Commercial Real Estate

Like father, like son?
Sarasota attorney and real estate developer David Band has made a name for himself buying, building and selling commercial real estate in Southwest Florida, thanks to notable projects such as the Main Plaza/Hollywood 20 complex, Kane Plaza and the Pen West office complex.

His son, Douglas Band, however, has eschewed his father's penchant for the real estate business in favor of more political aspirations.

Until now.

The younger Band is part of a newly formed Tampa-based real estate investment trust that hopes to raise $20 million to invest in commercial properties occupied by “net lease” tenants such as CVS or McDonald's.

Generation Income Properties Inc. will be led by David Sobelman, 43, the co-founder of brokerage firm Calkain Cos. LLC, which specializes in single-tenant, so-called “net lease” deals in which tenants pay less rent in exchange for paying taxes or other costs associated with occupancy. Sobelman will be the REIT's chairman and president, along with its only board member, while remaining at Calkain. He did not return a telephone call for comment, and Band could not be reached.

Doug Band -- President Bill Clinton's chief adviser for a decade beginning in 2002 and a member of the Clinton Global Initiative board from 2008 to 2012 — has been added to Generation Income's five-member advisory board, according to a filing with the U.S. Securities & Exchange Commission.

Band, who joined Generation Income's advisory board in April, is now a New York University adjunct professor. He is also a member of the Clinton Global Initiative advisory group; a member of the Clinton Foundation Sweden's board; on the Coca-Cola International advisory board; part of the America's Cup organizing committee; and a member of the board of regents at Georgetown University, where he earned a master's and a law degree.

He joins James Graff, a Raymond James managing director and co-head of its real estate investment banking division; investor Melvin Lazar; Benjamin Adams, founder and CEO of Ten Capital Management; and Dan Mirman, founder of the New York law office of Everett & Everett PLLC, on the board.

The advisers, who will provide non-binding counsel to Sobelman, will not be paid, but may eventually be compensated with stock or stock options, the SEC filing states.