FIRMS CONSTRUCTION COMPANIES/GENERAL CONTRACTORS
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Cold storage, data centers and logistics: Chicago’s 2024 CRE construction trends
By Brandi Smith
The industrial real estate market in the Chicago area is buzzing with activity and Krusinski Construction Company is at the forefront, breaking ground on a major project that exemplifies the trends shaping the industry. The company is serving as the general contractor for Trammell Crow Company’s (TCC) 788,000-square-
foot speculative cross-dock warehouse at the Plainfield Business Center. Slated for delivery in the fall of 2025, the facility marks the first speculative warehouse in the business center.
“Future phases of TCC's Plainfield Business Center are currently being planned. At full buildout, the development will encompass over 8 million square feet of industrial space,” shared Jeffrey J. Krusinski, President and CEO of Krusinski Construction Company.
Plainfield Business Center
PUBLISHER
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Chicago Industrial Properties® (ISSN 1546-377X) is published bi-monthly for $59 per year by Real Estate Publishing Corporation, 1010 Lake St Suite 210, Oak Park, IL 60301. Contact the subscription department at 312.933.8559 to subscribe. © 2024 by Real Estate Publishing Corporation. All rights reserved. No part of this publication can be reproduced or transmitted in any form or by any means, electronic or mechanical including photocopying, recording or by any information storage or retrieval system.
2024 EDITORIAL BOARD
Dan Barrins Associated Bank
Ron Behm Colliers International
Susan Bergdoll CRG
Corey Chase Newmark
Dan Fogarty Stotan Industrial
Barry Missner The Missner Group
Adam Moore
First Industrial Realty Trust Inc.
Joe Pomerenke
Arco/Murray National Construction Company, Inc
Adam Roth NAI Hiffman
Mike Yungerman Opus Group
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Cold storage, data centers and logistics: Chicago’s 2024 CRE construction trends The industrial real estate market in the Chicago area is buzzing with activity and Krusinski Construction Company is at the forefront, breaking ground on a major project that exemplifies the trends shaping the industry.
4
Sustainability, strategic sites shape 2025 industrial outlook in Chicago . As the Chicago industrial market heads into 2025, developers are navigating a landscape of tempered construction activity, rising demand for strategic locations and a growing emphasis on sustainability.
8
Brokers predict strong 2025 despite evolving demand As 2024 draws to a close, brokers in Chicago’s industrial real estate market are evaluating the year’s performance and looking ahead to 2025 with measured optimism.
12
Poised for Growth, Chicago Industrial Market Resets to New Normal When evaluating the current state of the Chicago industrial market, a long-term perspective is key, as a rapidly evolving CRE landscape may lead many to a diminished view of what is still a very strong, active market.
14
Chicago Industrial Markets Seeking Equilibrium Lee & Associates recently released its Third Quarter Chicago Industrial Market Report, a comprehensive publication with in-depth statistical information covering 18 of the Chicago area’s most active submarkets.
16
Sustainability, strategic sites shape 2025 industrial outlook in Chicago
By Brandi Smith
As the Chicago industrial market heads into 2025, developers are navigating a landscape of tempered construction activity, rising demand for strategic locations and a growing emphasis on sustainability. They’re refining their focus on projects that align with market demand and provide long-term value.
“We’re very content to see industrial construction has slowed because it’s occurring at a time when the market is still very healthy in the greater Chicago market,” Neal Driscoll, Partner at Dermody, said, emphasizing that Dermody would build more if more land were entitled and ready.
This moderation in construction is consistent with broader trends. According to JLL’s Q3 2024 Chicago Industrial
Market report, leasing demand dropped significantly, with just 6 million square feet leased compared to 10.2 million square feet in Q2. However, deliveries surged in Q3, totaling 5.3 million square feet—a marked increase from earlier quarters—reflecting a mix of built-to-suit and owner-built projects.
Adam Moore, Senior Regional Director at First Industrial, noted that monitoring submarkets for supply and demand remains critical as some areas approach potential shortages of available space. Meanwhile, Michael Brazeal, Manager of Development Transactions for CenterPoint Properties’ Central Region, emphasized the importance of aligning speculative projects with long-term tenant demand.
Strategically located sites continue to drive development decisions as tenants seek proximity to key transportation hubs and urban centers. Driscoll highlighted Dermody’s focus on sites offering strategic geographic advantages, avoiding commodity real estate that competes solely on price.
