August September 2022 Illinois Real Estate Journal by RE Journals

Real Estate Managing Broker Lori Tubbs, has witnessed and contributed to the economic development of Northwest Indiana firsthand, having worked alongside it for over two decades.

Is Northwest Indiana the new hub of the ByMidwest?MiaGoulart,IREJ Staff Writer

The Midwest is rich with oppor tunity when it comes to CRE, and while Chicagoland might have been the front-runner for businesses wanting to plant roots, more and more CRE professionals are shifting their gaze to another region: Northwest Indi McCollyana.

For more insight, Illinois Real Estate Journal recently spoke with Dave Bartolai of Chicago-based McHugh Construction, one of the largest commercial contractors in the Midwest.

McHugh has seen another exceptional year, yet caution re mains in terms of supply chain issues and the still-high cost of materials. The recent dip in commodity prices doesn’t mean current projects are any cheaper. Since the market is future-driven, Bartolai said it will take time for the small de crease to have an effect. Developers are still feeling the pinch because of this, but Chicagoland has witnessed no lack of activity — and clients are getting more specific in terms of

By Mia Goulart, IREJ Staff Writer

Building

CONSTRUCTION (continued on page 16) PRSRT STD U.S. PERMITCHICAGO,PAIDPostageILNO.3223 ©2022 Real Estate Publishing Corporation August/September 2022 • VOL.22 NO.4 2022 ILLINOIS REAL ESTATE JOURNAL REAL ESTATE AWARDS (pg 23) MARKETPLACE (pg 38): ASSET/PROPERTY MANAGEMENT FIRMS LAWDEVELOPERSFIRMS Designed by renown Chicago architecture firm Jahn and built by McHugh Construction, 1000M will rise 74 floors and deliver 738 luxury rental apartments to South Michigan Avenue. Rendering by Pictury, Courtesy JAHN. BIM. Prefabs. What are the other trends infiltrating Chicagoland?

NORTHWEST INDIANA (continued on page 10)

Information Modeling. Prefabs. Hyper-inflation. These are just some of the trends being utilized in Illinois’ current builds.

Technically these are both cheeseburgers.

A lot of companies offer commercial property management services. Nobody does it as well as Hiffman National.

customized commerical property management, accounting , project services , lease administration and more , nationwide hiffman com

After joining the International Union of Bricklayers and Allied Craftworkers (BAC) as a tuckpointer in 1990, Hector Arellano graduated from the Pointers, Cleaners, & Caulkers’ apprenticeship program.

3AUGUST/SEPTEMBER 2022 ILLINOIS REAL ESTATE JOURNAL

THE ROI OF TLC: WAYS OFFICE PROPERTY MANAGERS ARE DIFFERENTIATING BUILDINGS IN THE NEW “HYBRID WORKPLACE” Hiffman

FEATURES

12411 21201918 382322

The Illinois Real Estate Journal (ISSN 08932255) is published bimonthly for $59 per year by Real Estate Publishing Corporation, 1010 Lake St. #210 Oak Park, IL 60301. Periodicals postage paid at Chicago, IL. POSTMASTER: Send address changes to Illinois Real Estate Journal, 1010 Lake St. #210 Oak Park, IL 60301. Single copies $7.00. Back issues $7.00. Subscriptions are non-refundable. Phone: 708-622-0074.

CONTENTS ME TO LEARN M SEE OUR WORK AND START YOUR PROJECT TODAY. BUILDING A MIDWESTADVANTAGECOMPETITIVEFOROURCLIENTSSINCE 1973. WE COMPANY.CONSTRUCTIONKRUSINSKIARE

2022 ILLINOIS REAL ESTATE JOURNAL REAL ESTATE AWARDS SPECIAL INSERT

THE INDUSTRIAL HOT STREAK CONTINUES. BUT FOR HOW MUCH LONGER? The hot streak continues. Month after month, the market has experienced record demand — and it’s not predicted to halt any time soon around Chicagoland.

BIM. PREFABS. WHAT ARE THE OTHER TRENDS INFILTRATING CHICAGOLAND Building Information Modeling. Prefabs. Hyperinflation. These are just some of the trends being utilized in Illinois’ current builds.

The Midwest is rich with opportunity when it comes to CRE, and while Chicagoland might have been the front-runner for businesses wanting to plant roots, more and more CRE professionals are shifting their gaze to another region: Northwest Indiana.

IS NORTHWEST INDIANA THE NEW HUB OF THE MIDWEST?

CRE MARKETPLACE

New Spec Buildings, Developable Land Space, Infrastructure, and Proximity to Chicago

AUGUST/SEPTEMBER 2022 ILLINOIS REAL ESTATE JOURNAL

National’s Bob Assoian shines a light on making your office property stand out in the modern hybrid workplace.

MEET HECTOR ARELLANO, VICE PRESIDENT AND DIRECTOR OF TUCKPOINTERS OF BAC ADC I OF ILLINOIS

HEARD THE NEWS? GOOGLE IS BUYING THE THOMPSON CENTER FOR $105 MILLION Downtown Chicago needed a victory, especially after the losses of Boeing, Citadel and Caterpillar just months ago, and a victory is exactly what it got.

LAKE COUNTY, INDIANA: POSITIONED FOR PROSPERITY

BUSINESS ECOSYSTEM AND EMPLOYEES ARE BENEFACTORS OF A ROBUST WORKPLACE A robust workforce return to the office will have enduring benefits to the office ecosystem, including restaurants, shops and entertainment venues.

SACRIFICING SPACE: WHY ARE U.S. RENTERS DOWNSIZING In a white-hot housing market, future homeowners must compromise to save for a down payment.

and power to quickly and efficiently transport products, services and infor mation to consumers around the world at minimal costs and to two-thirds of the U.S. population in one day’s drive.

New Spec Buildings, Developable Land Space, Infrastructure, and Proximity to Chicago

Alliance Rendering of The Silos at Sanders Farm (Merrillville, IN). Over 1.5 MM SF Available Q1-Q3 2023 LAKE COUNTY (continued on page 6)

By Karen Lauerman, President & CEO of Lake County IN Economic

“The overall cost of doing business in Indiana is a major draw for investors and companies looking to serve their bottom line while catering to employees, clients and supply chains.”

Karen Lauerman

The organization in the know about all things Lake County (new developments, site selection, assets, data, quality of life, incentives and more) is the Lake

County IN Economic Alliance (LCEA), the single point of contact for economic development opportunities. LCEA is a private 501c3 providing complementary/ confidential services for companies, con sultants, and real estate professionals as they expand or locate businesses in the

Lake Positioned for Prosperity

4 ILLINOIS REAL ESTATE JOURNAL AUGUST/SEPTEMBER 2022 EDITORIAL ADVISORY BOARD TODD ANDRLIK Skender KrusinskiJERRYDukeJAMESConstructionCONNORRealtyCorp.GEORGEKOHLSavillsKRUSINSKIConstructionCo.RONALDC.LUNTHamiltonPartnersJOHNM.MOYSEYAvisonYoungNANCYA.PACHERCBRESTEPHENA.SMITHTheTelosGroupJONATHANSTEINInlandRealEstateGroupGREGORYT.WARSEKAssociatedBankCHRISWOODCushman&Wakefield PUBLISHER Mark menzies@rejournals.comMenzies VICE PRESIDENT OF SALES & MW CONFERENCE SERIES MANAGER Ernie eabood@rejournals.comAbood VICE PRESIDENT OF SALES Frank E. frank.biondo@rejournals.comBiondo VICE PRESIDENT OF SALES Marianne mgrierson@rejournals.comGrierson CLASSIFIED DIRECTOR Susan smickey@rejournals.comMickey SUPPORT SPECIALIST, MEDIA & EVENTS Hayley hayley.myers@rejournals.comMyers1010LakeSt.#210OakPark,IL60301(708)622-0074 Website: www.rejournals.comwww.rejournals.com@Rejournals

County, Indiana:

easured in minutes, not miles, to the top-rated Chicago metro area, Lake County, Indiana is comprised of 19 communities plus un incorporated areas that capture every style and capitalizes on being less than one hour from the Windy City. It boasts a most affordable business alternative in the entire Midwest and critical infra structure of road, rail, air, water, fiber

BThinketheBuild.pdbgroup.com ADAPTIVE REUSE COMMERCIAL INDUSTRIAL INTERIORS MEDICAL MULTIFAMILY

On August 23, Crow Holdings Industrial offically broke ground for the Silos at Sanders Farm, the county’s newest and next major business/industrial park along Interstate 65 in Merrillville with the first one-million-square-foot spec building in the northwest Indiana region At capacity, the park will feature approximately two million square feet under roof, both sin gle user and multi-tenant buildings. The first 1.57 million square feet is scheduled for delivery in the phases over the first three quarters of 2023.

