house and 3^rd party leasing teams for the entire portfolio. Additionally, she oversees lease administration, tenant improvement projects, capital investment projects, investor relations, budgeting and financial reporting. With over 20 years of real estate experience, and more than 10 years at Fleisher Smyth Brokaw, Kim has successfully managed the operations and the coordination of over 18 individual properties, representing over one million square feet with hundreds of tenants, through the acquisition ownership period and disposition processes.

Her prior experience in land development and acquisitions was with the Dueck Group of Companies who developed the Aurora Centretech Business Park in Aurora, Colorado. This business park developed highly specialized buildings for Raytheon, TRW and Lockheed Martin, as well as a strip mall, automotive center, and other stand alone retail projects. Her experience on the Aurora Centretech Design Review Committee and the Metropolitan District were instrumental in her career development.

Kim is a graduate of Metropolitan State College of Denver, and is currently a BOMA RPA candidate and CCIM candidate.

Naum Nasif
Asset Management & Leasing Associate
naum.nasif@fsbrei.com

Naum Nasif serves Fleisher Smyth Brokaw as an Asset Management and Leasing Associate. Naum brings experience as a Land Acquisition Specialist for Richmond American Homes (NYSE: MDC). While at Richmond Homes he was responsible for locating and closing on residential building lots, technical and financial feasibility analysis, identification of inventory, and replacement needs and for monitoring absorption rates. Naum also gained experience in due diligence, entitlements, zoning, land and vertical development, and worked obtaining municipal and other regulatory authority approvals. Naum is also skilled in the bidding, negotiation, awarding and contracting process as well as the skills necessary to establish and maintain a qualified vendor/contractor base. Prior to joining Richmond American Homes Mr. Nasif was with the commercial real estate brokerage firm CB Richard Ellis, where he worked in the office and retail division.

Mr. Nasif is a graduate of the University of Denver-Daniels College of Business, where he studied real estate and finance and earned a Bachelor of Science degree in Business Administration. He is an active NAIOP member and is a licensed real estate broker in the state of Colorado.

Marc Holmes
Property Manager
marc.holmes@fsbrei.com

Mr. Holmes serves as the Property Manager for six properties within FSB’s portfolio. As such, he is responsible for the day to day operations of approximately 400,000 square feet of medical office, office and retail space. He actively oversees all tenant relations, vendor contracting, maintenance and budgeting.

Heather Burbach
Property Accountant
heather.burbach@fsbrei.com

Heather Burbach serves as FSB’s Property Accountant. As such, she oversees all accounting functions for properties within FSB’s portfolio.

Ms. Burbach comes to FSB with a breadth of accounting and financial reporting experience. Prior to joining FSB, she spent nearly 12 years in various financial reporting roles with Koelbel Property Management, LLC. She most recently worked as Senior Accountant at Colonnade Communities, LLC, a homebuilding affiliate of Koelbel Properties. She also previously served as Koelbel’s Manager of Financial Reporting and Business Operations. As such she was responsible for reviewing financial statements, preparing annual budgets, and providing detailed financial analysis to the Controller and President. Ms. Burbach also worked as an Accounting Supervisor and Property Accountant while at Koelbel.

Ms. Burbach attended Community College of Denver and pursued additional instruction at Metropolitan State College for accounting and finance.

Brenda Lawrence
Property Manager
brenda.lawrence@fsbrei.com

Brenda Lawrence has been with FSB Property Management since February 2010. She brings over 10 years of relevant medical property management, project management, construction management, and operations management experience to the firm. Brenda is a licensed Real Estate Broker in the State of Colorado and is a Real Property Administrator certificate candidate. Brenda has worked in property management for over six years and comes to FSB from InSite Medical Properties. Previously, Brenda worked for First Industrial Realty Trust, Inc. Prior to working in property management, Ms. Lawrence worked as a project coordinator for Horizon Builders, a multi-family home builder where she gained on-site construction management experience. While with The Westco Company, as Operations Manager; she performed construction estimating and construction management supervision.

Dax Gitcho
Development Associate
dax.gitcho@fsbrei.com

Dax Gitcho, as Development Associate, manages the company’s acquisitions, dispositions, and due diligence efforts. Dax is involved in every aspect of the real estate process at FSB. He brings experience as an analyst at Marcus & Millichap’s Special Assets Group. While there, Dax worked on Chapter 11 & 7 bankruptcy workouts of companies and properties, filing plans of reorganization, financial modeling, and the analysis of their real estate investment properties. While at Marcus & Millichap he specialized in the 363 asset sale transaction code of bankruptcy and was published in Bloomberg during the 2008 liquidity crisis. Dax, has also worked with Johnson Capital’s Federal Housing Administration group. While at Johnson Capital Dax underwrote multifamily, health care, and construction loans.

Dax is an active member of NAIOP and The University of Colorado’s Real Estate Council. He graduated from the University of Colorado at Boulder Leeds School of Business with focus in Real Estate. He also completed the real estate certification program while at the University of Colorado, and is a licensed real estate broker in the State of Colorado.