G. Joseph Cosenza got together with two college fraternity brothers and a fellow schoolteacher in the 1960s to form Oak Brook-based Inland Real Estate Group, which they grew from a single three-flat building on the West Side into one of the nation’s largest commercial real estate firms and one of the Chicago area’s larger privately held companies.
Cosenza was with Inland for 56 years, and he held key roles including being the firm’s vice chairman and its longtime head of acquisitions.
“Joe lived life to the fullest with a seemingly endless supply of enthusiasm that was nothing short of inspirational,” Tony Chereso, Inland’s CEO and president, told the Tribune. “He was a larger-than-life individual not only at Inland but also throughout the commercial real estate industry. Joe was the consummate dealmaker, an absolute legend and a force to be reckoned with for more than 50 years.”
Cosenza, 81, died of complications from prostate cancer on Dec. 25 at his home, said an Inland spokeswoman. He had been a Downers Grove resident.
Born in Chicago, Cosenza grew up in Bellwood and graduated from Proviso West High School in Hillside. He earned a bachelor’s degree from what now is known as Northeastern Illinois University and then picked up a master’s degree from Northern Illinois University.
Cosenza initially was a schoolteacher and administrator. He taught in La Grange’s school district from 1967 until 1968, and then was an assistant principal and teacher in Wheeling’s school district from 1968 until 1972.
Cosenza and two fraternity brothers, Daniel Goodwin and Robert D. Parks, embarked on business ventures to help them pay their way through college, including operating a student book exchange and organizing dances and other gatherings for student groups. Like Cosenza, Goodwin had begun his career as a teacher, but Goodwin started dabbling in real estate in his off-hours, and after notching some early successes, some colleagues including Cosenza joined him.
Early on, three teachers, Cosenza, Goodwin and Robert H. Baum, decided to pursue a limited partnership structure, which meant that they could retain management control while limiting their partners’ liability to their initial investment.
The group found early success, and the trio formally started Inland in 1968, although Cosenza did not join Inland full time until 1972. The firm began constructing single-family houses and apartment buildings, along with investing in other properties. By the mid-1970s, Inland had expanded beyond just buying and building small income properties into related businesses like property management, real estate brokerage, services, endurance and even hardware supply, and the firm also built its first shopping center.
By 1979, Inland was managing more than 10,000 apartments, and three years later, the firm was managing more than twice that amount. By the 1980s, Inland had expanded to making investments in Phoenix and Tampa.
Cosenza was an integral part of Inland’s growth, colleagues said. In 1985, he was promoted from senior vice president to president of Inland. He also led Inland’s real estate acquisitions function, and he later added the title of vice chairman.
“We will miss his enduring loyalty, high energy and passion, particularly when he was on the acquisition front, fighting the good fight to acquire real estate on terms most favorable to Inland and our investors,” recalled co-founder Baum, Inland’s chairman and general counsel. “And in the office, Joe displayed love, kindliness and humor that Inlanders will always remember.”
In recent decades, Inland has continued to grow and now has owned and managed hundreds of millions of square feet of commercial property and more than 96,000 apartment units across 49 states. The company has expanded to own self-storage facilities, student housing, hotels and medical facilities, and has more than 1,400 employees.
“What Dan Goodwin, Joe and the other founding partners built at Inland is one of America’s greatest success stories,” Chereso said.
Cosenza never retired from Inland.
On a personal level, Cosenza cut something of a dashing figure around the office, wearing bow ties to work each day that he tied himself, and also sporting dress shirts with cufflinks and his initials emblazoned on the cuffs, Baum recalled. Cosenza also was a patron of the Chicago Symphony Orchestra, a longtime Chicago Bears fan, an aficionado of French restaurants and an auto enthusiast who had a 1934 Ford hot rod, Chevy sports cars like Corvettes and Camaros and the latest electric vehicles including the Tesla Plaid, Baum said.
“He loved to laugh and treated everyone with kindness and respect,” Baum said. “And when it came time to deal in the world of real estate, whether it was acquisition, development, financing or sales, there was nobody better.”
Cosenza is survived by his wife, Judy; a son, Mark; a daughter, Cathy; five grandchildren; and a sister, Anita.
A visitation will take place from 3- 8 p.m. Thursday, Jan. 2, at Adams-Winterfield & Sullivan Funeral Home, 4343 Main St., Downers Grove. A funeral service will take place at 10 a.m. Friday, Jan. 3, at St. Mary’s of Gostyn Catholic Church, 445 Prairie Ave., Downers Grove.
Goldsborough is a freelance reporter.