6 ILLINOIS REAL ESTATE JOURNAL AUGUST/SEPTEMBER 2022

While manufacturing is our number one industry, the county continues to

healthcare, office, retail and hospitality complimenting residential. LCEA is en gaging and answering the high-profile EV, EV battery and chip manufacturing

Domino’s dough production, Big Lots furniture distribution, US Cold Storage, Meats by Linz, Alliance Steel, Amazon, Dawn Foods, Land O’Frost, Toyota Lift Truck, Digital Crossroads Data Center, Orean Personal Care and Allmyfy Cos metics are just a few of the companies experiencing the competitive advantages of their new locations. LCEA is currently working 72 active projects in multiple industry sectors.

diversify from legacy steel and refining to agri-business, logistics, warehousing and e-commerce fulfillment, life scienc es and tech support/data centers with

Digital Crossroads Colocation Data Center (Hammond, IN) adjacent to Chicago on Lake Michigan.

inquiries that are looking to be close to major power and water needs.

BUILDING 1 263,500 SF Q1 2023 DELIVERY BUILDING 2 1,002,000 SF EXPANDABLE TO 1,380,000 SF Q3 2023 DELIVERY BUILDING 3 574,560 SF Q4 2023 DELIVERY 101st Street & Mississippi • Merrillville, IN U P T O 1 , 3 8 0 , 0 0 0 S F A V A I L A B L E FOR MORE INFORMATION CONTACT: AvisonYoung Adam HaefnerCrowadam.haefner@avisonyoung.comHoldingsIndustrial Sean Andrews SAndrews@CrowHoldings.com Lake County IN Economic Alliance Karen Lauerman KLauerman@LCEA.us

19 municipalities and unincorporated areas of Lake County, Indiana.

LAKE COUNTY (continued from page 5)

LAKE COUNTY (continued on page 8) Homerlee (East Chicago, IN) Chicago skyline

itive economic momentum and Indiana’s business climate of One-Two-Three: one percent property tax on residential prop erties, creating an even more affordable quality of life; two percent property tax

Interstate 80/94 and adjacent to the In diana Harbor Belt Railroad/CSX lines, is attracting global interest. And they continue to expand their footprint in the county, adding sites and planned spec buildings in Merrillville, Indiana.

Analyzing the data, most common re quest is for 100,000–150,000 square feet followed by 250,000–500,000 square feet and then 30,000–75,000 square feet. When it comes to greenfield or brown field for build to suit, the most common demand is 30–50 acres followed by 10–15 acres with the big requests of 100 plus acres. These trends indicate that Lake

County and all of Northwest Indiana is a hot market for varying company sizes and needs. And LCEA is delivering for Lake County.

7AUGUST/SEPTEMBER 2022 ILLINOIS REAL ESTATE JOURNAL

During a time of tremendous uncertain ty, Lake County continues to secure pos

3 Class I CommuterRailroadsRail NORTHWEST INDIANA Deep Water Port National Park Cargo and eneral iation irport 4 Interstate Highways 7 Counties Countless Opportunities www.nwiforum.org 249,000 SF available at 4400

with

The Missner Group’s 249,600-squarefoot spec building (4400 Homerlee, East Chicago) on a 14.4 acre site less than a mile from Interstate 90, close to

in view (top right) “In addition to the secondaCountyfactors,economicLakeboastsqualityoflifetonone.”

Saxon Partners recognized Indiana’s ben efits and is investing $160,000,000 for a campus-style life science, technology and medical related development on the state line in Munster, Indiana anchored by a forthcoming commuter rail line sta tion with service to Chicago.

The overall cost of doing business in In diana is a major draw for investors and companies looking to serve their bottom line while catering to employees, clients and supply chains. One-Two-Three of fers stable tax environment allowing or ganizations to accurately assess their tax liability—a key to informed, educated strategic decisions on making the move to Lake County.

LAKE COUNTY (continued from page 7)

one thing: Lake County is Chicagoland’s best kept secret.

8 ILLINOIS REAL ESTATE JOURNAL AUGUST/SEPTEMBER 2022

In addition to the economic factors, Lake County boasts a quality of life sec ond to none. From the arts, casinos and entertainment, to farmers markets, and premier, yet affordable, housing, from top tier education opportunities K-12 to Purdue Northwest, Indiana University Northwest, Calumet College, Ivy Tech

New developments, available buildings, proximity to Chicago, access to supply chain/consumer markets, Indiana’s pro-business climate plus an attractive, affordable, quality lifestyle, means just

of Science and Industry. She is a Purdue University alum, received her certification in non-profit management from Notre Dame, and has recently completed course work for the Certified Economic Develop er designation from the International Eco nomic Development Council. Lauerman supports many regional organizations, sits on several boards and is the recipient of numerous awards and recognitions.

Community College and others in the region offering an available qualified workforce, Lake County is a short train ride away from the many amenties Chi cago has to offer.

previously served in high-level roles at the Northwest Indiana Forum (re gional EDO), Illinois Institute of Technol ogy, Woodfield Shopping Center, Museum

for multi-tenant units; and three percent property tax for business and industry.

Interior of 4400 Homerlee (East Chicago, IN) now available for occupancy.

Karen Lauerman is the President & CEO of Lake County IN Economic Alliance

We’ll Take It From Here. 3124 S. 60th Court l Cicero, IL 60804 l 708.222.1200 l www.mjworks.com + ASPHALT & CONCRETE + GENERAL CONTRACTING + SNOW & ICE CONTROL + ENVIRONMENTAL CLEANUP

Lauerman(LCEA).

ONE RESOURCETRUSTEDFOR ALL LAKE COUNTY, INDIANA LAKE COUNTY IN ECONOMIC ALLIANCE 440 W. 84th Drive Merrillville, IN 46410 219/756-4317 www.LCEA.us Karen M. dkoliboski@LCEA.usEconomicViceDonklauerman@LCEA.usPresidentLauerman&CEOKoliboskiPresidentofDevelopment Adjacent to Chicago, along the beautiful south shore of Lake Michigan, friendlier business climate of Indiana, lower worker compensation and operating costs... Lake County, Indiana will position you for prosperity. Air,INFRASTRUCTURErail,waterandroadtransportation with fiber connectivity surrounding available sites and structures. Convenient to two-thirds of the US market within a day’s drive. Ideal locations across the County. PurdueWORKFORCEUniversityNorthwest, Indiana University Northwest, Ivy Tech Community College, other leading state/private educational institutions and training programs. Workforce is ready and available. Entertainment,LIFESTYLE beaches, golf courses, casinos, shopping, art galleries, orchards, farmers markets and festivals. Welcoming communities with exceptional housing options. POSITIONED PROSPERITYfor INDIANA LAKE COUNTY

La Porte County, for example, has been overlooked by many who seek opportu nity outside of Chicago, but Tubbs said there have been numerous mid-size build-to-suit opportunities between La Porte and Chicago in recent years, many of which are spoken for prior to comple

all three agencies, according to Inside Indiana Business.

10 ILLINOIS REAL ESTATE JOURNAL AUGUST/SEPTEMBER 2022

Thetion.bottom

line is this: Businesses across the globe continue to flock to Indiana. And one of the biggest among its many draws? Stability.

Service, and Fitch Ratings. The State of Indiana is one of 13 to achieve AAA from

For one, Tubbs said Indiana’s Issuer Credit Rating (ICR) is rated AAA from Standard & Poor’s, Moody’s Investors

The McColly Bennett Commercial Advantage Team

Government-backed incentive programs have been instrumental in enabling businesses to relocate and expand into Indiana, and Tubbs said occupancy sits at around 90%. Northwest Indiana’s continued growth might cause the same supply shortage seen around Chicago land, but for now, there is plenty of available land if you know where to look. Many companies are opting for parcels of 500,000–1,000,000 square feet, while pockets in the range of 125,000–150,000 square feet — especially useful for the incubation of smaller businesses — are being overlooked.

