December 2021 Illinois Real Estate Journal

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Expect big change along the North Branch as the next Lincoln Yards construction phase commences

By AJ LaTrace, Managing Editor

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Image courtesy of Sterling Bay.

fter years of planning and public meetings, Chicago-based developer Sterling Bay has taken the wraps off the next phase of construction for the Lincoln Yards mega-project, a major development which will reshape over 50 acres of former industrial land along the Chicago River’s North Branch.

Sterling Bay formally unveiled the next phase framework at a public open house on Tuesday, December 14 for residents to get an up-close look at what to expect in the coming years.

While the full Lincoln Yards site winds around an S-curve in the river, and includes sprawling parcels on both sides of the Chicago River, the upcoming construction phase is focused on the southernmost section of land, which is simply dubbed “Lincoln Yards South.” The slides and images provided by Sterling Bay for the open house offer details on site locations, conceptual renderings of the upcoming buildings, and a timeline for construction.

The pandemic created a big opportunity for private equity, but squeezed independent Chicago landlords

By AJ LaTrace, Managing Editor

LINCOLN YARDS (continued on page 14)

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or Chicago area multifamily property owners and operators, the pandemic has only been a part of the challenge that these last two years have represented. The stay at home orders, mass layoffs, eviction moratoriums and more, coincidentally come around the same time that rules have changed between the landlord and tenant relationship.

But despite it all, those who have been able to ride through the continuous waves of adversity may have found themselves in a very good situation.

MULTIFAMILY (continued on page 10)

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ILLINOIS REAL ESTATE JOURNAL THE PANDEMIC CREATED A BIG OPPORTUNITY FOR PRIVATE EQUITY, BUT SQUEEZED INDEPENDENT CHICAGO LANDLORDS For Chicago area multifamily

property owners and operators, the pandemic has only been a part of the challenge that these last two years have represented.

6 EXPECT BIG CHANGE ALONG THE NORTH BRANCH AS THE NEXT LINCOLN YARDS CONSTRUCTION PHASE COMMENCES

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DESPITE DELTA SURGE AND SUBSEQUENT WAVES, CHICAGO AREA RETAIL’S RECOVERY IS WELL ON-TRACK “I believe that the pandemic may have saved the retail real estate asset class,” explains Charley Margosian, a second generation commercial real estate professional whose family’s business largely owns and operates retail properties.

After years of planning and public meetings, Chicago-based developer Sterling Bay has taken the wraps off the next phase of construction for the Lincoln Yards mega-project.

THE CORPORATE ‘BACK TO THE 16 ISBURBS’ MOVEMENT ALREADY BEGINNING TO HAPPEN? NOT EXACTLY.

Since the pandemic began in the early months of 2020, what eventually happens with the office as a workplace has been anyone’s guess.

19 DECEMBER MARKETPLACE 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.

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F ROMT H EE DI TOR PUBLISHER Mark Menzies menzies@rejournals.com MANAGING EDITOR AJ LaTrace alatrace@rejournals.com VICE PRESIDENT OF SALES & MW CONFERENCE SERIES MANAGER Ernie Abood eabood@rejournals.com VICE PRESIDENT OF SALES Frank E. Biondo frank.biondo@rejournals.com VICE PRESIDENT OF SALES Marianne Grierson mgrierson@rejournals.com CLASSIFIED DIRECTOR Susan Mickey smickey@rejournals.com MANAGING DIRECTOR, NATIONAL EVENTS & MARKETING Alyssa Gawlinski agawlinski@rejournals.com

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EDITORIAL ADVISORY BOARD TODD ANDRLIK Skender Construction JAMES CONNOR

“So, what’s ahead for 2022? We’ll have to see. At this point, it’s pretty safe to say that anything and everything is hard to predict anymore.

But please stay tuned.”

“People are hungry for stories. It’s part of our very being,” the late, great Chicago author Studs Terkel once said. And here at Illinois Real Estate Journal, our purpose is to tell the stories about what is happening in our industry.

This year was a big one for many reasons. Despite the ongoing uncertainty about when or if this pandemic will finally end, we covered all types of stories on the local commercial real estate beat. And one day in the future when we’ve all moved on from the pandemic, the IREJ archive will serve as a written record of how business was done during a global health emergency.

Some of our greatest hits for this year included stories about the evolving nature of the workplace and how the office is changing to adapt to our new reality, the wild ride that retail property owners have been experiencing and the evolving nature of what “retail” even means, and updates on major ongoing projects such as the Pullman National Monument and Lincoln Yards.

As the editor for Illinois Real Estate Journal, I appreciate all who took time out of their day to chat with me to provide comments for a story, as well as all of those who took the time to read through our longer form features. We rely on the expertise of those in the field doing this work to get the bigger picture perspective.

I would also like to extend a sincere thank you to my colleagues here at REjournals, including our wonderful publisher, Mark Menzies, my colleague on the editorial side, Dan Rafter, Alyssa Gawlinski on the events and marketing front, Ernie Abood and the many other excellent sales folks, and of course, the big bosses, Todd Phillips and Jeff Johnson.

So, what’s ahead for 2022? We’ll have to see. At this point, it’s pretty safe to say that anything and everything is hard to predict anymore. But please stay tuned.

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Despite Delta surge and subsequent waves, Chicago area retail’s recovery is well on-track

By AJ LaTrace, Managing Editor

“I believe that the pandemic may have saved the retail real estate asset class,” explains Charley Margosian, a second generation commercial real estate professional whose family’s business largely owns and operates retail properties.

Highland Management, the company that Charley operates with his father, Charles Sr., has been in business since 1985 and maintains a portfolio of properties totaling 1 million square feet. Roughly 80% of the family’s properties are retail, Margosian says.

While discussing both the intended and unintended consequences of the stay-at-home orders, social distancing rules, and various mandates that led to mass isolation for much of 2020 and parts of 2021, Margosian’s takeaway may seem counter to the narrative about how hard the retail asset class has been hit by the pandemic.

But at this point in time, as much of the country (and world) has gone back to business as usual, the retail world is also seeing renewed interest. This is particularly so for strip centers with major anchors.

“I think a lot of people saw what it was like to not be able to go to a store and only have e-commerce available, and they decided it wasn’t such a great situation,” he continues.

“You know, it turns out that people like to go out and see things and feel and touch them.”

“For transaction activity, it seems like we’re back at record pricing both on a per square-foot and cap rate level,” Margosian says. “The properties that are trading are the high-quality assets, such as the grocery-an-

Photo by Igor Ovsyannykov via Pixabay.

But it’s not only physical goods that people like to venture out of the home for. After months of restaurant dining room closures

and ordering delivery online, people want to experience the feeling of going out for dinner or drinks, Margosian adds.

