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Inside Chicago’s evolving retail landscape, with Avison Young and Marcus & Millichap

By Mia Goulart, Senior Staff Writer

Photo by Praswin Prakashan for unsplash In Downtown Chicago, the retail landscape is ever-changing.

ential retail, the expansion of well-known brands, and the transformation of specific neighborhoods.

Of course, retailers face challenges, but opportunities exist to adapt to shifting consumer preferences and urban living.

If we had to choose just one word to describe the future of Downtown Chicago’s retail scene? “Dynamic”—much like the city itself.

In a recent conversation with Tim Henry, principal at Avison Young, and Mitchell Kiven, first vice president investments at Marcus & Millichap, we delve into this evolving retail environment to discuss the rise of experi-

Illinois Real Estate Journal: What notable trends have you observed in the Downtown Chicago retail market over the past year?

Tim Henry: While foot traffic and commuter activity has increased, leasing for traditional Loop retail space is extremely slow with vacancies remaining at record levels.

While activity within the Loop is not yet to pre-pandemic levels, this past year has seen a marked increase in both commute and foot traffic. [According to the Chicago Loop Alliance,] CTA ridership has increased 22% over the past year while METRA ridership has increased 75%. Additionally, foot traffic in the loop is at 93% of pre-pandemic RETAIL (continued on page 10)

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CHICAGO’S EVOLVING RETAIL 1 INSIDE LANDSCAPE, WITH AVISON YOUNG AND MARCUS & MILLICHAP In Downtown

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Chicago, the retail landscape is ever-changing.

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A RESURGENCE FOR DOWNTOWN OFFICE: Q3 LEASE TRANSACTION VOLUMES REACH SECOND-HIGHEST POINT SINCE START OF COVID-19 Chicago’s office market has displayed an impressive resilience in the wake of the pandemic.

EACH (SUBMARKET) THEIR OWN: 7 TOAOFFICE BREAKDOWN OF THE SUBURBAN SECTOR Suburban Chicago’s office market offers a unique perspective, distinct from its urban counterpart.

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INVESTING IN DEVELOPING HEALTHIER, CLEANER AND SAFER BUILDINGS IS WORTH IT As more companies bring employees back for regular days in the office, the need to give tenants healthy, clean and safe spaces is paramount.

BUCKING THE TREND: NAPERVILLE’S CITYGATE CENTRE APPROACHES 90% OCCUPANCY Suburban office vacancies reportedly increased to 28.9% in the second quarter this year, and even Class A occupancy fell nearly 6%.

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A WORD TO DESCRIBE THE RELATIONSHIP BETWEEN INDUSTRIAL AND MULTIFAMILY DEVELOPMENT ALONG I-80? SYNERGISTIC I-80’s prosperity sets in motion a chain reaction of prosperity for various other businesses, including the multifamily and retail sectors.

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A resurgence for downtown office: Q3 lease transaction volumes reach secondhighest point since start of COVID-19

By Mia Goulart, Senior Staff Writer

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espite some negative headlines, Downtown Chicago’s office market has displayed an impressive resilience in the wake of the pandemic. In fact, based on recent data by Savills, Q3 2023 marked a resurgence, with lease transaction volumes reaching the second-highest point since the pandemic began.

opportunity to move into modern, more efficient workspaces in updated buildings, and (2) the “flight-to-capital” trend, emerging as tenants, concerned about rising interest rates and economic uncertainty, meticulously assess office loan maturities and the financial stability of their landlords, thereby determining which property owners are in sound financial standing.

Not to mention, touring levels among tenant advisors saw an increase throughout the summer for both direct and sublease opportunities, which is a promising sign as the market gears up for the fourth quarter.

In terms of rental rates, Feinberg said prime market face rents are on the rise.

However, net effective rents, representing the actual return to the landlord after financial concessions or tenant inducements, are decreasing as the market remains favorable to tenants, particularly for those well capitalized.

Looking at overall vacancy, Savills Vice Chairman, Co-Head Chicago Region Eric Feinberg observed a substantial increase of 1.2 million square feet of sublease space in the market during Q3. For premium office buildings, he noted a positive absorption pattern driven by two distinct trends: (1) the “flight-to-quality” phenomenon, where financially capable tenants are seizing the

And while there is increased demand for premium Class A+ buildings, even with their higher pricing, the same cannot be said for many of the Class A-/B+ buildings.

So, what are the selling points being offered by the former to attract and retain tenants in this evolving market landscape?

Leasing activity, which is occurring predominantly at the top end of the market, is being driven by companies that seek an environment that encompasses all key criteria for employee engagement. This includes a workplace whose building offers substantial amenities, is in a public transit convenient location, and resides within an energetic neighborhood.

Feinberg said: “As a result of this demand, landlords are repositioning their properties to provide the scale and quality of amenities that these occupants desire. We are seeing landlords not suffering from financial distress deliver updated gyms and conference rooms, state-of-the-art technology, and more green spaces for tenants to gather outdoors.”

Properties located in live/work/play areas, typically on the outskirts of the downtown area, are reportedly witnessing a modest increase in leasing activity due to the vibrant atmosphere and increased foot traffic in these areas, which aligns with the preferences of many workers.

More specifically, the leasing activity in the Fulton Market and West Loop markets is thriving due to the influx of new properties and the vibrant atmosphere of the neighborhood. For several years, Fulton Market has experienced substantial demand because of its combination of live/work/ play options, along with the range of amenities it provides. However, this demand has somewhat waned due to rising prices and less-than-ideal public transportation when compared to other submarkets. On the other hand, the West Loop remains the most highly sought-after submarket, OFFICE (continued on page 6)

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especially in buildings along Wacker Drive. With companies recommitting to office spaces, Wacker Drive is witnessing an uptick in property tours for its access to public transportation, newer building options, and recent investment activity—all enhancing the overall employee experience.

“Employee engagement is highly influencing the office landscape as the more career-minded employees are in the office several or more days a week,” Feinberg said.

“These team members view the chance to engage with mentors and contribute to collaboration in the office as a clear opportunity for career progression and growth.

This is translating to the uptick in return-to-office numbers as more employees are seeing the benefit of being in the office when it comes to career advancement.”

Executives, of course, want their employees back in the office more, with policies beginning to range from two to four days a week.

The future of the LaSalle Street Reimagined initiative, designed to breathe new life into the Central Loop area, also remains a matter of great interest, as it has the potential to significantly influence the local office market. During her tenure, former Mayor Lori Lightfoot revealed that five development teams had been chosen to advance the initiative, which involves allocating public funds to private developers interested in converting office spaces

into residential units in an effort to bring vitality to the corridor, so long as at least 30% of the new units were made available at affordable rates. Collectively, the five selected projects requested $307 million in tax increment financing (TIF) funds from the LaSalle Central TIF district, with one project, led by Chicago-based Riverside Investment & Development at 135 S. LaSalle St., requesting a $115 million subsidy

to deliver 430 apartments and a combination of retail and event spaces.

But according to a recent Crain’s article, Mayor Brandon Johnson has not yet committed to LaSalle Street Reimagined.

Feinberg, when asked about the potential implications for the office sector if the initiative receives or does not receive the public subsidies it was originally planned

to have, remains optimistic and said that while TIF or other governmental programs are essential to “revitalize” the area, the biggest impetus for the re-emergence of the Central Loop will be the “Google-Effect” as they begin to transform the Thompson Center. That project will likely be delivered prior to any office redevelopment and is supposed to bring up to 1,000 employees to the LaSalle Street Corridor.

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To each (submarket) their own: A breakdown of the suburban office sector

By Mia Goulart, Senior Staff Writer

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uburban Chicago’s office market offers a unique perspective, distinct from its urban counterpart.

Yet as NAI Hiffman Executive Vice President Steve Chrastka will emphasize, each suburban market too has its own narrative. “It’s overly simplistic to state that the suburban office market is 24.6% vacant, as each market has specific reasons for varying vacancy rates across different classes of office space,” he said.

The north market has experienced a 27% vacancy rate for Class A office buildings due to the exodus of pharmaceutical companies. In contrast, O’Hare’s Class A vacancy rate is 19.5%, thanks to its advantages in location and accessibility.

And the differences in vacancy rates become even more complicated when looking at the property types themselves.

Steve Chrastka

Single-story office space in the I-55 market, for example, boasts a vacancy rate of just 10% versus 20% for Class A. In the

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east/west market, the single-story vacancy rate is 15% versus 24.9% for Class A.

offering walkable high-end amenities and transportation options.

“Landlords who consistently maintain and invest in their properties, take the initiative to create spec suites, and provide amenities in the B/C office segment are the ones who secure tenants,” Chrastka said. “It’s a competition where buildings that ‘deliver’ outperform those that ‘fall short’ in the race for lower vacancy rates.”

It used to be a straightforward notion: to discover growing markets, one needed to follow the population’s migration (i.e., Fulton Market). And while this is still true, Chrastka said it’s no longer so straightforward. In the wake of the pandemic, a reverse migration pattern has emerged, with people returning to the suburbs.

Of course, technology and creative industries have also played a pivotal role in Suburban Chicago’s recent evolution.