OFFICE LOCATIONS: 29 Heritage Drive | Bourbonnais, IL 60914 | (815) 929-9381 850 Deer Creek Dr., 2nd Floor | Schererville, IN 46375 | (219) 864-7200 2107 N. Calumet Avenue | Valparaiso, IN 46383 | (219) 462-2411 Jeff Bennett (815) 922-6506 Lori Tubbs (312) 446-7059 Greg Leuloff (815) 592-7502 Buck Tamblyn (815) 549-4301 Mike Becze (219) 378-8308 Jessica Burke (630) 776-5156 Brian Coleman (219) 210-2493 Chris Duer (312) 479-2073 Brittany Hasselbring (815) 383-0955 Joel(219)Henderson808-9635 Emily Janssen (815) 383-1616 Peter Liberti (630) 263-1118 Bill Loy (219) 670-2864 Andy Maletta (219) 406-3731 Jason Markowicz (708) 670-2371 Cesilia Moncado (219) 736-0014 Bill Rathjen (219) 313-5236 Michael Siwietz (219) 229-2911 Joanne Tubbs (219) 314-2299 Don Wagener (312) 206-2325 Ken Williams (219) 510-3087 Stephanie Wilson (815) 471-0886 Managing Partner William Ziemek (847) 714-6308 Partner Mccolly Bennett co MM ercial a dvantage is a full service real estate firm. Our team of Brokers are experienced in industrial, retail, shopping center leasing, agricultural land, senior housing, multi-family housing, and residential bulk lot sales. to learn M ore visit M ccolly.co M /co MM ercial NORTHWEST INDIANA (continued from page 1) The Doubletree By Hilton South Bend. Photo by Steven Van Elk for Unsplash.

The friendly business climate is, addi tionally, a breath of fresh air for many companies, and those in charge of fa cilitating company moves lend a hand throughout the process.

There’s also a variety of in-progress mul tifamily projects to cater to people who want a space to live outside of Chicago. South Shore Commuter Rail, running from Chicago to South Bend, is install ing an additional rail line to South Bend, which is expected to not only alleviate rail congestion and lessen wait and ride time between the two hubs. Northwest Indiana is expecting lots of expansion because of this, and Tubbs said there are 8–10 multifamily projects being built along the line, be it reconstruction of old buildings or new, ground-up construc

seem to remain the pref erence for most due to their low risk, and the majority of large companies are looking to build big-box facilities, but a resurgence of spec projects is predicted if construction costs continue to decrease along with the threshold for risk.

Fortion.companies

renewable fuels — all within an hour of Chicago.”

“There’s a lot going on and it’s cool to be a part of that. For a while, Northwest Indiana got lost in a vacuum between Chicago and Indianapolis, but it’s creating an identity for itself in many ways. We have one of the largest steel communities in the world, along with lots of agriculture development and renewable fuels — all within an hour of Chicago”

wanting to relocate, or for those simply wanting to settle outside Chicago, Northwest Indiana has proven the place to be. The region was recently awarded $51 million to enhance infra structure that’s been divided between 35 different projects. While other submar kets have experienced a bit of a slow down, Tubbs said Indiana has a surplus of money to spend on its enhancement.

11AUGUST/SEPTEMBER 2022 ILLINOIS REAL ESTATE JOURNAL

Build-to-suitsobtained.”

“It’s a team effort,” Tubbs said. “They also do a lot of outreach. They go beyond the Indiana border to let people know that we’re open for business. We’re just waiting in the wings if we don’t toot our horn, but there’s a lot of opportunity to be

“There’s a lot going on and it’s cool to be a part of that,” she continued. “For a while, Northwest Indiana got lost in a vacuum between Chicago and Indianap

olis, but it’s creating an identity for itself in many ways. We have one of the largest steel communities in the world, along with lots of agriculture development and

he reports of office obsolescence have been greatly exaggerated. Of fice assets are not dead; they just need to be modified to be successful in this new era of the “hybrid workplace.” Those who do not adjust will continue to struggle as leases expire over the next several years.

formerly single-tenant floors into multi-tenant spaces that are more affordable for smaller occupiers. At Hiffman National, we leverage our vast vendor net work to obtain volume discounts and complete projects in a timely and cost-effective 3manner, despite supply-chain disruption and other

2.challenges.Prioritize occupant health and wellness. One of many trends accel erated by the pandemic has been growing demand for buildings that promote the health and wellness of

In this competitive environment, a prop erty must have Class A management to stand out and, ultimately, deliver an expe rience that justifies the commute for ten ants and cost for owners. Below are five ways property management companies can create exceptional office properties:

Aassets.good property manage ment firm can help owners determine the best capital improvements to compete with nearby properties, whether that’s updating the lobby and creating new tenant lounges areas; adding amenities like fit ness centers, cafes and outdoor lounges; building out spec suites; or dividing

occupants. A recent Harvard study of of fices in six countries found that poor air quality can significantly impair cognitive functions, lowering worker productivi ty. Moreover, in a survey of 2,364 office workers conducted by Gensler last win ter, 80% of respondents said an indoor air filtration system would help them feel comfortable going back to the office after the Ourpandemic.teamhas

The ROI of TLC: Ways Office Property Managers Are Differentiating Buildings in the New “Hybrid Workplace” Hiffman National’s Bob Assoian shines a light on making your office property stand out in the modern hybrid workplace.

ly true now as employers look to maximize the value of time spent in the office. Building owners relying on outdated com mon areas and amenities are seeing many tenants flee for modern quality

12 ILLINOIS REAL ESTATE JOURNAL AUGUST/SEPTEMBER 2022

1. Recommend capital projects that support leasing and retention. Newly constructed or renovated buildings have always been desirable, but that’s especial

By Bob Assoian, Hiffman National

Bob Assoian

been helping owners and occupiers modify or upgrade their HVAC systems to make them more efficient and give returning workers peace of mind. These improvements have also helped us secure certifications such as the WELL Health-Safety Rating, an evidence-based, third-party designation awarded to build ings that meet a range of health-safety re quirements. For those clients not wanting

3. Identify and develop more green space. Access to outdoor workspaces and other open-air amenities such as picnic areas and walking trails is increasingly import ant to office employees. We have helped

summitdb.com Preconstruction - Construction PManagement reconstruction - Construction Management Design/Build - General DContracting esign/Build - General Contracting Entertainment Hospitality Industrial Institutional Medical Office Recreational Residential Restaurant Retail Sustainable

OFFICE (continued on page 14)

to invest in “official” WELL ratings, our staff have been able to upgrade filters, modify outside air intake and adjust op erating procedures to improve health and wellness for tenants at a lower cost.

figure out how best to activate it through offerings such as Divvy bikes, outdoor gathering spaces for tenant meetings and fun events such as food truck days, ice cream socials and summer BBQs.

4. Provide hospitality-like services and programming. Today, commercial prop

13AUGUST/SEPTEMBER 2022 ILLINOIS REAL ESTATE JOURNAL

“Our team has been helping owners and occupiers modify or upgrade their HVAC systems to make them more efficient and give returning workers peace of mind. These improvements have also helped us secure certifications such as the WELL Health-Safety Rating, an evidenc e-based, third-party designation awarded to buildings that meet a range of healthsafety requirements.”

14 ILLINOIS REAL ESTATE JOURNAL AUGUST/SEPTEMBER 2022

5. Think like an owner. The best property managers treat each building as if it was their own. They ask themselves how they can satisfy tenants while delivering the most value for the owner; they build rela tionships with occupiers and work to en sure their ongoing satisfaction; they take care of critical maintenance and repairs; and they keep properties cash-flowing. More than once, we’ve been brought in to take over a beautiful Class A building

erty management is much like hospitality management. We work closely with our tenants to support networking events and other activities to get more employ ees to come to the office. As with adding green space, these activities differentiate the property in the market and provide experiences that workers wouldn’t get at their own home.

“We have helped

OFFICE (continued from page 13)

that’s been terribly mismanaged, with tenants who are unhappy because they can’t get anyone to listen to them. Their potential departures can be a death knell for properties in the current landscape. Exceptional service is key in all build ings, especially today.