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8 RETAIL (continued from page 6)

“If you want your portfolio to be just single-tenant triple-net buildings, and that’s the game that you play, yeah, there’s a lot of money out there,” he says.

“The definition of retail is gone. And

chored and the well located properties are trading at very low cap rates.”

it’s been gone, even before the

Private equity has flooded other asset classes since the pandemic started, particularly multifamily and industrial, both of which have witnessed booms in Chicago and other major cities. And while e-commerce, transportation and logistics businesses are the main driver behind the current industrial boom, there will always be a place for brickand-mortar, Charley believes.

pandemic hit.” struggling businesses by offering rent deferrals or other measures.

But at this point, Margosian believes that even with subsequent waves and variants, there may simply not be enough political or social will to bring back mass business closures and stay-at-home orders, especially as northern Illinois continues to increase in overall vaccination numbers.

“During the pandemic, we adjusted our investment model to look for shopping centers that were internet-resistant, which means restaurants, services like dry cleaners, medical or physical therapy, and we have been actively trying to target those tenants,” Margosian says.

One really important indicator of a more sustained retail recovery is the sense that there wasn’t as much of an economic fallout from the latest variant and subsequent COVID waves.

The new face of retail is perhaps not as focused on sales tax-generating businesses, as it’s more focused on niche services or the food and beverage industry, Strusiner suggests. For better or worse, this is the new reality and landlords are adapting to keep up with the evolving nature of the asset class.

However, there was a caveat to this strategy, unfortunately. At least for a period during the height of the pandemic scare.

David Strusiner, VP of Leasing with Craig/ Steven Development Corp, sees retail pivoting even more towards service-oriented businesses after the pandemic.

“People are pivoting and thinking out of the box more than they’ve ever done before,” he says. “For instance, we have a retail center that we’re turning into a service-oriented center, not because that’s what we built it as, but because that’s what’s coming to us and we’re okay with it.”

“As it turned out, what was an internet-resistant strategy was a very pandemic-sensitive strategy. So, we saw a lot of those retailers struggle through the pandemic,” he adds.

Just like BSky_JanitorialSecurity_10x7_v3.pdf landlords in the residential and office worlds, the Margosians worked with

“The definition of retail is gone. And it’s been gone, even before the pandemic hit,” he says. “You know, there’s doctors, there’s dentists, there’s physical therapists. It’s fit10/22/21 PM And those have been the ness and it’s7:29 food. driving forces in my opinion.”

Even with the massive amounts of capital being invested into commercial real estate in the current moment, Strusiner says that his company is holding. However, those who do want to sell could stand to do well when exiting their position in retail assets.

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“We did not see a pronounced slowdown in leasing activity that corresponded with a Delta surge, so I think as the broader economy continues to recover, and we make it through some of these things like these supply chain issues, that we’re going to have a period here for the next couple of years of economic prosperity,” Charley Margosian says.

And as residential housing continues to remain competitive and in high-demand, pushing businesses and workers further out to the collar counties, we could even see some new retail construction in the area.

“And with that consumer prosperity and demand for retail. Overall, I’m very optimistic about the next couple of years in the retail real estate world,” says Margosian. “I think that we’ll start to see something we haven’t seen since 2006 and 2007, which is new retail development.”

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10 MULTIFAMILY (continued from page 1)

downtown and back at record highs; no, we’re not there yet. But we’re trending up,” Becovic says about the current situation.

Photo courtesy of Becovic

“The silver linings, or at least the things that have re-energized me are these,” says Sal Becovic, President of Becovic, a family-run property group which owns and manages 2,000 units in Chicago’s far north side. “First and foremost, what we do as housing providers is so important. And number two: multifamily is the place to be right now compared to other real estate asset classes.”

However, news about a fully recovered downtown is still meaningful to neighborhood owners and operators, he adds.

“I take what’s happening downtown as a great signal as to what’s going to happen in the neighborhoods,” Becovic explains.

“Downtown is always the first to the party, and then leaves the party early.”

Becovic acknowledges the hardships from the last couple of years, but believes that the pandemic only reaffirmed how vital and somewhat insulated the apartment market can be during economic downturns or other challenges.

“Multifamily performed. And even though it got challenging for us, we performed, and that’s where I think multifamily is going to be ready to really take the next step as we move forward,” he says. “And that’s the reason why we’re getting all this capital and why a lot of guys that were invested in offices, or invested in hotels, or in retail, are coming in here investing in multifamily.”

big prices. And the capital being pumped into neighborhood apartment buildings is perhaps reflective of the larger economic recovery, or at least a testament that the “death of the major city” narrative at the height of the pandemic uncertainty last summer was overblown.

Indeed, multifamily assets in the neighborhoods are trading at a fast clip and at

Even still, the multifamily sector has its challenges. Despite the news about a fully

recovered Class A downtown apartment market from earlier this year, there are varying messages coming from neighborhood owners and operators. And while the asset class performed during the downturn, there is still an ongoing recovery.

“Some properties were more insulated, but overall, it was challenging. And now we’re digging out. We’re stabilizing. We’re not

A November report from Neighborhood Building Owners Alliance offers a more detailed look into what independent landlords are experiencing outside of downtown. One note that is particularly positive is strong collections. Over half of the members surveyed indicate that they have received 95% or higher collections for the month of September, suggesting improved stability of the housing market. Back in March, only 46% of respondents had >95% collections and then in June, that number only bumped up slightly to 49% of those surveyed.

MULTIFAMILY (continued on page 12)

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12 MULTIFAMILY (continued from page 10)

But even with stronger collections, property owners are making fewer improvements or having to cut back on costs in other ways.

Nearly 40% of respondents to the November report plan to reduce their maintenance and repairs budget. Roughly 20% are making personnel cuts, while 6% say that they’re not likely to pay their property tax bills on time, or in full. Only 3% of NBOA property owners surveyed said that they’re unable to pay their mortgage on time.

In terms of methodology, the report indicates that the NBOA members surveyed own 30,000, collectively. Nearly half of the cohort own five or fewer properties in Chicago, suggesting that the makeup of the membership is largely small-time, independent landlords.

The market conditions have been ripe for private equity to step in and scoop up vast numbers of units from struggling landlords. In other cities, particularly in Texas markets like Dallas, there isn’t as robust of an independent, mom-and-pop landlord community. However, Chicago could be — and arguably already is — heading down the path of more corporate ownership of apartment properties.

And in many cases, a change in ownership from an independent, neighborhood landlord to a larger, outside corporate interest, can have ramifications for existing tenants.

“We favor situations where there’s local ownership of local property.

“When [a private equity group] is buying an apartment building, they view it as a revenue stream, and not the 20 different individuals or so who happen to be dependent on that apartment,” Glasser says. “That long-term elderly tenant who’s been on a fixed income might find themselves priced out and dealing with a ruthless outside owner who isn’t in a position to show any compassion.”

