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CHICAGOLAND PROPERTY MANAGERS
PIVOT TO MEET NEW DEMANDS Property management in the Chicagoland area is evolving rapidly, influenced by the influx of Generation Z into the workforce and the ongoing presence of Millennials. This shift is reshaping office design and management, presenting both challenges and opportunities.
NAVIGATING NEW HORIZONS:
CHICAGOLAND’S CONSTRUCTION FIRMS
ADAPT TO ECONOMIC SHIFTS As traditional sectors like retail, office and multifamily development have slowed, primarily due to rising interest rates and tightening lending practices, Chicagoland’s innovative construction firms are finding ways to pivot and thrive by diversifying their portfolios and exploring new opportunities.
MULTIFAMILY SECTOR’S BRIGHT FUTURE
Chicago’s multifamily real estate market is showcasing resilience and growth, outperforming national averages despite economic uncertainties. With a stable job market, diverse housing options and a focus on strategic investments, the multifamily sector remains a stronghold in the city’s real estate landscape.
TURF TALK: COMMERCIAL LANDSCAPING & SNOW REMOVAL STRATEGIES How to Find the Best Commercial Snow Removal Partner: Spotting the Green Flags and Avoiding the Red Flags
FUTURE LEADERS: LUKE FERZACCA, ASSOCIATE, DARWINPW REALTY | CORFAC INTERNATIONAL Luke Ferzacca is an associate with Elmhurst, Illinois-based DarwinPW Realty|CORFAC International. He’s also a young leader at the company and in the commercial real estate industry.
A BALANCED APPROACH TO AI IN PROPERTY MANAGEMENT: ENHANCING EFFICIENCY FOR TEAMS AND EXPERIENCES FOR RESIDENTS
As we have centralized AI within our property operations and other parts of our business, like corporate operations, we are finding that it is fundamentally transforming how we understand, and therefore, interact with our residents, enabling us to provide a superior experience all around.
PEOPLE ON THE MOVE The latest promotions, milestones and achievements in the world of commercial real estate
EDITORIAL ADVISORY BOARD
ALISSA ADLER Colliers
GEORGE KOHL Savills
Jeff Krusinski Krusinski Construction Co.
RONALD C. LUNT Hamilton Partners
JOHN M. MOYSEY Avison Young
NANCY A. PACHER CBRE
JONATHAN STEIN Inland Real Estate Group
GREGORY T. WARSEK Associated Bank
CHRIS WOOD Cushman & Wakefield
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Navigating new horizons: Chicagoland’s construction firms adapt to economic shifts
By Brandi Smith
As traditional sectors like retail, office and multifamily development have slowed, primarily due to rising interest rates and tightening lending practices, Chicagoland’s innovative construction firms are finding ways to pivot and thrive by diversifying their portfolios and exploring new opportunities.
“The increases in interest rates over the past two years have really decreased the amount of real estate investment in Chicago and across the U.S.,” said K.C. Wigle, Vice President of Marketing and Business Development at W.E. O’Neil Construction Co. “Ten years ago, preCOVID, we might have seen 30 or 40 cranes in the air in Chicago. Right now, there are only four or five.”
While traditional office and warehouse construction face declines, firms are finding innovative ways to adapt.
“The warehouse market construction activity is off, but it maintains an increasing dollar value to keep investors from selling at a discount,” said James Wegman, vice president and general
“While retail lending still has its challenges, the sector has stabilized post-pandemic and some positive leverage deals are getting done in the current market.”
manager of Alston Construction. “Being able to identify and excel in specific requirements quickly sets you apart and allows you to be a must-consider when opportunities appear in the marketplace.”
“Most growth in the office sector is focused on data centers. Chicago faces the challenge of
what will happen with these valuable assets if the downturn continues,” Pepper said. “Many office users are taking less space in higher class buildings, posing a complicated challenge.”
To navigate this downturn, W.E. O’Neil is diversifying its focus, Wigle explained. The company has taken on airport projects at
O’Hare and Midway, as well as casino developments in Chicagoland and beyond. Similarly, Pepper Construction Company is adjusting its strategies to capitalize on emerging markets.
CONSTRUCTION (continued on page 6)
Chill Storage One. Photo courtesy of Alston.
“The warehouse market construction activity is off, but it maintains an increasing dollar value to keep investors from selling at a discount. Being able to identify and excel in specific requirements quickly sets you apart and allows you to be a must-consider when opportunities appear in the marketplace.”
“Cold storage is an emerging market and technically complex. Illinois is importing more frozen food than ever, and the demand for speculative space is growing,” said Scot Pepper, the company’s president. “We have seen a sustained high volume in this vertical market, and we expect demand to remain strong for at least the next five to eight years.”
