Infill opportunities and sustainable design: Chicago’s 2024 development in review
By Brandi Smith
Against a backdrop of economic headwinds and evolving priorities, Chicago’s development market in 2024 saw developers doubling down on infill projects and sustainability. One standout project was Opus’ two industrial buildings in the southwest suburb of Alsip, which were completed in August 2024. Strategically located near the northwest corner of I-294 and 127th Street, Alsip Park 294 exemplifies the potential of redeveloping urban sites to meet
industrial demand while addressing environmental and zoning challenges.
“Infill sites bring challenges—environmental issues, brownfield remediation, and new zoning requirements— but they also offer higher rents in key markets,” said Mike Yungerman, Opus executive vice president and general manager for Chicago and surrounding markets.
The two buildings, totaling 360,000 square feet, are sustainably designed for warehouse, logistics, and manufacturing users. Features like clerestory windows, LED lighting and drought-tolerant landscaping aim to achieve Green Globe certification while minimizing environmental impact.
Photo Courtesy of Trammell Crow.
INFILL OPPORTUNITIES AND SUSTAINABLE DESIGN: CHICAGO’S 2024 DEVELOPMENT IN REVIEW Against a backdrop of economic headwinds and evolving priorities, Chicago’s development market in 2024 saw developers doubling down on infill projects and sustainability.
DECISIVE DEALS AND RESILIENT SECTORS: A LOOK AT CHICAGO’S 2024 CRE FINANCING When a lastminute deal in Lombard required swift action, Union National Bank stepped up, delivering results that underscored its strengths in a challenging 2024 market.
ADAPTING TO CHANGE: PROPERTY MANAGEMENT IN 2024 The commercial real estate industry in Chicago has faced a year of significant challenges and adaptation, according to Carrie Szarzynski, Senior Managing Director and Head of Management Services for Hiffman National.
MARKET TRENDS DRIVE STRATEGIC VALUE FOR MULTI-TENANT SHALLOW-BAY INDUSTRIAL ASSETS While institutional investors have historically gravitated toward big-box industrial logistics assets, multitenant shallow-bay properties represent an increasingly compelling investment opportunity.
CONTENT PARTNER: SMALL TOWN FEEL WITH BIG TIME OPPORTUNITIES Located 40 miles west of downtown Chicago, the Village of Oswego continues to experience substantial economic growth.
YEAR IN REVIEW: FINANCE We’ve all heard it: Survive until 2025. There is certainly truth to that phrase, as the overall commercial real estate landscape looks to be stabilizing as we get ready to turn the calendar from 2024.
TURF TALK: COMMERCIAL LANDSCAPING & SNOW REMOVAL STRATEGIES Preparing for Better Landscaping and Snow Removal in 2025
PEOPLE ON THE MOVE The latest promotions, milestones and achievements in the world of commercial real estate.
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Decisive deals and resilient sectors: A look at Chicago’s 2024 CRE financing
By Brandi Smith
When a last-minute deal in Lombard required swift action, Union National Bank stepped up, delivering results that underscored its strengths in a challenging 2024 market.
“We were able to make it happen because we are a smaller, privately-owned firm,” said Anthony Catanese, Manager of Business Development at Union National Bank. “We helped the client secure the space and close within a two-week period, which really demonstrates our ability to execute swiftly and meet the urgent client deadline.”
“Understanding our client timelines and being able to close a deal of that nature in a two-week period is something I don’t know many banks can do,” said Jill Markowski, Chief Executive Officer of Union National Bank.
This example encapsulates the adaptability and responsiveness required in a year marked by elevated interest rates and inflationary pressures. While challenges loomed, opportunities for decisive action allowed lenders like Union National Bank to thrive.
“The economic climate for 2024 definitely presented some challenges,” said Catanese. “That being said, I think Chicago’s industrial sector really remained a bright spot.”
Catanese emphasized the resilience of owner-users in manufacturing, warehousing and last-mile logistics.
“They are continuing to secure strategic financing to expand or upgrade their facilities despite higher borrowing costs,” he said. “The need for operational efficiencies and proximity to workforce and transportation hubs continues to drive activity.”
“The investor market pulled back a little bit,” said Markowski. “They just could not find
“It’s critical for borrowers to partner with a lender who not only understands the complexities of the current market but also has the ability to act decisively and deliver personalized solutions.”
anything that gave them enough return for the risk.”
She noted that smaller investors, representing about a third of the bank’s business, became more cautious as compressed returns limited opportunities.
Rob Burda, Senior Vice President and Team Leader of Associated Bank’s Commercial Real Estate Division, echoed these observations, noting a divergence between individual and institutional investors.
“We have generally seen more loan demand, including acquisition financing, bridge loans and new construction loans, from individual investors this year versus institutional investors,” he said. “Many institutional investors have remained on the sidelines during 2024 or are only occasionally investing equity in new opportunities.”
Burda identified the multifamily and industrial sectors as leading areas of demand for financing in 2024, a trend he expects to continue in 2025.
“Ongoing interest rate reductions, both for short-term rates and eventually longer-term rates, will spark additional activity,” he said.
Despite the challenges, Dan Rosenberg, Executive Vice President of BWE, observed positive momentum across all asset classes.
“Lending activity was fairly strong across all asset classes in 2024,” he said. “Even in the office sector, there was more liquidity in the system relative to 2023, and I think that trend will continue.”
Looking ahead, Catanese underscored the importance of strong fundamentals in securing financing.
“Lenders have become increasingly selective, focusing on deals with sound business models, well-capitalized borrowers, and properties in resilient sectors like the industrial world,” he said. “Preparedness and speed are critical, and working with lenders like us who understand the nuances of the current market is a significant advantage to a borrower.”
Markowski added that investors sidelined by rising rates may return to the market as their older low rate mortgages begin rolling off.
Rosenberg also pointed to ample liquidity as a factor supporting growth.
“There is plenty of liquidity in the system across all lending buckets of capital,” he said. “That said, the cost of that liquidity/capital is higher than it was in previous years. Investors and developers are starting to come around to this and are working diligently to execute on their business plans with this higher cost of capital.”
Rolling into 2025, Rosenberg and Burda predicted an uptick in sales activity in 2025, paving the way for price discovery. Catanese also emphasized that collaboration between lenders and borrowers will be crucial.
“It’s critical for borrowers to partner with a lender who not only understands the complexities of the current market but also has the ability to act decisively and deliver personalized solutions,” Catanese said. “At Union National Bank, we take the time to really understand our clients’ businesses and deliver the kind of responsive debt that is increasingly rare in today’s lending environment.”
Rob Burda Associated Bank
Jill Markowski Union National Bank
Anthony Catanese Union National Bank
Daniel Rosenberg BWE
Adapting to change: Property management in 2024
By Brandi Smith
The commercial real estate industry in Chicago has faced a year of significant challenges and adaptation, according to Carrie Szarzynski, Senior Managing Director and Head of Management Services for Hiffman National. From rising utility costs to evolving tenant expectations, property managers have navigated a dynamic landscape while preparing for what lies ahead in 2025.
