November Chicago Industrial Properties by RE Journals

CRE MARKETPLACE (pg.15): ROOFING COMPANIES/ TAX INCENTIVES/ ARCHITECTS/DESIGN-BUILD FIRMS/ BROKERAGE FIRMS/ CONSTRUCTION COMPANIES/GENERAL CONTRACTORS/ CONTRACTORS/ DEVELOPERS/ EDCS/ FINANCE & INVESTMENT FIRMS

VOL.31 NO.6

THE LEADING NEWS SOURCE FOR INDUSTRIAL REAL ESTATE PROFESSIONALS & USERS

NOVEMBER 2021

Chicago’s biggest industrial developers discuss successes in 2021 and offer insight for next year

Photo by Tiger Lily from Pexels.

By AJ LaTrace, Managing Editor y the time you are reading this story in print, we’ll be just days away from 2022. While we haven’t turned our calendars over just yet, it’s clear that 2021 was a banner year for the Chicago industrial real estate market. We witnessed a 20-year record low vacancy rate, record leasing activity, big absorption numbers, and continued rent growth. It’s a great time to be an industrial landlord.

The Chicago market — like many other major metros across the nation — is in the midst of what could be considered a once-in-a-generation industrial boom and there’s

almost an unlimited pipeline of institutional money being pumped into the asset class to capitalize on the moment. And with this pace of new spec development and leasing demand, we can almost guarantee that 2022 will be another big year, granted there are no other major economic calamities. Through the course of this year, we have spoken with some of the region’s biggest industrial players for various issues of Chicago Industrial Properties, so we felt it was as good a time as ever to reconnect and get a recap on this year and predictions for industrial in 2022. Spoiler alert: confidence CHICAGO (continued on page 10)

PRSRT STD U.S. Postage

PAID

CHICAGO, IL PERMIT NO. 3223

2021 By the Numbers: Here are the Chicago area’s biggest industrial leases and construction completions of the year By AJ LaTrace, Managing Editor

he year is nearly over but it’s safe to say that 2021 is one that will be remembered for many years to come by commercial real estate professionals. As developers rush to complete new projects and client tenants compete for highly coveted Class A space, it’s as though the market can’t seem to expand fast enough. There has been a common theme in each quarter of 2021: dramatic demand.

INDUSTRIAL (continued on page 12)

19.7+ MSF Completed or Under Development in Chicagoland Since 2000 Developer of the Year

2019, 2015

Developer of the Year CHICAGO COMMERCIAL REAL ESTATE AWARDS

2018, 2015, 2011

CHICAGO OFFICES 444 W. Lake St., STE. 3125, Chicago, Illinois 60606 9525 W. Bryn Mawr Ave., STE. 700, Rosemont, Illinois 60018

www.bridgeindustrial.com CHICAGO | MIAMI | NEW JERSEY/NEW YORK LOS ANGELES/SAN FRANCISCO | SEATTLE | LONDON

N OV E M BER 2021 C HICAGO INDUST R I A L P R OP E RT I E S

CONTENTS PUBLISHER Mark Menzies menzies@rejournals.com 312.933.8559 MANAGING EDITOR AJ LaTrace alatrace@rejournals.com

VICE PRESIDENT OF SALES Frank E. Biondo Frank.biondo@rejournals.com CLASSIFIED DIRECTOR Susan Mickey smickey@rejournals.com

SENIOR EVENT & MARKETING VICE PRESIDENT OF SALES & MW COORDINATOR CONFERENCE SERIES MANAGER Alyssa Gawlinski Ernie Abood agawlinski@rejournals.com eabood@rejournals.com VICE PRESIDENT OF SALES Marianne Grierson mgrierson@rejournals.com

Chicago Industrial Properties® (ISSN 1546-377X) is published bi-monthly for $59 per year by Real Estate Publishing Corporation, 1010 Lake St Suite 210, Oak Park, IL 60301. Contact the subscription department at 312.933.8559 to subscribe. © 2021 by Real Estate Publishing Corporation. All rights reserved. No part of this publication can be reproduced or transmitted in any form or by any means, electronic or mechanical including photocopying, recording or by any information storage or retrieval system.

Chicago’s biggest industrial developers discuss successes in 2021 and offer insight for next year The

2021 year was a banner year for the Chicago industrial real estate market.

2021 By the Numbers: Here are the Chicago area’s biggest industrial leases and construction completions of the year The year is nearly over but it’s safe to say that 2021 is one that will be remembered for many years to come by commercial real estate professionals.