In unpredictable times, effective proper ty managers understand how to provide the service, stability and environment that pandemic-weary workers seek. By recognizing that for many employees, the preferred office may be at home, manag ers can partner with landlords and ten ants to create welcoming environments differentiated through in-person expe riences that will keep workers coming back for more.

owners carve out more green space and figure out how best to activate it.” 9500 W. Bryn Mawr Avenue, Suite 200 Rosemont, IL 60018 www.mcshaneconstruction.com Our expertise is more than just walls, floors and ceilings. From amenity-rich luxury developments to affordable housing communities that don’t compromise on quality. We build the places where people want to live.

Dinner

www.saveapetil.org

SPECIAL THANKS TO OUR SPONSORS

Save-A-Pet is a 501(c)3 nonprofit organization and one of the largest no-kill cat and dog rescues in Lake County that operates a full-time adoption center. We provide a safe haven for abused, neglected, injured, lost, or animals that have escaped euthanasia. We will never put a limit on the amount of care we will provide for an animal and we never give up on them. Thus, Save-A-Pet offers rescued dogs and cats the greatest opportunity for a second chance. We take great pride in practicing our no-kill mission and in stewarding our donors’ contributions; both of which have led to the successful adoption of over 64,000 dogs and cats.

Golf

Real Estate to the Rescue Industry and Event SAVE-A-PET

7th Annual

at The Glen Club BENEFITING

And there are many benefits. To name a few, Bartolai said that groups are able to identify and correct potential conflicts before getting to the field, which not only improves efficiency, but worker safety, as Anotherwell.

16 ILLINOIS REAL ESTATE JOURNAL AUGUST/SEPTEMBER 2022

the elements they want in new buildings. Especially in the multifamily space.

requires repeatability to be efficient, and it doesn’t cater towards customization, like utilized in markets like

being constructed in a climate-controlled Prefabricationsetting.”

“Certain elements are becoming standard,” Bartolai said, “whether just common practice or amended by code, but there are more premium systems that are still price prohibited for builders in certain markets.”

Enter the digital revolution. Companies like McHugh have adopted Building In formation Modeling, or BIM — a software modeling process that architects, engineers and contractors can use to collaborate on a building’s design, construction and op eration, according to as opposed to each party working separately on a traditional

CONSTRUCTION (continued from page 1)

“The understanding is often that it [prefab rication] will be cheaper, but it rarely is,” Bartolai said. “What you’re saving is time, but by saving time on the jobsite, quality is increased because the elements are

He also noted the industry-wide focus on inclusion and equity, and McHugh is mindful about the ways in which it pro vides opportunities to its partners.

Sustainability is at the root of many of these wants, and benefits like increased en ergy efficiency and cost savings are causing builders to entertain it. But these elements come at a cost to occupiers, and many ar en’t willing to pay. Bartolai said it’s about striking the balance between providing the elements that are expected and doing so at a price that’s justifiable for everyone.

BIMblueprint.software

And not only are clients requesting new and improved upgrades, those working on the project are adopting new and improved ways to incorporate them.

will create a realistic model of a building, but unlike a simple drawing, this model is aware of all the building’s properties. “All of the different “views” of a building interact in real-time, so each party is always aware of how their changes affect the rest of the building,” according to BigRentz.com. “An increase in the size of windows, for example, will add more light to the building, but may also require a change in the HVAC system to expand cooling capacity.”

Cassidy on Canal, a 33-story, 343-unit Class-A tower to be developed by The Habitat Company and built by McHugh Construction at 344 N. Canal, will bring a new luxury multifamily rental option to Chicago’s Fulton River District.

multifamily, but for the right niche (like healthcare buildings and single-family homes) its various benefits shouldn’t be discarded.

“What you’re saving is time, but by saving time on the jobsite, quality is increased because the elements are being constructed in a climate-controlled setting.”

construction-side trend is pre fabrication. Prefabricated buildings, infor mally prefabs, are built off site in a factory or manufacturing plant, then transferred to the site. The advantage is fast turn around, but while this might seem like the ideal method for efficiency, Bartolai said there’s no magic bullet and there’s more to be considered. Prefabs don’t reduce the cost of material, especially when additional material is added as cautionary padding to ensure a quality transport from A to B.

• Cassidy on Canal, a 33-story multifamily building for The Habitat Company at 344 N. Canal St. in Chicago’s Fulton River Dis

4611, a nine-story mixed-use apartment building for The John Buck Co. at 4611 N. Broadway in Chicago’s Uptown

McHugh Construction is the general contractor for FanDuel Sportsbook, a new two-story sports betting venue under construction at the United Center in Chicago.

N. Elizabeth, a 28-story mixed-use apartment building for Sterling Bay in Chicago’s Fulton Market;

PCC2022 CIP July Ad (f).indd 1 6/27/22 8:53 AM

• Howard Brown Health Clinic, a five-sto ry healthcare facility and medical office building at 3501 N. Halsted St. on Chica go’s North Side;

•trict;Platform

• FanDuel Sportsbook, a 13,000-squarefoot sports betting venue at the United

Principle has been selected to build a 13,500 SF facility that will house 6,750 SF of retail, two 2-bedroom apartments and two 1-bedroom apartments at this long vacant property in downtown Lake Zurich. The first retail tenant will be Lake Zurich Florist, a local florist. The modern building will have 25 parking spaces, 1200 amp electrical service, a sprinkler system and shingle, EPDM and metal standing seam roofing.

17AUGUST/SEPTEMBER 2022 ILLINOIS REAL ESTATE JOURNAL OctoberCompletion,2022.

• and Prairie Shores Renovations, a multi-phased interior renovation of 1,381 apartment units throughout five-building campus in Chicago’s Bronzeville neighbor hood.

10-story mixed-income af fordable housing community in Chicago’s Bronzeville neighborhood;

a new 15-story, 58-unit condo building in the West Loop;

• 1000M, a 74-story residential tower lo cated at 1000 S. Michigan Ave. in the South Loop and designed by the late Helmut

•Jahn;225

In terms of current projects, McHugh has a lot going on. The firm recently completed one of its most noteworthy projects — the 101-story St. Regis Chicago, which is the third-tallest building in Chicago. Some of McHugh’s in-progress projects include:

9450 West Bryn Mawr Avenue Suite #120 • Rosemont, IL 60018 (847) 615-1515 fax (847) 615-1598

Creating centerpiecea inLakedowntownZurich.

•Center;Embry,

McHugh is also completing a structural sidewalk replacement for the perimeter of the Hilton Chicago Towers on South Michigan Avenue that also includes the renovation of indoor ballroom and meet ing spaces.

About 4,000 square feet of retail space is still available on the first floor.

•neighborhood;43Green,a

By Mia Goulart, IREJ Staff Writer

BAC ADC I

“Our members have been through exten sive and trade-specific training,” Hector said. “Union-certified labor guarantees not only quality of the trade, but labor consistency and availability of workers within any of our trades, as well. Mem bers have chosen to make a career out of their trade and are continually trained to improve.”

the most influential being word of mouth, newspaper ads and trade shows, in con junction with CISCO, to promote the industry within local schools.

“Union-certified labor guarantees not only quality of the trade, but labor consistency and availability as well.”

Apprentices working on the Des Plaines Food Pantry Masonry Restoration.

Illinois

Nearlyoverall.155

include medical and retire ment benefits, which Hector said make for a stronger, more stable community

fter joining the International Union of Bricklayers and Allied Craft workers (BAC) as a tuckpointer in 1990, Hector Arellano graduated from the Pointers, Cleaners, & Caulkers’ appren ticeship program. During his 40 years in the industry, Hector worked both as a foreman and a part- and full-time ap prenticeship and training instructor for 18 years before becoming a Business Rep resentative for the BAC in 2014. In 2016, Hector was appointed to his current role of BAC Administrative District Council I Vice President and Director of Pointers, Cleaners, & Caulkers.

apprentice,” Hector said. “We provide a stable, well-versed and safety-oriented Otherworkforce.”perks

“Union membership also provides its members free apprenticeship and con tinued training in new methods and procedures at no extra charge to the

18 ILLINOIS REAL ESTATE JOURNAL AUGUST/SEPTEMBER 2022

Hector Arellano, Vice President and Director

The role of the BAC is to organize the labor workforce, and with the help of leaders like Hector, Administrative Dis trict Council 1 of Illinois acts as a liaison to bring forth suggestions to its members’ companies that better improve working conditions and worker safety. While membership does require a small fee, the benefits seem to far outweigh the cost.

years old, the BAC is the eldest union in North America, representing about 7,000 members around Chicago land ADC wide — and the number just keeps growing. There are many ways in which the BAC attracts new members,

Meet of Tuckpointers of of

construction continues to gain momentum and many additional specu lative projects are planned to begin over the next few months. Vacancy in recently completed speculative buildings increased 30 basis points to 7.3% during Q2, the first increase in just under three years.

he hot streak continues. Month after month, the market has experienced record demand — and it’s not pre dicted to halt any time soon around Chi Acagoland.Q2report

Q1, from 16.5 million to 12.1 million square feet.

