CRE MARKETPLACE (pg.22): CONSTRUCTION COMPANIES/GENERAL CONTRACTORS FINANCE & INVESTMENT FIRMS
VOL.33 NO.5
THE LEADING NEWS SOURCE FOR INDUSTRIAL REAL ESTATE PROFESSIONALS & USERS
SEPTEMBER/OCTOBER 2023
Construction updates:
Meeting evolving needs in an evolving Chicagoland
Krusinski Contruction;Bolingbrook
By Mia Goulart, Senior Staff Writer
I
ndustrial remains one of the most resilient sectors in commercial real estate. But how are builders keeping up with users' evolving needs—and satiating them in a cost-effective way? Chicago’s industrial real estate market has experienced various ups and downs over the years, but it remains one of the most robust and enduring sectors in the commercial real estate landscape. Chicago Indus-
trial Properties recent had the opportunity to speak with Principle Construction Chief Operating Officer Mark Augustyn, as well as Krusinski Construction Director of Operations Dominic Valvano, to discuss the current state of the market and how builders are adapting to meet their users’ evolving needs.
To start, Augustyn emphasized the ongoing demand for 50,000- to 150,000-square-foot manufacturing facilities, primarily for owner-occupiers. There has also been a demand for truck maintenance repair office warehouse facilities with ample tractor-trailer parking, albeit with some location challenges due to the density of trailer truck parking. INDUSTRIAL (continued on page 16)
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CONTENTS
PUBLISHER Mark Menzies menzies@rejournals.com 708.622.0074 SENIOR STAFF WRITER Mia Goulart mia.goulart@rejournals.com VICE PRESIDENT OF SALES & MW CONFERENCE SERIES MANAGER Ernie Abood eabood@rejournals.com
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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. © 2023 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.
2023 EDITORIAL BOARD Corey Chase Newmark
Joe Pomerenke
Arco/Murray National Construction Company, Inc
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Construction updates: Meeting evolving needs in an evolving Chicagoland Industrial remains one of the most resilient sectors in commercial real estate. But how are builders keeping up with users' evolving needs?
Chicago is a major logistics hub. But what makes it so? Over the years, Chicagoland has become an attractive logistics hub, leading to a sharp increase in the number of distribution centers.
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Mid-year update? Sector sees strong demand and rent growth, based on report by Brown Commercial Group In spite of certain economic challenges, the demand for industrial space in the region
remains robust.
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Prologis, Sterling Bay among companies investing in Chicago’s SW suburbs In recent industrial news, Prologis recently acquired a fully leased asset in Bolingbrook, Illinois, for $23 million.
Modernized digital infrastructure: Preparing for the next generation of disruptive tech “Disruptive technology” is more than just a buzzword or industry catchphrase.
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Chicago is a major logistics hub. But what makes it so? By Mia Goulart, Senior Staff Writer
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ver the years, Chicagoland has become an attractive logistics hub, leading to a sharp increase in the number of distribution centers. What makes so alluring? Recently, Chicago-based Core Industrial Realty Founder Noel Liston addressed this question while discussing the impact of these factors on the development process.
sive infrastructure that supports the logistics industry and is home to intermodal prairies where the four major rail carriers converge, transforming the region into a critical hub for ferrying goods between various regions of the country and facilitating the flow of commerce on a grand scale.
First and foremost, Chicago’s geographical location is a linchpin in its appeal for this type of project. Positioned as a central access point, the city offers easy access to a significant portion of the U.S. (most states within a 24-hour drive or less), reducing transit times and costs and making it an optimal location for companies aiming to distribute goods efficiently across the nation.
When developers consider setting up distribution centers around Chicagoland, Liston said they prioritize three key components: connectivity to rail networks, proximity to highways, and access to a robust labor force, with the latter being crucial for both the construction phase and the ongoing operation of a facility. The interconnectivity of highways is essential for efficient transportation of goods, while a skilled labor pool ensures the smooth operation of warehouses. Proximity to
Yet geographical advantage is only part of the equation. Chicago offers impres-
The Big Three: Rail, Highway, and Labor
rail and intermodals, as well as O’Hare Airport, further enhances the region’s appeal, making it a multifaceted logistics powerhouse.
to navigate. For instance, there have been increased energy requirements for roofing and wall insulation, adding to construction costs.
Embracing Innovation
Liston elaborates, “Zoning restrictions on trailer parking and twenty-four-hour operations can also vary from one municipality to another. In some prime locations, zoning constraints may pose resistance from residents.”
When asked about construction technologies or practices that are being used to enhance efficiency, safety and sustainability, Liston noted that LED lighting and motion sensors have become staples in new distribution centers, significantly improving energy efficiency. Furthermore, advancements in concrete pours allow for higher stacking—and while these might come at a higher cost, they are essential for staying competitive. Regulatory Considerations While Chicagoland offers numerous advantages, as with any region, Liston said there are some regulatory challenges
Not to mention, the scarcity of available land in these prime areas presents a unique challenge. Another Challenge: The Economic Climate As of June 2023, the industrial real estate market in Chicagoland is facing a major LOGISTICS (continued on page 6)
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6 LOGISTICS (continued from page 4)
consideration—rising interest rates, which has ripple effects on developers, owners, and tenants alike. Amazon, for example, has slowed their once rapid pace of acquiring and/or building new facilities. That said, Liston said the market is stable, likely due to our consumer-oriented economy. Supply and demand remain well balanced, with many major submarkets experiencing historic lows in vacancy rates. “Roughly two-thirds of economic activity is driven domestically,” he said, “constituting a significant sixty-six percent of our GDP. While quantifying these effects remains challenging, we’ve seen tangible benefits from the realignment of global supply chains. There’s a growing interest in domestic product security, reducing resilience on overseas sources for production and storage, undoubtably bolstering the market’s growth.” Current Projects As for current projects, Core Industrial Realty has many in the pipeline. The firm is currently the leasing agent for Panet-
tone Development’s 356,000-squarefoot distribution building in Aurora, Illinois, strategically located along the I-80 Corridor. The building was completed on July 1 and has already generated significant interest.