“We’ve been warning our tenants and clients to anticipate utility increases in 2025,” Szarzynski said. “For a 1,000-kilowatt demand, we’re expecting a $2,000 monthly hike—that’s significant.”
The increases stem from ComEd’s rising demand charges, which will impact rate classes across the Chicago area. Hiffman National has engaged utility advisors to guide clients through the changes, ensuring they’re prepared for the financial impact.
Beyond utilities, the insurance market has also presented challenges. Rising costs, particularly in the Sunbelt, have sparked discussions about redistributing the burden across portfolios.
“It’s a huge problem,” Szarzynski explained. “Markets like Florida are bearing the brunt, but real estate professionals throughout the country are talking about the appropriate way of sharing the load so one region isn’t hit harder than another.”
While no solutions have been finalized, these conversations highlight the collaborative efforts required to address the issue.
Tenant improvement (TI) allowances have become another sticking point, as relocation costs soar beyond what tenants can absorb. Post-COVID uncertainties have led many tenants to sign shorter leases, further reducing the funds available for improvements. As a result, deals often fall apart when the numbers no longer make sense for tenants or landlords.
“The cost to relocate is as much as $300 per square foot, but tenants are only getting $50 to $60 in TI allowances for shorter term deals. It just doesn’t add up anymore,” Szarzynski noted.
Despite these hurdles, property managers are finding innovative ways to manage costs and meet tenant expectations.
“We’ve looked for other creative ways to reduce costs, in one building we were able to cut subsidies for fitness center providers by 75% by partnering with someone who could better market their services,” Szarzynski said, emphasizing the importance of a thoughtful approach to operating expenses, balancing cost containment with the need to maintain quality
services. “It’s all about finding innovative ways to offset rising costs.”
Another priority has been creating a “building of choice” for tenants, regardless of product type.
“It’s about creating a sense of community and making tenants feel heard and valued,” Szarzynski explained, adding that whether through amenities, engagement events, or
high-quality service, the goal is to differentiate properties in a competitive market.
This strategy aligns with a growing focus on sustainability and technology. While many property owners have already implemented low-cost measures such as LED lighting, Szarzynski acknowledged that more significant efforts are needed.
“Most good owners and property management companies have already dealt with the low-hanging fruit related to energy efficiency,” she said. “Yes, it’s still a priority, but energy efficient upgrades are not going to solve the larger systemic issues we’re facing.”
Technology has become a vital tool for fostering tenant engagement and addressing these systemic challenges. Szarzynski highlighted the development of Hiffman National’s app, which promotes education, wellness and engagement and creates a one-stop shop for tenant needs while fostering a sense of community.
“Tenants typically don’t look to their property managers for that type of guidance, but we can provide it,” Szarzynski added.
Looking ahead, tailoring property strategies to client goals will remain essential.
“Every building purchase is an investment, but the strategy changes depending on whether it’s short-term or long-term,” Szarzynski explained. “Understanding those goals is key to guiding decisions and how we support an owner.”
For example, a client planning to hold a building for only five years may forego a costly lobby renovation, while a long-term investor might see it as a worthwhile improvement.
Szarzynski’s emphasis on partnership and proactive cost management reflects a broader trend in the industry. By anticipating challenges, exploring creative solutions and leveraging technology, property managers can navigate the complexities of today’s market while positioning their clients for success in the years to come.
“It’s about maintaining a high level of care for the building while being thoughtful about costs,” Szarzynski said. “In the end, property management is a people business. Making sure tenants feel heard and valued will make a difference in this market and in this industry.”
Carrie Szarzynski, Hiffman National
Photo by Jon Moore on Unsplash.
C-PACE financing is providing vital capital for commercial real estate projects pre-, mid-, and post-construction
The adoption and use of Commercial Property Assessed Clean Energy (C-PACE) financing continues to gain momentum with commercial real estate owners and developers as an attractive alternative financing mechanism to fund new construction developments, substantial rehabilitation projects, and to recapitalize recently completed projects.
The low-cost financing offers fixed rates and long terms (~2030 years) with tailored step-down prepayment optionality. It is non-recourse, non-accelerating, and its tax assessment structure may allow for pass-through, and the obligation transfers on sale of the property.
Flexible Capital
C-PACE’s flexible structure allows for it to fund commercial real estate projects pre-, mid-, or post-construction.
C-PACE can finance new construction projects to:
• Reduce weighted average cost of capital
• Eliminate need for a participant lender
• Provide incremental leverage
• Fund up to 30-40% LTC
C-PACE can finance projects mid-construction to:
• Fund construction cost overruns
• Provide additional working capital for interest reserve deficits
• Provide additional capital for future contemplated tenant improvements
• Eliminate or reduce the need for capital call or additional equity injection
C-PACE can finance recently completed projects post-construction to:
• Recapitalize projects up to 3 years after completion
• De-risk and pay down the senior lender
• Provide additional capital for construction cost overruns
• Bridge the gap for slow lease-up or to stabilize projects
• Stabilize the asset with lower debt service by paying down expensive capital
• Provide flexibility to push out debt service payments for ~3 years
Our
Advantage
With over $2 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+ asset manager.
Nuveen Green Capital can structure attractive financing solutions for new, ongoing or recently completed commercial real estate projects, tailored to each client across markets and asset classes to provide borrowers with flexibility and ease of execution. Nuveen Green Capital offers a full-service lending platform with all underwriting, legal, and asset management functions executed in-house.
Market Trends Drive Strategic Value for Multi-Tenant Shallow-Bay Industrial Assets
By Clear Height Properties
While institutional investors have historically gravitated toward big-box industrial logistics assets, multi-tenant shallow-bay properties represent an increasingly compelling investment opportunity. These often-overlooked assets—which range from 25,000 to 150,000 square feet and are located in “A” locations—offer unique investment advantages that deserve consideration.
Irreplaceable locations and diminishing supply underpin shallow-bay property value
One key advantage inherent in shallow-bay properties is their attractive premium irreplaceable locations. These buildings were typically constructed in the 1970s through the 2000s. When these buildings were originally built, the areas surrounding them were on the fringe of urban areas where land costs were relatively low. Urban spread means these assets sit in prime infill positions within dense population centers. This advantage cannot be
“Urban spread means these assets sit in prime infill positions within dense population centers. This advantage cannot be replicated by new development, creating a high barrier to entry.”
replicated by new development, creating a high barrier to entry.
What’s more, there has been limited new construction of multi-tenant shallow-bay
buildings since the late 1990s, as the overall industrial logistics market saw record new development focused on big-box cost-efficient construction. Finally, much of the older stock of shallow-bay properties has seen
redevelopment into other uses such as data centers, retail, or industrial logistics. As a result, the already stagnant supply of buildings continues to diminish.