Low vacancy has led to few available op tions for those looking for space in product of all sizes. As a result, new leasing activity, and lease expansions, dropped 27% from

It is true that, however limited, more space is being built, despite steep construction costs and inflationary pressures. And in

That said, the still-plunging vacancy rate in Chicago dropped another 33 basis points between April and June to 4.58%, setting another record low. The rate is now below 4% in 10 of the 22 submarkets that Colliers tracks, based on the report, led by the I-55 Corridor at 1.4% and O’Hare at 1.8%.

double-edged sword. Why? Prospective occupiers are at a loss.

by Colliers found that de mand for space matched Q1 2022 and Q4 2021 as measured by net absorption. Net absorption totaled over 12 million square feet during Q2 of 2022, outpacing Q1’s total of 11.7 million square feet. Build-tosuit completions contributed 3.3 million square feet to Q2’s net absorption total.

Photo by Wilhelm Gunkel for Unsplash

The industrial hot streak continues. But for how much longer?

19AUGUST/SEPTEMBER 2022 ILLINOIS REAL ESTATE JOURNAL

Yet competition for space among users is still in full swing. And aside from the challenge of acquiring the space, it’s be come increasingly more expensive to do so. Colliers found that asking lease rates market-wide have increased 6.5% yearover-year, while rates in infill submarkets where demand far outweighs supply have increased, in some cases, more than 10% year-over-year.

most cases, this means building specula Speculativetively.

“Speculative construction continues to gain momentum and many additional speculative projects are planned to begin over the next few months.”

By Mia Goulart, IREJ Staff Writer

But the unprecedented numbers, while favorable to many, are somewhat of a

Heard the news? Google is buying the Thompson Center for $105 million

$326 million in deferred maintenance costs. Not to mention the $17 million per year it takes just to operate.

“The building.”thanCenterThompsonismorejusta

are expected to be completed in 2026.

Everyonetenants?

Pritzker kicked off the conference saying, “We’re saving taxpayers money. We’re growing high-paying jobs. We’re adding vitality to The Loop and improving the work environment for thousands of private and public sector employees. …Chicago and Illinois are open for business.”

Officials have revealed few details about Google’s renovation plans, but Sauder said its “iconic design” will be respected. Chair man and CEO of Capri — which will work on the renovations — said changes will be made to the building as energy-efficient, environmentally sustainable an inclusive as Renovationspossible.

20 ILLINOIS REAL ESTATE JOURNAL AUGUST/SEPTEMBER 2022

“The way we see it, the Thompson Center is more than just a building,” Sauder said. “Establishing a presence here in The Loop allows us to get in on the ground floor of

Illinois has finalized the long-awaited sale of the James R. Thompson Center to Goo gle, Gov. JB Pritzker announced during a recent news conference, saving Illinois

owntown Chicago needed a victory, especially after the losses of Boeing, Citadel and Caterpillar just months ago, and a victory is exactly what it got.

revitalizing and breathing new life into the heart of the city. Just as we’re proud of the role we played in turning Fulton Market into one of the most vibrant and energetic neighborhoods in the city, we have the op portunity to do it all over again here.”

hopes Google will do for Down town what it did for Fulton Market in 2015. Now, Google’s Head of Chicago Opera tions Karen Sauder sees similar potential to show businesses it’s an OK place to land.

to the Chicago Sun-Times, Google is solving two civic problems: (1) What to do about the expensive, and therefore, no-longer-wanted building, and (2) What to do to help The Loop, that even before COVID-19 saw an exodus of office

By Mia Goulart, IREJ Staff Writer

First opened in 1985, Helmut Jahn’s Thompson Center has been faced with both wonder and criticism, and the build ing’s expenses have drained Illinois’ re sources, but Pritzker said the deal will save taxpayers nearly $1 billion over the next three decades, and Google will generate tax revenue for Chicago and bring more life to The AccordingLoop.

in Dayton, Ohio are the closest to ownership. The median price of starter homes, $57,652, combined with the yearly savings derived from downsizing a rental, $3,168, would make it possible for a renter to afford a down

Notnationwide.onlyis

Other Midwest locations to make the Top 20 on RentCafe’s list include Lan sing, Michigan; Cleveland, Ohio; and Columbia, Missouri.

Chicago the 3rd largest city in the U.S., it’s also a hot spot for young people. Renters here could save $8,916 per year if able to adjust to one less bed room, meaning they’d be able to afford a down payment for a starter home in just over two years. The median price of homes is much higher than the preced ing three locations on RentCafe’s list, but the higher income earned by Chicagoans makes saving for a down payment almost as achievable as it is in Jackson, MS.

In fact, RentCafe found that renters who dream of transitioning to homeowner ship could save an average of $3,735 per year by simply downsizing by just one bedroom — a sacrifice many renters are jumping on. Nearly 4,000 RentCafe web site visitors revealed that 36% of renters were willing to use this method in order to afford their first home.

Can you guess which city came in No. 1 on RentCafe’s list? Hint: It’s also in the Yep.Midwest.Renters

Goulart, IREJ

By Mia Staff Writer

n a white-hot housing market, future homeowners must compromise to save for a down payment. One way to put aside money for a first home? Give up a little space.

And contrary to Chicago, Dayton is also one of the places with the most apart ment space per person, which makes downsizing less of a challenge.

So where in the nation can renters save up the fastest for a down payment by surrendering one bedroom in their current rental? Well, Chicago secured the 4th spot on the Top 50 list, despite having some of the smallest apartments

payment in a little over a year and a half, based on the report.

21AUGUST/SEPTEMBER 2022 ILLINOIS REAL ESTATE JOURNAL

Please contact us for any upcoming project needs! 847.374.9200 · www.meridiandb.com DESIGN BUILD · GENERAL CONTRACTING CONSTRUCTION MANAGEMENTUNDERCONSTRUCTION... Think of us for your next Speculative project... 2800 W. Diehl Road Aurora, IL - 392,933 SF ARCHITECT: Partners in Design CIVIL ENGINEER: Webster McGrath & Ahlberg “Not only is Chicago the third largest city in the U.S., it’s also a hot spot for young people.” Sacrificing space: Why are U.S. renters downsizing?

Theing.”

• More than 67% believe there are too many factors, including crime, to be able to accu rately predict when a recovery will occur on Michigan Avenue and State Street.

Other highlights of the Real Estate Center and ULI Chicago Report included:

owners organizing social activities and networking opportunities. According to the report, only 9.6% of firms are offering incentives to come back to the office.

•trajectory.Crimein

“Weoffice.need

Despite those big-picture benefits, the re port by The Real Estate Center at DePaul University (The Real Estate Center) and The Urban Land Institute Chicago District Council (ULI Chicago) found that a wide scale return to the office is a complicated topic given Covid’s pesky resilience and businesses trying to maintain their com petitive

“Think forward 3, 5 or 10 years to what the labor pool looks like if they haven’t made connections, been mentored and/ or participated in person,” Largay said. “I am skeptical about the people who don’t go back and don’t learn. What will that mean for their long-term career trajectory as well as company innovation and progress.”

•downtown.Outside

Keith Largay, Senior Managing Director, JLL, believes there could be significant, long-term implications the longer employ ees aren’t part of a work environment that existed pre-Covid.

to fully benefit from the collec tive experiences that exist in the traditional office setting,” Weinstock said. “People need the spillover knowledge that comes when someone in a meeting says some thing that spurs on further conversation, generates new ideas and/or allows us to solve problems for clients.”

the DePaul-ULI Report, requirements for employee attendance in a post-Covid work environment is varied: 36% of respondents cited flexibility in the requirement, 32.5% expected to be in the office half of the time and 21.9% said full-time attendance is expected. Yet, en forcement is an issue and/or inconsistent.