Outside money doesn’t have that connection to the property and with the individual tenants and instead just

Two- and three-flat ownership in Chicago is a tradition worth preserving, Glasser adds, giving families a means to build equity while also providing others with much-needed housing.

really looks at it as a numbers game.”

Having a robust and thriving independent landlord community is not just about variety or the opportunity for small-time investors to build equity and a path to financial stability. Independent landlords are likely more willing to understand and address tenant needs, says Mike Glasser, owner of Magellen Properties and president of the Neighborhood Building Owners Alliance.

“We favor situations where there’s local ownership of local property. There’s plenty of outside money that will come in and sweep up the property; this is a nationwide trend,” he says about the theme. “Outside money doesn’t have that connection to the property and with the individual tenants and instead just really looks at it as a numbers game.”

“It’s a beautiful thing for an immigrant or hard-working postal worker, or anybody who’s dedicated their life to building up a family asset, to be able to pass that asset on to their next generation,” he says. “It’s been happening for years and [multifamily home ownership] should be available to everybody who wants to put in the work and sweat equity.”

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“Lincoln Yards South, under the guidelines of the planned development, is really intended to be more recreational in focus, whereas the park space [at Lincoln Yards North], is intended to be more self-directed.”

LINCOLN YARDS (continued from page 1)

However, construction on the Lincoln Yards project has already been underway.

Third-party logistics firm C.H. Robinson, the first office anchor tenant for the mega-development, moved into its new space along the North Branch riverfront back in 2018. A year later, Sterling Bay formally opened its Fleet Fields recreational athletic fields south of Cortland Street. And then more recently, the developer and its partners kicked off construction of the upcoming ALLY life sciences building, which will feature nearly 300,000-squarefeet of space for research labs and offices.

But there are likely to be some changes to the outcome, thanks in part to input from the community members participating in the final tweaks to the nuts and bolts of the master plan.

“When we were previewing our interpretation of what the planned development called for in regards to the park space, we heard recommendations from the Community Advisory Council that we could incorporate a bit more ‘contemplative space’ and less programmed or focused space, and we’ve worked to increase that amount within Lincoln Yards South,” Krol explains of the park elements for the upcoming phase.

And as the mega-development seeks to reshape a major swath of the North Side, the city assembled a group of stakeholders composed of area residents and industry professionals to help oversee some of the final steps in the process and serve as a voice for the community.

This formation of, and participation by, the city-led Community Advisory Council helped establish a model for future mega-developments, such as Related Midwest’s ambitious project, The 78, near the South Loop.

Images courtesy of Sterling Bay.

“One of the things that we’ve talked about with the Community Advisory Council is the park, and I think it’s important to keep in mind that we’re looking at roughly 11

acres of park space,” says Fred Krol, senior counsel and director for government and community relations for Sterling Bay.

Other partners include SOM, which led the master planning for the mega-development, Gensler and HPA, which are designing individual buildings for Lincoln Yards South, as well as Hoerr Schaudt and Site Design Group, both of which will handle landscape design duties for the project.

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D E C E M B E R 2 0 2 1 I L L I N O I S R E A L E S TAT E J O U R NA L The mega-development’s outdoor space and programming is as crucial a piece of the master plan as the new buildings, especially as the transformation of the formerly industrial site will have an impact on the North Side and North Branch for generations to come. The completed Lincoln Yards will also feature a long new stretch of coveted riverwalk.

However, Lincoln Yards isn’t a development solely focused on outdoor recreation — there are a number of new buildings also planned for this next phase. Of the nine major elements which are expected to be completed by 2024, six will be new structures. These buildings will include a mix of new retail space, residences and offices. And then by 2025, there will be additional construction of new residential buildings, as well as major infrastructure improvements.

The recently unveiled four-year plan also highlights the inclusion of a water taxi station, a canoe and kayak launch, a dog run, and the much anticipated 606 extension. Long discussed, and perhaps seen as a sort of trade-off as a public good in exchange for density, the multi-million dollar extension will connect the mega-development to neighborhoods like Bucktown, Logan Square, and Humboldt Park via the popular bicycle trail and footpath.

While Lincoln Yards presses forward, another major point of discussion that remains to be determined is the political leadership and ward boundaries. Despite any changing political winds or local leadership, the project has already been thoroughly discussed and voted on by the Chicago City Council. “I think it’s important to just remind ourselves that we have an approved Planned Development,” Krol says.

15 With a projected outlook four years in the future, it’s also likely that the pandemic will be in the rearview mirror when this phase is completed. But even still, some of the health and safety changes we’ve seen in office buildings, residential towers and shops since the start of the pandemic could perhaps carry over well into the coming years.

But beyond the inclusion of hand sanitizing stations and the like, did the pandemic have any major impact on the Lincoln

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And the good news for North Side residents who frequent the elevated park and path is that the extension is already underway.

“That’s something that we’re already starting to work on,” Krol says of the 606 extension. “Our goal is that we’d be able to bring that extension online by 2025 or so, but we view that as another important community benefit, much the same as the park.”

Infrastructure is yet another key component to the next phase, as well as for the mega-development as a whole. New roads and utility upgrades are expected to be completed in the coming years, knitting the pieces of Lincoln Yards together within itself and the surrounding communities. Getting people in and out of Lincoln Yards smoothly and efficiently, for whichever purpose individuals are there for, will be critical to the development’s success.

As for rail transit, the plan is still to address the aging and deteriorating Clybourn Metra station nearby.

“One of the things that we’re looking at are some interim improvements to the existing Clybourn station and how we might be able to facilitate that,” Krol says of the Metra stop. “You know, I think anyone who’s been to that station would agree that it’s not hospitable — so, how can we make that feel a little bit lighter, brighter, safer, more accessible?”

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Yards master plan and programming?

Krol offers a straightforward enough response in regards to this inquiry.

“In terms of the overall plan that we set forward for the area, I don’t think it’s changed really in any kind of meaningful way at this point.”

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Is the corporate ‘back to the burbs’ movement already beginning to happen?

Not exactly.

By AJ LaTrace, Managing Editor

S

ince the pandemic began in the early months of 2020, what eventually happens with the office as a workplace has been anyone’s guess.

While it’s safe to say that 2020 and 2021 have been years where there has been an incredibly fast pace of evolution in workplace design, a shift towards employee empowerment, and a re-emphasis on the office as a place for culture and collaboration, one lingering question remains.

“It’s not binary. It’s not a focus on just the city or the suburbs. I think that those two coexist and

Will corporations choose to stay in Chicago’s downtown or start looking at moving back to the suburbs?