123 Ambassador Dr, Naperville, Illinois: This 43,125 s.f. shallow-bay asset acquired by Clear Height Properties houses five innovative businesses.
A diverse, stable tenant base creates consistent tenant demand and steady cash flow
Shallow-bay industrial properties attract companies across a wide range of categories, including construction, logistics and distribution, consumer products, retail, professional and business services, food and beverage, health, and more. Importantly, these tenants are local, regional and often even national. This broad appeal generates strategic advantages of owning and operating these assets:
• Natural diversification: Multiple tenants in a building or business park provide a range of industries to spread occupancy and cash flow risk.
• Local market connection: Tenants want to be near urban population centers and labor pools, and they are prepared to pay rent premiums for these benefits.
• Embedded tenant growth: As shallow-bay tenants grow, they look to the current owner of their building or business park first when they require additional space.
• Ability to reposition rents as the market changes: Shallow-bay tenants generally want shorter lease terms of three to five years, compared to industrial logistics tenants who sign seven- to twelve-year leases, allowing an owner to reposition rents as the market changes every few years.
• Less than 25% office build-out per unit/tenant with attractive storefront office design
• Dedicated dock-high and drive-in doors in each unit
• Individual buildings in prime locations, often multiple adjacent buildings in park settings
Operational benefits of shallow-bay industrial assets
Multi-tenant shallow-bay industrial buildings are known to be management intensive compared to larger single-tenant properties. With the right experienced operator and team at the helm, shallow-bay assets can be efficient to operate. Capital and operating expenses tend to be lower than modern spaces. Further, individual unit turnover costs such as tenant improvements and leasing commissions are significantly less than for office space.
In conclusion, given the short supply of shallow-bay properties—representing only about 20% of the industrial market—vacancy rates are consistently low, with very little volatility. In fact, research shows that demand has remained stable over the past decade or longer. This is further supported by data demonstrating that shallow-bay properties historically lease faster than the overall industrial sector because these tenants can move into new space quickly, multi-tenant shallow bay industrial assets are in diminishing supply, and demand remains steady. All these factors contribute to an investment strategy of owning and operating these often overlooked assets.
Piloted by an experienced leadership team, Clear Height Properties has built a solid platform for acquiring and operating industrial real estate in the most desirable locations throughout the Midwest and central United States. From its headquarters in Oak Brook,Illinois,the firm has bought and sold more than 200 assets totaling over $900M over the past ten years,establishing a record of strong risk-adjusted returns and becoming a leader in the industrial sector. Learn more at www.clearheight.com.
“We implement strategic plans driven by client collaboration.”
For over 45 years, DarwinPW Realty/ CORFAC International has been a leader in industrial and commercial real estate. The company specializes in brokerage, property management, investment and development services primarily in the Midwest. DarwinPW Realty’s highly qualified professionals are problem solvers and utilize a breadth of tools and knowledge to serve our clients best.
Rick Daly President
Oswego, IL: Small town feel with big time opportunities CONTENT PARTNER
Located 40 miles west of downtown Chicago, the Village of Oswego continues to experience substantial economic growth. The current population of Oswego is 37,074 but that number is expected to increase considerably by the next decennial census. Despite having over 1,300 new residential units constructed since 2022 along with more than 3,000 residential units approved for future construction, Oswego continues to receive permit plans for additional units.
With all this growth, Oswego still enjoys an impressive mix of residential units suitable for all types of new residents. From 2023-2024, the Village has added 523 new single-family units, 142 multi-family units, and 210 senior housing units all of which are a unique blend of for rent and for sale options. These numbers are anticipated to continue over the next several years. As a direct result, the demand for more commercial development remains ever increasing.
Retail and hospitality have been leading the way for commercial growth in Oswego. Entertainment-focused concepts have also become popular in recent years with the approval of three new establishments. The sheer amount of new construction and economic activity make it an incredibly exciting time to set down roots in Oswego!
“The Village of Oswego’s leadership is committed to helping businesses locate and thrive in our community,” said Village President Ryan Kauffman. “We’re excited to provide a variety of development options to help elevate and diversify our current offerings.”
Retail Projects
ROUTE 34. Oswego’s largest and most heavily traveled commercial corridor is home to numerous anchor stores. In the past year, s everal new retail businesses including Barnes & Noble, Belle Tire, Bibibop Asian Grill, Sherwin Williams, and Vasa Fitness have opened
On the heels of Belle Tire’s ground up construction project completed by Troutman & Dams in the beginning of 2024, Oswego welcomed Barnes & Noble to the community in June. The book retailer opened a 16,000 SF store in the Prairie Market shopping center, owned by PMAT Companies.
In a neighboring center owned by Kite Realty, VASA Fitness opened after renovating a 65,000 SF former grocery store space. On an outlot nearby, MJK Real Estate redeveloped an old bank into a multi-tenant retail building now occupied by Bibibop Asian Grill and a Sherwin Wiliams paint store.
Looking ahead to 2025, several more commercial projects are in the works including the addition of a HomeGoods store near
Barnes & Noble. Plans call for the enclosure and buildout of the former Lowe’s garden center to create a brand new 25,000 SF tenant space with a potential start date in spring 2025.
ORCHARD RD. On the west end of Oswego, the Orchard Road commercial corridor is an emerging area for new investment. Anchored by Jewel Osco, the area and features a healthy mix of local businesses and national chains. Orchard Road has not previously experienced the same level of growth that Route 34 has, however that has changed in recent years with the addition of Beef Shack, Starbucks, and Valvoline, along with two local restaurants.
Core Acquisitions is nearing completion on a ground up construction project for Starbucks and Valvoline in a pair of outlots just south of Jewel. The two businesses are expected to begin operations before the end of the year. They will be joining Beef Shack as the newest retail/ restaurant tenants in the area which opened earlier in 2024 after completing an extensive buildout.
Meanwhile in a shopping center just north of Jewel, two brand new local restaurant tenants, Neat Kitchen and Hell’s BBQ opened. Neat Kitchen opened its second location outside of neighboring suburb Westmont which features a full-service restaurant and handcrafted cocktail bar. A homegrown restaurant, Hell’s BBQ, started as a catering business that grew into its first brick-and-mortar establishment.
Coming to Orchard Road in 2025, Gas N Wash will construct a multi-million dollar fueling station and QSR development project. Located across the street from Neat Kitchen and Hell’s BBQ at Orchard and Mill, Gas N Wash recently finished site prep and is now underway with land development. Construction is expected to continue into next year.
DOWNTOWN. Oswego’s historic downtown business district continues to undergo transformative redevelopment. Over the last three years, tens of millions of dollars have been invested to catalyze new high-end, mixed-use developments which include several independent restaurants and retailers. Recent projects
include an upscale restaurant development with office space above; a 280-unit high-end apartment building with first floor retail; and a 339-space public parking deck.