Pepper is also witnessing growth in the K-12 education and healthcare sectors.
“Referendum activity is high due to increasing enrollment, life safety upgrades and new trends in education,” Pepper said, adding that healthcare is experiencing a post-COVID-19 recovery, shifting from medical office buildings to addressing much-needed deferred maintenance and capital projects.”
“Data centers and internet retailers are dominating the construction market,” said Wegman. “They have been consuming labor and materials and driving schedules for the entire sector. At (continued on page 8)
ELP55 Building 7. Photo courtesy of Alston.
Alston Construction, we continue to grow dedicated business units to specifically chase opportunities suited for them.”
Recognizing that different markets have different needs from Chicagoland, firms are also diversifying geographically. W.E. O’Neil, for example, recently opened offices in Austin, Texas and the San Francisco Bay area.
“We aren’t just exploring new project types, but new places as well to serve our clients and find new projects with new clients,” said Wigle.
The economic uncertainties have prompted firms to adopt new financial planning strategies.
“We saw unprecedented material cost inflation in the last three years. While some materials are down from their peak highs,
prices have stabilized. Owners are incorporating the ‘new normal’ into their budgets,” Pepper said. “We believe there is significant pent-up demand for work that continues to be postponed due to high interest rates.”
Wegman emphasized the importance of flexibility and partnership in navigating economic challenges.
“Partnering with others who are like-minded to create a true partnership of trust is crucial. Being dedicated to getting through the current market conditions will help everyone weather the uncertainties,” he said.
Despite these challenges, construction firms remain optimistic.
“Construction is not an easy business; it’s unpredictable. But the persistence part is important,” says Wigle. “Even through tough times, there’s got to be a commitment to work hard and know there’s going to be a good day at the other end of this.”
CONSTRUCTION (continued from page 6)
Scot Pepper
James Wegman KC Wigle
Elion Logistics Park 55. Photo courtesy of Alston.
Xroads Real Estate Advisors has implemented Building Hub, a customizable, cloud-based property management platform.
“We provide online portals for building services, maintenance requests and client/tenant updates. Mobile apps offer real-time notifications, booking systems for shared spaces and virtual concierge services,” said Hall, mentioning that Caton Commercial utilizes platforms like AppFolio and virtual tour software like Matterport to streamline communication and offer immersive leasing experiences.
Looking to the future, both Hendrick and Hall see a promising role for AI and emerging technologies in property management. Hall predicted that AI will revolutionize property management and tenant engagement.
“From forecasting maintenance issues and reducing downtime to improving client and tenant satisfaction, AI-driven analytics can provide insights into tenant preferences, allowing our clients to offer personalized services and amenities,” said Hall.
“AI will be most impactful when it replaces tasks – not communication or people. Property management is so dependent on building personal relationships, so as AI matures, we will be evaluating tools that allow us to be more productive without losing that human touch,” Hendrick added.
As Hendrick aptly put it, continuing to communicate with tenants to better understand their needs is crucial and smart property managers will incorporate key findings into their business plans.
• Phase I & II Environmental Site Assessments
• Property Condition Assessments
• Radon Measurement Services
• Geotechnical Investigations
• Site Remediation & Regulatory Closure
The Numbers Don’t Lie.
Amy Hall
Suzanne Hendricks
Multifamily sector’s bright future
By Brandi Smith
Chicago’s multifamily real estate market is showcasing resilience and growth, outperforming national averages despite economic uncertainties. With a stable job market, diverse housing options and a focus on strategic investments, the multifamily sector remains a stronghold in the city’s real estate landscape.
According to CoStar data, the Chicago apartment market saw a 2.7% increase in asking rents year-over-year as of the first quarter of 2024 with vacancies hovering around 5.6%. These metrics are indicative of a healthy market driven by strong job opportunities and varied rental options.
Ralph DePasquale, managing director of investment properties at Berkadia, emphasized the overall strength and demand in Chicago’s multifamily market.
“Of all the various property types within the market, multifamily is by far the top sector, both in terms of operations and investor demand,” DePasquale said. “The overall market for multifamily is very strong with low vacancy and strong rent growth across all classes from A through workforce, and really throughout the state.”
Workforce housing has long been a cornerstone of the Chicago multifamily market, offering durable demand and reliable cash flow for investors. These properties, often older and more affordable, remain attractive due to their proximity to job centers and transportation hubs. DePasquale noted that investor interest in workforce housing is particularly strong due to its consistent performance and lower vacancy rates compared to higher-end properties.
Location remains a critical factor for multifamily investments. DePasquale emphasized the importance of proximity to job centers and transit-oriented developments as key criteria for promising investment areas.