Entering 2022, there really is no longer a tried and true approach to a new office space or in overall office trends. Each company is adapting to meet the needs of its employees and customers, and whether that means that staff will continue

feed off each other.” to work from home for the foreseeable future, then that is an approach many are taking. In other industries, workers

are being encouraged to return to the central office, not only for the company’s benefit, but for valuable mentorship and

career growth opportunities for individual staff members.

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But this month’s announcement from United Airlines that it will be relocating hundreds of workers from The Loop out to Arlington Heights next year could be seen as the proverbial canary in the coal mine. With United’s announcement, can we expect to see others follow?

Well, not exactly, says Allen Rogoway, managing principal for Cresa in Chicago. While not involved in the United deal, nor privy to specifics of the airline’s employee shift out to the burbs, Rogoway says that we’re likely to continue seeing what we have witnessing even before the pandemic, which is continued development both within Chicago’s downtown core and in inner ring suburbs.

“It’s not binary. It’s not a focus on just the city or the suburbs.

Photo via Pixabay I think that those two coexist and feed off each other,” Rogoway says about the theme. “The city’s the that equation has become a bit more engine of why these areas emerged.” complicated in the era of the pandemic, there’s a good chance that companies will At the end of the day, all corporations maintain some kind of presence both in have the same need, which is to attract downtown Chicago and somewhere in a and retain the best talent. And while suburban location.

“I just think these last two years and the kind of this corporate introspection on their labor and workforce, which ties directly to the workplace, is all positive,” Rogoway adds. “And that includes looking at the city versus the suburbs,

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For over 45 years, Darwin Realty/CORFAC International has been a leader in industrial and commercial real estate. The company specializes in brokerage, property management, investment and development services primarily in the Midwest. Darwin’s highly qualified professionals are problem solvers and utilize a breadth of tools and knowledge to serve our clients best.

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I L L I N O I S R E A L E S TAT E J O U R NA L D E C E M B E R 2 0 2 1

18 the Willis Tower after the operations team shift.

SUBURBS (continued from page 17)

sector, but now has become a viable option on the office market.”

Representatives for United were quick to dispel any possible rumors of totally abandoning its presence in the city by highlighting its investment in updates to its office space at the Willis Tower, the Daily Herald reported. Roughly 2,500 employees will continue to work out of

However, Crain’s reports that in addition to the 900 employees relocating to Arlington Heights, another 400 could eventually be moved to the suburbs in the following years.

The move takes place after years of steady development and investment activity within Chicago’s Central Business District. Site Selection magazine has placed the Chicago area at the top spot

for corporate relocations for eight years straight, beating out all other major metros between 2012 and 2020. And many of these big corporate moves or new satellite offices throughout this period were going downtown.

And then there has been the nagging question of what to do with the recently vacated suburban office campuses left behind by legacy corporations who have returned to Chicago in recent years.

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SIOR Chicago thanks our 2021 Platinum Sponsors for supporting the Chapter!

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In Hoffman Estates, the old Ameritech (and later AT&T) HQ has been fully renovated and repurposed as a mixeduse office and retail complex. Hundreds of new residences are also planned for the campus, which is expected to bolster retail activity and potential future office demand.

More recently, Allstate announced its intentions to leave its Northbrook campus and said it already had a buyer lined up.

Dermody Properties is looking to transform the insurance giant’s former office campus into a new industrial campus for transportation and logistics businesses.

Industrial’s big moment has led to intense competition among developers for new sites for future projects, and shuttered office campuses may be ripe for adaptive reuse.

But beyond looking at the balance sheet and whether having an office in the city or suburbs — or both — makes the most sense logistically and economically, there are other issues at play. Specifically, there has been a major shift back to individual means of transportation since the pandemic and public transit has struggled.

When having discussions with one of his clients who was exploring the idea of consolidating offices, Rogoway said that transit and transportation was frequently brought up, particularly as it came to recruitment and company growth in the coming months or years.

“Transportation was such a big, big component, especially with people being hesitant to be on public transportation,” Rogoway says of the theme. “You knew within your office who was vaccinated and could control that, but not so much [on public transit].”

But even as United prepares to move hundreds of workers out to Arlington Heights, the suburban office market has been struggling just as the downtown office market has. Absorption was down last year for suburban office space. However, tenants continued to seek preferable lease terms this year, such as flexible lease periods and tenant improvement allowances.

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Sam Badger, SIOR Vice President

Chris Gary, SIOR Treasurer

Peter Billmeyer, SIOR John Cassidy, SIOR Secretary Director-At-Large

Tom Boyle, SIOR Past President

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However, if more major corporations follow United’s lead, these vacant suburban campuses could very well be used for their intended purpose: office space.

Despite the ongoing uncertainties caused by the pandemic and new variants of the COVID-19 virus, it’s still unclear whether there will be a winner and a loser in the office real estate world, or if both the city and suburbs can expect to see steady growth.

DECEMBER MARKETPLACE B ROK E R AG E F I R M S BARBERMURPHY

1173 Fortune Blvd.

Commercial Real Estate Solutions Shiloh, IL 62269 P: 618.277.4400 | F: 618.277.4407 Website: www.barbermurphy.com Key Contacts: Wayne Barber, Jr., SIOR, Principal, Wayne@barbermurphy.com; Paul Murphy, Managing Broker, Principal, Paul@barbermurphy.com; Steve Zuber, SIOR, CCIM, Principal, Steve@barbermurphy.com; Collin Fischer, CCIM, Principal, CollinF@barbermurphy.com Services Provided: BARBERMURPHY is a full service Commercial Real Estate firm offering their clients on the ground market knowledge and experience in the disposition and acquisition of commercial, industrial, land, retail, and investment properties.

Company Profile: BARBERMURPHY is the largest Commercial Real Estate firm focusing on downstate Illinois and St. Louis. Our growing firm has 19 Licensed Brokers and more than 500 exclusive listings.

Mission Statement: Achieving total client satisfaction through exceptional people providing the best possible Commercial Real Estate Solutions.

FRIEDMAN REAL ESTATE

34975 W. Twelve Mile Road Farmington Hills, MI 48331 P: 888.848.1671 Website: friedmanrealestate.com Key Contacts: David B. Friedman, President/CEO; Gary Goodman, Sr. Managing Director-Brokerage Services Services Provided: Friedman offers a full range of real estate services including commercial and multifamily property and asset management, tenant and landlord representation, investment and loan sale advisory, space planning, design and construction and a unique platform of lenderfocused bankruptcy, receivership and distressed asset services. All services are provided inhouse, though a single point of contact, which guarantees that clients receive the most timely and efficient service available in the marketplace.

Company Profile: Founded in 1987, Friedman Real Estate is one of the largest privately held commercial real estate organizations in the nation; currently managing over 15M SF of commercial space and more than 15,000 apartment homes located throughout the country.

Friedman’s commercial brokerage team has over 800 current listings with $20 billion in closed transactions.