Tech companies, in particular, are making strategic moves, either relocating from downtown or adding suburban spaces with access to public transportation and educated workforces. Areas like Oakbrook and O’Hare have emerged as magnets,

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“As this shift unfolds,” Chrastka said, “it’s the suburban submarkets that have key attributes—quality housing, an educated workforce, accessible public transportation, excellent schools, and enticing amenities—that are poised to become the focal points of office leasing growth.”

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Investing in developing healthier, cleaner and safer buildings is worth it

By Joi Harrell

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s more companies bring employees back for regular days in the office, the need to give tenants healthy, clean and safe spaces is paramount. The past few years have put into stark reality the kind of disruption that sickness causes for yourself, your family and your colleagues, even when it’s not life threatening or serious.

Early pandemic response was focused on personal responsibility—washing hands, masking, etc., but now people know their efforts can only do so much and that collective actions are what truly makes a difference.

The rating recognizes owners and operators who adopt evidence-based measures and best practices to prioritize the health and safety of their staff, visitors and stakeholders. It looks at operational policies, maintenance protocols, stakeholder engagement and emergency plans. We’ve retained the rating since 2021 and plan to renew it for years to come to ensure our continuous efforts toward health, safety, and accountability in our wellness initiatives.

But sickness isn’t the only thing—general safety is a concern too. Employees who have the option to work from home want to know that when they make the effort to go into an office, the building owner and operator is prepared for any contingency. This means building managers must communicate transparently and frequently about those preparations. Lessening anxiety and worry is part of supporting tenant wellness.

Today there is a greater consciousness about how building features can impact tenants’ health and safety, for better and for worse. Air quality is a particular concern.

Breathing is something we all have to do, yet it’s not something individuals or companies can improve on their own. In fact, one study of office workers cited in a Harvard Business Review article found that office workers “reported more headaches and worked 6.5% more slowly on a typing test when they were in an office with a pollution source.” As extreme climate events and outdoor air quality warnings become more frequent, building owners will have to have a response to maintain safe indoor environments.

In a large commercial building, advanced ventilation technology, access to natural light, and greenscaping are all given greater consideration than they may have in the past by potential tenants. Retrofitting older buildings can be a costly and laborious undertaking upfront, but it’s important to building long-term relationships and trust.

Urban Innovations is committed to being a people-first building owner and operator, and keeping people healthy and safe is intrinsic to that. We’ve looked at how each of the buildings in our portfolio can support tenants’ wellness through cleaner air, better building materials, and access to green spaces.

One of the measures we’ve taken is obtaining the WELL Health-Safety Rating, which is an evidence-based, third-party verified rating for all new and

“Safer, healthier buildings set the foundation for more productive and happier workforces. Providing peace of mind can be an invaluable benefit for employers and building owners alike.”

existing building and space types. WELL Health-Safety rating includes strategies to help building owners: • Keep spaces clean and sanitized • Provide essential health benefits and services

• Communicate our health and safety efforts • Help everyone prepare for an emergency • Assess air and water quality

We’ve also looked at what structural and technical enhancements we can make to upgrade our buildings and support our tenants. We’ve focused on utilizing stateof-the-art technology such as Needlepoint Bipolar Ionization. These air-purification devices improve indoor air quality by releasing charged ions that effectively eliminate harmful substances such as: airborne particles from viruses including COVID19, smoke, dust, mold, bacteria and odors.

Perhaps most important, we keep our tenants informed about the measures we’re taking, collaborating with employers on safety plans and health and wellness initiatives, listening to our building users about what’s important to them. The investment is well worth it because it builds the kind of longstanding, trusted partnership with our building tenants and their employees that we want to foster.

Safer, healthier buildings set the foundation for more productive and happier workforces. Providing peace of mind can be an invaluable benefit for employers and building owners alike. It takes a combination of tangible improvements, transparent communication, and resources to implement them, but it’s an investment that will prove worth the effort.

Urban Innovations General Manager Joi Harrell oversees the daily operations of the portfolio of commercial properties and supervises a tight-knit team of building maintenance engineers, property managers, and administrative support team members.

In total, her team manages in excess of one million square feet of commercial and retail properties with modernized improvements in Chicago’s neighborhoods and Milwaukee’s ever-developing Westown.

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Photo by Triyansh Gill for unsplash

levels with hotel occupancy rebounding to the same rate just before the pandemic.

Leasing for traditional Loop retail space is extremely slow with vacancies remaining at record levels.

Mitchell Kiven: Leasing velocity has remained high in well located retail properties, and retail rents have climbed significantly for the last three to four years. That’s in contrast to the previous decade plus of flat or declining rents. I’ve seen a surge in experiential retail concepts which had been put on hold due to the pandemic, but that segment seems to be healthier than ever. It continues to be true that there’s an overabundance of supply in the Loop in particular (where’s there’s not the same population density), and with hybrid work schedules, it’s created persistent vacancy in that submarket.

Illinois Real Estate Journal: Can you highlight any new flagship stores or unique retail concepts that have recently entered the market?

Henry: Recent openings within the City of Chicago are large F&B entertainment options such as the Guinness brewery in Fulton Market. Additionally, Puttshack and pickleball concepts are expanding throughout the region. Lastly, luxury retailers continue to expand along the Oak Street corridor with expansions/relocations of Hermes and Cartier as well as newer brands entering the market such as AKRIS. Kiven: I have to mention Dom’s Kitchen & Market because I believe they’re expanding, and I just can’t believe how impressive they are as retailers. They seem like the future of an urban grocery store.

Illinois Real Estate Journal: Are there any particular brands or retailers that have recently expanded their presence in Chicago? What makes these expansions significant?

Henry: Hy-Vee Liquor stores are opening new locations; of the tenants that we represent that are growing in Chicago, I would highlight Gerber Collision & Glass, X-Golf and Evolve Chiropractic. These tenants are service and entertainment providers, sectors that are still growing.

Illinois Real Estate Journal: Are there any specific areas or neighborhoods within Downtown Chicago that are experiencing a surge in retail development or revitalization?

Henry: High density, daily needs-anchored retail is still in high demand.

Additionally, Fulton Market continues to be an expanding district for national retailers particularly home furnishings such as Design within Reach and Casper and digital-first brands such as Credo, allbirds, Mejuri and Brilliant Earth. Additionally

national retailers are continuing to expand within neighborhood locations such as Southport Avenue in Lakeview and Armitage Avenue within Lincoln Park.

Kiven: I’m not sure how you’re defining the boundaries of downtown exactly, but because it’s such a mature market, I haven’t seen much noteworthy development. In my opinion, it’s the neighborhoods that have more exciting retail revitalization going on. Certainly, Avondale, Irving Park,

and Andersonville seem to be transforming into really exciting places to live and shop.

Illinois Real Estate Journal: Can you share insights on the challenges and opportunities facing retailers in the market currently, especially in terms of consumer preferences and demand?

Henry: Traditional mall-based and department stores retailers are always shifting their product offering and store concepts to fit consumer preferences.

Currently, a trend in the Chicago market is that Bloomingdale’s is looking to right-size their current stores, such as the store at Old Orchard closing and a new, smaller-format, trend-based store opening within the old Barnes & Noble space at the center. Additionally, as Abercrombie & Fitch looks to grow their consumer base, they have been opening smaller-format stores within the city, contrary to their mall-based concept in neighborhoods such as Lakeview and Gold Coast.

O C T O B E R / N O V E M B E R 2 0 2 3 I L L I N O I S R E A L E S TAT E J O U R NA L Kiven: To me, how well a retailer deals with the logistics of shopping and delivery, parking (particularly downtown) and lowering the barrier to entry for their customers is what’s most determinative of their future success. It’s not a sexy answer, but that kind of logistics and supply chain prowess is as important as being a tastemaker or trendy in the current landscape.

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Photo by Saketh Garudafor unsplash

Illinois Real Estate Journal: Are there any innovative strategies or collaborations between brands and retail spaces that have recently emerged in Downtown Chicago, and why are they noteworthy?

Henry: The food halls like Revival and multi-choice food offering like Market Creations are thriving for their extensive selection and quick service, which are often viewed as an extension of neighborhood amenities to those commuting into the office.

Illinois Real Estate Journal: As we look ahead, what are your predictions for the future of the retail market in Downtown Chicago, and what factors are likely to shape this landscape in the coming years?

Henry: Never say never! Reality will continue to adapt as new norms evolve. My advice to Loop retailers is to do as their

predecessors did. I think we will see retailers in the Loop beginning to adjust the operations from serving the office workers pre-pandemic by opening/staffing for all five workdays to shifting a broader time

period on Tuesdays through Thursdays, catering to the shifting office demand.

Kiven: Service and necessity retail continues to experience robust demand, so that’s

never going anywhere. We’ll see more experiential concepts gain traction and expand, particularly as downtown continues to rebound and grow.

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Bucking the trend: Naperville’s CityGate Centre approaches 90% occupancy

By Starr McCaffery CityGate Centre

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uburban office vacancies reportedly increased to 28.9% in the second quarter this year, and even Class A occupancy fell nearly 6%. Yet, there are bright spots in the suburban office landscape: Naperville’s 31-acre CityGate Centre has been on an upward trajectory since the third quarter of last year.