Moreover, Core is representing several manufacturing companies in their search for new space. Though the details are still confidential, Liston hinted at a substantial lease transaction in the pipeline, promising a noteworthy addition to the region’s industrial landscape.
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In summary, Chicagoland’s rise as an attractive logistics hub can be attributed to its geography, robust infrastructure, and access to labor and transportation networks. While challenges do exist, embracing innovation and navigating economic fluctuations are essential to staying competitive in the market.
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Mid-year update? Sector sees strong demand and rent growth, based on report by Brown Commercial Group By Mia Goulart, Senior Staff Writer
Photo by Ant Rozetskyvia unsplash
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n spite of certain economic challenges, the demand for industrial space in the region remains robust, creating a supply shortage that will continue to influence the sector as we move into the new season—a trend especially evident in the O’Hare submarket and Central Kane/DuPage County, both highly-sought after locations for industrial space users, according to a recent
press release by Brown Commercial Group. The O’Hare submarket retains its status as a prime choice for numerous industrial businesses, characterized by limited available space. In the past year alone, O’Hare has witnessed an 8.4% increase in rental rates and, as of mid-year, maintained a low vacancy rate of 2.9%. During this period, there was
a net absorption of 1.4 million square feet (msf) along with two msf of newly constructed space. Contributing to this strong performance is this year’s nearly 10% rise in freight traffic flowing through the airport. Some businesses have also shifted their distribution operations away from more congested national markets, based on CoStar research.
Brown Commercial Group Partner Trinity Scurto, SIOR, noted, “We are seeing a slight uptick in availability of industrial space in some submarkets, yet there is still strong demand and a rush to secure space. Cook County has seen a lot of activity from REITs and other investors who are purchasing properties in the 10,000 to 50,000-square-foot range to renovate and bring them back to the market. This is adding some space back
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"Overall, rent growth remains robust throughout the region, with submarkets such as O’Hare, Central Kane/DuPage County, Southern Lake County, and others all recording rent growth of 8%." to the market but is also pushing up rents and investment pricing.” Central Kane/DuPage County As previously mentioned, development activity in this region has been thriving, with inventory expanding by 8.2% since 2020. During the same period, five msf of additional space was introduced. The submarket presently boasts a vacancy rate of 3.5%, near its 10-year low. Not to mention, Brown Commercial Group
reported that an additional 1.1 million square feet of space is expected to be completed by year-end, which could result in another increase in vacancy. Southern Lake County Southern Lake County has seen a noticeable increase, adding about 780,000 square feet of net absorption over the past year, a notable change from the 550,000-square-foot annualized threeyear average. Attractive for its proximity
to I-94 and I-294, as well as the Port of Chicago, which supports a range of manufacturing companies, Brown reported that vacancy rates have decreased over 100 basis points year-over-year, settling at a present 6%. Chicago MSA Overall, rent growth remains robust throughout the region, with submarkets such as O’Hare, Central Kane/DuPage County, Southern Lake County, and
others all recording rent growth of 8% or more over the past year. In O’Hare specifically, rental rates surged 8.3%, reaching a record high of $10.40 per square foot. One outlier is Northwest Cook County, where rent growth was 7.8% over the past year, just shy of the 8% or higher seen in most other submarkets.
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Modernized digital infrastructure: Preparing for the next generation of disruptive tech By Craig Huffman, CEO and co-founder of Metro Edge Development Partners
“Disruptive technology” is more than just a buzzword or industry catchphrase. It is a phrase to describe technological innovations that create entirely new markets and industries or fundamentally alter existing ones, displacing earlier technologies. Truly disruptive tech typically offers a solution for more affordable or simplified processes across a wide range of applications or provides alternative products/services that make things more accessible to the larger population. Beyond the marketing “speak,” disruptive technology, such as AI applications, aren’t just something novel and exciting; they truly are “disrupting” how we interact with the world around us. AI’s disruption has been fast and furious while just getting underway with the general population via generative AI ap-
"The stark reality is that most existing commercial real estate properties do not have the foundational architecture necessary to meet the demands of today’s technologies." plications, and their enablement comes with an entirely new set of requirements. The stark reality is that most existing commercial real estate properties do not have the foundational archi-
tecture necessary to meet the demands of today’s technologies—so it’s time to modernize our approach. Everything from design, location, and community impact should be considered, as every-
thing makes a difference. And as the people who design, build, manage, and broker commercial properties, it’s our job to ensure that the real estate market
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Craig Huffman
is ready to meet the growing demands of modern technology. A New World of Innovation Nearly every modern industry is undergoing a massive disruption to its traditional processes in the wake of AI
expansion, and many organizations are beginning to adopt powerful tools and applications powered by AI software to enhance operations and create space for greater innovation. In particular, the healthcare and biotech industries have arguably experienced one of the most significant upheavals to their status quo,
KNOWN EXPERIENCED
as recent events and medical breakthroughs have created a significant need for AI applications that enable and enhance new and existing processes and services. For example, the COVID-19 pandemic brought forth a new demand for sophis-
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ticated telemedicine services within the healthcare services industry, creating a need for enhanced privacy, closed systems, secure data sharing, and more robust cybersecurity systems. In addition, medical research facilities and biotech incubators received significant investments toward developing and manu-
SINCE 1973
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"Innovative solutions like renewable energy integration, waste heat recovery, and advanced cooling systems are becoming essential features of next-generation facilities." facturing vaccines and treatments. This sudden expansion opened the door for continued growth within these industries, ultimately generating an urgent need for AI applications that will enable the necessary operational functions to support forthcoming advancements. However, the technology itself simply cannot be powered and distributed effectively using existing digital infrastructure. And so, it’s time to rethink our approach to the architectural design and development of digital properties
in an effort to expand their capability to support disruptive technologies. A New Kind of Digital Infrastructure We are now beginning to understand what it means to reshape the digital landscape to support AI applications and other burgeoning technological developments. This digital evolution has ushered in a new age of data center design.