Notable Transactions/Clients: • Hovis Light Industry Park – Dekalb • Poplar Creek Office Plaza – Hoffman Estates • 801 North Route 83 – Bensenville • Crystal lake Office – Crystal Lake • Broadway Village – Pekin • National Railway Equipment – Dixmoor • Daycare Building – Bolingbrook • Freeport Shopko – Freeport

PW COMMERCIAL REAL ESTATE

8725 W. Higgins Road, Ste. 800 Chicago, IL 60631 P: 773.714.9300 | F: 773.714.8253 Website: painewetzel.com Key Contacts: Jerry Sullivan, Principal, sullivan@painewetzel.com; Ed Wabick, Principal, ewabick@painewetzel.com Services Provided: Real Estate Strategy with dependable results in Brokerage, Consulting, TenantAdvisory, Corporate Services, Property Management, Development, Strategic Planning, Research and Construction Management.

Company Profile: PW has been a leader in industrial, office and investment real estate since 1975.

We pride ourselves on offering unparalleled brokerage services and superior market expertise to attain your real estate and business goals.

CLAYCO, INC.

35 E. Wacker Drive, Ste. 1300 Chicago, IL 60601 P: 312.658.0747 Website: www.claycorp.com Key Contacts: Bob Clark, Executive Chairman & Founder, clarkb@claycorp.com; Kevin McKenna, President - Construction Group, mckennak@claycorp.com Services Provided: Clayco is a full-service turnkey real estate, architecture, engineering, design-build and construction firm.

Company Profile: Clayco specializes in “the art and science of building”, by providing fast track, turnkey design build solutions in North America for commercial, institutional, industrial and residential building types. Clayco looks “beyond these walls” focusing on helping our clients fulfill their mission.

Notable/Recent Projects: St. Louis – Centene Campus, 100 Above the Park, Benson Hill, Delmar Devine Chicago - Willis Tower Transformation Project, Macy’s Flagship Redevelopment, Fulton East, Upshore Chapter National – Blue Origin, Dominion, Centene East Coast HQ, Amazon E Commerce, Penn State

GILBANE BUILDING COMPANY

123 N. Wacker Drive, 26th Floor Chicago, IL 60606 P: 312.614.4100 Website: GilbaneCo.com Key Contact: Karrie Kratz, Vice President, kkratz@gilbaneco.com Services Provided: Gilbane provides a full slate of construction and facilities-related services - from preconstruction planning and integrated consulting capabilities to comprehensive construction management, close-out and facility management services - for clients across various markets.

Company Profile: One of the nation’s oldest construction services companies, Gilbane Building Company began in 1870 and the fourth and fifth generations of the Gilbane family currently manage the company. Gilbane is recognized as an industry leader that delivers innovative construction services – from state-of-the-art sustainable buildings to the latest applications in construction technology for clients in a variety of market segments.

Gilbane’s Notable/Recent Projects Include: • Fresenius Kabi Melrose Park Expansion | Renovation • The Orchard Condominiums • The Lumen at Playhouse Square • Purdue University Third Street North Residence Hall and Meredith South Residence Hall • R1VER Development

LAMP INCORPORATED

460 North Grove Ave. Elgin, IL 60120 P: 847.741.7220 | F: 847.741.9677 Website: lampinc.net Key Contact: Ian Lamp, President, ilamp@lampinc.net Services Provided: Design/Build, General Construction, and Construction Management services for additions, build outs, renovations, and new facilities for office, industrial, logistic, technology, and commercial buildings.

Company Profile: Lamp Incorporated has been providing professional construction services for over 80 years. Our commitment of exemplary service to our clients creates projects that are completed early and with exceptional value.

Notable/Recent Projects: Mitutoyo America Corporation North American Headquarters, Aurora, IL. 96,000 SF warehouse addition; 63,000 SF, three-story office addition, which includes high tech showroom, two story atrium, corporate offices/ conference room, cafeteria, and locker rooms.

MCSHANE CONSTRUCTION COMPANY C ON ST RU C T ION C OM PA N I E S / G E N E R A L C ON T R AC TOR S

ALSTON CONSTRUCTION COMPANY

1900 Butterfield Road, Suite 1020 Downers Grove, IL 60515 P: 630.437.5810 Website: alstonco.com Key Contact: Greg Kolinski, Director of Business Development, gkolinski@alstonco.com Services Provided: Alston offers a diverse background of design-build experience, general contracting and construction management of industrial, commercial, healthcare, retail, and municipal projects.

Company Profile: Alston Construction is celebrating 35 years of excellence in 2021, and we believe our success comes from being a true partner. With 21 offices nationwide, we have market knowledge throughout the country, which provides clients with the best building methods and materials available. Our goal is to provide quality, cost efficient projects that leave a positive experience for our clients and their communities.

Notable/Recent Projects: 1.5M SF Distribution Center for General Mills. John Pennycuff Memorial Apartments 7-story, 88-units. Call Center with open offices with full-service café, gymnasium, and fitness center for Medline Industries. Freestanding Medical Office Building with 33 exam rooms, rehabilitation gym, and support service/diagnostic space for CHI Health and NexCore Group.

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9500 West Bryn Mawr Avenue Ste. 200 Rosemont, IL 60018 P: 847.292.4300 | F: 847.292.4310 Website: www.mcshaneconstruction.com Key Contacts: Mat Dougherty, PE, President, mdougherty@mcshane.com Services Provided: McShane Construction Company offers over 30 years of experience providing design/ build, design-assist and general construction services on a national basis. The firm’s diverse expertise includes build-to-suit and speculative developments for the industrial, food processing, multi-family, senior and student housing, office, healthcare, retail, hospitality, recreational and institutional markets.

Company Profile: Headquartered in Rosemont, Illinois with regional offices in Auburn, Alabama, Irvine, California, Phoenix, Arizona, Madison, Wisconsin and Nashville, Tennessee, McShane Construction Company provides comprehensive construction services on a local, regional and national basis for a wide variety of market segments. The firm is recognized as one of the Chicago area’s most diversified and active contracting organizations with a reputation built on honesty, integrity and dependability.

Notable/Recent Projects: 4400 Grove – Chicago’s Bronzeville Neighborhood – Mixed-use, affordable four-story development now complete totaling 84 rental units with commercial space on ground floor.

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DECEMBER MARKETPLACE

MERIDIAN DESIGN BUILD

9550 W. Higgins Road, Suite 400 Rosemont, IL 60018 P: 847.374.9200 | F: 847.374.9222 Website: meridiandb.com Key Contacts: Paul Chuma, President; Howard Green, Executive Vice President Services Provided: Meridian Design Build provides construction and design/ build construction services on a national basis with a primary focus on industrial, office, medical office, retail and food and beverage work.