Today, its 241,206 square-foot Class A office building at 2135 CityGate Lane is nearly 90% occupied. Three businesses—M/I Homes, Simpson Technologies and Koru Group—established headquarters at the multi-use development at I-88 and Route 59 since Q4 last year, with M/I Homes being the largest office-only lease in Naperville during 2022.

“What we’re hearing from our commercial tenants—new and long-standing—is that they want a workplace their employees want to go to,” said Calamos Real Estate LLC Vice President and Managing Broker Chris Landis. “They are choosing CityGate Centre because of its impressive amenities and because they want their headquarters locations to align with their sustainability goals.”

Likewise, CityGate Centre’s retail property is more than 86% occupied with a new pharmacy slated to open at year end, and its newly built luxury residential building—the 285-unit Domain CityGate that opened last October—is more than 97% leased.

The drivers of success What’s behind this performance? Calamos Real Estate SVP Ken Witkowski acknowledges real estate tenets—location and amenities—but says what sets CityGate Centre apart from other area developments is the care provided by the

nimble, multifunctional group of real estate professionals that form his team.

Regional access, at the crossroads of the I-88 Tech Corridor and the 71-mile Route 59 thoroughfare that runs from Antioch to Shorewood, contributes to the success of CityGate Centre. Add in its sustainability focus, its proactive property management that includes an on-site engineering team, and its amenities such as a host of dining options, abundant parking and Hotel Arista, the only Forbes recommended Illinois hotel outside of Chicago city limits, and the agents of success are clear.

Safety is also a priority. CityGate Centre has a 24-7 on site security team, several AEDs throughout each of its buildings and Global Plasma Solutions™ indoor air quality ionization system was installed in its office buildings in early 2020.

“No doubt location matters,” Witkowski said. “But having high standards and doing the work to exceed them; investing in maintenance, in infrastructure and in people—that’s what sets you apart.”

Flexibility sustains growth For the most part, the remaining space at the primary multi-tenant office building is composed of pockets of square footage, and Landis responded with the introduction of CityGate Flex—individual, furnished offices with flexible lease terms ideal for entrepreneurs and small businesses. To further manage the demand at CityGate Centre, Calamos Real Estate set its sights on its first tenant: Sister company Calamos Investments. The global firm occupies a 210,000-square-foot single-tenant headquarters building opened in 2005 that anchors the development.

In 2021, while a lot of companies were reducing office space, Calamos Investments expanded its Chicagoland footprint by more than 15%, leasing nearly 32,000 square feet at Chicago’s Fulton Market to support organizational growth and the needs of the firm’s city-based clients and associates, while maintaining its suburban headquarters.

“Change, no matter how positive, is disrupting so we saw an opportunity to capitalize on that that disruption,” said Landis. “Focusing on design efficiencies at the Naperville headquarters during the investment company’s expansion was a timely opportunity to reallocate how space is used and by whom.”

Conversion from single to multi-tenant is not new—or even rare—but doing so when that headquarters tenant is in growth mode is exceptional. By recasting parts of the Calamos Investments building as multi-occupant building, Landis was able to broker a recent agreement for 5,600+ square feet that will be occupied by Southfield, Michigan-based Legend Health.

And he’s listed another 16,000 square feet composed of suites ranging from 1,147 square feet to 6,676 square feet.

Ongoing growth: Diversity is key As vacancy rates drive conversion of established office buildings to residential and industrial space, Witkowski sees the path forward for firms such as Calamos Real Estate is in third-party services. “Our construction management lead has worked on a number of high-profile projects,” he said. “It’s a great opportunity to put her expertise to work as owners look at new uses for underperforming spaces. “It’s critical—particularly for boutique firms who can rise or fall with one segment—to

diversify their service portfolio and be less vulnerable to fluctuations in any one piece of the commercial sector,” he added.

Calamos Real Estate recently expanded its third-party property management roster to include multifamily, servicing a handful of Chicago properties. It also has longstanding relationships managing special-use properties—a school, an aircraft hangar and a museum—with needs unique to their segments.

And of course, there’s brokerage. The firm represents owners and tenants.

“Calamos Real Estate came to exist as a firm initially to manage CityGate Centre for Mr. Calamos,” said Witkowski. “We have very high services standards for any properties or projects we manage because we’ve walked in their shoes as owners.”

CityGate Centre also welcomes new development. It has three available in-fill lots ranging from about two acres to four acres, including one along the high-traffic Route 59 corridor, plus 27 acres to the north of CityGate Centre.

“Nobody’s building more office now, but we’re seeing interest for other uses,” Landis said.

Learn more about the firm’s services and available properties at for sale, lease or development at www.calamosrealestate.com.

Starr McCaffery is head of brand and communication for Calamos Real Estate LLC, a boutique real estate firm focused on property management, construction management, brokerage and development.

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A word to describe the relationship between industrial and multifamily development along I-80? Synergistic

By Mia Goulart, Senior Staff Writer

Tori Cheatham from Pixabay

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hen you think of I-80, it’s the industrial sector that usually stands out, given its reputation as one of the region’s most robust and resilient submarkets. But its prosperity also sets in motion a chain reaction of prosperity for various other businesses, including the multifamily and retail sectors.

Firstly, the recent influx of industrial development has significantly impacted the supply and demand dynamics of multifamily housing in the region, particularly along I-80. Colliers Executive Vice President

Tyler Hague explained that the growth has been driven by major infrastructure developments and the arrival of industry giants like Amazon, which has caused substantial rent growth, often exceeding that of Downtown Chicago.

“The apartment business, like a lot of other sectors, is slow moving from the development side,” Hague said. “There’s been major announcements for the corridor, but the multifamily sector has struggled to keep up with the demand due to red tape and cost constraints, resulting in rent in-

creases ranging from five to twelve percent in that submarket.”

Labor migration driven by industrial development also plays a pivotal role in shaping the housing landscape. Accessibility is key. The I-80 Corridor is easily accessible to various parts of Chicagoland, making it an attractive location for both employers and employees. And of course, investors are naturally drawn to regions where employment is abundant and growing, as they seek to align their investments with the availability of job opportunities.

Yet the rapid growth in employment has raised concerns about the pricing and affordability of multifamily housing. The predominance of older vintage properties and limited new developments have made housing more expensive, and because of this, Hague said many employees choose to live in Indiana—whether it be Highland, Schererville, Griffith—and commute to jobs along I-80, benefitting from lower taxes and housing costs while earning an Illinois wage.

The influence of industrial growth extends beyond housing, though—it spills into

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growth of the surrounding microeconomy.

Contrary to popular misconceptions, apartment buildings are not just about transient housing; they primarily serve people seeking proximity to their workplace.”

Justin Wei-from Unsplash

all other services and amenities. Retail businesses, in particular, are experiencing increased demand, thanks to the growing workforce in the region.

“It’s likely a big boom for the retail sector, especially fast food and restaurants,” Hague said.

The daytime population boost drives foot traffic to retail establishments, restaurants, and other local businesses.

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The correlation between job growth and multifamily property development is evident, as well. Industrial expansion results in jobs, triggering the demand for housing near the workplace.

While the synergy between the two sectors has numerous advantages, it also presents challenges related to zoning, land use, and infrastructure development. Municipalities may face resistance from residents who oppose dense housing developments, but the economic benefits that multifamily

properties and industrial facilities bring to an area are often underestimated.

“If you consider an industrial property that was once farmland and has now generated an additional one hundred and fifty job opportunities,” Hague pointed out, “that equates to one hundred and fifty more individuals contributing to local commerce by shopping, dining out, and frequenting retail establishments. The same principle applies to multifamily housing. The residents themselves become catalysts for the

All of this raises the question: What would happen if the industrial sector were to face a substantial downturn? The repercussions on multifamily development within the region would be far-reaching. Since developers prefer to invest in areas poised for growth, a stagnant or declining industrial sector would likely discourage new multifamily projects. However, Hague pointed out that the resilience of the apartment business shines through even in such circumstances. He noted: “There’s still a housing shortage in the region, which makes it a pretty stable place to invest.”

And so, the symbiotic relationship between industrial and multifamily development along I-80, and the rest of Chicagoland, for that matter, is a testament to the interconnectedness of various real estate sectors.

As industrial growth continues to fuel job opportunities, multifamily housing adapts to meet the demands of a burgeoning workforce, a dynamic interplay not only transforming the housing landscape, but creating opportunities for retail and service businesses, as well.

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The latest promotions, milestones and achievements in the world of commercial real estate

PEOPLE ON THE MOVE

Bradford Allen names Jennifer Murphy as president of management services

Lee & Associates of Illinois promotes John M. Joyce to VP

Lee & Associates, one of the largest national commercial real estate providers in North America, announced John M. Joyce has been promoted to vice president of Lee & Associates of Illinois, from senior associate.

Joyce’s primary focus includes agency leasing, tenant representation, and acquisition and disposition services of industrial properties in the Northwest Cook, North Cook and South Lake County submarkets.

Prior to joining Lee & Associates, Joyce worked as a senior advisor at SVN Chicago Industrial.

John M. Joyce

Joyce earned a Bachelor of Science in finance from the Farmer School of Business at Miami University.

Industry veterans J. Frank Franzese and Steven Bauer join Colliers Colliers announced that J. Frank Franzese and Steven Bauer have joined the firm as vice chair and executive vice president, respectively.