“You still need to follow the jobs or at least, the most cost-effective and efficient way to get to those jobs. Areas with good job growth and relatively low vacancy rates are usually at the top list,” he said.
In response to changing renter preferences, property owners in Chicago are getting creative with space planning. Older buildings with formal dining rooms are being reconfigured to add bedrooms, home offices, or larger kitchens.
Sustainability trends are also influencing development projects with features like smart thermostats, recycling and outdoor spaces.
“Having the ability to offer a ‘green’ project has become more important to younger renters,” DePasquale noted.
Shifting demographics, including a growing senior population and increased demand from millennials, are shaping housing options. The emergence of Build-to-Rent (BTR) communities is a notable trend, according to DePasquale.
“The emergence of BTR communities has been a recent sector of the multifamily market, appealing to both older empty nesters
Image by Tori Cheatham from Pixabay.
and younger families that want or need more space and a yard,” he said.
The Federal Reserve’s decision to keep interest rates elevated to control inflation has posed challenges for multifamily investors. However, those with long-term, low loan-to-
“I believe that multifamily will continue to be the darling child of the real estate industry as demand for housing continues to increase and a slowdown in construction over the next few years.”
value loans and higher debt service coverage ratios are well-positioned to navigate these economic shifts.
“The only thing that dampened investments over the last 18 to 24 months has been the rise of and unpredictability of the capital markets. Interest rates paused investment transactions as both buyers and sellers navigated through pricing,” said DePasquale, adding that for in -
vestors with over-levered, variable-rate debt, refinancing might require additional capital or asset sales, potentially creating opportunities for well-capitalized buyers.
Despite the unpredictability of the capital markets and rising interest rates, the fundamentals of Chicago’s multifamily market remain strong. With a continued demand for
housing and a slowdown in construction, the outlook for the sector is optimistic.
“I believe that multifamily will continue to be the darling child of the real estate industry as demand for housing continues to increase and a slowdown in construction over the next few years,” DePasquale concluded. “This will bode well for Illinois and throughout the Midwest.”
How to Find the Best Commercial Snow Removal Partner: Spotting the Green Flags and Avoiding the Red Flags
By Tom Marsan
Tom Marsan is a certified snow professional who has been in the landscaping and snow removal industry for about two decades. He is an active member of ILCA and SIMA and is currently the general manager at Beverly Companies in Chicagoland
When winter arrives, commercial properties face the challenge of maintaining safe and
accessible premises despite the snow and ice. According to a study by the Snow & Ice Management Association (SIMA), slips and falls on icy surfaces account for more than 30% of all workplace injuries during the winter months.
Partnering with the right snow removal contractor is crucial to ensure the safety of employees, customers, and visitors, as well as to
maintain business operations. But how can you identify the best partner for this critical task?
Understanding the green flags and red flags in the snow removal industry can help you make an informed decision.
Green Flags: Indicators of a Reliable Snow Removal Partner
A company that employs GPS tracking on its equipment demonstrates a commitment to efficiency and transparency. GPS tracking allows for real-time monitoring of the location and status of snow removal equipment, ensuring that services are performed as scheduled. This technology also enables quick response times in
case of emergency, as the closest available team can be dispatched immediately.
2. 24/7 Dispatch and Team
Winter weather is unpredictable, and snow can fall at any time. A snow removal partner with a 24/7 dispatch team ensures that your property will be serviced promptly, regardless of when a storm hits. This around-the-clock availability is essential for keeping your premises safe and operational. A good snow removal provider should be available around the clock.
3. Weather Alerts and Communication on Dispatch Plan
Effective communication is a hallmark of a top-tier snow removal company. Look for a provider that offers weather alerts and clearly communicates their dispatch plan. Knowing when and how the contractor will respond to incoming weather ensures that you can plan accordingly and have peace of mind that your property will be taken care of.
4. Clear and Direct Snow & Ice Triggers
A reliable snow removal contractor will have clearly defined triggers for when to commence snow and ice removal. These triggers, such as specific snow accumulation levels or ice formation, should be agreed upon and documented
in the contract. This clarity prevents misunderstandings and ensures timely service.
5. Detailed Scope of Work in the Contract
The contract should provide a thorough description of the areas to be serviced, often through a site map or detailed annotations. This ensures that both parties have a mutual understanding of the expectations and responsibilities, reducing the risk of missed areas or disputes.
6. Transparent Pricing Components
Pricing should be clear and detailed, with all components explained concisely in the contract. This transparency helps avoid unexpected costs and allows you to budget effectively for snow removal services.
7. Balanced Terms and Conditions
A fair contract will include terms and conditions that protect both parties. It should address liability, performance standards, and other critical factors in a way that ensures mutual protection and accountability.