Earlier this summer, downtown Oswego welcomed Nash Vegas Saloon, a new restaurant and live entertainment venue. Nash Vegas offers a unique blend of food service, a full bar, live music and line dancing. Spearheaded by established restaurateurs, $1 million was spent to renovate a 6,200 SF former brewery space.
On the outskirts of the downtown area, Dunkin’ was approved to build an 800 SF drive-through coffee shop at the intersection of Route 71 and Washington Street. They recently closed on the properties and are expected to start construction in 2025 with the hope of opening by the end of next year.
Entertainment Projects
While retail development continues to be the lifeblood of Oswego, there has been increased interest from entertainment users. The Whitetail Ridge Golf Club recently opened its brand-new indoor golf facility along Orchard Road. The concept utilizes similar technologies to Top Golf in Naperville and Schaumburg while also providing a wide range of food and beverage options.
The golf dome will serve as a complementary entertainment option to the Breybourne Cricket Stadium project that was approved further north on Orchard at Tuscany Trail. Phase I of the project is expected to start in spring 2025 with the construction of the cricket field and pitch. Additional phases call for a hotel, restaurant and a stadium capacity of up to 25,000 seats.
Along Route 30 on the east side of town, a concept plan was approved in September for Megalodome which is being touted as the world’s first all-indoor golf course. Preliminary plans feature four 270,000 SF domes each with nine holes and a practice facility. The project is also expected to include a two-story 8,000 SF clubhouse building with a full-service restaurant. Depending on plan submission, work could start as early as next year.
More Opportunities Available
There are still opportunities in each of Oswego’s three major commercial areas. Depending on the project, financial incentives may be available. Multiple village-owned land sites in the downtown may also be included as part of a larger incentive package.
Visit oswegoil.org/business or contact Economic Development Director Kevin Leighty at kleighty@oswegoil.org or (630) 551-2334 for more information and to get started.
Development Partners Wanted
• One of Chicagoland’s fastest-growing communities
• Over 1,300 new residential units added to market since 2022
• More than 3,000 new residential units approved for future construction
• $114K median household income
• Join several new high end retailers and restaurants in this evolving commercial area
Year in Review: Finance
By Mark Perkowski, Vice President, Commercial Finance Group, Draper and Kramer, Incorporated
We’ve all heard it: survive until 2025. There is certainly truth to that phrase, as the overall commercial real estate landscape looks to be stabilizing as we get ready to turn the calendar from 2024. But increasingly, signs are showing that many of the headwinds experienced during the past year may be, simply put, our new normal.
For most of us in the CRE finance sector, the last 12 months have been tumultuous. Deal volume was down, and the deals that did happen took more work to get across the finish line. Financing was difficult to secure – and expensive – so many deals simply didn’t pencil out. But here we are, on the brink of 2025. And we DID survive. So, let’s take a look back at some key issues of 2024 and how we can turn those into insights to build on for the new year.
A Look Back: The Good, the Bad, and What We Can Learn From It
Money was hard to come by this year. The banks that were in the market imposed much stricter lending standards, including deposit requirements as high as 10% of the loan balance, and loan proceeds from all lenders, including the agencies, life companies, and CMBS market, were debt service constrained by the high benchmark treasury rates. Given these hurdles, the most well-capitalized investors, such as REITs, pension funds, and family offices, did not find
the cost of capital in 2024 to be accretive to their deals. Many chose to forgo financing altogether and hold properties all cash (which, if you’re a mortgage banker like me, wasn’t good news).
However, there were some successes in 2024. From those, we can see a more positive path forward into 2025 and beyond. Good quality borrowers and those with strong borrowing relationships have maintained their access to capital. They were able to extend their maturing loans beyond 2024 and close on new construction debt, albeit at lower leverage than they would
like. High quality borrowers with a proven repayment history and a willingness to be flexible by, for example, providing a personal guarantee or accepting a 5+ year prepayment penalty, were able to secure financing that was otherwise unavailable.
For example, one of my clients, a hotel investor, has been a repeat borrower from a life insurance company and maintained a flawless payment history – even throughout the pandemic. Because of this, I was able to help him secure an acquisition loan exceeding 70% loan-to-purchase-price, which is a deal that’s almost unheard of in the current climate. This access to this capital positioned the investor to close on a generational opportunity.
The past year also highlighted that accepting a long-term rate can be another path for borrowers to unlock capital. Case in point: another client of mine wanted a to cash-out on a shopping center with near-term lease roll on the grocery store. The ideal solution for the client would have been something shorter term, like a fiveyear mortgage. But, understanding the demand among lenders for longer-term debt, I was able to cash-out proceeds up to a 1.15x debt service coverage ratio (DSCR) with a 25-year fixed rate self-amortizing loan from a life insurance company. Because my client filled the insurance company’s need for long-term debt, it in turn was willing to lend proceeds that no five-year loan could provide.
And, of course, it never hurts to offer recourse. For example, earlier this year I had a high-networth client seeking to refinance a retail property in Brownsville, Texas, in which he’d recently invested capital expenditure funds into renovations. All the local banks in the market were only offering Prime-based loans at eight percent or higher. I was able to secure a five-year loan below six percent through one of our life companies. The sponsor’s willingness to guarantee the loan provided the lender the added protection it needed to lend into a tertiary market it would otherwise seek to avoid.
In short, maintaining a strong payment history, being flexible on terms and putting more of your own “skin in the game” will be three crucial factors in getting deals across the finish line for the foreseeable future.
Looking Ahead
I believe there is an opportunity to not just survive but thrive in 2025. Yes, both borrowers and lenders are adjusting to a new normal, but good borrowers and attractive properties will continue to be able to access quality debt. There is an openness to creative solutions and compromise when borrowers loosen their expectations. And, while lenders are going to maintain historically tight DSCR thresholds because of Federal Reserve’s tighter monetary policy, those of us working to broker deals will need to continue to help both sides to “meet in the middle.”
Mark Perkowski
(continued from page 1)
“This development will support the local economy through new jobs and an expanded tax base,” Yungerman added.
Rising interest rates and inflation significantly impacted Chicago’s development landscape in 2024.
“The amount of development investments that occurred with capital markets groups slowed down a lot,” Yungerman said. “Vacancy rates have remained very low, but speculative construction could drop to zero in early 2025.”
Leasing activity centered on core submarkets such as O’Hare, I-55 and I-80.
“These areas have traditionally performed the strongest in Chicagoland,” said Carmine Bottigliero, Vice President of Development for CenterPoint. “This is logical, given the economic headwinds we’ve experienced in the past two years.”
Bottigliero highlighted CenterPoint’s flagship development, the CenterPoint Intermodal Center at 2903 Brandon Road in Joliet, as an example of a strategic project offering sustainability and employee-focused amenities.