The partners will continue to work together on corporate assignments in Chicago and throughout the U.S. and will be based in Colliers’ Chicago office.

Franzese and Bauer arrive from Cushman & Wakefield where the duvo have been partners for more than 15 years. Together they have executed over 50 million square feet of transactions valued at more than $30 billion. Notable clients include Medline Industries, NiSource, UBS, iManage, Quarles & Brady, Cerity Partners, United Way, The Federal Savings Bank, the American Hospital Association and Hollister, Inc. J. Frank Franzese

Steven Bauer

Franzese has been an active member of his community over the years, formerly serving as a member of Bears Care, the Chicago Bears charitable arm; a board member with Urban Gateways; an advisory board member with Make-A-Wish; and a cabinet member with the Executive Club of Chicago.

Franzese holds an MBA from Northwestern University’s Kellogg School of Management and a BA from Indiana University.

Bauer is a vice chair/campaign cabinet with United Way of Metropolitan Chicago and a governing member ambassador at Brookfield Zoo. He is a graduate of Purdue University.

Jennifer Murphy

Bradford Allen, a national full-service real estate firm, announced Jennifer Murphy has joined the firm as president of management services. In this role, Murphy will be responsible for managing Bradford Allen’s growing portfolio of office properties in Chicago and nationally. She will report to Brian Dovalovsky, senior managing director of Bradford Allen, and be based in the firm’s Downtown Chicago headquarters.

A 20-year veteran of property and construction management, Murphy has helped launch and reposition large-scale office properties, leveraging state-of-the-art technologies, lifestyle-oriented amenities and best-in-class services to enhance marketability and drive operational performance. She previously spent 16 years at Hines Interests Limited Partnership, most recently serving as senior construction manager for Salesforce Tower Chicago, the 1.2 million-square-foot high-rise at 333 W. Wolf Point Drive in Downtown Chicago. In that role, Murphy oversaw the base building construction and managed the construction, FF&E and transition to operations for the tower’s 20,000-square-foot amenity suite, which includes conference facilities, a full-service fitness center, tenant lounges and more.

Prior to her work on Salesforce Tower, she was general manager for 333 W. Wacker Drive (890,000 square feet), which followed successful management roles at 1 S. Dearborn St. (870,000 square feet), 101 N. Wacker Drive (600,000 square feet) and other properties owned by Hines. She also was property operations manager for Northwestern Memorial Hospital.

Murphy holds an MBA with distinction from DePaul University’s Kellstadt Graduate School of Business, with a focus on real estate finance and investment. She earned her bachelor’s degree with honors in civil engineering, with a specialty in structural engineering and a minor in urban and regional planning, from the University of California, Irvine.

She is a licensed real estate broker in Illinois and holds an EIT license in California.

CenterPoint Properties appoints new chief operating and investment officers CenterPoint Properties has created the role of chief operating officer and appointed its longtime executive vice president and chief investment officer, Jim Clewlow, to lead the firm’s investment, development, and asset management teams.

After working as a broker at CBRE for 11 years, ClewJim Clewlow Paul Charlton low joined CenterPoint in 1997 as a vice president of acquisitions, development, and leasing. In 1999, he was promoted to senior vice president of investments and joined the executive committee. Clewlow was appointed CenterPoint’s chief investment officer in 2005.

O C T O B E R / N O V E M B E R 2 0 2 3 I L L I N O I S R E A L E S TAT E J O U R NA L Chapman also announced PJ Charlton has been promoted to Clewlow’s former post as executive vice president and chief investment officer. Chapman called Charlton “a proven leader” and said he will continue at the helm of CenterPoint’s East Region investments team in the near term.

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TMG announces promotion of Bob Papineau The Missner Group (TMG), a Chicago-based fully integrated general contractor and real estate developer, is pleased to announce the promotion of Bob Papineau from senior project manager to project executive.

Charlton joined CenterPoint as senior vice president of investments in 2015 to oversee the company’s East Region portfolio growth. Before joining CenterPoint, he served as principal and senior vice president of investments for KTR Capital Partners.

Interra Realty announces three executive appointments

Jeremy Morton

Mark Dykstra

Interra Realty, a Chicago-based commercial real estate investment services firm, announced it has promoted three of its brokers to new leadership positions.

Paul Waterloo and Jeremy Morton have both been elevated from director to managing director, while Mark Dykstra has been promoted from associate to director.

Waterloo joined Interra in 2017. He is a frequent collaborator with Interra Managing Partner Patrick Kennelly, and the pair won REjournals’ Brokerage Team of the Year for 2023. His most notable recent deals include the $21.8 million sale of a 130-unit mixed-use multifamily portfolio in Chicago’s Hyde Park neighborhood, the $13.2 million sale of an 84-unit apartment complex in Oak Lawn, Illinois, and the $10.3 million sale of a 43-unit multifamily property in Evanston, Illinois.

Prior to joining Interra, Waterloo spent seven years at ADP, a Fortune 500 company, interfacing directly with business owners. A licensed real estate broker in Illinois, Paul Waterloo he is a graduate of the University of Illinois at Urbana-Champaign, where he obtained a bachelor’s in marketing from the Gies College of Business.

Morton has been with Interra since 2015. His most notable recent transactions include the $4.2 million sale of a three-building, 33-unit mixed-use portfolio in Chicago’s Pilsen neighborhood, the $3.1 million sale of an 11-unit mixed-use building in Chicago’s Andersonville neighborhood and the $2.9 million sale of a two-building multifamily portfolio in Chicago’s Logan Square neighborhood.

A licensed real estate broker in Illinois, Morton is a graduate of Indiana University, where he obtained a bachelor’s in public affairs and management.

Dykstra joined Interra in 2019 and, as an associate, has worked under Senior Managing Partner Joe Smazal. Prior to joining the firm, he held several internships with companies focused on investing, proptech and tax and accounting. He is a licensed real estate broker in Illinois and graduated from Indiana University with a bachelor’s in business administration and management.

Among the deals Dykstra has assisted on were the $23.5 million sale of The Cloisters—which, at the time, was the largest multifamily transaction in Chicago’s Hyde Park neighborhood in a decade—and the $10.6 million sale of a 25-unit, mixed-use property in Chicago’s Lincoln Park neighborhood.

In this newly appointed role at TMG, Bob will continue oversite on some of the organization’s largest and most complex projects, additionally, providing team leadership, training, and mentoring to the entire project management team. In Papineau’s nine-year tenure at TMG, starting as a project manager, he has established an extensive list of accomplishments for a variety of project types, for both TMG’s third-party customers as well as TMG’s developBob Papineau ments. Bob has been the epitome of consistency in delivering quality work. He has earned an enviable reputation among his peers in the industry.

Bob has over 20 years of experience in the industry and has overseen more than $250 million in projects throughout his time at TMG. Bob joined in 2014 and from the start became an integral part of The Missner Group Construction and development teams’ overall success. His steadfast leadership and positive attitude resonates not only internally, but with clients and partners as well.

Bob holds a Bachelor of Architecture from the University of Illinois Urbana-Champaign and achieved his Master of Architecture from the University of Illinois Urbana-Champaign, as well.

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The promotion not only serves as recognition for Bob’s excellent record of accomplishment, but it also emphasizes The Missner Group’s efforts to continue evolving their construction team.

Saad has nearly two decades in the industry, focused almost entirely on designing for the healthcare sector in the U.S. and internationally. He most recently served as a health and wellness practice leader for Gensler.

McHugh Construction makes two strategic hires to lead marketing, business development

Baum Realty adds star retail broker Deena Zimmerman as principal Star retail broker Deena Zimmerman has joined Baum Realty Group (Baum Realty) as a principal. Zimmerman, an award-winning broker with nearly 20 years of industry experience, will focus on national business development as well as commercial redevelopment and adaptive reuse projects across the country.

McHugh Construction, one of the Midwest’s largest full-service construction firms, has made two strategic hires: Jill Paukstis as director of marketing and Ryan Pyatenko as director of business development.

Paukstis brings more than 17 years of experience in marketing and brand strategy to McHugh ConstrucJill Paukstis Ryan Pyatenko tion. Most recently, she was creative marketing director for Coda Resources, a worldwide supplier of industrial products and a part-time adjunct professor of business-related courses. In her new position as director of marketing at McHugh Construction, Paukstis is focused on helping drive long-term growth for the firm, which celebrated its 125th anniversary in 2022, through marketing strategy, brand execution, content creation, event management and promotional pursuits.

Paukstis has an MBA from Keller Graduate School of Management and a bachelor’s degree from the University of Illinois at Chicago in graphic design and photography.

Pyatenko joins McHugh Construction with more than 12 years of experience in architecture, business development, project management, real estate and design. Previously, he worked in marketing and business development for Partners by Design, a Chicago-based architecture and design firm. There, he worked with principals and partners to strategize, analyze, and lead marketing and business development efforts.

Pyatenko has a bachelor’s degree in architecture from Penn State University and is a licensed Illinois real estate broker.