8. Solid Reputation and References
A reputable snow removal company will have a history of satisfied clients and be able to provide references. Positive feedback from other commercial properties can give you confidence in the contractor’s ability to meet your needs.
Red Flags: Warning Signs to Watch Out For
1. Contradictory Triggers and Scope of Work
Be wary of companies with contradictory or unclear triggers for service, an ambiguous scope of work, or a lack of a well-defined dispatching plan. This can lead to inconsistent service, unmet expectations, and potential safety hazards.
2. One-Sided Terms and Conditions
Contracts that heavily favor one party over the other are a red flag. Ensure that the terms and conditions are balanced and fair, protecting your interests as well as those of the contractor.
3. Poorly Maintained Equipment
The quality and maintenance of the equipment are critical for effective snow removal. Old or poorly maintained equipment can lead to delays, incomplete service, and potential damage to your property. Find out if they have onsite mechanics, and how they maintain their equipment each off-season.
A contractor who cannot provide references or has a poor reputation should be approached with caution. Reliable companies will have a track record of satisfied clients and be willing to share their success stories.
Building a Long-Term Relationship
Choosing the right snow removal partner is not just about addressing immediate needs; it’s about establishing a long-term relationship built on trust and reliability. Here are additional considerations to keep in mind:
4. Lack of References and Poor Reputation
1. Assess Their Experience and Expertise
Look for a contractor with extensive experience in commercial snow removal. Their expertise will be evident in their ability to handle various types of properties and weather conditions.
2. Evaluate Their Customer Service
Customer service is a crucial component of any successful partnership. Ensure that the company is responsive, communicates effectively, and prioritizes your needs.
3. Review Their Safety Record
Safety should be a top priority for any snow removal company. Inquire about their safety protocols, training programs for employees, and track record of accident prevention.
4. Consider Their Scalability
Your snow removal needs may change over time. Choose a partner who can scale their services to accommodate growth or changes in your property.
5. Look for Innovation and Adaptability
“A forward-thinking snow removal company will continuously seek to improve their services through innovation and adaptability. This can include adopting new technologies, improving efficiency, and staying updated on best practices in the industry.”
A forward-thinking snow removal company will continuously seek to improve their services through innovation and adaptability. This can include adopting new technologies, improving efficiency, and staying updated on best practices in the industry.
Conclusion
Finding the best commercial snow removal partner requires careful consideration of both green flags and red flags. A reliable contractor will offer transparent and well-documented services, utilize modern technology, and maintain open lines of communication. Avoid companies with unclear terms, poor equipment, and a lack of references. By focusing on these key factors, you can establish a partnership that ensures the safety and accessibility of your property throughout the winter season, leading to a long-term, trust-based relationship with your snow removal provider.
Rebuilding Stronger Together
In 2023, Morgan Li, a custom manufacturer offering innovative fixtures, furniture and graphics solutions for retail and hospitality brands, lost one of their warehouses in a fire. Now, Principle is helping guide the family-owned business through the rebuilding process with the level of expertise and care we’re best known for. The project includes the construction of two buildings totaling 276,775 SF on the 14.5-acre site, and will not only restore what was lost, but also provide new, state-of-the-art enhancements. Morgan Li prides itself on transforming spaces into unforgettable experiences for its clients, and Principle is excited to help do the same through the construction of this new facility.
Future Leaders: Luke Ferzacca, Associate, DarwinPW Realty | CORFAC International
Luke Ferzacca is an associate with Elmhurst, Illinois-based DarwinPW Realty|CORFAC International. He’s also a young leader at the company and in the commercial real estate industry.
Here is what Ferzacca had to say about his career, why he chose commercial real estate and his future goals.
Tell us about your background. Where did you grow up? Where did you go to school?
I grew up in Elmhurst, about 10 minutes from the DarwinPW Realty/CORFAC International office. I went to the University of Colorado at Boulder and majored in real estate.
How did you get your start in the industry?
I officially started in the industry in August 2022 when my now fiancée and I decided to leave Denver. We were both looking for career changes. Real estate is the family business, and I’ve always been around it. I remember touring buildings with my Grandpa when I was a teenager. Our family dinner conversations frequently revolved around large development projects and deals he was working on.
Did you have a mentor who helped you get on your feet, or is there someone you turn to now for support?
I’ve been lucky to work on deals with all of the principals at DarwinPW Realty. Each of them brings their own style and creativity, from which I have been able to learn. George Cibula has been a huge part of helping me get on my feet in this industry. When you see him in a business setting, you understand why he has been so successful over his 50+ year career. Two of the biggest things I have learned from him are the intensity this business requires and the creativity it takes to get deals done.
What does an average day at work look like?