SE P T E MBE R/OCTOBER 2023 CHICAGO I ND USTR I AL P R O P ER TI ES AI technology requires a tremendous amount of compute processing, as its models and algorithms often rely on powerful processors and specialized hardware accelerators to enable their functionality. This increase in computational power will require better access to reliable power to sustain these massive workloads. When it comes to powering AI, facilities will also need to be equipped to transfer data in petabytes fed to parallel (or multiple) neural-net processors for near real-time responsiveness. As AI technology evolves, the computational demands will increase dramatically, not just in terms of raw processing power but also in data storage and energy consumption. Therefore, to stay relevant, facilities must be prepared to scale significantly, which entails adaptable growth in the essential infrastructure components.
connectivity. Moving forward, choosing to construct digital infrastructure in other urban environments like Chicago will serve as a significant driver of consistent economic growth and, when done intentionally, will foster the next generation of a diverse, skilled workforce within the tech industry. The data center industry is facing a severe labor shortage, and much of the workforce is reaching retirement age. With careful
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planning, these new builds can create an entirely new labor pipeline that will not only address this shortfall but support members of the surrounding community. Consider Yourself Disrupted While the future of modernized digital infrastructure has been teased for many years, that change is now upon us. It’s
time to embrace a new approach to technology-based real estate. In doing so, together we can welcome this new era of digital innovation in a thoughtful way that simultaneously supports the growth of new technologies while enhancing the lives of the very people that use it.
Think of us for your next Speculative project...
As a result, the foundational elements of today’s data center facilities, the buildings themselves, need to be designed specifically with high compute capacity, scalability, and power requirements in mind. This includes access to multiple redundant power sources as well as high-capacity floor loads capable of supporting liquids, heavy machinery, and other large-capacity requirements. These needs are better met within vertical architecture, so fortifying traditional buildings may not be enough—greenfield industrial buildings are necessary to support the massive floor loads and power that AI requires. The growing demand for high-capacity data centers brings with it an urgent need for environmental responsibility. Innovative solutions like renewable energy integration, waste heat recovery, and advanced cooling systems are becoming essential features of next-generation facilities. These sustainable practices not only reduce environmental impact but also offer long-term cost-efficiency. It’s a crucial step toward building digital infrastructure that is both powerful and sustainable. Powering Innovation by Empowering Communities Another pillar of digital infrastructure modernization is the careful selection of location for new data center developments, and our eyes are turned to underutilized urban communities. By deploying digital infrastructure in dense, urban areas, facilities automatically have greater proximity to reliable power sources and end-users, while simultaneously gaining access to a sea of untapped workforce potential. For the purposes of illustration: our flagship facility, the IMD1 data center, is situated right in the heart of Chicago— the fifth most densely populated city in the United States with a wide-ranging workforce. And while its physical location provides us with direct access to a robust fiber optic network and high energy supply, the social impact of digital infrastructure deployment was also a top priority to the facility’s architectural design and proximity to power and
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Prologis, Sterling Bay among companies investing in Chicago’s SW suburbs By Mia Goulart, Senior Staff Writer
Photo by cytonn photography via unsplash
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n recent industrial news, Prologis recently acquired a fully leased asset in Bolingbrook, Illinois, for $23 million. The 240,000-square-foot building at 900 Carlow Drive was purchased from a venture affiliated with Chicago-based investor Heitman, according to a recent article, which has been occupied for over 20 years by Ed Tucker Distribution, which has more than 3.5 years left on its current lease. And Prologis isn’t the only company to invest into that area. It was announced a few weeks ago that Sterling Bay purchased land from 4530 DISTRICT BLVD., INC., an Illinois LLC, for a 147,00-square-foot speculative project located at 4510 West Ann Lurie Place in Archer Heights. The value of the project was estimated to be just higher
"In a broader sense, the sector is cooling down, and the vacancy rate is climbing up, however slowly. But this is good news—for prospective users, at least. " than the Prologis acquisition, at around $25 million. In a broader sense, the sector is cooling down, and the vacancy rate is climbing up, however slowly. But this is good
news—for prospective users, at least. With the increase in spec projects currently being delivered, the market now has space to offer them, which could not be said the last few years.
Per Colliers, developers are expected to complete close to 42 million square feet of warehouse space in the region by year end, most of which is available to be leased.