CenterPoint’s Joliet site features a 976,954-square-foot Class A facility adjacent to the Houbolt Road Extension, designed to reduce truck traffic and improve regional connectivity. The development achieved LEED certification,
aligning with CenterPoint’s commitment to eco-friendly designs. Employee amenities, such as enhanced lighting, natural landscapes and breakroom spaces, ensure these industrial facilities are not just functional but welcoming workplaces.
Chicago’s developers have increasingly targeted infill sites for industrial projects, though these come with unique hurdles. Yungerman noted that environmental remediation, updated zoning requirements and higher per-square-foot costs often
DEVELOPMENT
Dash Downers Grove. Courtesy of Opus Group.
Alsip Park 294. Courtesy of Opus Group.
complicate timelines and budgets. CenterPoint has addressed these challenges by aggregating land parcels to better manage truck traffic and working closely with municipalities on infrastructure improvements.
“It’s taking longer to get projects entitled and many municipalities require infrastructure upgrades as a condition of approval,” Bottigliero explained.
These efforts reflect a broader trend of collaboration between developers and local governments to balance economic growth with community concerns. Skender, a Chicago-based construction firm, has seen similar regulatory shifts, including the adoption of the Chicago Energy Transformation Code and EV charging requirements.
“Unfortunately, most code changes translate to increased cost,” said Ryan Cotter, Preconstruction Executive at Skender. “However, proactive strategies and early awareness can help developers navigate these challenges effectively.”
Sustainability remained a top priority for Chicago developers in 2024.
“Every developer today needs to take a sustainable approach,” Yungerman said,
citing Opus’ use of locally sourced materials and energy-efficient designs.
Similarly, CenterPoint incorporates features such as low-flow plumbing fixtures, native landscaping and LED lighting to minimize environmental impact.
“Our goal is to develop sustainable facilities that minimally impact the environment while optimally benefiting communities through economic growth and job creation,” Bottigliero emphasized.
Skender’s Fifth City Commons, an affordable housing complex in East Gar-
field Park, achieved Passive House certification, a first in Illinois. The project’s triple-pane windows and air sealing set a new standard for energy efficiency.
“Building green isn’t just a certification; it’s a commitment to future generations,” Cotter said.
Courtesy of Centerpoint Properties.
Trammell Crow Company (TCC) has also prioritized sustainable practices, achieving LEED Gold certification for several lab projects, including Fulton Labs and Evanston Labs.
“For our commercial lab projects, incorporating sustainable building practices is a top priority not only for Trammell Crow but also for our investors and tenants,”
said Morgan Baer Blaska, Vice President of Development & Investment, who also highlighted the recently completed Flora Apartments in Fulton Market, a project that blends luxury living with sustainability through its integration of eco-friendly materials and solar energy considerations.
“Our goal is to boost sustainability, well-being and outcomes while reducing inequalities in our supply chain.”
Developers are also keeping a close eye on emerging trends, such as office-to-residential conversions and advancements in construction technology.
“With the power of AI, RTX GPUs and LiDAR, we’re capturing and modeling projects with precision like never before,” Cotter said.
As Chicago navigates shifting economic and regulatory landscapes, one thing remains clear: the city’s development community is committed to innovation, sustainability and long-term growth.
“There’s a lot of optimism in the air as we turn the calendar to 2025,” Yungerman said.
919 W Fulton. Photos Courtesy of Nick Ulivieri Photography.
Ryan Cotter Skender
Morgan Baer Blaska Trammell Crow Company
Mike Yungerman The Opus Group
Carmine Bottigliero CenterPoint Properties
Alsip Park 294: Opus developed two sustainably designed speculative industrial buildings totaling 360,000 square feet near I-294 in Alsip, Illinois. The project features Green Globe certification, locally sourced materials and energy-efficient lighting systems, making it ideal for warehouse, logistics, and manufacturing users.
2903 Brandon Road: CenterPoint’s 976,954-square-foot Class A facility in Joliet, the flagship development of its CenterPoint Intermodal Center, anchors the Houbolt Road Extension, offering direct access to I-80 and nearby intermodal facilities. This LEED-certified project integrates sustainable features like natural lighting and local landscaping, creating a functional and appealing workplace for employees.
Plainfield Business Center: Trammell Crow broke ground on this 788,000-square-foot speculative warehouse in October 2024, part of a master plan for over 8 million square feet of industrial space. Located in the high-demand I-55 corridor, the facility offers advanced logistics features and proximity to major interstates.
Fulton Park Campus: Trammell Crow’s $2 billion mixed-use development in Fulton Market combines 2 million square feet of office and R&D space, 368 luxury apartments and a public park. Flora Apartments, the first phase, offers Class A living with eco-friendly design and is already 20% leased.
919 W Fulton: This 11-story, 409,000-square-foot mixed-use office building in Fulton Market is under construction by Skender. Scheduled for completion in 2025, the project features outdoor terraces, a rooftop bar, and coworking spaces, catering to modern office demand.
Dash Downers Grove: This seven-story, 167-unit luxury apartment building sup-
ports downtown Downers Grove with metropolitan-style living and convenient access to retailers, parks, and the Metra rail station. Offering high-end finishes and amenities like an outdoor pool, work-from-home suites and a pet spa, the project achieved National Green Building Standard bronze certification and Fitwel certification. It also received the Downers Grove Economic Development Corporation’s Cornerstone Award for Community Investment in recognition of its impact.
Fifth City Commons: Skender’s affordable housing project in East Garfield Park incorporates Passive House-certified construction with triple-pane windows and air sealing. This groundbreaking development minimizes energy consumption while supporting community revitalization.
United Yards: Skender is leading construction on a three-building affordable housing initiative in Back of the Yards. The project, part of the INVEST South/ West program, includes a six-story mixed-use complex and modular apartments to enhance community amenities and housing availability.
Principle is paving the way in the future of trucking.
Principle is nearing completion on a new truck parking facility located between Chicago and Rockford on I-90. It will provide 1,000 leasable parking spaces for semi-trucks. This strategic location offers easy access to Chicago’s transportation network, making it convenient for trucking companies and shippers to manage their fleets and distribution operations efficiently.
Lessons from 2024: Preparing for Better Landscaping and Snow Removal in 2025
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
As property managers look toward 2025, the challenges and opportunities of the past year offer a wealth of insight. From winterizing outdoor spaces to planning for spring growth, strategic maintenance is essential for keeping
properties functional, appealing, and marketable. Here’s how to build on the lessons of 2024 and start the new year strong.
1. The Importance of Winter Mulching for Landscape Protection
Winter mulching is a crucial step often overlooked. By applying a 2–4 inch layer of mulch around trees, shrubs, and garden beds before the deep freeze, property managers can regulate
soil temperature to prevent root shock during freeze-thaw cycles.
Mulch can also help to retain moisture in the soil, which is vital during dry and windy winter months. Commercial landscaping typically has a larger area, making moisture retention even more important.