As most people in this industry have said, there is no average day. Some days are filled with market tours and client meetings, while others are spent in the office prospecting for new clients or pushing deals toward the finish line.
What do you like most about your job?
I enjoy the people I interact with daily and the variety this job brings. As I mentioned above, no two days are the same.
Looking to the future, what do you hope to work on/achieve that you haven’t already?
Like most brokers in the industry, I want to work on more complex projects and larger developments. However, something that isn’t quantified by monetary value but is incredibly important in this industry is reputation. Yes, I’d like to be known for working on big deals, but I
also want to be known as a solid, reliable broker for clients of all sizes.
How do you spend your time away from the office?
I enjoy doing anything active and pushing the boundaries for adventure. If you ask my fiancée, this is code for I have too many expensive hobbies. In the winter, I enjoy both downhill and
backcountry skiing. During the summers, I dive fully into endurance sports with cycling, Ironman triathlons, and mountain bike racing. When it’s time to relax, I enjoy spending time at my family’s property in Michigan, where we hunt, shoot sporting clays, and hang out with family.
A Balanced Approach to AI in Property Management: Enhancing Efficiency for Teams and Experiences for Residents
By Jim Cunningham, chief operating officer, Marquette Management
When AI first emerged as a tool for property management firms, the focus was on the efficiencies it would bring to certain processes. Many were justifiably cautious about its use in more direct interactions with residents and prospects given we are in such a “high-touch” business. Yet, as we have centralized AI within our property operations and other parts of our business, like corporate operations, we are finding that it is fundamentally transforming how we understand, and therefore, interact with our residents, enabling us to provide a superior experience all around.
AI Improves Resident-Facing Operations
AI-driven data analytics allow us to better understand resident preferences and behaviors. By analyzing data from various touchpoints—such as communication history, service requests, online reviews, marketplace demand, and even social media interactions—AI can help us uncover trends and insights that might not be immediately apparent through traditional methods. Of course, we also make sure to carefully cross-reference any analytics generated by AI, ensuring accuracy and sound logic in our decisions. This understanding, assisted by AI, allows the user to tailor services more precisely to meet residents’ needs, thereby improving satisfaction and loyalty.
These same analytics can also help us create a more personalized living experience for residents. For instance, AI can recommend tailored amenities or community events based on resident’s past behavior or preferences. This level of personalization helps our teams create a sense of community and belonging. Renters are no longer just looking for a place to live; they are seeking a community where they feel valued and connected. AI helps us deliver on this expectation by enabling us to engage residents in a more meaningful and individualized way.
Another significant advantage AI offers is the ability to predict and prevent potential issues before they escalate. For instance, AI can analyze maintenance data to identify patterns that indicate potential equipment failures or other issues within the property. By addressing these issues proactively, we can prevent costly repairs and minimize disruptions to residents. We can also minimize the amount of time our on-site team needs to deal with resident complaints. This predictive capability not only saves time and money but also enhances the resi-
dent experience by reducing the likelihood of inconvenient service interruptions.
Though it removes the “human touch” from interactions to a degree, AI-powered chatbots and communications tools, even phone calls, have been received positively by our residents, who appreciate the convenience and immediacy in things like scheduling services and handling other routine requests. This also enables our on-site teams to have more focus on more complex tasks and interactions that are best handled person-to-person. We’ve also automated our package management using Luxor One, which sends notifications to residents when their packages are delivered. These residents can then retrieve their packages using a unique access code or through an app, which allows for secure access and tracking and frees up time for our property management personnel.
Even before an individual becomes a resident, we use AI to make the experience of being a prospect as positive and welcoming
as possible. By analyzing market trends and consumer behavior, AI can help us better target our advertising and promotional efforts, whether it’s identifying the most effective channels for reaching prospective tenants or determining the optimal time to launch a campaign. It also enables us to offer virtual tours and digitally stage properties, providing prospective tenants with a realistic view before (or, in some cases, in place of) physical visits, a convenience many appreciate and that reflects well on the building. Beyond the benefits to prospects, using AI in this way leads to higher conversion rates and more efficient use of our marketing budget, which translates to positive outcomes for ownership. It also is a benefit to our residents due to 24/7 accessibility and immediate response times.
AI Brings Efficiencies and More Behind the Scenes
Behind every community of happy residents is a smooth operation, and we’ve put AI to work in many ways by creating great-
er efficiency and helping our on-site and corporate teams be even more strategic.
For example, at some assets equipped with the technology and infrastructure, AI plays a crucial role in monitoring and improving energy usage, by analyzing consumption patterns, recommending adjustments and predicting future energy needs. This not only marginally reduces costs but also promotes sustainability. It also enables ownership to put more resources toward amenities and events that support residents’ lifestyles and building community at the property.
