In the late 1990's, a series of real estate purchases by the City of St. Paul from a family-run business led to the formation of Victory Capital Corporation (VCC).
The events that led to this development are traced to the arrival of a Russian immigrant named Jack Geller who came to St. Paul, MN in 1919 at the age of eight. Jack had the gift of entrepreneurship, and in 1939, ran his first parking lot using a cigar box as his cash register.
1954 - Victory Parking Ramp Groundbreaking
Victory Parking Ramp
This later led to owning and managing seven parking lots and two parking ramps, plus several ownerships positions in other commercial properties. During the early 1950's through the mid 1970's, Jack saw the greatest growth in his business which included the construction of two parking ramps. In 1980, after Jack's death, his sons Ron and Loren Geller (who had previously overseen the daily operations of the business) assumed leadership roles within the Company. Ron and Loren guided the business through the 1980's and early 1990's with the ongoing management of the parking operations and its commercial real estate assets.
1987 - Victory Parking Ramp - World Series
1961 - Garrick Parking Ramp
In 1998, the City of St. Paul approached the Geller family about buying the land where the Garrick Parking Ramp and an adjacent property, the Albrecht Building, resided. The purpose of this acquisition for the City was to bring a new business partner (Lawson Software) into the downtown community. The Geller's accepted the City's purchase offer which provided the Geller's time to search for a suitable replacement property to re-invest the sale proceeds.
It was at this time that VCC was conceived. The business plan was to invest the funds from the sale of these properties into commercials properties outside of Downtown St. Paul in an effort to diversify the Geller family's holdings.
1999 - Randy & Todd
Randy and Todd, (Ron and Loren's sons) established their business objectives for the new company with Randy overseeing tenant leasing and operations within Downtown St. Paul, while maintaining involvement with Victory Parking's operations. Todd would be responsible for identifying investment opportunities, managing the acquisition and/or development process, and managing all real estate assets located outside of Downtown. Today, the portfolio has grown to over 20 commercial properties.