NOVEMBER MARKETPLACE

• ROOFING COMPANIES • TAX INCENTIVES • ARCHITECTS/DESIGN-BUILD FIRMS • BROKERAGE FIRMS • CONSTRUCTION COMPANIES • GENERAL CONTRACTORS • CONTRACTORS/ DEVELOPERS • EDCS • FINANCE & INVESTMENT FIRMS

O’Hare inventory crunch is putting extra pressure on brokers and business owners in their search for space Billions of dollars are being spent by the FAA on the ambitious modernization of Chicago’s busy O’Hare International Airport and on the submarket’s surrounding sprawling industrial building stock.

2021 EDITORIAL BOARD Jeanne Rogers

Arthur J. Rogers & Co.

Corey Chase Newmark

Jerry Rotunno Associated Bank

Joe Pomerenke

Arco/Murray National Construction Company, Inc

Dan Fogarty

Becknell Industrial

Steve Schnur Duke Realty

Richard Prokup

First Industrial Realty Trust Inc.

Ron Behm

COMMITTED TO THE SUCCESS OF YOUR PROJECT

Colliers International

Adam Roth NAI Hiffman

Mike Yungerman Opus Group

Glen Missner

The Missner Group

www.mcshaneconstruction.com

C H I CAG O I N D U S T R I A L P R O P E RT I E S N OV E M B E R 2 0 2 1

FROM THE EDITOR "There’s no doubt that many records have been shattered and the Chicago region has witnessed a tremendous step forward in its evolving industrial economy."

his is the final issue of Chicago Industrial Properties of 2021 and I have a sense that one day, we’ll be going back and flipping through these issues to study this moment we’re experiencing in commercial real estate. It’s an understatement to call it a record year: 2021 was a sea change in the industry.

At the time of writing this issue, we still have another six weeks left in the calendar year, but there’s no doubt that many records have been shattered and the Chicago region has witnessed a tremendous step forward in its evolving industrial economy. In all of our conversations and interviews for Chicago Industrial Properties, there’s

always been a sense that the momentum is moving about as fast as it can. There’s not a lack of available dollars looking for a home; it’s the supply chain that is hampering the construction of new projects. And while we may be entering the holiday season, we realize that many of our readers and other professionals in the world of commercial real estate may not really

get a break. The pace of industrial in this moment is unprecedented. And we often ask folks what’s in store for next year, and we typically get a similar response: more of the same. Thank you for reading and following along in 2021. We’ll look forward to reconnecting after the new year and pick up where we left off. And if this year signalled anything, it’s that 2022 is likely to come roaring in with a bang.

Curiosity. Clarity. Results.

Empowering real estate owners, developers and investors to dream bigger and accomplish more — time and again. ■ Streamline, grow and protect real estate investments

■ Infuse technology to help deliver profitability

■ Leverage market conditions

■ Outsource financial management responsibilities

■ Reduce tax exposure

■ Manage unanticipated change

wipfli.com/real-estate

C H I CAG O I N D U S T R I A L P R O P E RT I E S N OV E M B E R 2 0 2 1

O’Hare inventory crunch is putting extra pressure on brokers and business owners in their search for space By AJ LaTrace, Managing Editor

illions of dollars are being spent by the FAA on the ambitious modernization of Chicago’s busy O’Hare International Airport, but developers and their investor partners are also spending big bucks on the submarket’s sprawling industrial building stock that surrounds the airport. As demand for industrial space around O’Hare continues to climb skyward, competition for those rare development opportunities around the airport and the tangle of interstate interchanges follows the same linear trajectory. Except there’s one big problem: there’s really no more room to grow. In many ways, the submarket could be seen as a victim of its own success. The lack of space in and around O’Hare is not a new problem — the area is already a highly built-up and mature submarket. But the story on both airport and industrial expansion at O’Hare are a bit unprecedented to say the least. In 2009, the city of Bensenville dropped its fight against the O’Hare expansion plan, clearing the path (literally) for more runways. In the following years, hundreds of homes were wiped out and new runways blossomed in their place. And then earlier this year, Prologis and ML Realty made headlines for buying out individual homeowners in a Bensenville subdivision to carve even more developable space out around O’Hare. Except this time, the reclaimed land will be used for industrial facilities.

Photo by Miguel Ángel Sanz via Unsplash.

Scooping up homes in the subdivision, located near the southwestern corner of O’Hare’s footprint, may seem extreme, but it’s indicative of the lengths that developers will go to recapture territory for further expansion. The areas located around O’Hare remain under pressure as both the airport and the industrial economy that

buzzes around it continue to soak up land that is currently used for residences, retail, or office space. According to the most recent Q3 numbers in a report from NAI Hiffman, the industrial vacancy rate for the O’Hare submarket was just over 3.5%, which is even more

FOR SALE OR LEASE

aggressive than the 5.1% overall vacancy for the Chicago metro area. And while O’Hare is one of the region’s largest industrial submarkets in terms of volume, with a combined total of 103 million square feet O'Hare (continued on page 8)