Baker Barrios Architects announces two new leadership roles for healthcare, higher education design

Jeff Saad

William Maffett

Baker Barrios Architects, a multidisciplinary architectural and design firm with projects across the U.S., announced two new strategic additions to its leadership: William Maffett, AIA, NCARB, LEED AP, MBA, as national director of higher education and Jeff Saad, LEED AP, as Midwest regional director of healthcare. Maffett is based out of the firm’s Nashville office, while Saad is located in the firm’s Chicago office.

According to Baker Barrios co-founder and CEO, Tim Baker, these hires are part of the firm’s national expansion efforts, which include the opening of the Chicago office in 2022 and licensing in all 50 states.

William Maffett has nearly two decades of experience in planning, design and construction in the higher education sector, including serving on the staff of Auburn University as a campus architect overseeing more than $360 million in capital projects during his tenure.

Previously a VP at SVN Chicago Commercial, Zimmerman is known as a star tenant rep, sought after by brands nationwide for site-selection roll-outs across both Chicagoland and the entire country.

Deena Zimmerman

Zimmerman is regarded nationally for her business development efforts and her expertise in retail site selection and curation.

Specifically, Zimmerman specializes in finding high-quality sites throughout Chicagoland and across the country for national operators, multi-unit franchisees, and even firsttime entrepreneurs. She also specializes in the sale and leasing of retail, investment and development properties and she is a trusted expert in cannabis real estate.

Deena’s network of relationships stems in large part from her involvement in several local and national organizations. She was the 2017 Commercial Liaison for the National Association of Realtors, is an advisory board member for Chicago Cannabis Executives, a member of ICSC, WIRL (Women in Retail Leasing), and has served as a mentor and is a longtime supporter of the Goldie Wolfe Miller Women Leaders in Real Estate Initiative.

In 2021 Deena was named one of the top 25 most influential women in Commercial Real Estate and has been named annually by CREi as a top social media influencer in commercial real estate. Deena is a recognized industry leader and public speaker, presenting at national conferences, and to industry groups and associations throughout the United States.

GI Stone makes history with first female marble finisher to join Chicago Stone Masons Union Local 21 in 20 years GI Stone, one of the country’s leading commercial stone fabrication and installation firms, made history twice with the recent hire of Camra Sanders as a stone mason. Not only is Sanders the first female stone mason to join the award-winning firm, but she’s also the first woman to join Chicago’s Stone Masons Union Local 21 as a marble finisher in 20 years.

“It’s with great pride that I’m able to welcome Camra to our team,” said GI Stone President Sandya Dandamudi.

“As a woman of color in a male-dominated industry, I know how challenging it can be just to get a seat at the table, let alone be the only woman at that table. Seeing Camra Sanders Camra join the team is a reminder of the importance of diversity at all levels of our business. It’s a major victory for our industry, especially when you take into account this is a trade that has continually lost skilled laborers in recent years.”

Sanders learned about marble setting and finishing through the St. Paul Community Development Ministries (SPCDM), which prepares historically underrepresented minorities to enter construction trades through a three-month apprenticeship program.

“I joined the program (SPCDM) to learn a trade I didn’t know much about,” said Sanders. “But after hearing Sandya’s story and learning about GI Stone, I knew this is where I was meant to be. I’m also very proud to be the first woman to join Local 21 as a marble finisher in a long time. I hope to be a role model for others.”

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The skills Sanders learned at SPCDM are highly specialized and traditionally handed down within families for generations, leading to a limited new talent pool, noted Dandamudi. While Local Union 21 regularly adds female members across its eight trades, Camra is the first female marble finisher to join in 20 years.

“We are very excited to have Jean join us,” said Joe Marzo, chair of Gould & Ratner’s Real Estate Practice. “Jean’s experience, especially in the area of land use and zoning, as well as complex single-family residential transactions for high-net-worth individuals and families, adds significant depth to our real estate team and will be of great value to our clients.”

Dandamudi was especially impressed that Sanders developed these skills at SPCDM. She has long supported the program with the hopes of creating a sustainable path for training new stone workers and hiring potential apprentices to teach them the craft within her own company.

Leopardo announces new president as part of company’s long term succession plan

“Supporting pre-apprentice programs that help people of different racial, gender and economic backgrounds discover stone-setting trades isn’t just good business for my firm, it’s good business for the entire commercial real estate industry—we all benefit,” said Dandamudi. “It’s a huge asset to have a resource like SPCDM from which we can hire with confidence knowing candidates have the baseline skills to grow into a career.”

Leopardo, one of the country’s largest privately owned construction firms, announced that Giancarlo Pacini has been named president, effective October 1. Current president and CEO, Mike Leopardo, will remain CEO and work closely with Pacini as they transition roles and responsibilities. This change comes as part of the company’s long-term strategic plan and associated succession plan.

Gould & Ratner welcomes Jean Kenol Gould & Ratner is pleased to announce that Jean A. Kenol has joined the firm as a partner in its real estate practice.

Kenol serves clients in a wide variety of matters relating to real estate law, corporate and business law, zoning and land use, and local government law, ranging from complex single-family residential closings to multimillion-dollar commercial transactions.

Jean Kenol

Giancarlo Pacini

Pacini has been with the company for more than 25 years, first coming to Leopardo as an intern in 1997 and then returning full-time after graduation in 1999. In his new role as president, he will drive Leopardo’s overall growth, profitability and strategic initiatives while continuing to have direct oversight of the national healthcare and senior living platforms.

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Currently, Pacini serves as senior vice president of Leopardo’s healthcare and senior living markets, which comprise a significant portion of the company’s overall revenue. He also oversees business development, sales, and marketing in addition to co-chairing the company’s geographic expansion task force.

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Daniel Yih appointed to Waterton Advisory Board

Mid-America welcomes Brendan Reedy and Jimmy Danaher

Waterton, a Chicago-based real estate investor and operator, has appointed Daniel Yih to the Waterton Advisory Board. Comprised of a group of three independent (non-Waterton) individuals and the two Waterton co-founders, David Schwartz and Peter Vilim, the board provides strategic counsel to Waterton’s leadership committee.

A 35-year veteran of the Chicago and international real estate communities, Yih was a long-time executive at Starwood Capital Group, most recently serving as president of Starwood Outdoors, after serving as interim head of asset management and chief investment officer for the company’s European operations. He previously Daniel Yih served as chief operating officer, principal and portfolio manager for GTCR Golder Rauner LLC and General Partner at Zell-Chilmark Fund.

Yih also served as CEO of BR Guest Restaurants and chief financial officer at Welbilt Corporation during his long and distinguished career.

Yih currently serves on the board of online gaming platform Rush Street Interactive (NYSE) as chair of the company’s audit committee. He previously served on the boards of women’s retailer Ann Inc. (NYSE) Starwood Hotels and Resorts (NYSE); and The Thacher School, where he served as chair of the board of trustees.

Yih has a bachelor’s degree in mechanical engineering from Stanford University and a JD and MBA from the University of Chicago.

Mid-America Real Estate Corporation welcomes Brendan Reedy as principal and Jimmy Danaher as vice president, both specializing in retail landlord representation in the Chicago market.

Brendan Reedy has completed more than 1,200 lease and sales transactions in his 19 years as an industry Brendan Reedy Jimmy Danaher veteran. He has collectively worked on over 300 retail projects during his career and brings with him an extensive background in retail leasing having represented many of the most high-profile assets and new developments in Chicago, including Mellody Farm, Willow Festival, Overlook of Oak Brook, Sherman Plaza, Church Street Plaza, and many more. Reedy spent the last 12 years of his career in senior vice president positions at CBRE and Cushman & Wakefield. Reedy is the recipient of the 2022 Chicago Food Depository Retail Broker of the Year award.

Jimmy Danaher has an extensive background in product leasing, specializing in the leasing and re-tenanting of suburban power and lifestyle centers, as well as the leasing of ground-up developments.

W.E. O’Neil hires Brett Dolan as CHRO W.E. O’Neil Construction has tapped Brett Dolan, SPHR, as chief human resources officer. After nearly 100 years of steady growth and topping $1 billion annual revenue, W.E. O’Neil created the new role of CHRO to enhance continuity of service to their employee-owners as the company continues to grow across 12 offices in six states.

Brett Dolan

As CHRO, Dolan oversees all human resources functions, including developing and implementing HR policies and procedures, supporting strategic operational objectives, employee relations, employee benefits and wellness, employee development and succession planning, compliance, total compensation, and recruiting and retention.

Dolan reports to Chief Operating Officer John Finn, who is expected to take over the role of CEO in 2025 during the company’s 100th anniversary.

With 22 years of experience in human resources in the construction industry, Dolan leads through collaboration, consensus building, and attentive employee relations.

Dolan brings current methods and creative approaches to the traditional tasks of HR while collaborating with all stakeholders to improve efficiency and accuracy in policies, processes, and compliance, while also working to enhance employee experience.

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NEWS BRIEFS

Ryan Cos breaks ground on Cardiovascular Institute in Naperville

rooms. Constructed in 1970, the property has undergone a full modernization over the past 18 months that added market-leading unit finishes and upgrades to common-area amenities, including a fitness center, package room, additional laundry room and outdoor seating.

528 W. Oakdale is surrounded by Lakeview East’s numerous dining, shopping and entertainment options and is within walking distance of the Lincoln Park Zoo, Diversey Harbor and North Avenue Beach. The property is served by the CTA’s Wellington Brown Line station and multiple bus routes.