“We are seeking irreplaceable infill locations to accommodate current and new tenants within our portfolio who are looking to significantly increase their supply chain efficiency,” Brazeal said, noting that many projects focus on last-mile logistics and bulk distribution.
This trend aligns with JLL’s data, which shows that infill markets continue to push up asking rents. The average asking rent increased to $7.57 per square foot in Q3, with the Chicago North
submarket posting the highest rents at $14.09 per square foot. Rachel Agba-Novak, Vice President of Transactions and Development at Hillwood, added that projects with specific transportational advantages such as proximity to airports or rail access are more likely to justify speculative development.
Sustainability initiatives are reshaping industrial development, too, with tenants prioritizing energy-efficient and eco-friendly facilities. For First Industrial, environmentally conscious practices are longstanding priorities.
“We have deployed energy-efficient lighting across our portfolio and are committed to building all of our new developments to LEED Silver, or better,” Moore said.
Image by wal_172619 from Pixabay
At CenterPoint, Brazeal described how the company is integrating renewable energy options and sustainable construction materials into its developments. Dermody is similarly modernizing design elements to help tenants meet their sustainability goals, with Driscoll noting that LEED-certified developments remain a priority. According to JLL, eco-friendly design not only meets tenant demands but also positions developments for future market resilience.
“That said, those companies which are particularly price conscious still seem to view LEED certification as a ‘nice to have’ not a ‘must have’ in their evaluation of industrial space,” Agba-Novak said, adding that Hillwood is also designing projects to LEED standards. “I do not anticipate that changing dramatically until additional legislation is put in place, but we cannot deny it is the future of industrial development and are planning our new developments accordingly.”
While major developments may slow in 2025 due to extended entitlement timelines, developers expect steady demand for smaller projects and build-to-suit facilities. Driscoll predicted a quiet year for large-scale projects but highlighted opportunities for quicker-to-market developments.
Moore pointed to First Park 94, First Industrial’s master-planned park in Southeast Wisconsin, as an example of a site ready to accommodate future demand. The park, which serves the greater Chicago market, includes 137 acres of
"We anticipate that we will see increased demand for build-to-suits, which we can easily accommodate."
land available for 2.6 million square feet of additional development.
“We anticipate that we will see increased demand for build-to-suits, which we can easily accommodate,” Moore said.
Meanwhile, CenterPoint plans to deliver a new bulk logistics facility in the Chicago area, which Brazeal emphasized will be essential for meeting tenant demand. The JLL report underscores this need, noting that speculative development is expected to remain limited, with just 10.7 million square feet slated for delivery by
the end of 2024. This restrained pipeline is likely to keep Chicago’s vacancy rate steady at 4.8%, significantly below the historical average of 7%.
“We are very optimistic about the trajectory of the market,” Driscoll summarized.
Michael Brazeal
Neal Driscoll
Adam Moore
Image by aleksandarlittlewolf on Freepik
Brokers predict strong 2025 despite evolving demand
By Brandi Smith
As 2024 draws to a close, brokers in Chicago’s industrial real estate market are evaluating the year’s performance and looking ahead to 2025 with measured optimism. The market, defined by its resilience and adaptability, continues to attract tenant and investor interest, albeit with evolving preferences and cautious planning. Whether through speculative developments, sustainable innovations or renewed manufacturing demand, 2025 promises to be a year of opportunity for the Windy City’s industrial players.
The Chicago industrial market reported a 4.3% vacancy rate in the third quarter, down slightly from the previous quarter, according to CBRE. Average asking rental rates rose to $8.11 per square foot. Net absorption rebounded to 3.5 million square feet, up from 2.1 million square feet at mid-year, though year-to-date figures remain 37% below 2023 levels. Developers delivered 4.4 million square feet of new supply, while construction activity slowed to 10.2 million square feet in response to economic uncertainty and inflation.
“We’ve seen softening demand, with new leasing down 25.7% year-over-year through the third quarter,” Sean Henrick, Vice Chair at Cushman & Wakefield. “Tenants are delaying decisions and seeking flexibility in lease terms, anticipating a more stable market in 2025.”
Chicago’s industrial sector remains underbuilt relative to demand, creating a dynamic market with strong fundamentals. Brokers point to several high-demand subsectors—cold storage, logistics and manufacturing—that are expected to drive leasing activity in 2025.
