Third Millennium Properties

A private firm dedicated to investing alongside corporations and private funds in the purchase, management, and growth of real estate portfolios and corporate buy-outs.

Our Mission

Each of Third Millennium’s investments is organized under a Special Purpose Entity and financed by major financial institutions. The firm has established a solid reputation for dealing with highly customized financing solutions.


The principals of Third Millennium Group each have over 20 years of relevant experience in executive management positions and possess a broad range of expertise in all aspects of commercial real estate management including acquisition structuring, financing, tax analysis, leasing, and building operations. The firm currently manages the investment of approximately $1 billion in real estate assets across the United States. Since 1985, the firm has traded over $5 billion in real estate assets.


Each of Third Millennium’s investments is organized under a Special Purpose Entity and financed by major financial institutions. The firm has established a solid reputation for dealing with highly customized financing solutions.


Third Millennium also acquires mission-critical long-term NNN leased properties. Using these dual investment strategies, Third Millennium has been able to consistently deliver high risk-adjusted returns across various property markets and through all real estate cycles. Third Millennium also leverages the legal, tax and financial expertise of its executive team to enable the Company to undertake the most complex acquisitions and development projects.

Joseph Mizrachi


Mr. Mizrachi is a well-respected real estate investor and asset manager. Over his career, he has participated in transactions totaling many millions of square feet and billions of dollars worldwide. Before founding the firm, Mr. Mizrachi served on the advisory board for the First New York Bank for Business in New York and on the Board of American Realty Directors, Inc. and Intercontinental Realty Trust (a NYSE company) in Dallas Texas. He was Director at Heritage International Bank of Bethesda, Maryland. He served as a member of the Board of Directors of Tarrant Apparel Group (TAGS - NASDAQ), and he served as co-chairman of the special committee which oversaw the management buyout of the company. Mr. Mizrachi has a BA in economics and an MBA in finance and marketing from the Hebrew University in Jerusalem. He also received a CLU, ChFC, and a Master of Science in Financial Services from American College Bryn Mawr in Pennsylvania.

David Alcalay


Mr. Alcalay has managed, operated, and invested in many commercial real estate assets. Mr. Alcalay has served as the president of New England Flour Corp. and US Flour Corp. since 1975. New England Flour Corp. imports, exports and distributes wheat, corn and, soybeans. New England Flour Corp. trades these commodities in the Chicago, Minneapolis and Kansas grain exchange. US Flour Corp. is a supplier of wheat products to wholesale food bakeries, supervises the distribution and shipment of grain products and trades wheat commodities. Jointly US Flour Corp. and New England Flour Corp. have annual sales that exceed $300 million per year and comprise the largest flour distribution company in the United States with a value above $300 million. The Alcalay Family Office Group currently has a major ownership stake in a joint venture for VAS Aerospace, an aviation parts distribution group (with Boeing, Airbus, Honeywell, and United Technology) with an inventory of over $4 billion and sales of over $350 million per year. VAS has offices in Boca Raton (along with a state-of-the-art warehouse and maintenance shop), London and Singapore. Mr. Alcalay began his career as a securities and financial advisor at Bank Leumi in Israel after receiving a BA in Economics and Political Science from the Hebrew University in Jerusalem.

Adam Mizrachi


Mr. Mizrachi has over five years of experience in the commercial real estate industry. He has been directly involved in operations, construction management, acquisition, sales, leasing, debt restructuring, and joint venture structuring. Mr. Mizrachi is currently serving as Director of Operations for 2 million SF of class-A office space in Chicago, nearly 3 million SF of warehouse space in Colorado and North Carolina, and the operation of a corporate cafeteria. Through Mr. Mizrachi’s leadership, Third Millennium Group instituted a nationwide LEED certification program, a water recycling system at 540 West Madison in Chicago, and an urban apiary initiative to help Chicago’s embattled bee population.

Eyal Ben-Yosef


Mr. Ben-Yosef has managed, operated, and invested in many commercial and residential real estate assets. Mr. Ben-Yosef has been president and 50% owner of Federal Jeans Inc. since 1995. Federal Jeans Inc. is a major importer, distributor, and manufacturer of denim products. Headquartered in New York City, Federal Jeans Inc. has over $100 million in sales. Mr. Ben-Yosef began his career in the fashion industry at Shami Fashion Co. and Oren Fashion Co. in the 1980s, and he was the President of Speed Control Clothing Manufacturers, a company that manufactured denim in China from 1989-2004.

Gazi Nacif


Mr. Nacif has over ten years of experience overseeing commercial real estate ventures in the United States and Latin America. Since joining the firm in 2012, he has been involved with numerous leasing, acquisition, development and financing projects. Additionally, Mr. Nacif directs the firm's venture capital projects, including a 10,000 square-foot bitcoin mining data center in Puebla, Mexico. He holds a BBA in International Finance from Universidad Anáhuac.

Stuart Garlock

Vice President, Operations

Mr. Garlock has over 6 years of management experience with a diverse background in information technology and operations. As Vice President of Operations, he oversees the firm’s third-party service agreements, networking, cybersecurity, digital assets and banking transactions for both real estate and venture capital projects.

Joseph Etstein


Mr. Etstein is a well experienced real estate expert and qualified construction manager. Over his career, he has been involved in Mega Projects totaling millions of square feet worldwide. Notable transactions and construction projects include the Waterfront Square in Philadelphia, PA, My Mall in Limassol, Cyprus and Manhattan Tower in Tel Aviv, Israel. Before joining the Third Millennium Group, Mr. Etstein served as the C.E.O. of the International Development Group B.S.R. He was a partner at Bovis Lend Lease serving as the Construction Management Firm for the development of Terminal 3 Complex at Tel Aviv International Airport. Mr. Etstein has a B.Sc in Industrial Engineering and Management from the Technion Israel Institute of Technology.