Company Profile: With a team of in-house professional project managers, Meridian has extensive experience coordinating the design and construction of new buildings, tenant improvements, and additions/ renovations from 15,000 square feet to 1,000,000+ square feet.

Meridian Design Build has been a Member of the U.S. Green Building Council since 2007.

Notable/Recent Projects: otable/Recent Projects: HSA Shorewood, Shorewood, IL - 757,880 sf speculative industrial facility for HSA Commercial Real Estate. Banner Wholesale, Chicago, IL 75,000 sf wholesale grocery warehouse and corporate headquarters.

PEAK CONSTRUCTION CORPORATION

1011 E. Touhy Ave., Ste. 100 Des Plaines, IL 60018 P: 630.737.1500 | F: 630.737.1600 Website: peakconstruction.com Key Contacts: Michael P. Sullivan, Jr., CEO & Founder, msullivan@peakconstruction.com; John Reilly, President, jreilly@peakconstruction.com Services Provided: Peak Construction Corporation offers design/build and construction management services through a strategically developed culture, highly regarded for dynamic problem-solving abilities and a network of alliances that allow Peak to bring in experts and partners from a wide spectrum of fields and roles.

Company Profile: Peak Construction Corporation is a privately-held, well-capitalized design/ build firm. For almost 25 years Peak has delivered industrial, hospitality, office, healthcare, retail, multi-family and specialty construction projects on-time and on-budget.

Notable/Recent Projects: Notable/Recent Projects: Peak’s recent Midwest projects include Scannell Properties’ DuPage Business Center Phase II in West Chicago, IL and Strongsville Commerce Center in Strongsville, OH, NorthPoint Development’s Heartland 94 Logistics Center Building 1, IDI Logistics’ Gateway Romeoville, Janko Group’s Bristol Business Park and various tenant improvements throughout Chicagoland.

SUMMIT DESIGN + BUILD, LLC

1036 W. Fulton Market, Suite 500 Chicago, IL 60607 P: 312.229.4630 | F: 312.229.1147 Website: summitdb.com Key Contacts: Adam Miller, President, amiller@summitdb.com; Deanna Pegoraro, Vice President, dpegoraro@summitdb.com: Larry Blouin, Vice President, lblouin@summitdb.com Services Provided: Summit Design + Build, LLC is a provider of full service general contracting, construction management and design/ build construction services for the commercial, industrial, multi-family residential, office/tenant interiors, hospitality and institutional markets.

Company Profile: Located in Chicago’s Fulton Market and with a regional office in Tampa, Florida, Summit Design + Build has been involved in the design and construction of over 330 buildings and spaces totaling more than 7 million square feet over the firm’s 16 year history.

Notable/Recently Completed Projects: 1400 W. Monroe (Luxury Multifamily Residential), 113 E. Oak (Ground-up Retail). Open Kitchens (Industrial), Glen Oak Country Club (Recreational), 448 N. LaSalle- WeWork (Co-working office), Elmhurst Hall (Restaurant) and La Galera Produce (Industrial).

VICTOR CONSTRUCTION

2000 W ATT Center Dr., Suite East C219 Hoffman Estates, IL 60192 P: 847.392.6900 Website: victorconstruction.com Key Contact: Zak Schuttler, President, ZakS@victorconstruction.com Services Provided: Victor Construction Co., Inc. manages projects from ground-up site developments to interior build-outs, specializing in retail, industrial, and commercial markets.

Company Profile: Victor Construction Co., Inc. remains a family-owned and operated General Contractor. Having been in business since 1954, our firm has extensive experience managing every aspect of interior construction for the corporate, manufacturing, industrial, and retail sectors.

Notable/Recent Projects: Peppa Pig World of Play - 15k SF Childrens’ amusement center inside Woodfield Mall (former Rainforest Cafe space).

DE V E L OP E R S CENTERPOINT PROPERTIES

1808 Swift Drive Oak Brook, IL 60523 P: 630.586.8000 Website: centerpoint.com Key Contacts: Bob Chapman, Chief Executive Officer; bchapman@centerpoint.com; Michael Murphy, Chief Development Officer; mmurphy@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 large rail, port and trucking infrastructure assets.

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.

CONOR COMMERCIAL REAL ESTATE

9500 W. Bryn Mawr Avenue, Suite 200 Rosemont, IL 60018 P: 847.692.8700 | F: 847.292.4313 Website: conor.com Key Contacts: David J. Friedman, President, dfriedman@conor.com; Brian Quigley, Executive Vice President, bquigley@conor.com 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.

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.

CRG

35 E. Wacker Drive, Ste. 1300 Chicago, IL 60601 P: 312-658-0747 2199 Innerbelt Business Drive St. Louis, MO 63114 P: 314-429-5100 Key Contacts: Shawn Clark, President clarks@realcrg.com; Chris McKee, Chief Development Officer, mckeec@realcrg.com Website: www.realcrg.com Services Provided: Development, Site Selection, Site Planning & Cost Analysis, Engagement & Entitlements, Incentive Discovery & Negotiation, Financing, Development Management, Leasing & Administration, Asset Management and Investment Management.

Company Profile: CRG is a privately held real estate development firm that has developed more than 9,000 acres of land and delivered over 200 million square feet of commercial, industrial, institutional and multifamily assets exceeding $12 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Columbus, Southern California St. Louis and Philadelphia. 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.

Notable/ Recent Projects: CRG’s recent Midwest projects include Wildhorse Village, an 80-acre, mixed-use development in Chesterfield, Missouri and NorthPark Distribution Center in St. Louis.

Nationally, the firm has various projects under The Cubes industrial brand, including The Cubes at DuPont near Seattle and The Cubes at Bridgeport in Atlanta.

EDCS CITY OF ELMHURST

209 N. York Street Elmhurst, IL 60126 P: 630.530.6017 Website: elmhurst.org Key Contact: Erin K. Jason, Business Development Coordinator, erin.jason@elmhurst.org Services Provided: The Elmhurst team will help you find the right location, navigate permit, licensing, and grant application processes, and foster relationships with partners in economic development. Contact us to discuss all Elmhurst has to offer you, your employees, and your enterprise.

Company Profile: The eastern gateway to DuPage County, Elmhurst is an ideal location, sixteen miles west of Chicago, minutes from O’Hare airport, and at the crossroads of key Illinois expressways offering minimum drive time to major marketplaces. This dynamic suburban city is home to more than 44,000 residents and 2,700-plus businesses.

DECEMBER MARKETPLACE MICHIGAN CITY ECONOMIC DEVELOPMENT CORPORATION

Two Cadence Park Plaza Michigan City, IN 46360 P: 219.873.1211 Website: www.edcmc.com Key Contacts: Clarence Hulse, Executive Director, chulse@edcmc.com Services/Demographic Info: Michigan City has recognized $1.5 Billion in capital investment over the last 8 years, with more deals - $300 Million Multi-family projects on the horizon. We are located on Lake Michigan with easy access to I-94, I-80 and we are 1 hour drive East of Chicago. Michigan City is home to 32,000 residents with 5.6 Million visitors annually.