“Cold storage demand will remain strong, with strategically located speculative projects likely to perform well,” said Jerry Sullivan, Principal at DarwinPW Realty. “We also anticipate a resurgence in manufacturing demand, particularly for properties equipped with heavy electrical power and infrastructure suited for AI-driven industries.”
Sustainability is another critical factor reshaping tenant requirements. Companies are increasingly prioritizing energy-efficient designs and carbon footprint reduction.
“Sustainability is more forefront and will continue to grow in importance,” noted Adam Roth, Executive Vice President at NAI Hiffman. “We’re seeing CO2 savings measured by location becoming a key metric.”
"Chicago’s adaptability and unmatched transportation systems make it ultra-competitive nationally. We’re seeing increased demand in corridors like I-88, I-55 and I-80, where investments in infrastructure support future growth."
Submarkets with proximity to major transportation hubs and skilled labor pools continue to thrive. Brokers consistently highlighted areas like O’Hare, the West Suburbs and the I-55 and I-80
corridors as hotspots for tenant activity. The demand for smaller speculative developments is also on the rise, driven by limited availability of large tracts of land.
“Developers are building smaller speculative buildings, some as small as 28,000 square feet, particularly in infill markets like O’Hare,” said Cal Payne, Executive Vice President at CBRE.
Mike Hawryluk
Cal Payne
Sean Henrick
Adam Roth
Matt Mulvihill
Jerry Sullivan
“This shift reflects the need to maximize underutilized spaces while meeting tenant demand for centrally located sites.”
Submarkets outside Cook County are also gaining traction. Henrick observed renewed interest in northwest Indiana and the DuPage area, citing these regions’ regulatory and cost advantages.
Despite a softening in coastal markets like the Inland Empire and New Jersey, Chicago remains a stable, sought-after market for industrial real estate investment. Its central location, robust infrastructure, and skilled workforce position it as a linchpin in the national industrial landscape.
“Chicago’s adaptability and unmatched transportation systems make it ultra-competitive nationally,” said Mike Hawryluk, Managing Principal of Industrial Brokerage Operations at ICG. “We’re seeing increased demand in corridors like I-88, I-55 and I-80, where investments in infrastructure support future growth.”
With a more stable debt market and declining construction costs, industrial speculative development is expected to pick up in 2025. Brokers anticipate healthy rental rates for high-quality assets, while vacancies may edge higher due to new supply.
“Occupier demand is expected to normalize, and rental rates for Class A properties will remain strong,” said Matt Mulvihill, Vice Chairman at CBRE. “We’re also seeing investor optimism for long-term fun-
damentals, particularly in markets with high absorption rates.”
The election’s conclusion could also spur activity.
“With some uncertainty behind us, we anticipate companies that have delayed decisions will move forward in 2025,” Henrick added.
Image by Pexels from Pixabay
The state-of-the-art warehouse located on 52 acres at 26220 W. 143rd St. is designed to meet growing demand for industrial facilities with cutting-edge features. Boasting 40-foot clear heights, 80 dock doors expandable to 160 and 211 trailer parking stalls, the building is strategically positioned near I-55 and I-80, two critical transportation corridors.
According to Colliers’ Q3 2024 Chicago Industrial Market Report, the region continues to experience steady demand for industrial space despite broader economic uncertainties. The overall vacancy rate remains low at 4.64%, even as new supply enters the market. Year-to-date, Chicago has seen more than 12 million square feet of industrial space delivered, with an additional 19.3 million square feet under construction.
Notably, the I-55 and I-80 corridors, where Plainfield Business Center is located, are among the most active submarkets. These areas boast low vacancy rates and high absorption levels, reflecting strong demand for modern
"Developers are investing heavily in cold storage facilities, both by constructing new ones and retrofitting existing warehouses to meet modern standards. This trend aligns with the growing emphasis on meeting the operational needs of industries requiring precision-controlled environments."
facilities. In Q3 alone, net absorption across the Chicago metro area totaled 3.8 million square feet, demonstrating robust leasing activity.
Krusinski noted that demand for specialized facilities including cold storage and high-tech manufacturing plants has reshaped Chicago’s indus-
trial construction market. The rise of e-commerce and increased consumer demand for fresh products are fueling the need for temperature-controlled
CONSTRUCTION (continued from page 1)
Image by Tom from Pixabay
warehouses, especially to support the food and pharmaceutical sectors.