AI tools also help on-site teams in managing residents that are delinquent on their rent and communicating and managing parts of the renewal process. It does this through data API integrations as well as functionality directly within our property management systems. The AI will make sure residents know whether they have a balance, answer questions relating to specific charges, or notify and keep track of
Photo by Igor Omilaev on Unsplash
promises to pay. Any customers that are unresponsive are bumped into a queue that is managed by our on-site teams.
Another way in which AI supports leasing is by quickly analyzing applications, streamlining tenant screening and helping us find the best candidates efficiently. It also has improved the process of creating high-quality marketing materials that provide a more immersive and engaging view of the property for prospective residents through videos, enhanced photography, virtual tools, etc. Again, this is a benefit for leasing and marketing teams but also for prospects who appreciate the convenience of being able to get a good view of a community before an in-person tour. AI has also improved our renewal rates.
AI In Corporate Operations
Our corporate employees have a strong sense of responsibility in resident satisfaction, and we recognize the ways in which AI has enabled us to better support the work of our on-site teams.
For example, we are developing an AI interface to change how our teams access training and business materials. This tool will be capable of pulling information from various internal sources, allowing
team members to interact with them directly for training purposes. This not only enhances efficiency but also ensures that our teams are well-informed and up to date with the latest industry practices, something that is especially important for our mission to enable on-site teams to operate with as much autonomy as possible.
Microsoft Copilot is another tool we are harnessing to improve our corporate operations. With its ability to summarize, edit and generate content, Copilot is becoming more integrated into our workflow for creating communication materi-
“We’ve put AI to work in many ways by creating greater efficiency and helping our on-site and corporate teams be even more strategic.”
als, reports and other documentation. By automating these tasks, we can save time and reduce the workload for our staff, allowing them to focus on more strategic activities. The precision and consistency provided by Copilot ensure that our communications are clear and professional.
There are many takeaways from an analysis of how AI has impacted property management. Looking at the effect it has had on our interactions with residents, it’s clear to see that in both the more people-facing applications and behind-thescenes uses, the overall impact has been
positive. The quick analytical capabilities, ability to help teams save time and money, and convenience it offers both staff and renters have helped us raise an already high bar for resident service and superior living experiences.
Jim Cunningham is Chief Operating Officer of Marquette Management, which oversees over 16,000 multifamily units across eight states, including Illinois, Minnesota, Michigan, Indiana, Tennessee, Ohio, Texas, and Florida.
Jim Cunningham
The latest promotions, milestones and achievements in the world of commercial real estate
PEOPLE ON THE MOVE
Chicago’s Kiser Group names new advisor
Chicago’s Kiser Group has promoted Will Mast to advisor.
Mast began his tenure at Kiser Group as an Associate, quickly distinguishing himself by delivering critical property and market information that enabled owners to make well-informed investment decisions. His commitment to excellence, strategic thinking, as well as his strong communication skills have made him an indispensable member of the team.
In his new role as Advisor, Mast will continue to leverage his extensive knowledge of the Midwest markets to present customized investment opportunities to clients. His ability to build strong relationships and his motivation, driven by the camaraderie among brokers and staff, have been pivotal to his success at Kiser Group.
Chicago’s Skender adds director of data center accounts
Chicago’s Skender hired experienced business growth executive and strategic account leader Matthew Nemshick as Director of Data Center Accounts.
In this new role, Nemshick will assist in expanding Skender’s footprint in mission-critical construction, which comprises essential, always-on facilities such as data centers and other high-tech infrastructure.
Nemshick joins Skender with 17 years of experience in the construction industry. He previously worked in business growth roles at Clune Construction Company, DW Hammer and Kelso-Burnett. He currently serves as Board Ambassador and Past President of the veteran’s support charity SALUTE, Inc.
JLL names head of finance in Chicago office
JLL has promoted Michael Anderson to Head of Finance for Work Dynamics Americas. He will work from Chicago.
In this role, Anderson is responsible for strategic financial operations for the Work Dynamics business, which helps clients not only create and shape the future of work but also effectively manage and enhance the performance of clients’ workplaces, real estate portfolios and, most important, their people.
Anderson joined JLL 18 years ago, amassing experience in financial management, M&A transactions, risk mitigation and business development within a range of industries and geographies. He most recently served as JLL’s Executive Finance Director for the Enterprise Division in Work Dynamics Americas for more than two years, where he led a team of more than 250 finance professionals and oversaw over $2 billion in real estate outsourcing revenues.
He also successfully spearheaded the due diligence and finance workstream for JLL’s acquisition of SKAE Power Solutions. Before that, he spent five years as a Financial Director after working for JLL in various finance management roles.