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CBRE’s Jack Brennan represented the seller and is exclusive marketing agent for the property.

DSP continues to expand its portfolio with recent IOS and logistics related acquisitions in Atlanta, Tampa, Nashville, Savannah and San Diego. It recently completed the development of a 216 door, 1000 trailer terminal on 47 acres in Houston.

Bathhouse signs 40,000-square-foot build-tosuit lease at 1010 W. Madison St. in Chicago

Lee & Associates of Illinois negotiates retail lease for DosBros Fresh Mexican Grill in Algonquin Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Oak Street, a 7,466-square foot net-leased medical property located at 6918 W. Archer Ave. in Chicago, Illinois. After procuring multiple offers, the asset sold for $3,620,000.

Senior Managing Directors Austin Weisenbeck and Sean R. Sharko, along with Associate Daniel Chumbley had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a California based private investor, was secured and represented by Senior Managing Director Jack Hopkins.

The property was newly renovated with a new roof, exterior, and significant interior renovations for Oak Street Health, which signed a new 20-year triple-net lease. Oak Street Health now has 170 locations in 21 states and is expanding into four other states. Earlier this year, CVS acquired Oak Street Health for $10.6 billion.

Lee & Associates, one of the largest national commercial real estate providers, negotiated the lease for a 2,477-square-foot end-cap unit located at 501 E. Algonquin Road in Algonquin, Illinois.

Rick Scardino and Michael Petrik at Lee & Associates represented the landlord, Zurich Partners, LLC. Chuck Whitlock of Baum Realty Group represented the tenant, DosBros Fresh Mexican Grill, a rapidly growing, Tennessee-based fast casual restaurant chain.

Dayton Street Partners acquires six-building logistics park in Bensenville

Interra Realty brokers $17.5 million sale of apartment building in Chicago

Fulton Street Companies (FSC) has signed Bathhouse to a long-term, build-to-suit lease for a 40,000-square-foot building at 1010 W. Madison St. in Chicago. The property will feature two levels of amenities as well as a rooftop pool and restaurant. The concrete and glass building’s design and construction will pay homage to old world bathhouses.

Bathhouse has redesigned a centuries old bathing culture in the form of a sleek and modern environment that focuses on functionality and authenticity. The design driven destination is for people who strive to look, feel and perform their very best.

Bathhouse’s services focus on highly functional modalities, incorporating ancient wisdom with the best of contemporary recovery practices in a socially engaging environment.

Guests can choose between day passes and specific treatments and wrap up the day at the rooftop restaurant that offers guests a sense of community and a casual dining experience.

FSC acquired the 17,000-square-foot site at 1010 W. Madison St., a parking lot, in September 2020 from a private investor.

Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the $17.5 million sale of a 60-unit multifamily building in Chicago’s Lakeview East neighborhood. The transaction equated to $291,667 per unit.

Interra Managing Partner Craig Martin and Senior Managing Partner Joe Smazal represented the buyer, Beal Properties, a Chicago-based private investment firm owned by Bill Silverstein. Martin and Smazal also represented the seller, Horizon Realty Group.

Located at 528 W. Oakdale Ave., the elevator building includes 20 studios, 36 one-bedrooms and four two-bed-

Dayton Street Partners (DSP), a logistics real estate investment and development firm headquartered in Chicago, has closed on the acquisition of a six-building logistics park set on 11 acres at 700 Larsen Lane in Bensenville, Illinois. The seller was a private investor.

The park is comprised of a 37-door truck terminal, two truck maintenance facilities and a warehouse with one acre of outdoor storage. Located within the highly desirable O’Hare Industrial Submarket in DuPage County, it is directly across the street from O’Hare International Airport.

It was 85% leased at the time of sale.

DSP will commence with a multi-million dollar renovation of the terminal in November.

Friedman Real Estate sells retail property in Peru

Friedman Real Estate’s Rich Deptula, Torrey Lewis, and Kellen Duggan recently completed the sale of Peru Place, a 101,771 square foot retail property located at 1650 38th St. in Peru, Illinois.

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Friedman’s brokers represented both the seller and purchaser in the transaction.

Ridge neighborhood. The transaction equated to $117,142 per unit.

Golub & Company announces management and leasing of 21 East Chestnut

Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the buyer, Teko Menetti. Interra Senior Managing Partner Joe Smazal represented the seller, a local private investor.

Interra Realty brokers $2 million sale of multifamily portfolio in Chicago

“The fundamentals for vintage assets like this one are very strong in Chicago, and will be for some time, as there is a lack of new supply fulfilling the growing demand for workforce housing,” said Smazal. “Multifamily investors know this, which is why we toured a dozen well-qualified prospects and received multiple written offers after only three weeks on the market.”

Golub & Company, a vertically-integrated firm specializing in real estate development, operation, and investment, proudly announces its latest endeavor: the management and leasing of 21 East Chestnut. This 168-unit multifamily development offers an attractive mix of contemporary studio and one-bedroom units.

Nestled within the established and sought-after Gold Coast neighborhood of Chicago, 21 East Chestnut is ideally positioned amidst access to public transit, premier shopping destinations, and an array of dining options.

This prime location places residents at the heart of it all, mere steps away from some of Chicago’s most renowned parks, outdoor spaces, and cultural attractions, including Lake Shore Park, the Lakefront Trail, City Gallery in the Historic Water Tower, the iconic Magnificent Mile, Oak Street Beach, and the Museum of Contemporary Art.

Located at 2801 W. Lunt Ave., the building includes 28 one-bedroom and three two-bedroom units, as well as four ground-level commercial spaces. The courtyard building was constructed in 1932 and presents value-add potential.

Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the $2 million sale of a two-building, 13-unit multifamily portfolio in Chicago’s Norwood Park and Edison Park neighborhoods. The transaction equated to $153,846 per unit.

This is the second property that Interra Realty has transacted in West Ridge in the past month. The firm recently brokered the $1.8 million sale of 6254 N. Whipple St., a 16-unit apartment building that sold for the first time in over 50 years.

Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the local private buyer. Senior Managing Partner Joe Smazal represented the seller, a local private partnership.

2801 W. Lunt is a short distance from dining, shopping and entertainment options near the intersection of McCormick Boulevard and Touhy Avenue, including Lincolnwood Town Center. In addition, the property is served by multiple CTA bus routes.

Marcus & Millichap arranges sale of netleased medical property in Chicago

21 East Chestnut offers a modern, vibrant design, complemented by sleek community amenities. These include a fully furnished rooftop pool and sun deck, offering panoramic city views, a modern fitness center, and a co-working lounge equipped with individual pods to ensure privacy.

The second property, 6745 N. Olmsted Ave. in Edison Park, houses five units. It is across the street from the Edison Park Metra station and is also served by multiple CTA bus routes.

Both buildings have easy access to dining, shopping and entertainment options along Northwest Highway and Harlem Avenue. The properties are a short drive from the Kennedy Expressway for trips downtown, or a 15-minute drive to O’Hare International Airport.

Geoff Kasselman and Ra’eesa Motala launch Evoke Partners

Beyond its core expertise as an owner and developer, Golub & Company excels in providing comprehensive property management services for both residential and commercial properties.

Steve Sise, COO of Golub & Company, emphasized the company’s dedication to excellence, “Golub offers top-tier property management and leasing with a sharp focus on fostering exceptional resident relations. We bring a deep knowledge of the intricacies of property management and are committed to delivering outstanding service to 21 East Chestnut.”

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Oak Street, a 7,466-square foot net-leased medical property located at 6918 W. Archer Ave. in Chicago, Illinois. After procuring multiple offers, the asset sold for $3,620,000.

Interra Realty brokers $4.1 million sale of mixed-use multifamily building in Chicago

Senior Managing Directors Austin Weisenbeck and Sean R. Sharko, along with Associate Daniel Chumbley had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a California based private investor, was secured and represented by Senior Managing Director Jack Hopkins.

The property was newly renovated with a new roof, exterior, and significant interior renovations for Oak Street Health, which signed a new 20-year triple-net lease. Oak Street Health now has 170 locations in 21 states and is expanding into four other states. Earlier this year, CVS acquired Oak Street Health for $10.6 billion.

Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the $4.1 million sale of a 35-unit mixed-use multifamily building in Chicago’s West

Located in Chicago’s Norwood Park neighborhood, 6024 N. Navarre Ave. offers eight units with one- and two-bedroom layouts. The property is two blocks from the Norwood Park Metra station and is served by multiple CTA bus routes.

Two established, highly regarded national real estate professionals are launching Evoke Partners, a dynamic new platform of companies playing at the intersection of commercial real estate, energy, and digital disruption.

The company is starting with critical mass: an established, active base of clients, early-stage development projects underway across the US, and significant investment positions in several notable or upcoming property technology or “PropTech” firms. Evoke Partners is based in Chicago with an office in Minneapolis, and more locations to follow.

The founders of Evoke Partners are Ra’eesa Motala, SIOR, a fast-rising star with a national footprint in commercial real estate, and Geoffrey Kasselman, SIOR, LEED AP, an accomplished industry veteran and thought leader with decades of national large-scale experience as broker, advisor and developer. Motala is the firm’s president and Kasselman is its chief executive officer.