C H I CAG O I N D U S T R I A L P R O P E RT I E S N OV E M B E R 2 0 2 1

8 O'Hare (continued from page 6)

of space, there were only 400,000 square feet of new projects under construction by the end of September. The numbers can be a bit perplexing, especially on the heels of an industrial bull run through a once-in-a-lifetime pandemic. And while passenger flights were down significantly during the early months of the pandemic, cargo flights persisted as supply chains were pushed to the brink. “You use the phrase ‘help make sense of the numbers,’ and I’m having a hard time making sense of the numbers,” said NAI Hiffman EVP Joe Bronson to REjournals while discussing the latest stats and market trends for O’Hare. “We’ve got the largest industrial park in North America and everybody wants to be there.” “But this is the craziest part I keep coming back to,” Bronson continues. “They’re not building 50,000-square-foot buildings anymore — they won’t ever do that again, it’s just too expensive.” With such a low vacancy rate and small amount of new space being built in O’Hare, it can be very challenging to find the right place for a client tenant, Bronson adds. And it’s not just because there’s other

"Usually around this time of the season coming into the holidays it can get a little slower, but we haven’t experienced that. It’s just been crazy.”" competition; part of it is simply that many existing owner-operators are holding. “It feels like we’re racing to zero. I’m worried that there aren’t going to be any options in six months because they can’t build these new buildings fast enough,” Bronson says about the extremely low availability in the submarket. And the numbers don’t lie. When there is such tight competition and so little room for growth, Bronson’s forewarning shouldn’t be considered alarmist, per se. It’s just simply the reality of the situation. Instead, things might only get more interesting. “There are a lot of people showing up late to the party, but who knows what time the party ends,” he says of the boom. “When Sam Zell shows up to the party, it’s very

surprising because he only shows up at the best time … and it means that there is still a lot of runway left.” Candace Scurto, a broker with Brown Commercial Group, says that the present moment is the busiest she’s seen in her budding career. And the momentum is likely to push right on through the winter season. “There’s no immediate sign of things slowing down,” Scurto says of the current momentum in the O’Hare submarket. “Usually around this time of the season coming into the holidays it can get a little slower, but we haven’t experienced that. It’s just been crazy.” Scurto highlights the same issue that Bronson has had with his clients, which is the challenge of finding space for own-

er-occupiers. And the search can take an extremely long time. She mentions one particular experience working with a construction company that had exercised extreme patience and diligence during their search. “This deal was done in 2020, but we spent about three years looking for them,” Scurto says about the lengthy process. “Their needs were somewhat particular, so no building ever seemed to be the right fit, but we eventually found that building. We explored options outside of the O’Hare market just from billing prices, but we ended up landing them in Bensenville.” At the end of the day, a lot of operators and businesses just simply need to be in the O’Hare market, both Scurto and Bronson suggest. And the pressure on business owners to find space for expansion or reach will continue to build as the region prepares to plunge into the cold winter months. “Drive time costs are expensive and you can’t really operate your business by traveling 70-plus miles a day,” Scurto elaborates about the need for many companies to be located within the O’Hare submarket. “It’s just easier to be centralized with major transportation routes where they can get anywhere at any time.”

COMMERCIAL MORTGAGE LENDING

Commercial real estate made seamless. • Access streamlined & efficient processes • Receive personalized service backed by digital platforms • Succeed with a complete suite of real estate solutions Call (855) 690-0678 or visit us at chase.com/cml-chicago to learn more.

© 2021 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Changes Interbank Offered Rates (IBORs) and other benchmark rates, such as the London Interbank Offered Rate (LIBOR) are, or may in the future become, subject to ongoing international, national and other regulatory guidance, reform and proposals for reform. For more information, please consult www. jpmorgan.com/IBOR. Visit jpmorgan.com/cb-disclaimer for full disclosures and disclaimers related to this content.

ReJournal 10 x 13 print ad.pdf

12/21/20

9:14 AM

Chicagoland’s Union Electrical Team C

CMY

LEARN MORE AT POWERINGCHICAGO.COM

C H I CAG O I N D U S T R I A L P R O P E RT I E S N OV E M B E R 2 0 2 1

Looking ahead, we expect warehouse space will continue to be scarce. The combination of intense competition for few availabilities and limited new construction will lead to more urgency in leasing, and rental rates should rise even further.

Chicago (continued from page 1)

"We expect warehouse space will

remains very high among industrial developers going into the new year.

continue to be scarce. The combination

We asked everyone the same two questions: What was your biggest success (or surprise) in the Chicago area industrial real estate market in 2021? And what do you predict for the first quarter of 2022 in Chicago area industrial?

availabilities and limited new construction will lead to more urgency in leasing, and

Nick Siegel, Chicago Region Partner with BRIDGE Industrial:

rental rates should rise even further."