Based in Chicago, Anderson will be a key player in growing the Work Dynamics business by contributing to business strategy and direction, providing strong financial and operational governance, delivering timely and accurate reporting and building a regional finance team. He reports to James Gregory, Chief Financial Officer for Work Dynamics.
Rosemont’s Brennan Investment Group adds vice president
Rosemont, Illinois-based Brennan Investment Group has added Zane Smith as vice president for the Dallas-Fort Worth region.
Smith will play a crucial role in sourcing and closing both new acquisition and development opportunities, overseeing asset and property management, and driving the overall growth of Brennan in the Dallas-Fort Worth region.
Prior to joining Brennan Investment Group, Smith served as the Vice-President of Investments at MoxieBridge in Dallas, where he participated in the sourcing, underwriting, capitalization and closing of more than 3 million square feet of shallow bay light industrial properties totaling more than $300 million in transaction volume.
Prior to MoxieBridge, Zane served as a Senior Analyst at Colony Industrial, which later sold to Blackstone, where he was responsible for the analytical support of the asset management platform for a portfolio of over 350 industrial assets totaling over 40 million square feet in 20 different U.S. markets.
Oak Brook’s The Inland Real Estate Group names chief information officer
Oak Brook, Illinois-based The Inland Real Estate Group, LLC appointed Jovan Marconi to Chief Information Officer.
In this role, Marconi is responsible for developing and implementing the IT strategy, including application development; data management; AI practices; cybersecurity; and the evolution of the technology infrastructure for Inland. He will report to Cassie Hrtanek, Inland’s Chief Operations Officer.
Marconi joined Inland Real Estate Investment Corporation (“Inland Investments”) in 2021 as vice president and head of investment system strategies. Prior to joining Inland Investments, he served as head of investment technology at Legal and General Investment Management America.
Marconi also held positions with Invesco, AEGON Asset Management and Mercer Investment Consulting, where he focused on implementing technology platforms, enhancing operational efficiencies and mitigating business risk.
Will Mast
Zane Smith
Jovan Marconi
Matthew Nemshick
Michael Anderson
Chicago’s Mary Cook Associates adds business development associate
Chicago-based Mary Cook Associates, a national commercial interior design firm, hired Peggie Grossman as business development associate.
Grossman brings nearly two decades of residential and hospitality design and real estate industry experience to her new position. Her robust background includes previously serving as design director for Empire Hotel Group, a boutique hotel group on Manhattan’s Upper West Side, overseeing all design, programming, and furniture, fixtures and equipment (FF&E) selections for renovations of existing properties as well as ground-up boutique hotel projects.
She also worked with Kinzie Real Estate Group in Chicago, providing development marketing and broker support services, and Berkshire Hathaway HomeServices Chicago as a residential real estate broker. Additionally, she served as design coordinator for Edward R. James Homes, a prominent homebuilder on Chicago’s North Shore.
Grossman received her bachelor’s degree in interior design from Harrington Institute of Interior Design in Chicago and holds an Illinois real estate broker license.
Colliers adds vice chair, industrial specialist in Rosemont office
Colliers added industry veteran Steve Ostrowski as vice chair with its Industrial Group based in Rosemont, Illinois.
A well-respected dealmaker known for negotiating large, complex deals, Ostrowski brings a track record of success to Colliers where he will work alongside tenants, landlords and developers handling site selection, acquisitions/ dispositions and lease negotiations, while also providing strategic advisory and underwriting services. He joins from JLL where he was a Managing Director.
Some of Ostrowski’s recent deals include a 700,000-squarefoot lease in Monee, IL, on behalf of Exxon Mobil; a 300acre land sale in Channahon, IL, on behalf of DuPont; and an 818,848-square-foot lease at 1701 Normantown Rd. in Romeoville, IL, on behalf of the owner, Heitman Advisors. Ostrowski has advised national tenants such as Whirlpool, P&G, Caterpillar and Mazda while also focusing on local clients such as GSI Family Office, Berkot’s Super Foods and Molto Properties.
Throughout his distinguished career, Ostrowski has earned many accolades, and was annually named a National Top Achiever at JLL. He was named Industrial Broker of the Year by the Greater Chicago Food Depository in 2018. Ostrowski is a consistent NAIOP award finalist and received NAIOP’s Industrial Build-to-Suit of the Year Award in 2017 and Speculative Development of the Year Award in 2016.
Ostrowski is currently the President-elect for NAIOP’s Chicago chapter, where he has held various leadership positions since 2019. He is a graduate of Northwestern University where he was a four-year letter winner and captain of the football team in 1993. He also holds an MBA in finance from Loyola University of Chicago’s Quinlan School of Business
Oak Brook’s Clear Height Properties makes four promotions.
