Distinctive Real Estate Development




Founded in the early 1990s, Exeter commenced with development of a seven-lot residential subdivision in an upscale Twin Cities neighborhood. In years since, the company has executed a diverse range of real estate product types and development strategies in various locations, including retail, office, and multifamily development. Each Exeter project has had its own unique characteristics, challenges, and solutions.

Exeter has years of experience with ground-up development and is well-versed in the extensive planning, design, neighborhood input, and entitlement efforts it requires. Recent projects have focused on renovating and re-positioning existing buildings for new uses. These developments typically utilize historic rehabilitation and new market tax credits and tax increment financing programs, which involve complicated review and approval procedures by local, state and federal agencies.




James A. Stolpestad

Founder & Senior Principal



James A. Stolpestad founded the Exeter real estate business in 1991 and is currently Senior Principal with the company and its legacy affiliates.  He previously was a commercial real estate attorney in private practice with a national law firm based in the Twin Cities, following positions as Special Assistant Minnesota Attorney General and Attorney with the U.S. Department of Housing & Urban Development. He has a JD degree from the University of Minnesota's Law School and a BA degree in History from its College of Liberal Arts.  Jim has been active in civic and community organizations in the Twin Cities over the years, has been named an Alumni of Notable Distinction by the College of Liberal Arts, and has won a national book award for his most recent publication on urban redevelopment.


Robert W. Stolpestad

CFM & Managing Principal



Robert W. Stolpestad joined the company in 1993 and has experience in all aspects of the commercial real estate business, including entitlements, finance, development, leasing, and sales. Rob currently has oversight for accounting, treasury, financial planning, and personnel for the company and supervises sourcing, closing, and managing project financing, including historic rehabilitation and new market tax credit programs. He has a MBA degree in Finance and International Business from the University of Minnesota’s Carlson School of Management, a Certificate of International Business from the Vienna (Austria) School of Economics, and a BA degree in History and Political Science from Northwestern University. Rob is a licensed Minnesota real estate broker, has been involved in community activities over the years, and is an occasional speaker at commercial real estate financing programs.


Thomas M. Nelson

CIM & Principal



Thomas M. Nelson joined the company in 2009, has extensive experience in project finance and management, and is currently involved in investor relations, real estate entitlements, finance, and development.  Tom oversees strategic planning, historic reviews and approvals, project design, and construction management. He began his commercial real estate career more than 25 years ago with the Eberhardt Company in Minneapolis, and continues to manage family multi-family properties. Tom has a BA degree from the University of Vermont, has been involved in various community and civic activities in the Twin Cities over the years, and is a licensed Minnesota real estate broker.


Herbert W. Tousley IV

CDM & Principal



Herbert W. Tousley IV joined the company in 2003 as a financial analyst and since has assumed the responsibilities for many of the company’s real estate development activities, including entitlements, project design, and construction oversight. He also has a lead role in retail and office leasing and is part of the team providing real estate advisory services to third parties. Herb has an MBA degree in Finance from the University of Minnesota’s Carlson School of Management and a BA degree in Finance from the University of St. Thomas. He is a licensed real estate agent with the State of Minnesota.


Joseph W. Bergman

Development Manager



Since joining the company in 2013, Joseph W. Bergman has been involved in leasing activities for Exeter’s retail and office properties, as well as various tasks relating to project development, including entitlements, construction contracts, and public grants and financing.  Joe has a JD degree from the University of Minnesota Law School and a BA degree from the University of Southern California. He is a licensed real estate agent with the State of Minnesota.


Cheryl A. Hanson




Cheryl A. Hanson joined the company in 2013 after 20 years of real estate accounting experience with other large real estate firms in the Twin Cities. She is responsible for the accounting operations of the company and its affiliates, including the preparation of financial reports, the maintenance of several industry-specific accounting software systems, and the management of accounting records. She oversees setting controls designed to mitigate risk and enhance the accuracy of financial results to ensure compliance with generally accepted accounting principles. Cheryl has a MBA degree in Business Administration from the University of St. Thomas and a BA degree in Accountancy from the University of Minnesota.