Evoke Partners has been established to help “future-proof ” its clients and deliver exponential, ROI-driven results, drawing on their vast experiences in the most relevant and

O C T O B E R / N O V E M B E R 2 0 2 3 I L L I N O I S R E A L E S TAT E J O U R NA L forward-looking innovation aspects and opportunities of the corporate occupier, commercial real estate development, and energy ecosystems.

The comprehensive services offered by Evoke align with an increasingly important focus of Corporate America: social consciousness and responsibility (known as environmental, social and governance or ESG). Further, the partnering of Motala and Kasselman underscores their personal commitment to Diversity, Equity and Inclusion (DEI).

Evoke Partners is starting with impressive depth and scale, including: • Five early-stage development projects with an aggregate value of more than $100 million in the midwestern and western U.S.; • Dozens of active real estate clients and several hundred active energy clients; • Investment and involvement in several PropTech companies as well as the adoption of AI and blockchain concepts to enhance project results and internal operations; and

go. The asset sold for $3.5 million, or $1,296 per square foot.

Nicholas Kanich had the exclusive listing to market the property on behalf of the seller, a Chicago-based investor. The buyer was secured and represented by Nicholas Kanich.

7-Eleven is located at 191 W. Adams Street in the ground floor of the JW Marriott Hotel, which recently underwent a $396 million restoration. The property sits directly beneath the Quincy “L” station in the heart of the Chicago Loop, with a daytime population of over 931,000 within a three-mile radius. This 7-Eleven is located only a few blocks from Google’s new tech hub in the historic Thompson Center building, which is undergoing a $105 million restoration and expected to be move-in ready by 2026.

Marcus & Millichap announces sale of 7-Eleven, a 2,700-square-foot net-leased property in Chicago

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale a 2,700-square-foot net-leased property located in Chica-

Olson worked with PREMIER colleagues Dan Vanderbiest as superintendent and Joseph Ahrens, senior vice president/Midwest market leader, on the project.

PREMIER’s partners included Cornerstone Architects Ltd. for architectural design services and SpaceCo for civil engineering.

Gibsons Restaurant Group signs 15,000-square-foot lease in Fulton Market

Fulton Street Companies (FSC) has signed Gibsons Restaurant Group (GRG) to a 15,000-square-foot, ground floor lease at its now under construction 919 West Fulton St. in Chicago’s Fulton Market. The restaurant, whose concept has yet to be decided, will be Gibsons’ 13th location in the Chicago area when it debuts.

Kasselman is also the founder and CEO of Op2mize Energy. He was the SIOR global president in 20162017. He is a highly acclaimed “Business Futurist” keynote speaker and has won several notable awards and accolades.

In aggregate, the founders of Evoke Partners have completed more than 100 million square feet of client projects in 147 cities, 45 states and 14 countries. The financial consideration of those assignments totals more than $2.1 billion. Additionally, Op2mize Energy clients have realized total energy supply savings (in kWh and/or Therms) exceeding $15 million.

Intentional design planning also helped save more than two acres of existing trees across the site. Other sustainable elements include EV charging capabilities in parking areas and the maximum amount of no-mow lawn vegetation and perennial plantings allowable under village code.

PREMIER completes design-build work on sustainable headquarters for healthcare manufacturer

• Expansion plans that include the addition of construction and property management divisions.

Motala already has a long list of impressive local and national awards, accolades and distinctions as well. She is an accomplished national keynote speaker. Further, as a member of the Urban Land Institute (ULI), she sits on the ULI WLI America’s executive leadership committee and is chair of its real estate diversity initiative. Further, earlier this year she was a recipient of the NAIOP and Prologis Inclusion in CRE scholarship and earned the coveted SIOR designation after meeting a series of stringent requirements.

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PREMIER Design + Build Group and client Alpha Tekniko gathered recently to celebrate the official grand opening of a new headquarters and manufacturing facility in Chicago’s northwest suburbs. According to Ted and Tia Lazakis, founders of Alpha Tekniko, this celebration marks the next chapter for this innovative manufacturing company.

The couple launched Alpha Tekniko in 2008 from a rented, 20,000-square-foot facility in Lake Zurich. Their business outgrew that space by 2016, and the company moved to a 55,000-square-foot building. As volumes continued to grow, the founders made the decision to invest in creating their own manufacturing and warehouse facility. Alpha Tekniko is a contract manufacturer serving the healthcare industry. The firm designs, develops, and produces sophisticated support surfaces including high-tech mattresses, cushions, and pads to fit an array of medical equipment like hospital beds, operating room tables, and wheelchairs.

In March 2022, the founders purchased the property at 1400 Rose Road in Lake Zurich and selected PREMIER to manage design + build services for a permanent home.

Construction began in October 2022. The recently completed, 88,000-square-foot building is primarily designed for manufacturing operations with some additional space devoted to offices. It has eight dock positions and two drive-in doors.

Building “green” was high on the list of priorities for the company owners. Their new headquarters is fully solar-powered thanks to an array of 444 solar panels.

Sustainable elements include high-efficiency rooftop HVAC units, high R-value precast concrete panels that increase insulating effectiveness, special emissions towers for air purification, motion-sensitive lighting, and VOCfree paints.

A savvy entrepreneur with an unyielding sense of community, Stephen Lombardo, Jr. has founded and operated restaurants since 1969. In 1989, Steve and his partner Hugo Ralli opened Gibsons Bar & Steakhouse, now a Chicago institution, and have continued to shape the city’s dining landscape ever since. Today GRG operates iconic hospitality concepts including Gibsons Italia, Hugo’s Frog Bar & Fish House, LUXBAR, and Quartino Ristorante & Wine Bar. Located at the corner of Fulton Market and Sangamon Streets, 919 West Fulton St. is FSC’s new, 400,000-square-foot, 11-story office building. The property will capture the essence of the neighborhood with its factory style storefronts, architectural masonry, and large outdoor terraces on each floor. It will feature modern indoor/outdoor amenities such as state-of-the-art conferencing center, a 24/7 health club, and tenant lounge, as well as 40,000 square feet of ground floor retail. Delivery is expected Q1 2025.

Fulton Street Companies was founded in 2017 by Najem and partner Ross Babel and specializes in the development and redevelopment of iconic properties with iconic brands in Chicago’s hottest neighborhood, Fulton Market. Recent development projects include: 1100 West Fulton, a 45,000-square-foot office/retail property that is fully leased to Herman Miller 1045 West Fulton; a 150,000-square-foot office building, leased to Norton Rose Fulbright; and 1201 West Fulton 433-unit residential property.

Alex Najem and Ross Babel negotiated the lease directly with Gibsons Restaurant Group.

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OCTOBER/NOVEMBER MARKETPLACE

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

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

CENTERPOINT PROPERTIES

ALSTON CONSTRUCTION COMPANY

1808 Swift Drive Oak Brook, IL 60523 P: 630.586.8000 Website: centerpoint.com Key Contacts: Nate Rexroth, Executive Vice President, Asset Management; nrexroth@ centerpoint.com; Danielle Radtke, Senior Vice President, Asset Management; dradtke@centerpoint.com Services Provided: CenterPoint Properties is an innovator in the investment, development, and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases, and sells state-of-the-art warehouse, distribution, and manufacturing facilities near major transportation nodes. Our experts focus on portproximate distribution infrastructure assets near America’s major population centers.

Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics, and supply chain problems.

With an agile team, substantial access to capital, and industry-leading expertise, we give customers a competitive edge to ensure their success — no matter how great the challenge.

FARBMAN GROUP OF CHICAGO

40 Skokie Boulevard Northbrook, IL 60062 P: 248.353.0500 Website: farbman.com Key Contacts: Andrew Farbman, CEO, afarbman@farbman.com; Andrew Gutman, President, gutman@farbman.com; Michael Kalil, COO and Director of Brokerage, kalil@farbman.com; Chris Chesney, CFO, chesney@farbman.com; Ryan Nelson, EVP, nelson@farbman.com Services Provided: Property Management, Leasing & Brokerage, Construction, Investment Sales, Asset Management, Site Selection Services, Acquisition & Disposition, Medical Real Estate Solutions, Move Management, Receivership Services, Facility Management, Net Lease Brokerage Services.

Company Profile: Farbman Group of Chicago, a full-service commercial real estate company, is one of the largest and most respected names in Commercial Real Estate.

Notable Properties Managed: 1535 Lake Cook Rd, Northbrook | 2250 Point Blvd, Elgin | 280 Shuman - The Atrium, Naperville | 390 Holbrook Dr, Wheeling | 25 NW Point Blvd, Elks Grove Village | 40 Skokie Blvd, Northbrook | 1120 Lake St, Oak Park | 100 N LaSalle Dr, Chicago | 401 S State St, Chicago | 600 W Jackson Blvd, Chicago

HIFFMAN NATIONAL

One Oakbrook Terrace, Suite 400 Oakbrook Terrace, IL 60181 P: 833.HIFFMAN Website: hiffman.com Key Contacts: Dave Petersen, CEO, dpetersen@hiffman.com; Bob Assoian, Executive Managing Director of Management Services, bassoian@hiffman.com Company Profile: Hiffman National is one of the US’s largest independent commercial real estate property management firms, providing institutional and private clients exceptional customized solutions for property management, project management, property accounting, lease administration, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 250 employees nationally and an additional six hub locations and 25 satellite offices across North America.