Applying organic mulch like wood chips or shredded bark in winter helps minimize weed growth come early spring and protects against
erosion caused by heavy snowmelt. Over time, the mulch decomposes, enriching the soil with vital nutrients for healthier plants.
2. Federal Reserve Rate Adjustments and Property Investments
The Federal Reserve’s lower interest rates in 2024 have made capital improvement projects more affordable. This trend is likely to continue into 2025, creating a prime opportunity to
invest in outdoor spaces like patios and seating areas that enhance tenant satisfaction.
Hardscape features such as retaining walls and drainage systems can also boost property value while minimizing maintenance costs. Planning these projects in the winter ensures they are ready for use by spring, maximizing ROI and tenant engagement.
3. Winter Preparedness: Key Dates and Tasks
Winterizing your property should be completed by late November or before the first frost. Focus on irrigation systems. Make sure to blow out sprinkler lines to prevent freezing and cracking.
For tree care, prune dormant trees to encourage healthy spring growth and reduce the risk of snow-laden branches breaking. Store or cover outdoor furniture to prevent damage from snow and ice. Seal cracks in pathways and driveways to prevent freeze-thaw damage, which will end up costing a lot more in the long run if left untreated. Being proactive reduces emergency repair costs and preserves property aesthetics through the winter.
strategically can create inviting outdoor spaces that meet both practical and visual needs. Both can also be enhanced with lighting or heated features to make them usable year-round.
5. Preparing for Spring: Soil, Seeding, and Planting
The foundation for a vibrant, healthy landscape in spring begins with preparation during the winter months. Late winter is an ideal time to test and amend soil to address pH imbalances and nutrient deficiencies, ensuring the ground is primed for new growth. Overseeding bare patches of grass just before snowmelt allows seeds to germinate as temperatures begin to rise, creating a fuller, greener lawn.
Ordering plants early not only secures supply but often saves on costs, avoiding the seasonal rush. Opting for native plants is a sustainable choice, as they require less water, are more resistant to local pests, and align with eco-conscious landscaping practices.
6. Enhancing the Outdoor Experience
4. Hardscapes vs. Softscapes: Balancing Functionality and Appeal
Understanding the distinction between hardscapes (patios, walkways, retaining walls) and softscapes (grass, flowers, shrubs) is critical for long-term planning. Hardscapes require less ongoing maintenance and provide durability against seasonal changes.
Softscapes, on the other hand, improve air quality, and can also improve aesthetics and tenant satisfaction. Softscapes just require more seasonal care. Combining these elements
Outdoor amenities such as fire pits, pergolas, and dining areas are increasingly viewed as essential for enhancing tenant satisfaction and boosting property value, particularly in mixed-use and residential developments. These features contribute to a sense of community, encourage outdoor living, and create appealing spaces for relaxation and socializing. Thoughtful outdoor designs can also enhance curb appeal, making properties more attractive to prospective tenants while fostering tenant retention by offering versatile and enjoyable communal spaces.
Winter presents an ideal time for planning and installing these amenities. Contractors are typically more available during this season, and material costs may be lower due to reduced demand. Moreover, incorporating adaptable designs—like pergolas with integrated lighting or fire pits equipped with heating elements—ensures year-round usability, even in colder climates. Such features align with trends emphasizing flexibility and year-round functionality, making them especially appealing to modern tenants seeking convenience and comfort in their outdoor spaces
7. Sustainable Snow and Ice Management
Eco-friendly snow removal gained significant traction in 2024 as property managers increasingly adopted sustainable practices. Brine solutions emerged as a popular choice, effectively reducing salt usage while maintaining safety on walkways and parking lots. Electric snow removal equipment became a valuable tool for lowering carbon footprints, offering an efficient and environmentally friendly alternative to traditional methods. Site-specific planning also played a critical role in avoiding over-salting and minimizing damage to hardscapes and plants, protecting both the environment and property investments. Looking ahead to 2025, partnering with contractors who prioritize sustainability while ensuring reliable service will be essential for maintaining tenant satisfaction and meeting regulatory expectations.
Extreme weather events have underscored the importance of robust contingency plans for property managers to maintain safety and minimize disruptions. Strategies like maintaining on-site salt storage allow for immediate responses during snowstorms, ensuring walkways and parking areas remain safe. Backup power systems for outdoor light-
Flexible service contracts with emergency response clauses add an extra layer of preparedness, enabling quick adaptations to unexpected conditions. Partnering with contractors who provide 24/7 support further mitigates risks, ensuring tenant safety and the property’s operational continuity during challenging weather events.
By combining strategic investments, sustainable practices, and proactive maintenance, property managers can stay ahead of challenges and create properties that thrive year-round. Reflecting on the successes and missteps of 2024 offers a roadmap for smarter decisions in the months ahead.
8. Emergency Readiness: Lessons from 2024’s Extremes
ing and heating help sustain tenant comfort during outages caused by severe weather.
Building a Better 2025
The latest promotions, milestones and achievements in the world of commercial real estate
PEOPLE ON THE MOVE
JLL Capital Markets adds retail investment specialist in Chicago office
JLL Capital Markets announced today that Brian Page will join the firm as a Director in its retail investment sales team in Chicago.
Page’s appointment bolsters JLL’s retail real estate expertise and investment sales capabilities. With eight years of experience in the field and having worked on $1.9 billion in retail transactions, Page will be partnering with Michael Nieder to continue to grow the firm’s open-air shopping center investment sales and advisory business in the Midwest.
Page joins JLL from Pine Tree, where he was overseeing acquisition efforts and Pine Tree’s portfolio in the west region as Vice President of Investments. During his eight-year tenure at Pine Tree, he held various roles of increasing responsibility, including Vice President of Asset Management.
Page holds a bachelor’s degree from the University of Illinois Urbana-Champaign, where he was also a member of the Men’s Division I Tennis Team.
Rosemont’s Brennan Investment Group names SVP
Rosemont, Illinois-based Brennan Investment Group promoted Luke McCarthy to Senior Vice President within its national single tenant net lease platform.
Throughout his time with the STNL team, McCarthy has played a pivotal role in sourcing single-tenant net lease investments across the United States. His success underscores his commitment to the company’s values and vision.
Prior to joining the STNL platform, McCarthy contributed significantly to Brennan’s Midwest team, assisting in the underwriting of more than $1.6 billion in transactions. He began his career at Brennan as an intern in acquisitions and progressed to roles as Analyst, Associate, Senior Associate, and Vice President.
In his new role as Senior Vice President, McCarthy will continue to lead the sourcing of single-tenant net lease investments and sale-leasebacks across the U.S. and will also oversee the asset management and monetization of these investments.
Chicago’s Essex Realty Group names managing director
Essex Realty Group, Inc., a Chicago-based commercial real estate brokerage firm, announces the promotion of Rick Ofman to Managing Director.