“Developers are investing heavily in cold storage facilities, both by constructing new ones and retrofitting existing warehouses to meet modern standards,” Krusinski said. “This trend aligns with the growing emphasis on meeting the operational needs of industries requiring precision-controlled environments.”
Another rapidly expanding subsector is data centers, driven by the rise of cloud computing and artificial intelligence. With its robust infrastructure and connectivity, the Chicago area has emerged as a prime location for these high-tech facilities.
While speculative developments are prevalent, Krusinski has observed a growing trend toward build-to-suit projects.
“Specific tenant requirements and a cautious approach from developers amid market uncertainties are driving this shift,” Krusinski explained, noting that these tailored projects ensure that facilities meet precise operational needs, offering tenants a level of customization that speculative developments cannot provide.
Jeffrey Krusinski
To keep pace with the evolving needs of the industrial sector, Krusinski Construction Company takes a collaborative approach to project development.
“Supporting the projected demand for new facilities, especially in sought-after subsectors like logistics and warehousing, involves a strategic approach
"We work with clients from the early design phase to ensure that facilities align with their specialized operational requirements."
focused on flexibility, technology and partnerships,” said Krusinski. “We work with clients from the early design phase to ensure that facilities align with their specialized operational requirements.”
Krusinski anticipates a robust industrial construction pipeline in 2025, with several high-impact projects on the
horizon, including Plainfield Business Center. The Colliers report supports this optimism, projecting sustained demand for industrial space in Chicago. With average asking rents climbing to $6.45 per square foot and new leasing activity totaling 15.2 million square feet in 2024, the market shows no signs of slowing.
Poised for Growth, Chicago Industrial Market Resets to New Normal
By Nick Schlanger, director of research services, NAI Hiffman
When evaluating the current state of the Chicago industrial market, a long-term perspective is key, as a rapidly evolving CRE landscape may lead many to a diminished view of what is still a very strong, active market. Compared to 2022, all indicators show a slowdown, but when measured against the mid-2010s, the market is stable and steady.
Chicago’s 1.4 billion-square-foot industrial market grew in 2024, albeit at a slower pace, despite significant headwinds that have slowed activity in most commercial property sectors.
With positive net absorption of 4.4 million square feet during the third quarter and 8.1 million square feet year to date, more space is being occupied than is being vacated. That metric signals a healthy market that may have room for higher lease rates and new inventory in some locations.
Yet over the past two years, the market’s leasing velocity, sales and vacancy rates have reset to a new normal following the feverish pace of speculative building and dealmaking in 2021 and 2022. After a decade of hovering in the 6% range, Chicago-area vacancy rates dipped to 5.1% in 2021 and 4.0% in 2022 amid pandemic-induced supply chain adjustments and e-commerce growth. In fact, 2021 saw a record-high 81.7 million square feet of annual new leasing activity. In response, new speculative development skyrocketed, a trend that has since reversed.
Throughout 2023 and 2024, warehouse demand has cooled, and vacancy rates have crept up as new supply continues to deliver. In response, construction starts have slowed significantly over the past year, which is helping balance supply and demand as this new space gets absorbed.
Chicago-area industrial vacancy was 5.5% at the end of third quarter, down from 5.8% the previous quarter but higher than the 4.7% rate of one year ago, as 24.7 million square feet of new deliveries have come to market over the past 12 months. Leasing activity also slowed, with 5.5 million square feet of new leases signed last quarter, down 50% from the prior three months. Year-to-date new leasing totaled 23.8 million square feet, down nearly 40% from 39.3 million square feet through the same period in 2023.
While the number of leases signed in the third quarter resembles previous quarters at 126, the overall volume is lower because the deals are smaller. A slowing of new big-box industrial deliv-
eries as well as a shift to a more localized approach to shipping and logistics has led to a 20% reduction in average lease size since third-quarter 2023.
New construction declines in 2024
Developers became more conservative over the past year, with only 35.8% of
inventory under construction built on a speculative basis, a stark contract from two years ago, when nearly 80% of new projects were spec. Nonetheless, Chicago maintains an active development pipeline, with 15.5 million square feet currently under construction.
"Illinois ranked No. 2 in the nation for corporate expansions and relocations for the second year in a row."