Business Ecosystem and Employees Are Benefactors of a Robust Workplace

Accordingedge.to

Chicago will have the greatest impact on investors considering acquisi tions in Chicago and the ability to attract tourists to retail/entertainment attractions

By IREJ Staff Writer

conflict getting people back to the office pits the short-term advantages and benefits of convenience and flexibility against some of the long-term effects that may not be apparent now but could have significant consequences down the road.

“Employees are expected to be in the office three days a week, but at this stage it really isn’t being enforced,” said one participant.

“It’s a larger mission and an ecosystem we need to protect,” Atkinson said. “You feel the vibrancy when people are there. Right now that feeling isn’t a sustained, Monday through Friday occurrence. But it is build

Mary Ludgin, Head of Global Investment Research for Heitman says working from home has afforded conveniences, but in the process has built up some rust. “It’s time to get the rust off. Senior leaders need to show up and be part of the lure to bring younger employees to the office. Junior staff need and thrive on the access to experienced professionals – the learning opportunities that come from proximity are critical to their growth,” she said.

Ludgin suggests that while some compa nies may be offering incentives like free lunches, social gatherings and parking, others are saying, “Come for the culture and the learning.”

• Nearly 65% of CRE professionals said they are either bearish or trending toward concerned when assessing the state of the market in 2H2022. Concern gives way to a more optimistic outlook in 2023 when 50.9% said they are bullish or optimistic about market conditions.

robust workforce return to the office will have enduring benefits to the office ecosystem, including restau rants, shops and entertainment venues, and long-term benefits to employees, especially those in the early stages of their careers who gain considerably from mentoring and “spill-over knowledge”, according to a Chicago 2022 Mid-Year Sentiment Report.

Steven Weinstock, First Vice President, Regional Manager and National Director of Self Storage Division, Marcus & Milli chap, supports the push for more time in the

Commercial real estate experts interviewed for the report addressed benefits to the overall business ecosystem and employee development. Brian Atkinson, Managing Director at Hines Interests, is eager for a workforce return downtown because of the broader impact.

22 ILLINOIS REAL ESTATE JOURNAL AUGUST/SEPTEMBER 2022

factors of greatest concerns among CRE professionals, in order of con cern, include the rising cost of construc tion materials, labor costs, rising interest rates and rising inflation.

“Employees are expected to be in the office three days a week, but at this stage it really isn’t being enforced.”

Employers and building owners are doing what they can to make it comfortable and attractive to be in the office, with building

• More than 62% believe the downtown office vacancy will continue its upward

Strongly31.58%Agree SomewhatSomewhat30.70%Agree17.54%Neutral18.42%Disagree Strongly1.75%Disagree Agree or disagree with the following statement... “Vacancy in the Chicago office market will maintain its upward trajectory in 2022 and 2023.” Source: The Real Estate Center at DePaul University and Urban Land Institute Chicago District Council What is your firm’s requirement for employees in a post-Covid work environment? on a scale of 1 (low) to 5 (high) 35.96toFlexibilitybewhereemployeesneedtobeBeing in the office at least 50% of the 32.46time Back in 21.93fullofficethetime9.65fromprimarilyWorkinghomeIsyour firm offering employees any incentives to induce them to return to the office? 9.63%YES 90.37%NO Source: The Real Estate Center at DePaul University and Urban Land Institute Chicago District Council A report by The Real Estate Center and ULI-Chicago suggests office vacancy faces challenges before it will improve. Although a robust worplace is viewed as a tremendous benefit, there is still a big discrepency in company back-to-work standards, if they are even enforced.

AUGUST 2022ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS

CHANGES PERSPECTIVE EVERYTHING.

From financial consulting to digital strategy, we help clients see and solve with unconventional clarity. Visit wipfli.com.

AUGUST 2022 ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS

AUGUST 2022ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS #irejawards | #rejournals | Find Us On re_jounrals REjournals @REjournals

Since its inception in 1984, Clayco has completed revenues of over $25 billion, including over 250 million square feet of new construction and 40 million square feet of renovation work in the United States. The company has completed development of over 8,500 acres of land and is a leader in each of the markets served.

BOB CLARK

Therecruiting.company is privately held and provides full-service, turnkey building services through its real estate services capabilities and fully integrated subsidiaries: Lamar Johnson Collaborative, a full-service architecture and design firm and Concrete Strategies, a fully integrated self perform concrete contracting company with over 1,200 employees.

In 1984, Bob Clark founded Clayco as a start-up construction company. In that first year, Clayco’s revenue reached $1 million. Since then, Clark has grown Clayco into one of America’s top 20 building companies with revenues near $5 billion for 2021 with 2,500 employees.

Prior to establishing Clayco, Clark was a partner at Machine Maintenance and Equipment Company (MMECO). Under Clark’s stewardship, MMECO became the leading Midwest distributor for Ingersoll Rand and Gardner Denver products. Prior to MMECO, Clark served as Project Director at Clark Painting Company, one of the nation’s largest industrial painting contractors founded by his father, Harold. Bob and his late wife, Ellen, dedicated their time and resources to help address critical issues in their community. Through their giving, they have addressed a broad range of issues including children’s needs, education, and stem cell research projects. The Clarks made a gift to Washington University Medical School to build and dedicate the “Ellen S. Clark Hope Plaza” to the school. The plaza was designed by world renowned artist Maya Lin and serves as a public haven for the students, medical staff and patients. In 2015 Clark married Dr. Jane Clark (nee Centeno) and is the proud father of four children and eight grandchildren. When he’s not pioneering the next idea, he can be found spending time getting his hands dirty on his ranch or hiking mountains around the world.

Clayco specializes in real estate development, engineering, architecture and construction in Industrial, Corporate, Institutional and Residential markets in communities across North America. As Executive Chairman, Clark spearheads the company’s strategy, vision and

ACHIEVEMENTLIFETIME

AUGUST 2022 ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS THANK YOU TO OUR 2022 IREJ AWARDS SPONSORS!

CenterPoint Properties is recognized as an innovator in the investment, development, and management of industrial real estate.

Salud Center

Hotel / WINNER!HospitalitySABLEHOTEL

Lamar Johnson Collaborative - Sloan AjinomotoKroll

ROOFTOP VENUE

Office Mosaic Construction Kroll

AT NAVY PIER AND OFFSHORE

WINNER! 320 SOUTH CANAL 444 North Orleans Industrial Redevelopment The BrettGridAnthony Foods Tangent WINNER!TechnologiesMohawkRedevelopment

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Office WINNER!RedevelopmentBELLWORKSCHICAGOLAND

Reimagine What’s Possible

Let our team help reimagine what’s possible and give you the competitive edge you need to succeed.

Affordable Housing

PROJECT AWARDS

Industrial / Manufacturing / Science

Lion Electric Chooses Joliet-Will County Brewster Creek Commerce Center

Clarius Park Joliet Building 2 3501 North Brandon Rd., CenterPoint Intermodal Center - Joliet, IL

Harbor Freight Tools Chicago build-to-suit Project Condor Bridge Point North Phase III 4300 N. Brandon Rd., Joliet, IL

24 E Washington - Macy’s Speculative Suites

WINNER! RIVIAN AUTOMOTIVE INC.

1100 W Fulton, Herman Miller JCFS Chicago Seigle Campus

WINNER! FIFTH AVENUE APARTMENTS

HomeWayfairDepot

AUGUST 2022ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS centerpoint.com

Office Interior Design iManage

AU G UST 2022 ILLINOIS REAL ESTATE JOURNAL 2022 AWARDSILLINO IS

Farmer’s Best Market Senior Warrenville Horizon Senior Living

Advocate Medical Group - Lake Villa Outpatient Center

Multifamily Wrigleyville Lofts by Draper and Kramer, Incorporated The Fynn One Chicago Evo Union Park

Retail / WINNER!RestaurantCERMAKFRESH MARKET

FAMILY WILDLIFE CENTER AT LINCOLN PARK ZOO

THE GRAND LOGAN LODGE WINNER!RedevelopmentPEPPER

Silver Cross Medical Office Pavilion D NorthShore - Edward-Elmhurst Health: Woodridge Clinic The Sheridan at Oak Brook - Core & Shell

Willis Tower Skydeck Renovations Ravenswood Senior Living Pullman National Monument Visitor Center and State of IL Historic Factory Grounds

WINNER!HousingVERANDAH

WINNER!