Ofman, who joined Essex in 2021, has played an instrumental role in the firm’s growth working alongside Doug Imber and Kate Varde to successfully close over $374 million in investment sales transactions.
With eight
completing the sale of more than 100 buildings, encompassing 2,121 units. His deep understanding of Chicago’s multifamily market and dedication to client success have established him as a trusted advisor to property owners and investors.
In addition to his professional achievements, Ofman is actively involved in Chicago’s real estate community. He serves as the membership chair for the Rogers Park Builders Group and is an active member of the Edgewater Uptown Builders Association, demonstrating his commitment to fostering collaboration and growth within the industry.
Project Management Advisors adds VP to Chicago office
Project Management Advisors, Inc. added Brad Moeller to its team as Vice President.
Based in the firm’s Chicago office, Moeller will spearhead PMA’s student housing development and project management practice and leverage his extensive background in the vertical to deliver innovative, highquality student housing projects on behalf of PMA’s clients.
Moeller brings more than two decades of expertise in real estate development, design, and construction with a proven track record in student housing, multifamily, and mixed-use projects. During his previous tenure at student housing leader CA Ventures, Moeller led the delivery of more than 80 student housing properties in more than 50 top-tier university markets, totaling over $4 billion in development, including over 13,000 units and 34,000 beds.
More recently, Moeller served as Executive Vice President of Development & Construction at Akara Partners, where he oversaw a development pipeline exceeding $400 million and played a pivotal role in expanding the firm’s flagship business and entry into the student housing market.
Moeller’s responsibilities will include client engagement and executive project leadership in the student housing space. Additionally, Moeller will be instrumental in expanding PMA’s presence in student housing by strengthening existing client relationships through tailored and expanded solutions.
Moeller holds dual master’s degrees in Architecture and Business Administration from the University of Illinois at Urbana-Champaign and a Bachelor of Arts in Architecture from Miami University. He is also a licensed architect in Illinois and actively serves on the Board of Directors for Landmarks Illinois.
Chicago’s Xroads Real Estate Advisors makes key leadership changes
Xroads Real Estate Advisors, a national full-service real estate asset management, property management and advisory firm based in Chicago, has announced that effective immediately Kirsten Bowersox has been elevated to the role of president from chief operating officer. Suzanne Hendrick, who joined the firm in April 2024 as executive vice president, will take over from Bowersox in the role of chief operating officer.
Xroads launched in 2023, representing a new era for Crossroads Partners, the property management and brokerage group founded in 2006 by Michael Nortman, who now serves as Xroads’ chief executive officer. Xroads is leveraging a rich history serving both institutional and entrepreneurial clients across the office, medical office, retail and industrial sectors. Xroads today helps its clients to maximize value and minimize loss in a highly volatile economic environment.
Brian Page
Brad Moeller
Luke McCarthy
Rick Ofman
Bowersox and Nortman have a long professional history, which started with Bowersox as a Crossroads client during her tenure leading the Other Real Estate Owned (REO) Group at MB Financial Bank (now a part of Fifth Third Bank). In that role she managed the disposition of more than $400 million of both legacy bank assets and assets covered under Loss Share Agreements with the FDIC. Prior to that role, Bowersox spent more than 20 years as a commercial real estate banker and construction portfolio manager with both public and private institutions such as LaSalle Bank, GMAC Commercial Mortgage and Inland Mortgage Capital Corporation.
Bowersox joined Nortman at Crossroads in 2013 as chief operating officer. Today, in her role as Xroads’ president, Bowersox will focus primarily on setting the firm’s strategic direction and building its property management and back-office accounting services portfolio. Bowersox also anticipates continuing to deliver asset management and receivership services as there is need from the market.
Hendrick has more than 30 years of experience in asset and property management, most recently serving as executive vice president of asset services operations at Transwestern Commercial Services. Hendrick has thrived at multiple high-profile stops during her long career. From 2013 to 2022, Suzanne was executive vice president and managing director of asset management for MB Real Estate (MBRE) where she was responsible for overseeing the firm’s property portfolio of 24 million square feet at its peak.
She has served a diverse client base, including private investors, government, and institutional clients such as Beacon Capital Partners, Union Investment Real Estate, CIM Group, J.P. Morgan, City of Chicago, Public Building Commission of Chicago, and Cook County. In her role as chief operating officer, she will head a talented team of property managers and accountants and oversee new firm initiatives.
After securing 25 new property assignments in 2023, Xroads’ Chicago assignment portfolio now totals 7.5 million square feet and includes office assets like 161 North Clark Street, 300 South Riverside Plaza and 540 West Madison; a large local retail portfolio; and a large national industrial portfolio.
Oakbrook Terrace’s Graycor names CEO
Graycor Co-Chairs Matthew Gray and Steven Gray announced that Dave Wing has been promoted to CEO from President and COO of the Oakbrook Terrace, Illinois-based Graycor family of companies.
Wing joined Graycor as a project engineer in 1991 and has been promoted several times throughout the past 33 years, helping to grow the company through safety leadership, client engagement, and performance excellence. With his leadership, and a strong organization alongside him, Graycor has experienced profitable growth as the company journeys toward $1 billion in annual revenue.
Prior to his promotion, Wing served as President and COO of Graycor for five years. Throughout his tenure as COO, he focused on monitoring and maintaining Graycor’s culture and values, short and long-term strategic planning, developing a talent pipeline, and creating strategies to improve management practices and introduce efficiencies.
Wing will be the company’s first CEO that is not a member of the Gray family, showing the firm’s loyalty to its hard-working long-term employees. Graycor prepared for this transition over the past several years and strategically planned for company expansion in the future.
Oak Brook’s Inland Real Estate Group names chief investment officer
The Inland Real Estate Group, LLC promoted Joseph Binder to Chief Investment Officer.
In this role, Binder is responsible for managing and executing Inland’s investment strategies and capital markets activities and related strategic transactions. He will report to Tony Chereso, Inland’s Chief Executive Officer and President.
Binder currently serves as, and will remain in, the roles of Executive Vice President of Inland Private Capital Corporation (IPC) and Chief Capital Officer of IPC Alternative Real Estate Income Trust, Inc. (ALT REIT).
Binder has been with Inland for over 16 years and has served as a senior member of the IPC management team since 2012, leading the underwriting, due diligence and structuring of its acquisitions, along with all debt capital market transactions and corporate lines of credit. In his time with IPC, Binder has overseen transactions in excess of $14 billion in investment real estate across nearly all asset types and a variety of investment structures and joint ventures.
Binder manages an experienced, 10-person team that will collectively be elevated to the Group level in order to serve the entire enterprise. In addition, Gail Gress, SVP of Real Estate Finance for Inland, will join this team and report to Binder.
Levenfeld Pearlstein adds partner to its Chicago real estate practice group
The Chicago office of law firm Levenfeld Pearlstein has added Daniel Crowley to its real estate practice group. Crowley is a partner in the group.