Incentives: Waterfront Opportunity Zone, 3 TIF Districts, Facade Improvement Program, Taxbased Incentives, Start Up Assistance, and Workforce Training Funds.

Recent CRE Activity: Double Track project ($500 Millions), Luxury 140 Apartment and Townhomes Complex, Waterfront Condominiums 150 Units, 32 Single Family Homes, SullairHitachi Expansion – 80,000 SF ($33 Millions), Shell-Criterion Expansion ($34 Millions), GAF Expansion – 200,000 SF ($30 Millions), Marbach Manufacturing Relocation, and 30 Independent Restaurants in our Downtown.

NAPERVILLE DEVELOPMENT PARTNERSHIP

22 E. Chicago Ave., Ste. 205 Naperville, IL 60540 P: 630.305.7701 | F: 630.305.7793 Website: www.Naper.org Key Contacs: Christine D. Jeffries, President, CJeffries@Naper.org Services Provided: The Naperville Development Partnership promotes the City of Naperville and its many businesses. Whether you are an existing business looking to relocate or a new company, we will take the time to show you what Naperville has to offer.

Company Profile: The Naperville Development Partnership is a public / private economic development organization that promotes business interest in the City of Naperville. Our mission is to enhance the economic vitality of Naperville and maintain its outstanding quality of life. This is achieved through the retention and expansion of existing businesses as well as attracting new business to the community.

F I NA NC E & I N V E ST M E N T F I R M S

MARQUETTE BANK

10000 W. 151st Street Orland Park, IL 60462 P: 708-364-9135 Website: emarquettebank.com Key Contact: Mark Wojack, Senior Vice President, mwojack@emarquettebank.com Services Provided: Full line of Commercial, Business and Real Estate loans customized to your individual needs including: commercial and residential construction loans, commercial mortgages, equipment loans and working capital lines of credit.

Company Profile: Marquette Bank started in Chicagoland in 1945 and is still locally-owned/ operated. Expect quick decisions, competitive rates, easy application and personal service.

Personal/business banking and lending, home mortgages, land trust services, estate planning, insurance services, wealth management and multifamily lending.

L AW F I R M S / R E AT TOR N E YS MELTZER, PURTILL & STELLE LLC

1515 Woodfield Road, Ste. 250 Schaumburg, IL 60173 P: 847.330.2400 | F: 847.330.1231 300 S. Wacker Drive, Ste. 2300 Chicago, IL 60606 P: 312.987.9900 | F: 312.987.9854 Website: mpslaw.com 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.

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.

ASSOCIATED BANK

SARNOFF & BACCASH

CENTERPOINT PROPERTIES

SAUL EWING ARNSTEIN & LEHR LLP

525 W. Monroe Street, Ste. 2400 Chicago, IL 60661 P: 312.544.4645 Website: associatedbank.com/cre Key Contacs: Gregory Warsek, Group Senior Vice President/ Senior Regional Manager, greg.warsek@associatedbank.com Services Provided: Our clients include professional developers of income producing commercial real estate, including multi-family properties, retail, office, self- storage, student housing, industrial, and for sale housing.

Company Profile: Commercial Real Estates offices are located in Chicago, Milwaukee, Madison, Green Bay, Cincinnati, Indianapolis, Minneapolis, Detroit, St. Louis and Dallas. Associated Banc Corp has total assets of $35 billion and is one of the top 50 financial services holding companies in the United States.

1808 Swift Drive Oak Brook, IL 60523 P: 630.586.8000 Website: centerpoint.com Key Contacts: Bob Chapman, Chief Executive Officer, bchapman@centerpoint.com; Jim Clewlow, Chief Investments Officer, jclewlow@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 large rail, port and trucking infrastructure assets.

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.

CHASE COMMERCIAL TERM LENDING

10 South Dearborn, Floor 19 Chicago, IL 60603 P: 844.853.7814 Website: chase.com/CTL Key Executives: David Fetter, Multifamily Lending Regional Manager; Jake Bade, Commercial Mortgage Lending Regional Manager Services Provided: Chase Commercial Term Lending provides real estate owners the best financing solutions for purchasing or refinancing stabilized apartment buildings, and industrial, office, retail, and mixed use properties.

Description: Our Commercial Real Estate teams provide clients the insights, hands-on service, array of comprehensive financial solutions, and unrivaled certainty of execution they need to be successful throughout the cycle. Clients benefit from our no hassle loan process, simplified documentation, competitive pricing, low fees, exclusive industry insights, and excellent customer service from start to finish. Our goal is to provide the best, straightforward multifamily and commercial property loan financing experience in the industry. Call us today to learn how to put our resources to use on your next deal.

Service Territory: Nationwide

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Two N. LaSalle St., Ste. 1000 Chicago, IL 60602 P: 312.782.8310 | F: 312.782.8635 Website: sarnoffbaccash.com Key Contacts: James Sarnoff, jsarnoff@sarnoffbaccash.com; Robert Sarnoff, rsarnoff@sarnoffbaccash.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.

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.

161 North Clark Street Chicago, IL 60601 P: 312.876.7100 Website: www.saul.com Key Contacts: Kathleen Gilligan, Partner, Kathleen.Gilligan@saul.com; Roy Bernstein, Partner, Roy.Bernstein@saul.com; Barry Katz, Partner, Barry.Katz@saul.com; Jeff Friedman, Partner, Jeffrey.Friedman@saul.com; and David Yontz, counsel, David.Yontz@saul.com Services Provided: Our Real Estate attorneys help clients navigate complexities to realize their real estate vision. We serve a wide range of clients on local, regional and national levels, including developers, lenders, managers, purchasers, sellers, owners, landlords, tenants, investors, REITs, and regulatory authorities. Our attorneys provide a broad array of services, including assessing and resolving environmental issues, to address the unique needs and challenges that arise at every stage of an industrial real estate project or transaction.

Company Profile: Saul Ewing Arnstein & Lehr LLP is a full-service law firm that offers clients the national reach and sophisticated experience of a large firm and the local connections and value of a boutique firm.

TAFT LAW

111 East Wacker, Suite 2800 Chicago, IL 60601 P: 312.527.4000 Website: taftlaw.com Key Contact: Kathryn Kovitz Arnold, Chair, Real Estate & Condominium Groups, karnold@taftlaw.com Services Provided: Experienced legal counsel is a critical component to delivering successful real estate transactions. Taft’s 90+ real estate attorneys leverage our skills and depth of industry knowledge to help our clients mitigate risk and avoid obstacles, and deliver results to our clients in a timely, cost-effective manner.