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INDUSTRIAL (continued from page 1)
Valvano added to that, saying that in the in the past year, there has also been a shift toward more build-to-suit projects as opposed to speculative warehouses. Build-to-suit tenants, especially those in heavy freight industries like airline cargo, are becoming increasingly prevalent. Yet despite its resiliency, the economic climate has had its share of impacts on the construction market. While the speculative market in O’Hare remains vibrant, Augustyn observed that in other areas, developers are taking a cautious approach. “Now that the construction season is somewhat escaping us, many of these projects are on pause until there’s more certainty about interest rates and cap rates,” he explained. Valvano agreed that spec warehouse projects in Chicagoland have slowed down as developers wait to see how
"Ensuring everyone is on the same page is crucial." the market evolves. Contrarily, other regions, such as Dallas-Fort Worth, have experienced positive growth in speculative warehouse construction. This brings us to the fundamental question: how are these companies finding
the equilibrium between providing value to their users and effectively handling expenses? For Principle, Augustyn emphasized a client-centric approach. “We present them with their choices, along with the associated costs and long-term risks, allowing them to determine the value,” he explained. Valvano shared a similar sentiment, ultimately highlighting the prioritization of long-term relationships: “That line can be hard to find, as we will always sacrifice additional operational cost to ensure that a project is successful, and more importantly, that the client is provided with an exceptional end product and service. The long-term relationship far outweighs any additional cost that we would incur.” While it’s true that the concept of “value” can value from project to project, there’s a growing consensus in the business regarding sustainability. While
going green may come with higher cost, it’s becoming increasingly evident that many end users consider it an essential element in project design, in alignment with their expectations for long-term success. Companies such as Principle and Krusinski are not only witnessing a growing interest in elements like rooftop solar panels and clerestory windows but are also placing greater emphasis on enhancing efficiency throughout their construction operations. In fact, Krusinski recently completed two LEED Silver BTS projects where sustainability and carbon accounting were critical design considerations. Valvano said it is now being discussed much earlier in the design phase, even as early as project interviews, which can be a determining factor in project award. Certainly, the construction of any kind relies heavily on a substantial labor
SE P T E MBE R/OCTOBER 2023 CHICAGO I ND USTR I AL P R O P ER TI ES 2240 S. Busse Road, Mt. Prospect, IL
force. Fortunately, despite recent setbacks, the situation seems to have stabilized. Manpower and transportation issues no longer pose a significant threat to critical tasks, but companies are remaining vigilant by conducting weekly foreman and Owner-Architect-Contractor (OAC) meetings to preemptively address any potential problems and implement proactive adjustments to prevent disruptions. In terms of key factors in planning and executing projects currently, Augustyn
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601 N. Russell Ave. Aurora, IL
and Valvano maintained that lead times have subsided compared to the past few years, though there remain a few elements that will affect a project schedule if not addressed soon enough. “Ensuring everyone is on the same page is crucial,” Valvano said. “Finalizing the design, conducting a thorough review, and releasing trades kickstart the clock, which is critical for project success. Ongoing updates and communication enable everyone to stay on course and work together toward the same goals.”
As for their current projects, Augustyn and Valvano provided insights into their recent projects across various submarkets in Chicagoland. To name a few, Principle currently has two projects underway in O’Hare; a new warehouse for a built-to-suit client in Aurora, Illinois; a speculative warehouse in Wheeling, Illinois; and the company just delivered a truck storage warehouse project in Alsip, Illinois.
Krusinski recently completed four build-to-suit warehouse and office projects in Bensenville, Illinois, each fully occupied; two speculative warehouses, with a third under construction, in Bolingbrook, Illinois; a warehouse renovation in Joliet; and a large project for a food and beverage distributor at the ChicagoWest Business Center in DeKalb, Illinois.
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The latest promotions, milestones and achievements in the world of commercial real estate
PEOPLE ON THE MOVE
Ed Wlodarczyk
Giancarlo Pacini
Bespoke Real Estate Advisors Edward Wlodarczyk as CIO
Daniel Yih
Jimmy Danaher
names
the board provides strategic counsel to Waterton’s leadership committee.
Bespoke Real Estate Advisors, a global commercial real estate firm, is pleased to announce the appointment of Ed Wlodarczyk as its new CIO.
A 35-year veteran of the Chicago and international real estate communities, Yih was a long-time executive at Starwood Capital Group, most recently serving as president of Starwood Outdoors, after serving as interim head of asset management and chief investment officer for the company’s European operations. He previously served as chief operating officer, principal and portfolio manager for GTCR Golder Rauner LLC and General Partner at Zell-Chilmark Fund. Yih also served as CEO of BR Guest Restaurants and chief financial officer at Welbilt Corporation during his long and distinguished career.
Wlodarczyk brings a wealth of experience in the commercial real estate investment sector. In his new role as CIO at Bespoke, Ed will provide capital markets support and provide sourcing for debt, equity and structured finance solutions for Bespoke team partners and their clients.
Leopardo announces new president as part of company’s long-term succession plan Leopardo, one of the country’s largest privately owned construction firms, announced that Giancarlo Pacini has been named president, effective October 1. Current president and CEO, Mike Leopardo, will remain CEO and work closely with Pacini as they transition roles and responsibilities. This change comes as part of the company’s long-term strategic plan and associated succession plan. Currently, Pacini serves as senior vice president of Leopardo’s healthcare and senior living markets, which comprise a significant portion of the company’s overall revenue. He also oversees business development, sales, and marketing in addition to co-chairing the company’s geographic expansion task force. Pacini has been with the company for more than 25 years, first coming to Leopardo as an intern in 1997 and then returning full-time after graduation in 1999. In his new role as president, he will drive Leopardo’s overall growth, profitability and strategic initiatives while continuing to have direct oversight of the national healthcare and senior living platforms.
Yih currently serves on the board of online gaming platform Rush Street Interactive (NYSE) as chair of the company’s audit committee. He previously served on the boards of women’s retailer Ann Inc. (NYSE) Starwood Hotels and Resorts (NYSE); and The Thacher School, where he served as chair of the board of trustees. Yih has a bachelor’s degree in mechanical engineering from Stanford University and a JD and MBA from the University of Chicago. In addition to the two Waterton co-founders and now Daniel Yih, the Waterton Advisory Board includes Collete English Dixon, executive director at Roosevelt University’s Marshall Bennett Institute of Real Estate; Roger Hill, leader and co-founder of The Gettys Group; and Robert Langer, who was the central region real estate, hospitality and construction sector leader at Ernst & Young before retiring in 2016 after 32 years with the firm.
Mid-America welcomes Brendan Reedy and Jimmy Danaher
Daniel Yih appointed to Waterton Advisory Board
Mid-America Real Estate Corporation welcomes Brendan Reedy as principal and Jimmy Danaher as vice president, both specializing in retail landlord representation in the Chicago market.