AUGUST 2022ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS www. FinishingChicago.com PDAINTINGRYWALL F INISHING G LASS SYSTEMS W ALLCOVERING S IGNAGE & F INISHERS (708) 223-4499 LOOKING FOR PROFESSIONAL FINISHING CONTRACTORS ? Education Redevelopment WINNER! CRISTO REY ST. MARTIN COLLEGE PREP - PHS II Illinois Institute of Technology Industrial Interior Design WINNER! GREAT LAKES COCA-COLA Elk Grove Technology Park Tenant Improvement Multifamily Interior Design WINNER! RestaurantAVRAInterior Design WINNER! DENGEO’S RESTAURANT Medical WINNER!PropertyNCHBUFFALO GROVE OUTPATIENT CARE CENTER

2022 Illinois Real Estate Jour nal Lifetime Achievement Award

AUGUST 2022 ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS

Thank you for establishing and nurturing a culture of innovation, collaboration and a can-do attitude that makes Clayco the best option for our clients and one of the best places to work in the country.

CONGRATULATIONS

Bob Clark

The Clayco Team is proud to work with you.

WINNER! CUSHMAN & WAKEFIELD Kiser CONLONGroupCOMMERCIAL General Contractor of the Year - Data Center WINNER! Mortenson General Contractor of the Year - Industrial WINNER! RYAN COMPANIES US, INC KeeleyClayco PREMIERMeridianConstructionDesignBuildDesign+Build Group

Tenant Advisory Group LLC Quantum Real Estate Advisors, Interra Realty Savills Chicago Lee & Associates of Illinois The Boulder Group

Peak Construction Corporation Pepper Construction Morgan Harbour Construction Alston Construction Company

AUGUST 2022ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS CRAIG MARTIN Investment Broker of the Year PATRICK KENNELLY & PAUL WATERLOO Broker Team of the Year, Investment Sales INTERRA REALTY Brokerage Firm of the Year TOCONGRATULATIONSOURFINALISTS! 312.361.3140 | 350 N. Clark Street, Suite 500, Chicago, IL 60654 | info@interrarealty.com | www.interrarealty.com THE CLOISTERS Most MultifamilySignificantSaleTransaction Single Family / Townhome - For Sale WINNER! 3D VIRTUAL TOUR HOME BUYING | 1760 WASHINGTON Private Residence, Chicago Historic Landmark restoration CORPORATE AWARDS Architecture Firm of the Year Eastlake Studio Lamar Johnson Collaborative WINNER! GOETTSCH PARTNERS Hartshorne Plunkard Architecture Ross Barney Architects OKW douglasDesign+associatesPartnersEpsteinArchitectsbyDesign inc Brokerage Firm of the Year

Inc.

WE’RE ON MISSIONA

Are we professional? You bet.

Could we do real estate investing the old stodgy way? Sure.

Our Core Value is to Have Fun + Excitement Everyday.

Congratulations to the other ﬁnalists. We’re honored to be included in such an esteemed list.

CLEARHEIGHT.COM

AUGUST 2022 ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS

Boring? Absolutely not.

At Clear Height, we’re out Building Wealth and Creating Legacies, not only for ourselves, but everyone around us. That’s the Mission we’re on.

Smart? You know it.

W.E. O’Neil Construction

Property Management Company of the Year

WPD Management WINNER! ZELLER Hiffman National

At WeColliers,AreEnterprising.

Conor Commercial Real Estate RiversideCenterpointBridgeLendleaseIndustrialPropertiesInvestment& Development

WINNER! GOULD & RATNER LLP Freeborn & Peters LLP

WINNER! MCSHANE CONSTRUCTION COMPANY

Luxury Living Chicago Realty

We see an opportunity to accelerate client and community success within one of the most dynamic markets in the U.S. Our people understand the extraordinary advantages found in the Chicago market. We remain committed to driving top results across Illinois and the Midwest, with global reach and a hyperlocal approach.

CRG

General Contractor of the Year - Multifamily

Ryan Companies US, Inc.

National Title Solutions

AUGUST 2022ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS

Real Estate Law Firm of the Year

Accelerating Success.

WINNER! PROPER TITLE

WINNER! STERLING BAY

Engineering Firm of the Year

CAGE Civil Engineering Manhard Consulting

StradaLevel-1 Real Estate Services, Inc

WINNER! ERIKSSON ENGINEERING ASSOCIATES, LTD.

WINNER! BEE LINE SUPPORT

Lender of the Year

WINNER! MARQUETTE BANK

Developer of the Year

Professional Service Company of the Year

Title Company of the Year

RIVERSIDE WOULD LIKE TO THANK ITS TEAM For making it possible to be a ﬁnalist in two categories tonight for Developer of the Year & Oﬃce Development of the Year 320 South Canal Together, We Deliver 150 North Riverside Plaza Suite Chicago,1800Illinois 60606 312.788.1800 | riversideid.com

Bradley Borowiec, Zeller Mark Rose, Avison Young

Architect of the Year

WINNER! FRED REGNERY, COLLIERS

Kelly Disser, NAI Hiffman

John Redmond, Redmond Gary Rose, Clear Height Properties

Property Manager of the Year

Executive of the Year

PEOPLE AWARDS

WINNER! CRAIG MARTIN, INTERRA REALTY

Eric Thompson, Avison Young

Brian Patrick Liston, Liston & Tsantilis

WINNER! NED FRANK, COLLIERS

Volunteer of the Year

AUGUST 2022ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS

WINNER! USA FIRE PROTECTION Construction Cleaning Company

General Contractor of the Year - Office

Dan Polito, ACCEND Construction Brewster Hague, Greenstone Partners Kevin Kramer, Village of Hoffman Estates

Steve Horvath, CONLON Commercial

WINNER! KATE DAVIS, GLOBAL PRACTICE DIRECTOR, PRINCIPAL, NCIDQ, LEED AP, HKS

Investment Broker of the Year

Executive Construction Inc. Redmond

WINNER! Amy Blumenthal, Gould + Ratner

Building Service Company of the Year

David Arnburg, Gould + Ratner

WINNER! Alba Colavitti, CRG Alissa Adler, Colliers

WINNER! SKENDER

WINNER! COLLEEN NEEDHAM, DRAPER AND KRAMER

Emerging Leader of the Year, Male

Industrial Broker of the Year

Bee Line Support

Andrew Maletich, Cawley Chicago

Real Estate Lawyer of the Year

Eric Greenfield, Polsinelli

Scott Weinstein, Field and Goldberg

Champion of Diversity

Susan F King, FAIA, LEED AP BD+C, LFA, DouglasHED Hammen, NCARB, IIDA, douglas Design+associates inc

WINNER! AARON GALVIN, LUXURY LIVING CHICAGO REALTY

WINNER! CHRISTINA HUBACEK, NORTHPOINT DEVELOPMENT

Emily Mackie, Inspired Interiors Emily Gadomski, Mid-America Group

WINNER! KEIANA BARRETT, STERLING BAY

Jessica Lingertat, Gould + Ratner

Emerging Leader of the Year, Female

TRANSACTION AND CITY AWARDS

WINNER! CBRE - BRIDGE POINT NORTH BUILDING 9

CBRE - Bridge Point North Phase III

Most Significant Multifamily Sale Trans WINNER!action

Broker Team of the Year, Investment Sales

Vistex Pointe

ARCHITECTUREDEVELOPMENT + ENGINEERING TO KNOW

WINNER! DANNY SPITZ, JASON ST. JOHN, PAUL TESDAL, AND BREWSTER HAGUE, GREENSTONE PARTNERS

Matt Halper and Danny Mantis, Kiser Group

SMS ASSIST

Multinational Fortune 500 warehouse lease/ RepublicRegnery National Distributing Company -

Park Ridge Commons, Kiser Group

WINNER! ELK GROVE VILLAGE

Peter Kelly, Brett Ratay and Matt Hickey, Lincoln Property Company

RYAN COMPANIES

WINNER! DR. SUZET MCKINNEY, STERLING BAY

Woman of the Year

THE CLOISTERS, INTERRA

Pat Kennelly and Paul Waterloo, Interra Realty

Anne Dempsey, Colliers

Randy Blankstein, Jimmy Goodman and John Feeney, The Boulder Group

Village of Romeoville Village of Hoffman Estates Village of Buffalo Grove Village of Machesney Park

Jason West, SIOR, and Sean Henrick, SIOR, CCIM, Cushman & Wakefield

Alba Colavitti, CRG

CAPITALREALCONSTRUCTIONESTATEMANAGEMENTMARKETS RYANCOMPANIES.COM GET

Most Significant Industrial Lease Trans action

Most Significant Investment Sale Trans action

Jamie Henry, Bee Line Support

Most Significant Office Lease Transac WINNER!tion

Susan Bergdoll, Duke Realty Jamie Redmond, Redmond

Broker Team of the Year, Office or InWINNER!dustrial

HomeWayfairDepot

AUGUST 2022 ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS

DMI at Kemper Lakes Business Center

DAN LEAHY AND ADAM ROTH, NAI HIFFMAN

Romeoville

City / Municipality of the Year

Darcy Rutzen, M & J Wilkow

Joe Learner and Robert Sevim, Savills

WINNER! CINESPACE FILM STUDIOS 1315 North N. Branch 1100 West Fulton Market 210 N. BradleyCarpenterPlace

Noah Birk & Aaron Sklar, Kiser Group

AUGUST 2022ILLINOIS REAL ESTATE JOURNAL 2022 AWARDS THANK YOU TO OUR 2022 IREJ AWARDS SPONSORS!