Company Profile: As a leading example of a modern law firm, Taft honors how we work together as a diverse team to be the inclusive employer of choice across all of our markets. Each Taft team member is positioned to excel. Our 630 attorneys collaborate to meet and exceed client expectations.

DECEMBER MARKETPLACE

22 M U LT I FA M I LY F I NA NC E F I R M S ASSOCIATED BANK

525 W. Monroe Street, Ste. 2400 Chicago, IL 60661 P: 312.544.4645 Website: associatedbank.com/cre Key Contacs: Gregory Warsek, Group Senior Vice President/ Senior Regional Manager, greg.warsek@associatedbank.com Services Provided: Our clients include professional developers of income producing commercial real estate, including multi-family properties, retail, office, self- storage, student housing, industrial, and for sale housing.

Company Profile: Commercial Real Estates offices are located in Chicago, Milwaukee, Madison, Green Bay, Cincinnati, Indianapolis, Minneapolis, Detroit, St. Louis and Dallas. Associated BancCorp has total assets of $35 billion and is one of the top 50 financial services holding companies in the United States.

CHASE COMMERCIAL TERM LENDING

10 South Dearborn, Floor 19 Chicago, IL 60603 P: (844) 853-7814 Website: chase.com/CTL Key Executives: David Fetter, Multifamily Lending Regional Manager; Jake Bade, Commercial Mortgage Lending Regional Manager Services Provided: Chase Commercial Term Lending is the nation’s #1 multifamily lender providing owners the best financing solutions for purchasing or refinancing stabilized apartment buildings, and industrial, office, retail, and mixed use properties.

Description: Our Commercial Real Estate teams provide clients the insights, hands-on service, array of comprehensive financial solutions, and unrivaled certainty of execution they need to be successful throughout the cycle. Clients benefit from our no hassle loan process, simplified documentation, competitive pricing, low fees, exclusive industry insights, and excellent customer service from start to finish. Our goal is to provide the best, straightforward multifamily and commercial property loan financing experience in the industry. Call us today to learn how to put our resources to use on your next deal.

Service Territory: Nationwide

MARQUETTE BANK

1628 W. Irving Park Road, Unit 1D Chicago, IL 60613 P: 312.375.0789 Website: emarquettebank.com Key Contacts: Bill Hinsberger, Executive Vice President, bhinsberger@emarquettebank.com; Patrick Tuohy, Senior Vice President, ptuohy@emarquettebank.com Services Provided: Multifamily/apartment building lending for all Chicagoland. Fast, local decision making. Dedicated local servicing staff. Simple, no-hassle paperwork. Quick close.

Flexible terms. All clients enjoy ZRent – an automated, hassle-free, no-cost way to collect monthly payments from tenants.

Company Profile: Marquette Bank has 20 branches, 2 loan offices and $1.9 billion in assets.

Independently owned/operated since 1945. Offering clients full-service, banking, financing, insurance, trust and wealth management services.

TAX I NC E N T I V E S

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

P ROP E RT Y / AS SE T M A NAG E M E N T F I R M S CENTERPOINT PROPERTIES

1808 Swift Drive Oak Brook, IL 60523 P: 630.586.8000 Website: centerpoint.com 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 large rail, port and trucking infrastructure assets.

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.

FRIEDMAN REAL ESTATE

34975 W. Twelve Mile Road Farmington Hills, MI 48331 P: 888.848.1671 Website: friedmanrealestate.com Key Contacts: David B. Friedman, President/CEO; Gary Goodman, Sr. Managing Director-Brokerage Services Services Provided: Friedman offers a full range of real estate services including commercial and multifamily property and asset management, tenant and landlord representation, investment and loan sale advisory, space planning, design and construction and a unique platform of lenderfocused bankruptcy, receivership and distressed asset services. All services are provided inhouse, though a single point of contact, which guarantees that clients receive the most timely and efficient service available in the marketplace.

Company Profile: Founded in 1987, Friedman Real Estate is one of the largest privately held commercial real estate organizations in the nation; currently managing over 15M SF of commercial space and more than 15,000 apartment homes located throughout the country.

Friedman’s commercial brokerage team has over 800 current listings with $20 billion in closed transactions.

Notable Transactions/Clients: • Hovis Light Industry Park – Dekalb • Poplar Creek Office Plaza – Hoffman Estates • 801 North Route 83 – Bensenville • Crystal lake Office – Crystal Lake • Broadway Village – Pekin • National Railway Equipment – Dixmoor • Daycare Building – Bolingbrook • Freeport Shopko – Freeport

NAI HIFFMAN

One Oakbrook Terrace, Suite 400 Oakbrook Terrace, IL 60181 P: 630.932.1234 | F: 630.932.7258 Website: hiffman.com Key Contacts: Dave Petersen, CEO, dpetersen@hiffman.com; Michael Flynn, COO, mflynn@hiffman.com Company Profile: NAI Hiffman is the largest independent real estate services firm in the Midwest, providing leasing, property management, tenant representation, capital markets, project services, research, and marketing services for institutional and private owners and occupiers of commercial real estate. NAI Hiffman currently leases and manages over 100.5 million square feet, encompassing more than 800 properties in 28 states. With more than 200 employees, NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, with more than 6,000 local market professionals managing more than 1.15 billion square feet of property. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific. For more information, please visit hiffman.com.

WAVELAND PROPERTY GROUP, INC.

117 W. Willow Ave. Wheaton, IL 60187 P: 630.472.9800 Website: wavelandprop.com Key Contacts: Jonathan Swindle, President, JSwindle@wavelandprop.com; Conner Stout, Broker, CStout@wavelandprop.com Services Provided: Specializing in property management, property leasing, tenant representation, and consulting, Waveland is well-prepared to handle financial assignments, construction management, lease administration, market surveys, and receiverships.

Company Profile: Waveland Property Group offers comprehensive real estate solutions. Our solid record of customer satisfaction is rooted in Waveland’s commitment to excellence in both service and quality. In real estate, trust and dependability are paramount. Our reputation is being formed with each and every transaction. Waveland continues to lead the industry.

Notable Clients/Transactions: We have worked with a number of publicly-traded and private REITS including DOC REIT, Colony Capital, MLL, and Capital Crossing. We also cater to the boutique requirements of private investors.

Curiosity.

Clarity.

Results.

Empowering real estate owners, developers and investors to dream bigger and accomplish more — time and again.

■ Streamline, grow and protect real estate investments ■ Leverage market conditions ■ Reduce tax exposure

■ Infuse technology to help deliver profitability ■ Outsource financial management responsibilities ■ Manage unanticipated change

wipfli.com/real-estate

For over 75 years, and three generations, we have been committed to integrity, quality, safety, and excellence.

www.missnergroup.com