Waterton, a Chicago-based real estate investor and operator, has appointed Daniel Yih to the Waterton Advisory Board. Comprised of a group of three independent (non-Waterton) individuals and the two Waterton co-founders, David Schwartz and Peter Vilim,
Brendan Reedy has completed more than 1,200 lease and sales transactions in his 19 years as an industry veteran. He has collectively worked on over 300 retail projects during his career and brings with him an extensive background in retail leasing having repre-
Brendan Reedy
Brian Czarnecki
sented many of the most high-profile assets and new developments in Chicago, including Mellody Farm, Willow Festival, Overlook of Oak Brook, Sherman Plaza, Church Street Plaza, and many more. Reedy spent the last 12 years of his career in senior vice president positions at CBRE and Cushman & Wakefield. Reedy is the recipient of the 2022 Chicago Food Depository Retail Broker of the Year award. Jimmy Danaher has an extensive background in product leasing, specializing in the leasing and re-tenanting of suburban power and lifestyle centers, as well as the leasing of ground-up developments. Together, their landlord representation expertise will further expand Mid-America’s full menu of retail real estate services in the Midwest.
Savills Chicago adds Brian Czarnecki to industrial tenant representation roster Savills announced that Brian Czarnecki has joined the Chicago office as managing director. Czarnecki brings over a decade of industry experience to the firm and will specialize in tenant advisory services for the industrial sector. Czarnecki joins the firm from Prologis, where he was leasing manager and oversaw the real estate strategy and underwriting for a portfolio of industrial properties totaling over six million square feet. Previously, he was vice president at JLL and tenant representative at Howard Ecker + Co. He has worked with a wide variety of clients in industries including industrial, manufacturing, supply chain and logistics, and professional services. Czarnecki will be a member of the firm’s Industrial Services team and will work closely with Senior Managing Director Zak Mirkowski.
DarwinPW Realty/ CORFAC International hires Thomas Engel DarwinPW Realty/CORFAC International is pleased to announce that Thomas Engel has joined the firm as an associate. In his new role, Engel will be responsible for ownership representation, tenant and buyer representation, and investment analysis with a focus on the O’Hare area.
The latest promotions, milestones and achievements in the world of commercial real estate
PEOPLE ON THE MOVE
Thomas Engel
Nick Miller
Scott Gibbel
Jackie Shropshire
Engel will work closely with Vice President Chris Mergenthaler. Prior to joining Darwin, he worked as a retail sales manager. He studied economics and French language at Northern Illinois University. He lives with his family in the southern suburbs of Chicago and enjoys golfing in his free time.
development projects, leasing activities, and building strong relationships with industry stakeholders. His extensive background in commercial real estate, coupled with a deep understanding of industrial market trends in Chicago and major markets across the country, will play a pivotal role in driving the division’s growth and contributing to Sterling Bay’s overall national expansion strategy.
The Missner Group announces new development analyst
Gibbel previously served as a market officer at IDI Logistics, a leading developer and manager of logistics real estate in the U.S. During his tenure at IDI Logistics, Gibbel played a crucial role in developing and executing strategic growth plans, overseeing complex real estate transactions, and fostering strong industry relationships. In addition, Gibbel’s background at Prologis, a global leader in industrial real estate, underscores his deep understanding of the logistics and distribution sector.
The Missner Group, a Chicago-based fully integrated general contractor and real estate developer, announced the arrival of Nicholas Miller as a development analyst, working closely with the development and asset management teams. This is a new role for The Missner Group. As their development and acquisition efforts continue to expand, Miller will work closely with executive leadership to provide additional support to acquire, develop, and underwrite deals. Before joining The Missner Group, Miller worked as an intern for notable companies like JLL and Sterling Bay. In his time at both places, he assisted the development, asset management, and acquisition teams while learning more about the real estate business. Miller recently graduated from the Kelly School of Business at the Indiana University, with a Bachelor of Science in real estate and finance. His arrival comes at an opportune time as The Missner Group continues to expand its reach in Midwest markets.
Sterling Bay welcomes Scott Gibbel as managing director of industrial division Sterling Bay, a leading real estate investment and development firm, is pleased to announce the appointment of Scott Gibbel as the new managing director of its growing industrial division, Sterling Bay Industrial. With over two decades of experience in the commercial real estate industry, having focused largely on the industrial sector, Gibbel brings relevant experience and a proven track record of success to his new role. As managing director, Gibbel will spearhead Sterling Bay’s strategic initiatives within the industrial real estate sector. This includes overseeing acquisitions,
Having recently announced the acquisition of its fourth industrial development in the Chicagoland area, a nearly 150,000-square-foot facility coming soon to 4510 W Ann Lurie Place in Archer Heights, Sterling Bay’s industrial footprint is expanding with major near-term growth across prime markets a priority.
JLL taps Jackie Shropshire to lead Chicago industrial business JLL has appointed Jackie Shropshire, senior vice president, to lead JLL’s Chicago industrial business. Shropshire, presently a member of the industrial portfolio services team, joined the company in 2021 following senior leadership roles with Stryker and Zimmer Biomet. He has extensive experience in developing and executing business strategies and is a passionate advocate of diversity, equity and inclusion. As the industrial lead, Shropshire will oversee dayto-day operations for the Chicago region, including managing a team of more than 50 professionals and pursuing integrated business development opportunities. Shropshire is a board member of First Tee of Greater Chicago, a non-profit organization that helps Chicago-area kids and teens build their resilience and strength of character through golf. He is also a board
Susan Bergdoll
member of Quad Communities Development Corporation, a non-profit dedicated to bringing together residents of the Douglas, Oakland, North Kenwood, and Grand Boulevard neighborhoods of Chicago through comprehensive community development. Shropshire holds a degree in marketing from Miami University of Ohio.