For more information, visit hiffman.com

MID-AMERICA

One Parkview Plaza 9th Floor Oakbrook Terrace, Illinois 60181 Key Contacts: Dan Hanson-Illinois, dhanson@midamericagrp.com Brad Lefkowitz-Michigan, blefkowitz@midamericagrp.com Brandon O’ Connell-Minnesota, boconnell@midamericagrp.com 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 2021 was $2.4 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

1901 Butterfield Road, Suite 1020 Downers Grove, IL 60515 P: 630.437.5810 Website: alstonco.com Key Contact: Robert Murray, SVP/ Regional Manager, RMurray@alstonco.com, 908.966.1306 Services Provided: Alston offers a diverse background of design-build experience, general contracting and construction management of industrial, commercial, healthcare, retail, and municipal projects.

Company Profile: Alston Construction’s success begins and ends with our approach to planning, scheduling, and choosing the right team. We have been adhering to an open and collaborative approach since our founding more than 35 years ago.

Notable/Recent Projects: Project Heartland 1.5 Million SF build to suit distribution facility for Proctor & Gamble in Morris, IL. Lakeshore Manor 210 unit senior living facility in Northwest Indiana. Dynamic Foods 3PL 500,000 SF build to suit distribution and packaging facility in Wilmington, IL. Brown Deer Distribution Center 420,000SF two building speculative distribution center in Milwaukee, WI. 106,000 SF meat packaging facility in Northwest Indiana.

MCSHANE CONSTRUCTION COMPANY

9500 West Bryn Mawr Avenue Ste. 200 Rosemont, IL 60018 P: 847.292.4300 | F: 847.292.4310 Website: www.mcshaneconstruction.com Key Contact: Mat Dougherty, PE, President, mdougherty@mcshane.com Services Provided: McShane Construction Company offers more than 35 years of experience providing design-build, design-assist and general construction services on a national basis The firm’s diverse expertise includes build-to-suit and speculative warehouse, distribution and manufacturing facilities, as well as multifamily, commercial and institutional developments.

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

Recent/Notable Project: Industry Center at Melrose Park – the construction of three speculative industrial buildings in Melrose Park, Illinois. The new development incorporates a total of 651,617 square feet.

MERIDIAN DESIGN BUILD

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

Company Profile: With a team of in-house professional project managers, Meridian has extensive experience coordinating the design and construction of new buildings, tenant improvements, and additions/ renovations from 15,000 square feet to 1,000,000+ square feet. Meridian Design Build has been a Member of the U.S. Green Building Council since 2007.

Notable/Recent Projects: Clarius Park Joliet Building #2, Joliet, IL - 906,517 sf speculative industrial facility for Clarius Partners. Commerce Park Chicago Building B, Chicago, IL 602,545 sf speculative multi-tenant industrial facility for NorthPoint Development. Halsted Delivery Station, Chicago, IL - 112.000 sf package delivery station on a 17-acre redevelopment site for Prologis.

PRINCIPLE CONSTRUCTION CORP.

9450 West Bryn Mawr Ave., Suite 120 Rosemont, IL 60018 P: 847.615.1515 | F: 847.615.1598 Website: pccdb.com Key Contacts: Mark L Augustyn, COO, maugustyn@pccdb.com, James A.. Brucato, President, jbrucato@pccdb.com Services Provided: Principle specializes in commercial and industrial property and is committed to providing clients with the highest level of design/build construction services with an absolute dedication to each project.

Company Profile: Design/Build General Contractor established in 1999 specializing in the design and construction of Build-to-Suit, Speculative, Retail, Food Processing, Expansions/ Additions, Tenant Improvements, & Specialty Facilities. Principle also has extensive experience in interior improvements, site evaluation, due diligence, and value engineering.

Recently Completed Projects include: • 13,500 SF prairie style, mixed use, commercial/residential project at 17 S. Old Rand Rd. in Lake Zurich, IL • 80,053 SF Speculative Warehouse for Seefried Properties at 2240 S. Busse Rd. in Mt. Prospect, IL • 178,850 SF Industrial Speculative Building for IDI Logistics at 3700 S. Morgan St. in Chicago, IL

OCTOBER/NOVEMBER MARKETPLACE SUMMIT DESIGN + BUILD, LLC

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

Company Profile: Located in Chicago’s Fulton Market and with regional offices in Tampa, FL, Austin, TX and North Carolina, Summit Design + Build has been involved in the design and construction of over 400 buildings and spaces totaling more than 10 million square feet over the firm’s 18 year history.

Notable/Recently Completed Projects: Eli’s Cheesecake (Industrial), 2217 Loomis (Industrial), 1436 W Randolph (Adaptive Reuse Hotel), 718 Main (Multifamily), Prenuvo (Medical TI), 5691 N Ridge Ave (Multifamily).

VICTOR CONSTRUCTION

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

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

Notable/Recent Projects: Owens + Minor Distribution – 600K SqFt distribution facility that involved a full LED lighting upgrade, new HVLS fans, 200K SqFt section that required new cooling for medical distribution, an office renovation of 20K SqFt, and a new exterior employee pavilion.

M U LT I FA M I LY F I NA NC E F I R M S 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.

MAVERICK COMMERCIAL MORTGAGE

853 N. Elston Avenue Chicago, IL 60642 P: 312.268.6000 | C: 312.953.4344 Website: mavcm.com Key Contacts: Ben Kadish, President, ben.kadish@mavcm.com; Services Provided: Maverick finances all commercial real estate properties for builders, developers, investors and owner-occupied properties. For apartment loans, Maverick has access to every multifamily program available for property owners as we are a correspondent for Fannie Mae and Freddie Mac execution along with Freddie Mac small loan program. CMBS fixed and floating rate non-recourse loans available. Bank, portfolio, and debt fund non-recourse construction and permanent financing available on a national basis.

Company Profile: Maverick Commercial Mortgage, Inc. is a boutique firm focused on middle market borrowers for properties in Chicago and surrounding areas, with a focus on Illinois, Indiana, Wisconsin, Iowa, Missouri, Michigan, and Kentucky. We are a niche lending source for Manufactured Housing Community mortgages and portfolio loans across the country with fundings in excess of $80,000,000 for MHC product on an annual basis. Significant financings for 2022 include a $63,000,000 single asset mortgage on an Illinois manufactured housing community, a $14,000,000 first mortgage on a Home Depot store in Chicago and several industrial building loans on the south and northwest side of the city of Chicago.

Service Territory: Midwest for general mortgage loans, and national for MHC financing.

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R E A L E STAT E L AW F I R M S

GOULD & RATNER

222 N. LaSalle St., Ste. 300 Chicago, IL 60601 P: 312.236.3003 | F: 312.236.3241 Website: gouldratner.com Key Contact: Joe Marzo, Chair, Real Estate Practice, jmarzo@gouldratner.com Services Provided: Counsel on nearly all real estate transactions, including purchase, sale and financing of office, industrial, hotel/hospitality and residential/multifamily development, as well as commercial and retail leasing, multiparcel assemblage, tax-deferred exchanges, management agreements, construction financing, litigation and environmental issues.

Company Profile: Gould & Ratner lawyers translate legal knowledge and business acumen into practical solutions that work for our clients, who include entrepreneurs, family businesses, and middle-market and Fortune 500 companies in real estate and many other industries in Chicago and nationwide.

MELTZER, PURTILL & STELLE LLC

1515 Woodfield Road, Ste. 250 Schaumburg, IL 60173 P: 847.330.2400 | F: 847.330.1231 125 S. Wacker Drive, Suite 2900 Chicago, Illinois 60606 P: 312.987.9900 | F: 312.987.9854 Website: mpslaw.com Key Contact: William J. Mitchell, Managing Partner, wmitchell@mpslaw.com.

Firm Profile: Meltzer, Purtill & Stelle LLC is a business-to-business law firm with exceptionally strong capabilities in all areas of real estate law. The firm provides a full range of transaction and litigation services to real estate developers, financial institutions, and businesses engaged in corporate, industrial, and retail development as well as financing, leasing, andinvestment.

Services Provided: The firm provides an exceptionally wide range of real estate-related services, including commercial real estate and leasing; land use, zoning, and entitlement; construction and finance-including TIF and other development incentives and commercial litigation.

SARNOFF & BACCASH

100 N. LaSalle St., Ste. 1000 Chicago, IL 60602 P: 312.782.8310 | F: 312.782.8635 Website: sarnoffbaccash.com Key Contacts: James Sarnoff, jsarnoff@sarnoffbaccash.com; Robert Sarnoff, rsarnoff@sarnoffbaccash.com Services Provided: Sarnoff & Baccash is a leading and recognized law firm concentrating solely in the field of property taxation. We help client’s secure favorable taxes in Illinois through property tax appeals, incentives and consulting.

Company Profile: Sarnoff & Baccash’s clients include Owners, Developers, Managers, REIT’s, Fortune 500 Companies, Private Equity Firms, etc., in connection with commercial property, high-rise and low-rise apartment buildings, condominium associations and single-family home portfolios.

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 35 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.

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