During the third quarter, industrial completions in Chicagoland reached 2 million square feet, slightly higher than the 1.3 million square feet during second-quarter 2024 but well short of the 12.4 million square feet delivered during the same period last year.
Industrial demand to increase with reshoring
With still-healthy vacancy and a more sustainable development pipeline, Chicago’s industrial market remains positioned for growth. Adding to its appeal are the market’s centralized location, multimodal transit infrastructure, superior water and power capabilities, and reduced climate risks, all of which will continue to draw major users to the region.
As further evidence of its desirability, Illinois ranked No. 2 in the nation for corporate expansions and relocations for the second year in a row, with 552 expansion or relocation projects in 2023, up from 487 in 2022, according to Site Selection Magazine’s annual ranking.
Onshoring and reshoring activity will only fuel domestic production and manufacturing operations in the quarters ahead, creating further demand for modern industrial facilities that can accommodate such uses. As a result, a year many regarded as a slowdown was actually a gear-up for an extended period of expansion.
For more details and statistics, click here to download the NAI Hiffman Third-Quarter 2024 Industrial Market report.
Nick Schlanger
Chicago Industrial Markets Seeking Equilibrium
By Zach Geller, Market Analytics Director, & Brandon Pappas, Vice President of Data Analytics, Lee & Associates of Illinois
Lee & Associates recently released its Third Quarter Chicago Industrial Market Report, a comprehensive publication with indepth statistical information covering 18 of the Chicago area’s most active submarkets. We are pleased to share some of our key findings.
The biggest news coming from the third quarter was the Federal Reserve’s decision to cut its benchmark interest rate by half a percentage point, marking the only cut since the emergence of the COVID-19 pandemic. There are varying viewpoints on the tangible impacts this cut will have on industrial development in the coming quarters, but many are optimistic that the capital markets will begin emerging from their slumber, and deal flow and new development will pick up again.
One trend we’ve seen over the past several quarters—which is expected to continue for several more—is a correction of market fundamentals to more historically “normal” levels. The outsized demand that occurred in 2021 and 2022 resulted in unprecedented rent growth and a wave of new speculative construction that the market is still trying to absorb.
When considering all submarkets, Chicago’s overall vacancy rate ended the third quarter at 5.4%—a historically healthy number—with a noticeable uptick in vacancies in the logistics sector. Companies in the third quarter were generally hesitant to make relocation decisions, with many remaining in place if able to do so.
Third quarter leasing velocity was sluggish across most geographies. The largest new lease of the third quarter occurred in the I-55 Corridor where LSC Communications took 659,157 square feet at 1000 Windham Parkway in Romeoville.
Net absorption improved from the second quarter, registering positive 2.8 million square feet in the third quarter and positive 8.3 million square feet year-to-date. Nine of Chicago’s industrial submarkets experienced negative net absorption in the third quarter, and the I-57 Corridor achieved the highest total quarter with just over 1.5 million square feet absorbed.
"Many are optimistic that the capital markets will begin emerging from their slumber, and deal flow and new development will pick up again."
New construction continues to be relatively non-existent in most markets as they try to achieve supply-demand equilibrium. There are nearly 13 million square feet of projects underway, a historically
There is a supply-demand-pricing disconnect in the user sale market, as there is little inventory to meet demand, and the pricing for what is available is causing buyers to pause. In terms of institutional players, overall sentiment appears optimistic as capital sitting on the sidelines is ready to be deployed. Chicago’s strength as a major market with diverse industries bodes well for overall health.
For more expansive submarket-level detail, please download our report from lee-associates.com, or reach out to us or any of our Chicago-based professionals.
Zach Gellar Brandon Pappas
CIP MARKETPLACE
ASSET/PROPERTY MANAGEMENT FIRMS
ALVAREZ & MARSAL PROPERTY SOLUTIONS
205 W Wacker, Ste 516 Chicago, IL 60606
P: 312.606.0966
Website: ampsre.com
Key Contacts: Kevin Halm, Managing Director, khalm@ampsre.com; Pete Kontos: Managing Director, pkontos@ampsre.com
Services Provided: AM-PS provides property management, project management, and brokerage services to owners and occupiers of office, retail, and industrial real estate. Company Profile: AM-PS was born out of the desire to take the strategic mindset and processes of the renowned business restructuring firm Alvarez & Marsal and reframe them for the commercial real estate world. Our approach solves problems, improves performance, and unlocks value for our clients. Our work has positively impacted real estate and those who interact with our properties nationwide.