Susan Bergdoll joins CRG to lead Midwest industrial development CRG, the Chicago-based real estate development and investment management firm, announced that Susan Bergdoll has joined the firm as senior vice president and partner for the Midwest industrial region. In this new role, Bergdoll will be responsible for the development of CRG’s speculative and build-to-suit warehouses in the Midwest for e-commerce, Fortune 500 and other clients. With over 25 years of expereince in commercial real estate, Bergdoll offers strategic insights and a proven track record that will further strengthen CRG’s industrial real estate presence in the Midwest. Prior to joining CRG, Bergdoll was responsible for overseeing Duke Realty’s $1.7 billion, nearly 40 millionsquare-foot Midwest industrial portfolio. Annually, she steered the development of a $150-$250 million speculative and build-to-suit pipeline, which included notable deals with major Fortune 100 and 500 brands. Throughout her career, Bergdoll has showcased her strength in the Chicago market, initiating development starts valued at over $655 million for such clients as Home Depot, Wayfair, Amazon, UPS and Kimberly-Clark. Her top deals highlight her expertise navigating complex land acquisitions, lease negotiations and municipal processes. A graduate of Indiana University Bloomington, Bergdoll was a five-time recipient of the coveted Duke Realty’s Masters Club award, clinched the title of Duke Salesperson of the Year and won the Chicago NAIOP Deal of the Year in 2021.
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NEWS BRIEFS: The latest deals in Chicagoland
work with future tenants to ensure the prioritization of local hiring initiatives for permanent jobs created at the site.”
Lee & Associates of Illinois negotiates two DuPage County industrial leases
Entre Commercial Realty sells industrial condo in Woodstock 325 W. Lake St
4510 W Ann Lurie Rendering
Sterling Bay closes on purchase of 4510 W Ann Lurie Place in Chicago's Archer Heights Sterling Bay, Chicago’s leading real estate development firm, is pleased to announce its successful closing on the purchase of 4510 W Ann Lurie Place, a 7.5-acre land parcel in Chicago’s Archer Heights neighborhood. The firm plans to develop a 147,500 square foot industrial facility on site to meet the city’s increasing demand for modern industrial product. The acquisition was made in partnership with Affinius Capital, with a construction loan from First National Bank of Omaha. This project further solidifies the company’s commitment to expanding its portfolio into new verticals outside of creative office, including industrial, life sciences and residential. The development at 4510 W Ann Lurie Place will be constructed by PREMIER Design + Build Group, featuring ten loading bays, two drive-in doors, and 101 vehicles parking spaces. Notably, the LEED Silver-certified facility will support sustainable operations, with EV charging stations to promote eco-friendly transit, upgraded steel components for future solar panel integration, and native landscaping to enhance the exterior environment. “This project reflects our unwavering belief in the power of real estate development to contribute to the betterment of our city,” said Andy Gloor, CEO at Sterling Bay. “By prioritizing strategic urban planning, innovative design, and sustainable practices, like we’ve done here at 4510 W Ann Lurie Place, we aim to develop spaces that foster economic growth, create job opportunities, and enhance community resilience across Chicago.” 4510 W Ann Lurie Place is set to break ground later this year, creating upwards of 35 full-time jobs once fully occupied. As part of its commitment to engaging local minority and women-owned businesses across its portfolio, Sterling Bay has committed to adhere to the city of Chicago’s MWBE Program at 4510 W Ann Lurie Place, which sets goals for MWBE participation at twenty-six percent and six percent, respectively. “It’s our intention – across all our developments in Chicago – that we set a standard for minority and women-owned business engagement, creating opportunities for local businesses to expand their operations and broaden their networks to secure future contracts,” said Keiana Barrett, Chief Diversity Officer at Sterling Bay. “At 4510 W Ann Lurie Place, we’ll
N. Rose Farm
775 Belden
Entre Commercial Realty has completed the sale of an 8,500-square-foot industrial condo located at 1258 N. Rose Farm Road in Woodstock, Illinois, to ASAP Plumbing.
Lee & Associates, one of the largest national commercial real estate providers, negotiated two industrial lease transactions in the DuPage submarket totaling 67,244 square feet.
ASAP Plumbing does municipal, residential and commercial plumbing projects in the area and this sale will help grow their business and stay in Woodstock. The seller was Metro Machinery Repair Services, specializing in providing experts in machinery support for all types of metal working machinery. The space featured 16- to 18-foot clear ceilings, four drive-in doors that were all 12 feet by 14 feet, and triple catch basins.
Kenneth Franzese and John Cassidy, SIOR, principals at Lee & Associates of Illinois, represented Woodland Group—a privately-owned logistics, e-commerce, and supply chain management company—in a 38,475-square-foot lease renewal at 325 W. Lake Street, Suite B in Elmhurst, Illinois. Tom Maher of Hamilton Partners represented the landlord.
Kevin Kaplan, CCIM, a broker with Entre Commercial Realty, represented the seller in the transaction and was the sole broker in the deal.
Entre Commercial Realty sells 66,786 -square-foot building in Morton Grove
A 28,769-square-foot lease expansion at 775 Belden Avenue in Addison, Illinois, has brought the 200,907-square-foot property to 100% occupied. Jeff Janda, SIOR and Michael Plumb, principals at Lee & Associates of Illinois, represented landlord Link Logistics. Rick Morris of Cresa represented tenant Bauderer Packaging.
Principle begins tenant improvements for new industrial dry-cleaning facility in Aurora
5940 Oakton
Entre Commercial Realty has announced the recently completed the sale of a 66,786-square-foot industrial building in Morton Grove, Illinois, located at 5940 Oakton St. to Venture One. The facility sits on 2.46 acres of land at the busy corner of Austin & Oakton with 22,600 VPD. The building was sold in excellent condition and offers 18-foot ceilings with four docks and four drive-in doors and has a special use permit in place for an auto repair/ body shop. Entre’s Denise Chaimovitz, SIOR, MA, was the sole broker in the transaction.Service King will be continuing their lease of 28,000 square feet and Lin-Mar will be leasing back 39,000 square feet.