Oak Brook, Illinois-based Clear Height Properties promoted four critical members of the firm, to better support the firm’s continued growth in the Midwest industrial real estate space.
Robin Stolberg was appointed to the Leadership Team as Executive Director of Acquisitions: Since joining Clear Height as Managing Director of Acquisitions, Stolberg’s contributions have helped fortify Clear Height as an authority in the Midwest industrial space. Just nine months into his tenure, Stolberg was appointed to the Leadership Team, where he can further influence the firm’s long-term strategy and organizational growth.
Lauren Posey was appointed to the Leadership Team as Executive Director of Property Operations: In 2020, Lauren created a property operations department to bridge management and accounting. The department is now a key asset in assuring efficiency and consistency across Clear Height. Along with her continued oversight of property OPs, Lauren will also guide the company’s property management and project and development services divisions.
Madison Forster promoted to Managing Director of Property Management: Madison assures excellence in tenant relations, renovations and maintenance, investor reporting, and risk management. She works closely with accounting, finance, asset management, operations, and leasing to develop and execute efficient, growth-focused strategies. Madison sits on the BOMA Suburban Membership Committee and is deeply involved in the CRE community.
Kevin Bufalino promoted to Managing Director of Asset Management: Kevin collaborates with our executive and property operations teams to develop business plans that maximize value and efficiency throughout each asset’s lifecycle. He actively monitors market trends and industry developments, enabling Clear Height to leverage innovative strategies that drive tremendous performance and profitability.
Honigman expands real estate department with two new partners in Chicago office
Honigman LLP is expanding its full-service Real Estate Department with the addition of partners Patrick Johnson and Saloni Sahara to the firm’s Chicago office.
Johnson joins the firm’s Real Estate Services Practice Group, while Sahara will be a member of the firm’s Real Estate Transactions Practice Group.
An experienced real estate attorney and professional engineer, Johnson focuses his practice on construction transactions and litigation matters. He provides strategic counsel on construction contract drafting and negotiation, as well as project delivery methods and claim resolution to owners, developers, general contractors and subcontractors.
Sahara advises U.S. and international owners, operators, investment managers and developers on a broad range of complex commercial real estate deals. She has represented clients in numerous transactions involving acquisitions and dispositions, financing, joint ventures, leasing and other large scale commercial real estate transactions.
Johnson joins Honigman from Gould & Ratner LLP, where he was part of the Construction practice. He earned his Juris Doctor (J.D.) from DePaul University College of Law. Additionally, Johnson obtained both a Bachelor of Science (B.S.) and Master of Science (M.S.) in Civil Engineering from the University of Illinois at Urbana-Champaign.
Sahara joins Honigman from Hogan Lovells U.S. LLP, where she was part of the Real Estate practice. She earned her Juris Doctor (J.D.) from Cornell University Law School. During her time there, she served as managing editor for Cornell Law Review, receiving the Kasowitz Prize for Excellence in Legal Writing and Oral Advocacy. Sahara also obtained a Bachelor of Business Administration (B.B.A.) from Texas A&M University, where she graduated magna cum laude.
Peggie Grossman
Steve Ostrowski
Saloni Sahara
Robin Stolberg, Lauren Posey, Madison Forster & Kevin Bufalino
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.
Jim Vaillancourt-Wisconsin, jvaillancourt@midamericagrp.com
Services Provided: Mid-America provides strategic consulting services that maximize net operating income, net cash flow, and accelerate property appreciation. We provide property and construction management, leasing, due diligence, and market analysis. Additionally, we offer MA Building Services, a self-performing porter and maintenance company offering our clients cost savings and improved accountability for related services.
Company Profile: Mid-America Real Estate is #1 in retail real estate services in the Midwest, with full service offices in Illinois, Michigan, Minnesota, and Wisconsin. Our exclusive focus on retail property, combined with cutting-edge technology and unsurpassed service, distinguishes Mid-America within the industry and provides clients with a competitive edge. The total consideration value of leasing and investment sales transactions facilitated in 2023 was $1.2 billion. Mid-America leases and manages more than 60 million square feet of retail space, and represents over 270 retailers and other tenants. For more information, visit www.midamericagrp. 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.
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.
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
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.
Karaline Cartagena Edwards, Economic Development Manager, kcedwards@edcmc.com Services/Demographic Info: Up-to-date inventory of commercial buildings, site selection and orientation tours.
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 MixedUse Multi-Family Development with 235 boutique hotel rooms & 174 Luxury Condos; Burn ‘Em Brewing: $3 Million Expansion project with 30 new jobs.
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.
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.
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.