OUTLOOK MANAGEMENT GROUP, LLC AMO
S74 W16853 Janesville Road
Muskego, WI 53150
P: 414.369.3511 | F: 414.435.0251
Website: outlookmgmt.com
Key Contact: Ray Balfanz, President/Partner, ray@outlookmgmt.com
Services Provided: Full service property and asset management services, financial analysis and reporting; budget preparation and expense reconciliations; lease administration; construction management; preventative maintenance and consulting services.
Company Profile: Outlook Management Group, LLC AMO provides comprehensive property and asset management services for all asset classes in multiple states and markets.
Notable Properties Managed: Washington Corners, Naperville, IL; Ironwood Office Park, Glendale, WI; Wood River Condominiums, West Bend, WI; Seven 10 West Luxury Apartments, Chicago, IL; MDJD Aesthetic MOB, Rockford, IL, Ascension Health MOB Milwaukee, WI; Henry Ford Health Systems Pharmacy Services Bldg. in Rochester Hills, MI; Henry Ford Medical Center in West Bloomfield, MI; Baptist Medical Center South, Montgomery, AL; and Lee Memorial Health Systems Building in Fort Myers, FL.
BROKERAGE FIRMS
SPACESHIFTS
3 E. Huron St. Chicago, IL 60611
P: 872.267.2691
Website: spaceshifts.com
Key Contact: Delanie Prince, Operations Manager, info@spaceshifts.com
Services Provided: SpaceShifts is a platform for optimizing vacant workspaces, not subleasing. It enables the options of utilizing vacant workspaces, sharing staff overhead, and amenities, and helping businesses maximize their property and resources.
Company Profile: SpaceShifts is a unique platform connecting individuals seeking workspace with businesses having extra space to rent. Terms are flexible and arranged by the parties involved. The service is currently free. Sign up at SpaceShifts.com to explore this opportunity.
CONSTRUCTION COMPANIES/GENERAL CONTRACTORS
MERIDIAN DESIGN BUILD
9550 W. Higgins Road, Suite 400 Rosemont, IL 60018
P: 847.374.9200 | F: 847.374.9222
Website: www.meridiandb.com
Key Contact: 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: Venture Park 47, Huntley, IL - 729,800 sf speculative industrial facility for Venture One Real Estate. Lion Electric, Joliet, IL - 928,500 sf electric bus / medium duty truck assembly plant for Clarius Partners. Greenwood Truck Terminal, Greenwood, IN - 125 door truck terminal on 43 acres for Scannell Properties.
PRINCIPLE CONSTRUCTION CORP.
9450 West Bryn Mawr Ave., Suite 120 Rosemont, IL 60018
P: 847.615.1515 | F: 847.615.1598
Website: pccdb.com
Key Contacts: Mark L Augustyn, COO, maugustyn@pccdb.com, James A.. Brucato, President, jbrucato@pccdb.com
Services Provided: Principle specializes in commercial and industrial property and is committed to providing clients with the highest level of design/build construction services with an absolute dedication to each project.
Company Profile: Design/Build General Contractor established in 1999 specializing in the design and construction of Build-to-Suit, Speculative, Retail, Food Processing, Expansions/Additions, Tenant Improvements, & Specialty Facilities. Principle also has extensive experience in interior improvements, site evaluation, due diligence, and value engineering.
Recently Completed Projects include:
• 282,588 SF dry-cleaning facility for Tailored Brands, at 2000 Deerpath Rd. in Aurora, IL.
• 31,200 SF facility for Alvil Trucking, at 2570 Millenium Dr. in Elk Grove Village, IL
• 6,200 SF Warehouse for Superfast Trucking, at 1001 Raddant Rd. in Batavia, IL
VICTOR CONSTRUCTION
2000 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 buildouts, 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: Owens + Minor Distribution – 600K SqFt distribution facility that involved a full LED lighting upgrade, new HVLS fans, 200K SqFt section that required new cooling for medical distribution, an office renovation of 20K SqFt, and a new exterior employee pavilion.
ECONOMIC DEVELOPMENT CORPORATIONS
ECONOMIC DEVELOPMENT CORPORATION OF MICHIGAN CITY
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 Karaline Cartagena Edwards, Economic Development Manager, kcedwards@edcmc.com
Services/Demographic Info: Up-to-date inventory of commercial buildings, site selection and orientation tours.