2000 Deerpath Road
Principle Construction Corp. recently started construction on the tenant improvements of a 282,588-square-foot building at 2000 Deerpath Road in Aurora, Illinois, for Tailored Brands. The fashion retailer owns popular brands such as Men’s Wearhouse, Jos. A. Bank, and family retailer K&G Fashion Superstore. The Principle team will add a 13,491-square-foot boiler and dry-cleaning room with a dedicated structural pipe support mezzanine, as well as adding a new 4,000-amp electrical service. The Principle team is
SE P T E MBE R/OCTOBER 2023 CHICAGO I ND USTR I AL P R O P ER TI ES
also installing twenty new 25-ton rooftop air conditioning units for the warehouse and dry-cleaning areas along with 14 interlocking exhaust fans. Two 20-ton RTUs will be installed for the office and breakroom. To accommodate Tailored Brands distribution needs, Principle is adding 29 docks to the building. An ESFR sprinkler system and ballasted EPDM roof over tapered insulation will also be installed. Principle’s John Cahill is the project manager while Principle’s Mark Frane serves as superintendent. Partners in Design is working as project architect. Principle anticipates construction will be completed on the building in February 2024.
Venture One fund acquires industrial building in Elmhurst
744 Oaklawn
Venture One Real Estate through its acquisition fund, VK Industrial VI, LP, has closed on the acquisition of a 37,601-square-foot industrial building located at 744 Oaklawn Ave. in Elmhurst, Illinois. The acquisition was a sale-leaseback. The building was constructed in 1969 and sits on 1.72-acres of land. It features 18-foot clear height, two docks, two drive-in doors and parking for 45 cars. Ted Gates and David Prell of CBRE represented the seller in the transaction.
Clear Height Properties/Harbert U.S. Real Estate acquire Lake County industrial property
700-750 Chestnut Ave
A joint venture partnership between Oak Brookbased real estate investor Clear Height Properties (Clear Height) and Harbert US Real Estate (HUSRE), an investment strategy sponsored by Harbert Management Corporation (HMC), has acquired an industrial property at 700-750 Chestnut Ave. in Park City, Illinois. Situated between Lake Bluff and Waukegan, and only a mile from the new American Place Casino, the property includes two buildings totaling 103,686 square feet on over eight acres of usable land. Both buildings are leased by Reyes Coca-Cola Bottling. In addition to the two buildings, the property includes gated outside parking/storage for semi-truck cabs and semi-truck trailers as well as fleet delivery vehicles. Paige Gunn represented Clear Height in the acquisition. CBRE has been retained to lease the property, led by Executive Vice President Jason Lev, Senior Vice President John Suerth, and Vice President Jimmy Kowalczyk.
Meridian completes 392,000-square-foot project for Logistics Property Company
VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group. The fully discretionary fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.
Aurora spec project
Meridian Design Build recently wrapped construction on a 392,973-square-foot speculative industrial development for Logistics Property Company in Aurora, Illinois. The project is located on a 30.7-acre site on I-88.
Peak Construction Corporation is underway with IDI Logistics’ new speculative warehouse, Rock Run Crossing 2 in Joliet’s Rock Run Crossings Business Park. The 219,041 square foot facility features 36foot clear height, 24 dock doors with 19 future, two drive-in doors, parking for 209 cars, 63 trailer parking stalls and 2,000 square feet of spec office. Project completion is expected by the end of the year. Peak is teamed with Ware Malcomb and Jacob & Hefner Associates, Inc. With over 30 years’ experience and a track record of delivering more than 200 million square feet of innovative warehousing, distribution and manufacturing facilities, IDI Logistics is a leading investor and developer of logistics real estate. They provide unmatched expertise with a focus on customer service to developments throughout North America.
The Missner Group and Realterm complete construction of industrial building in the Chicago Stockyards
The Missner Group and Realterm are pleased to announce the successful completion of their third joint venture project, the construction of an industrial building located at 1032 W 43rd Street in Chicago, Illinois. The Missner Group and Realterm served as the developer of the speculative industrial building with The Missner Group also serving as the GC. Boasting an impressive 130,354 square feet of modern infrastructure, the newly minted, Class-A industrial facility sits on 7.98 acres in the storied Chicago Stockyards. The building showcases an emphasis on design and functionality. Its highlights include soaring 32-foot clear height ceilings, 26 exterior docks, two drive-in doors, an expansive 276-space parking area and 20 dedicated trailer stalls. Given its strategic location, the new building enjoys excellent connectivity, facilitated by proximity to I-90/I-94, I-55 and I-290. Its location in the South Side of Chicago also offers access to an ample labor pool of skilled blue-collar workers within a five-mile radius, making this an ideal location for warehousing, distribution and processing. In addition to its strategic advantages, 1032 W 43rd Street offers an array of unique tax incentives and benefits of Enterprise Zone 2, which includes potential incentives such as sales tax exemption for building materials, machinery and equipment sales tax exemption, as well as utility tax exemption. Prior to completion, 61,000 square feet was preleased by Atom Banana, a fruit wholesaler based in Illinois, for use as office space and warehousing. The Missner Group will also complete the tenant improvements for this space and intends to start construction in Q4 of 2023.
Peak underway with IDI Logistics’ Rock Run Crossing 2
Rock Run Crossings
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The 36-foot clear building was designed to accommodate up to 56 loading docks, two drive-in doors, 403 auto parking stalls and 26 exterior trailer parking stalls. The building was leased to a full building user prior to completion. Logistics Property Company teamed with Meridian to complete the tenant improvement work. NAI Hiffman marketed the building. The project was completed on a design-build basis with architectural services provided by Partners in Design Architects. Civil engineering design services were provided by Webster McGrath & Ahlberg.
