Milwaukee-based commercial real estate firm Luther Group has detailed a significant expansion of its operations, marked by the launch of a new investment fund and a strategic broadening of its leadership team. The company, which started as a one-person advisory in 2012, is now scaling its presence across the Midwest with ambitious acquisition and development goals.
The firm's second industrial fund aims to raise between $50 million and $75 million, targeting properties in key markets beyond its Wisconsin origins. This move follows a period of substantial growth, including the completion of several major development projects and a reorganization of its ownership structure to support future expansion.
Key Takeaways
- Luther Group launched its second investment fund, LG Industrial Opportunity Fund II, with a target of raising $50-75 million.
- The company expanded its ownership group, adding five longtime team members as partners to strengthen its leadership.
- Since 2022, the firm has completed over 100 projects, including delivering and fully leasing two speculative industrial buildings in Menomonee Falls.
- The new fund will focus on acquisitions in Midwest infill markets, expanding the company's reach to states like Ohio, Kentucky, and Texas.
From Local Advisory to Regional Player
Founded by Jason Luther in 2012, Luther Group began as a boutique real estate advisory firm. Over the past decade, it has evolved into a full-service platform with 15 employees, offering development, acquisitions, brokerage, and property management services across Southeastern Wisconsin.
The firm has established a strong track record, completing more than 100 projects. This foundation has enabled its recent strategic push into larger-scale investment and development, transitioning from a local expert to a growing regional force in the commercial real estate sector.
Strategic Leadership Expansion
A key component of the company's growth strategy involved restructuring its leadership. Five senior team members were recently elevated to the ownership group: Andy Fishler, Dan Cowell, Dave Merrick, Mark Eisenmann, and Matthew Riesterer.
According to company statements, this expansion brings new perspectives and expertise to the leadership team. The move is designed to enhance the firm's capacity to manage more complex projects and explore new market opportunities while maintaining its client-focused approach.
Navigating Market Shifts
The commercial real estate industry has faced notable challenges since 2022, including rising capital and construction costs. These factors have reshaped project underwriting and extended development timelines. While industrial demand in the greater Milwaukee area has remained healthy, an increase in new supply has led to a modest rise in vacancy rates. Luther Group has stated its focus is on carefully evaluating speculative projects to align with current market needs.
Fueling Growth with Investment Funds
A central pillar of Luther Group's expansion is its institutional investment platform. The firm's first fund, LG Industrial Opportunity Fund I, successfully closed at $24.75 million. That capital was deployed to acquire nearly 1 million square feet of industrial space across 13 buildings.
Building on this success, the company launched LG Industrial Opportunity Fund II in 2025. This new fund has a more ambitious target of raising between $50 million and $75 million in equity.
Recent Project Highlights
In the last 18 months, Luther Group has delivered several key projects, including two fully leased speculative industrial buildings in Menomonee Falls. The firm also completed build-to-suit projects for Children’s Wisconsin and Eye Care Associates and recently broke ground on another industrial project in New Berlin.
Expanding Geographic Footprint
While Fund I focused primarily on the Upper Midwest, Fund II has a broader mandate. The company is now targeting acquisitions in infill markets across the Midwest and beyond, with potential investments as far south as Texas and east to Ohio and Kentucky.
This geographic expansion is supported by the firm's integrated services model, which combines development, brokerage, and third-party property management to support both its own portfolio and external property owners.
A Look at the Company's Future
Luther Group has outlined a clear vision for the next decade. In the near term, the focus for 2026 is on deploying capital from Fund II, advancing new speculative industrial and outpatient healthcare projects, and optimizing operations across its growing portfolio.
"Our culture is intentionally human. This keeps decisions aligned with our team, clients, investors and the communities we serve." - Jason Luther, Managing Partner & President
Looking ahead, the firm's five-year plan for 2030 includes managing its first two funds while launching a third, LG Industrial Opportunity Fund III. The goal is to demonstrate a consistent track record of performance through various economic cycles and across different asset classes.
Long-Term Vision for 2035
By 2035, Luther Group aims to be a leading relationship-focused sponsor in Milwaukee, operating a durable, multi-fund platform. The long-term strategy involves continuing to serve its core healthcare and industrial clients through what it describes as long-term stewardship of assets and a fully scaled, integrated service platform.
This strategic roadmap highlights the firm's transformation from a local advisory service to an institutional-grade investment and development company with a clear plan for sustained regional growth.