Incentives: Tax-Increment Financing, Façade Improvement Grants, Property Tax Abatements, Enterprise Zones, Job Training Programs
Recent CRE Activity: Double Track Northwest Indiana: $1.6 Billion development reducing train travel to Chicago to 60 minutes; The Franklin at 11th St. Station: $100 Million Development with Residential & Retail Space; “You are Beautiful”/SoLa: $311 Million Mixed-Use Multi-Family Development with 235 boutique hotel rooms & 174 Luxury Condos; Burn ‘Em Brewing: $3 Million Expansion project with 30 new jobs.
RE LAW FIRMS
WORSEK & VIHON, LLP
180 North LaSalle Street, Suite 3010
Chicago, IL 60601
P: 312.917.2307 P: 312.917.2312 | F: 312.596.6412
Website: wvproptax.com
Key Contacts: Francis W. O’Malley, Managing Partner fomalley@wvproptax.com; Jessica L. MacLean, Partner jmaclean@wvproptax.com
Services Provided: Worsek & Vihon, LLP represents tax payers in Illinois by limiting their property tax liabilities through ad valorem appeals. We have over 40 years of experience and can handle basic to the most complex assessment issues while offering the dependable, personalized attention our clients deserve. We have experience representing owners of all property types. In addition to filing thousands of appeals with the Cook County Assessor, we have been involved in numerous proceedings before various Boards of Review, the Illinois Property Tax Appeal Board, and the Circuit Court of Illinois, and have appeared before the Illinois Appellate and Supreme Courts.
Company Profile: Worsek & Vihon LLP, is a team of experienced attorneys singularly focused on real estate tax law. The firm is dedicated to minimizing property tax liabilities through strategic tax portfolio management, well-researched, creative appeal preparation and aggressive advocacy.
VILLAGE OF HUNTLEY
10987 Main Street Huntley, IL 60142
P: 847.515.5268
Website: huntleyfirst.com, huntley.il.us
Key Contact: Melissa Stocker, Development Manager, mstocker@huntley.il.us
Services/Demographic Info: Huntley, a northwest suburban Illinois community of greater than 29,000 residents, is conveniently located at the crossroads of Interstate 90 and IL Route47. Proximity to the interstate and to international and cargo airports in Chicago and Rockford make Huntley an ideal location for businesses looking to escape the congestion of more populated areas while reaping the benefits of a Chicago market location. Village of Huntley staff provides comprehensive services including site selection assistance and demographic resources, visit huntleyfirst.com to start the search for your new home for business. Residential construction continues with three subdivisions actively building. Huntley is home for your business, and home to the right employees for your business.
Population In Primary Trade Area: 97,283
Incentives: TIF District, Fast Track permitting and development approval process
CRE Activity: Huntley is home to leaders in business. Join Weber, Northwestern Medicine, Amazon and many others that chose Huntley as their home for business. Hampton Inn recently opened in Huntley. Amazon has begun operations in two Huntley facilities. E-Logistics firm headquarters are underway. Speculative development is underway and available near the tollway. Multiple retail strip centers are in the planning and construction phases. With land available for custom-tailored facilities, businesses seeking sites recognize Huntley as a prime location for operations.
FIRMS
MARQUETTE BANK
10000 W. 151st Street
Orland Park, IL 60462
P: 708.364.9131
Website: emarquettebank.com
Key Contact: Gene Malfeo, Senior Vice President, gmalfeo@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 locallyowned/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.
REINHART BOERNER VAN DEUREN S.C.
1000 N Water Street, Suite 1700
Milwaukee, WI 53202
P: 414.298.1000
Website: reinhartlaw.com
Key Contact: Joseph Shumow, Shareholder, jshumow@reinhartlaw.com
Services Provided: Reinhart is a full-service, business-oriented law firm that delivers innovative, value-added solutions for today’s most important real estate needs, including land use and zoning; tax incremental financing; tax credits; leasing; construction; and condemnation and eminent domain issues.
Company Profile: With the largest real estate practice in Wisconsin and offices throughout the Midwest and across the country, Reinhart’s attorneys offer clients customized real estate insight rooted in broad knowledge and deep experience to help you capitalize on opportunities no matter where you do business.