Website: okeefe-law.com

P: 312.621.0400 | F: 312.621.0297

Key Contacts: Bob Chapman, Chief Executive Officer; bchapman@centerpoint.com; Nate Rexroth, Executive Vice President, Asset Management; nrexroth@centerpoint.com

Services Provided: CenterPoint Properties is an innovator in the investment, development and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases and sells state-of-the-art warehouse, distribution and manufacturing facilities near major transportation nodes. Our experts focus on rail and portproximate distribution infrastructure assets.

Key Contacts: David J. Friedman, President, dfriedman@conor.com; Brian Quigley, Executive Vice President, bquigley@conor.com

Company Profile: Gould & Ratner lawyers translate legal knowledge and business acumen into practical solutions that work for our clients, who include entrepreneurs, family businesses, and middle-market and Fortune 500 companies in real estate and many other industries in Chicago and nationwide.

30 N. LaSalle St., Ste. 4100 Chicago, IL 60602

P: 312.236.3003 | F: 312.236.3241 Website: gouldratner.com

Key Contacts: Bob Chapman, Chief Executive Officer; bchapman@centerpoint.com; Nate Rexroth, Executive Vice President, Asset Management; nrexroth@centerpoint.com

Company Profile: Hiffman National is one of the US’s largest independent commercial real estate property management firms, providing institutional and private clients exceptional customized solutions for property management, project management, property accounting, lease administration, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally recognized Top Workplace, Hiffman National is headquartered in suburban Chicago, with more than 265 employees nationally and an additional five hub locations and 30 satellite offices across North America. For more information, visit hiffman.com

9500 W. Bryn Mawr Avenue, Suite Rosemont,200 IL 60018

Company Profile: O’Keefe Lyons & Hynes, LLC has an 85-year track record of supporting commercial real estate interests in property tax matters. We work with corporate, institutional, private and not-for-profit entities across the office, multifamily, industrial, retail and hospitality sectors.

Website: conor.com

P: 312.987.9900 | F: 312.987.9854

GOULD & RATNER

CENTERPOINT PROPERTIES

Website: centerpoint.com

Key Contacts: James Sarnoff, jsarnoff@sarnoffbaccash.com; Robert Sarnoff, rsarnoff@sarnoffbaccash.com

Website: hiffman.com

Services Provided: The firm’s partners have been on the forefront of understanding, shaping, challenging, and sometimes writing, Illinois property tax laws. Many of the partners honed their skills overseeing taxation matters for Illinois public taxing agencies. Our firm leverages this expertise, along with a proprietary technology database, to create innovative tax and litigation strategies that lead to successful outcomes for our clients.

Company Profile: Sarnoff & Baccash’s clients include Owners, Developers, Managers, REIT’s, Fortune 500 Companies, Private Equity Firms, etc., in connection with commercial property, high-rise and low-rise apartment buildings, condominium associations and single-family home portfolios.

Services Provided: Conor Commercial identifies and implements the most suitable commercial real estate strategy to yield increased returns for each real estate opportunity. With offices and seasoned real estate professionals strategically located throughout the country, the firm provides the experience and resources needed to develop and stabilize real estate developments that maximize positive returns to investors and partners.

SARNOFF & BACCASH

O’KEEFE LYONS & HYNES, LLC

P: 314-429-5100

LAW FIRMS

MELTZER, PURTILL & STELLE LLC

1808 Swift Drive Oak Brook, IL 60523

P: 847.692.8700 | F: 847.292.4313

CENTERPOINT PROPERTIES

Key Contact: Linsey Cohen, Chair, Real Estate Practice, lcohen@gouldratner.com Services Provided: Counsel on nearly all real estate transactions, including purchase, sale and financing of office, industrial, hotel/hospitality and residential/multifamily development, as well as commercial and retail leasing, multiparcel assemblage, tax-deferred exchanges, management agreements, construction financing, litigation and environmental issues.

Key Contacts: Dave Petersen, CEO, dpetersen@hiffman.com; Bob Assoian, Executive Managing Director of Management Services, bassoian@hiffman.com

P: 833.HIFFMAN

One Oakbrook Terrace, Suite 400 Oakbrook Terrace, IL 60181

Company Profile: CRG is a privately held national real estate development and investment firm that has developed more than 10,000 acres of land and delivered over 210 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Seattle, Southern California, St. Louis, Philadelphia and Phoenix. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com.

Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics and supply chain problems. With an agile team, substantial access to capital and industry-leading expertise, we provide our customers with a competitive edge and ensure their success — no matter how great the challenge.

Key Contacts: Shawn Clark, President clarks@realcrg.com; Chris McKee, Chief Development Officer, mckeec@realcrg.com Website: www.realcrg.com

Services Provided: Sarnoff & Baccash is a leading and recognized law firm concentrating solely in the field of property taxation. We help client’s secure favorable taxes in Illinois through property tax appeals, incentives and consulting.

P: 847.330.2400 | F: 847.330.1231

Company Profile: Conor Commercial Real Estate is the integrated real estate development firm of The McShane Companies headquartered in suburban Chicago, Illinois with regional offices located in Dallas, Houston, Irvine and Phoenix. The firm is active on a local, regional and national basis in the development of master-planned industrial and office parks, multifamily properties, medical office developments and built-to-suit projects for lease or purchase.

FOR ADVERTISING OPPORTUNITIES IN THIS SECTION, PLEASE CONTACT SUSAN MICKEY AT SMICKEY@REJOURNALS.COM OR 773.575.9030

Services Provided: Development, Site Selection, Site Planning & Cost Analysis, Engagement & Entitlements, Incentive Discovery & Negotiation, Financing, Development Management, Leasing & Administration, Asset Management and Investment Management.

AUGUST/SEPTEMBER MARKETPLACE38 ASSET/PROPERTY MANAGEMENT FIRMS

Key Contacts: Elizabeth Gracie, Brianelizabethgracie@okeefe-law.com;Partner,Forde,Partner,brianforde@okeefe-law.com

HIFFMAN NATIONAL

P: 630.586.8000

P: 2199312-658-0747InnerbeltBusiness Drive St. Louis, MO 63114

CRG 35 E. Wacker Drive, Ste. 1300 Chicago, IL 60601

Website: mpslaw.com

125 S. Wacker Drive, Suite 2900 Chicago, Illinois 60606

1808 Swift Drive

Oak Brook, IL 60523

CONOR COMMERCIAL REAL ESTATE

Two N. LaSalle St., Ste. 1000 Chicago, IL 60602 P: 312.782.8310 | F: 312.782.8635 Website: sarnoffbaccash.com

1515 Woodfield Road, Ste. 250 Schaumburg, IL 60173

DEVELOPERS

P: 630.586.8000

Website: centerpoint.com

222 N. LaSalle St., Ste. 300 Chicago, IL 60601

Company Profile: Meltzer, Purtill & Stelle LLC is a business-to-business law firm with exceptionally strong capabilities in all areas of real estate law. The firm provides a full range of transaction and litigation services to real estate developers, financial institutions, and businesses engaged in corporate, industrial, and retail development as well as financing, leasing, and investment.

Key Contact: William J. Mitchell, Managing Partner, wmitchell@mpslaw.com Services Provided: The firm provides an exceptionally wide range of real estate-related services, including commercial real estate and leasing; land use, zoning, and entitlement; construction and finance- including TIF and other development incentives and commercial litigation.

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