With 69,254 square feet of space still available, the facility can be subdivided into smaller spaces accommodating requirements of 21,000 square feet. This is the final of the three projects of Realterm and The Missner Group’s joint venture. Projects completed earlier in 2023 include industrial buildings at 1200 145th St, East Chicago, Indiana and 50 S. Fairbanks St, Addison, Illinois. The building achieved an Energy Star upon completion. The Missner Group awarded $2.5 million in construction costs to minority-owned businesses (MBE) and an additional $600,000 awarded to women-owned businesses (WBE) with a goal of 50% of all construction labor on the job be performed by City of Chicago residents. The Missner Group’s project team consisted of VP of Construction Angelo Christopher, General Superintendent Pat Howard, Senior Project Manager Bob Papineau, Project Manager Don Hay, and Senior Superintendent Larry Whybrew. Architectural design was provided by Cornerstone Architects and engineering was provided by Spaceco, INC. Larry Goldwasser, Colin Green and Michelle Maguire of CBRE served as the brokers.
CIP MARKETPLACE CONSTRUCTION COMPANIES/GENERAL CONTRACTORS
ALSTON CONSTRUCTION COMPANY
1901 Butterfield Road, Suite 1020 Downers Grove, IL 60515 P: 630.437.5810 Website: alstonco.com Key Contact: Robert Murray, SVP/ Regional Manager, RMurray@alstonco.com, 908.966.1306 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’s success begins and ends with our approach to planning, scheduling, and choosing the right team. We have been adhering to an open and collaborative approach since our founding more than 35 years ago. Notable/Recent Projects: Project Heartland 1.5 Million SF build to suit distribution facility for Proctor & Gamble in Morris, IL. Lakeshore Manor 210 unit senior living facility in Northwest Indiana. Dynamic Foods 3PL 500,000 SF build to suit distribution and packaging facility in Wilmington, IL. Brown Deer Distribution Center 420,000SF two building speculative distribution center in Milwaukee, WI. 106,000 SF meat packaging facility in Northwest Indiana.
MCSHANE CONSTRUCTION COMPANY
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 more than 35 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 warehouse, distribution and manufacturing facilities, as well as multifamily, commercial and institutional developments. 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. Recent/Notable Project: Industry Center at Melrose Park – the construction of three speculative industrial buildings in Melrose Park, Illinois. The new development incorporates a total of 651,617 square feet.
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: Clarius Park Joliet Building #2, Joliet, IL - 906,517 sf speculative industrial facility for Clarius Partners. Commerce Park Chicago Building B, Chicago, IL - 602,545 sf speculative multi-tenant industrial facility for NorthPoint Development. Halsted Delivery Station, Chicago, IL - 112.000 sf package delivery station on a 17-acre redevelopment site for Prologis.
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: • 13,500 SF prairie style, mixed use, commercial/residential project at 17 S. Old Rand Rd. in Lake Zurich, IL • 80,053 SF Speculative Warehouse for Seefried Properties at 2240 S. Busse Rd. in Mt. Prospect, IL • 178,850 SF Industrial Speculative Building for IDI Logistics at 3700 S. Morgan St. in Chicago, IL
FOR ADVERTISING OPPORTUNITIES IN THIS SECTION, PLEASE CONTACT SUSAN MICKEY AT SMICKEY@REJOURNALS.COM OR 773.575.9030
SUMMIT DESIGN + BUILD, LLC
1036 W. Fulton Market, Suite 500 Chicago, IL 60607 P: 312.229.4630 Website: summitdb.com Key Contacts: Adam Miller, President, amiller@summitdb.com; Deanna Pegoraro, Vice President, dpegoraro@summitdb.com; Jon Silvers, Business Development, jsilvers@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, multifamily residential, office/tenant interiors, hospitality and institutional markets. Company Profile: Located in Chicago’s Fulton Market and with regional offices in Tampa, FL, Austin, TX and North Carolina, Summit Design + Build has been involved in the design and construction of over 400 buildings and spaces totaling more than 10 million square feet over the firm’s 18 year history. Notable/Recently Completed Projects: Eli’s Cheesecake (Industrial), 2217 Loomis (Industrial), 1436 W Randolph (Adaptive Reuse Hotel), 718 Main (Multifamily), Prenuvo (Medical TI), 5691 N Ridge Ave (Multifamily).
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.
FINANCE & INVESTMENT FIRMS 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; 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 rail and portproximate distribution 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.
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 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.
MAVERICK COMMERCIAL MORTGAGE
853 N. Elston Avenue Chicago, IL 60642 P: 312.268.6000 | C: 312.953.4344 Website: mavcm.com Key Contacts: Ben Kadish, President, ben.kadish@mavcm.com; Services Provided: Maverick finances all commercial real estate properties for builders, developers, investors and owner-occupied properties. For apartment loans, Maverick has access to every multifamily program available for property owners as we are a correspondent for Fannie Mae and Freddie Mac execution along with Freddie Mac small loan program. CMBS fixed and floating rate non-recourse loans available. Bank, portfolio, and debt fund non-recourse construction and permanent financing available on a national basis. Company Profile: Maverick Commercial Mortgage, Inc. is a boutique firm focused on middle market borrowers for properties in Chicago and surrounding areas, with a focus on Illinois, Indiana, Wisconsin, Iowa, Missouri, Michigan, and Kentucky. We are a niche lending source for Manufactured Housing Community mortgages and portfolio loans across the country with fundings in excess of $80,000,000 for MHC product on an annual basis. Significant financings for 2022 include a $63,000,000 single asset mortgage on an Illinois manufactured housing community, a $14,000,000 first mortgage on a Home Depot store in Chicago and several industrial building loans on the south and northwest side of the city of Chicago. Service Territory: Midwest for general mortgage loans, and national for MHC financing.
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