Crowley represents owners, operators, property managers, investors, landlords, tenants, lenders and borrowers in commercial real estate transactions. This includes acquisitions, dispositions and leasing matters.
Brown has experience with nearly all asset classes, including office, retail, industrial, industrial outdoor storage, manufacturing and multifamily properties.
He advises borrowers and lenders on real estate financing matters, including traditional debt, bank loans, commercial mortgages, CMBS loans, historic tax credit financings, tax increment financing and asset-based lending transactions.
Chicago’s Fairlawn names director of acquisitions
Chicago-based real estate investment, management and development firm Fairlawn hired Christy Wold as the company’s Director of Acquisitions.
Wold will lead Fairlawn’s acquisitions team, bringing over 15 years of expertise and a results-driven approach that will play a pivotal role in fueling the company’s continued expansion throughout the Midwest. She combines her extensive industry experience with a strong academic foundation, holding a Bachelor of Business Administration from the University of Michigan’s Stephen M. Ross School of Business.
Most recently, Wold served as Vice President of Global Acquisitions at Heitman, where she played a key role in identifying and securing significant residential real estate acquisitions, leveraging her expertise in strategic negotiations and relationshipbuilding to drive successful deals. Her strategic insights into capital markets and extensive experience presenting to clients make her exceptionally well-suited to drive Fairlawn’s growth goals.
Suzanne Hendrick and Kirsten Bowersox
Dave Wing
Joseph Binder
Daniel Crowley
Christy Wold
Previously, Wold was Vice President of Acquisitions at CA Ventures, where she was instrumental in identifying target markets and leading acquisitions and developments totaling over $900 million.
The Opus Group makes two key promotions in Chicago office
The Opus Group promoted Paul Robertson and Mike Robinson to vice president of real estate development in the company’s Chicago office.
Together, Robertson and Robinson have nearly 50 years of commercial real estate development experience with Paul specializing in multifamily and Mike in industrial.
Among his roles prior to joining Opus, Robertson was a project consultant for Greco|DeRosa Investment Group and executive vice president of development with JCF Real Estate, both based in Chicago. He joined Opus in 2019 and led the development of Dash Downers Grove, an award-winning seven-story, 167-unit, metropolitanstyle multifamily community outside of Chicago.
In his new role, Robertson is continuing to source and execute on multifamily projects in the Chicago market and will also help lead Opus’ expansion into Charlotte, North Carolina, focusing on identifying, analyzing and underwriting multifamily opportunities.
Prior to joining Opus in 2018, Robinson was vice president with DCT Industrial (now Prologis), senior associate of real estate consulting with Grant Thornton and vice president with CenterPoint Properties. During his six years with Opus, he has led the development of nearly 3 million square feet of industrial properties in Chicago, Detroit and Northwest Indiana.
In his new role, Robinson is continuing to lead Opus’ industrial developments in those markets, from sourcing and pursuit through construction, leasing and sale.
Brennan Investment Group names senior vice president
Rosemont, Illinois-based Brennan Investment Group promoted Joe Macchione to Senior Vice President, Head of Midwest Operations.
In his expanded role, Macchione will oversee the leasing and operations of Brennan’s extensive Midwest portfolio, encompassing over 30 million square feet of industrial properties.
Brennan’s Midwest Region includes Chicago, Cincinnati, Indianapolis, Louisville, Milwaukee, Minneapolis, Columbus, Detroit, and St. Louis.
Macchione has been with Brennan Investment Group for nine years, progressing through multiple roles, including Senior Vice President of Leasing, Vice President of Leasing, Leasing Associate, Property Manager, Assistant Property Manager, Operations Analyst, and Accounting Assistant. Throughout his tenure, he has demonstrated exceptional leadership and management skills, significantly contributing to the success of the company’s leasing efforts across the Midwest.
2024 PLATINUM SPONSORS
Paul Robertson
Joe Macchione
DECEMBER MARKETPLACE
ASSET/PROPERTY MANAGEMENT FIRMS
ALVAREZ
& MARSAL PROPERTY SOLUTIONS
205 W Wacker, Ste 516
Chicago, IL 60606
P: 312.606.0966
Website: ampsre.com
Key Contacts: Kevin Halm, Managing Director, khalm@ampsre.com; Pete Kontos: Managing Director, pkontos@ampsre.com
Services Provided: AM-PS provides property management, project management, and brokerage services to owners and occupiers of office, retail, and industrial real estate.
Company Profile: AM-PS was born out of the desire to take the strategic mindset and processes of the renowned business restructuring firm Alvarez & Marsal and reframe them for the commercial real estate world. Our approach solves problems, improves performance, and unlocks value for our clients. Our work has positively impacted real estate and those who interact with our properties nationwide.
Services Provided: SpaceShifts is a platform for optimizing vacant workspaces, not subleasing. It enables the options of utilizing vacant workspaces, sharing staff overhead, and amenities, and helping businesses maximize their property and resources.
Company Profile: SpaceShifts is a unique platform connecting individuals seeking workspace with businesses having extra space to rent. Terms are flexible and arranged by the parties involved. The service is currently free. Sign up at SpaceShifts.com to explore this opportunity.
CONSTRUCTION COMPANIES/GENERAL CONTRACTORS
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.
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.
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
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
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.
MULTIFAMILY FINANCE FIRMS
MARQUETTE BANK
1628 W. Irving Park Road, Unit 1D Chicago, IL 60613
P: 708-873-8639
Website: emarquettebank.com
Key Contacts: Bill Hinsberger, Executive Vice President, bhinsberger@emarquettebank.com; Patrick Tuohy, Senior Vice President, ptuohy@emarquettebank.com
Services Provided: Multifamily/apartment building lending for all Chicagoland. Fast, local decision making. Dedicated local servicing staff. Simple, no-hassle paperwork. Quick close. Flexible terms. All clients enjoy ZRent – an automated, hassle-free, no-cost way to collect monthly payments from tenants.
Company Profile: Marquette Bank has 20 branches, 2 loan offices and $2 billion in assets. Independently owned/operated since 1945. Offering clients full-service, banking, financing, insurance, trust and wealth management services.
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
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.
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.
ILLINOIS | INDIANA | WISCONSIN
Results-driven real estate management company with more than 4,000 Units Throughout Illinois, Indiana and Wisconsin
Daniel Management Group (DMG) has made a significant mark within Chicago and beyond for delivering first-rate property management programs focused on exceptional customer service, seamless integration of technology, and a respect for the environment. As one of the leading property management companies in the Midwest, we are dedicated to providing quality, customized living experiences our residents deserve through unyielding attention to detail and a professional, service-minded management style.
From managing suburban garden communities to neighborhood mixed-use walk-ups, DMG has cultivated a long-standing reputation of providing communities where residents thrive and owners expectations are exceeded.