The market has continued to maintain its positive momentum despite the setbacks with the supply chain and commodity pricing. A series of factors led to spiking construction prices and extended lead times throughout 2021, and this caused a lot of questions about the ability to maintain leasing velocity, cap rates and yields. However, the combination of voracious tenant demand and limited supply of industrial product has led to continued momentum in the form of rent increases and cap rate compression. [For Q1 2022, I expect] more of the same. What little space is available is getting leased quickly at record rents. There is not a huge construction pipeline of spec product in theBSky_JanitorialSecurity_10x7_v3.pdf Chicagoland area right now and

Susan Bergdoll, SVP and regional leader for Duke Realty’s Chicago, Minneapolis and Indianapolis markets:

of intense competition for few

I think that the product that does deliver in 2022 will continue to lease well. Jeff Folkmann, SVP and Chicago Market Officer at Prologis:

The global pandemic and subsequent supply chain crisis have accelerated the demand for logistics real estate. While e-commerce penetration was rising prior to COVID, the pandemic has permanently moved many of us to online shopping. Combined with companies shifting from “just-in-time” to “just-in-case” supply chain models 10/22/21 7:29and PM requiring higher inven-

tory levels, warehouse availability in the US stands at record lows. In short, we can’t build new properties fast enough. Chicago is a good example of this surge in demand. For Prologis, a historic wave of activity has resulted in 113 transactions this year, totaling 12.1 million square feet of leasing activity. We have grown our portfolio to 64 MSF and currently stand at 95.5% occupied. We are seeing significant interest in all types of industrial properties, from larger, multi-market regional properties in submarkets such as I-55 and O’Hare to last-mile facilities in urban areas.

Like many in the Chicago industrial market, Duke Realty experienced a record breaking year. We landed two large buildto-suit developments in the first 60 days of the year, started construction on two speculative buildings, one leased prior to completion and the other currently under negotiation. Additionally, we achieved a less than one percent vacancy rate in our 17.7 million-square-foot portfolio of existing properties. The first quarter of 2022 will look very similar to 2021. We will be in the middle of the winter season in Chicago, so we expect demand to continue at current levels and supply will shrink, in turn maintaining rents at the current elevated levels, keeping landlords happy. Who knows what will happen in Q2? The Duke Realty team has worked hard and it’s been fun to be a part of so much success. Here’s to more in 2022!

Our business is maintaining YOUR business • Janitorial C

• Facility Maintenance

• Security Services

• Staffing

CMY

• Disinfecting

Call (708) 830-7233 or visit www.brightskyinc.com to learn more!

N OV E M BER 2021 C HICAGO INDUST R I A L P R OP E RT I E S Shawn Clark, president of CRG: The biggest surprise for 2021 was that I thought the capital markets for industrial real estate had recovered strongly from that pandemic and had normalized by the end of Q1 2021. What was unexpected, was the impact of the additional flood of capital from increased allocations and new investors for core industrial properties. We thought the record cap rates experienced in Q1 would become the norm, but we saw cap rates compress another 50 to 100bp over the second and third quarters of the year. I predict more of the same in Q1 2022. Specifically, 2022 will be a year of continued rent growth fueled by a supply and demand imbalance along with rising land and construction costs.

Aurora speculative development, Tollway Corporate Center, which is currently under construction. It includes two industrial buildings suitable for warehouse distribution operations or light manufacturing. The buildings, which will be available in June 2022, are in a rapidly expanding industrial submarket and near the intersection of Route 31 and I-88.

given where supply chains stand. Our construction team was ahead of potential supply chain bottlenecks and has been able to keep the project on schedule. At Opus, our vertical integration — with inhouse teams responsible for development, design and construction — allows us to effectively manage through these supply chain challenges.

We have had no delays and no major cost issues on this project, which is unusual

We see continued strength in the industrial sector in 2022. We expect to see leasing

activity continue early in the project cycle for industrial. Usually, you see leasing activity for industrial buildings closer to project completion or once the shell is complete. Today, with markets so tight, tenants are willing to make leasing commitments much earlier. We also expect to see lengthened build timelines in 2022 due to the state of supply chains for materials.

Think of us for your next City of Chicago project...

Adam Moore, Senior Regional Director with First Industrial Realty Trust: 2021 has been an unprecedented year in the Chicago Industrial Market. The early part of the year started with a level of broad-based demand not seen in 25 years. This strong activity accelerated in the third quarter with CBRE reporting more than 14 million square feet of absorption, bringing the year-to-date total to 22 million square feet – and this level of activity is continuing well into the fourth quarter. As a result, rents are rising further, many spaces are re-leasing shortly after becoming available and some tenants are clamoring to be chosen as backups in case deals fall through. Rents in certain submarkets have risen 10% since the beginning of the year, mainly driven by demand, but also impacted by rising construction costs that are driving replacement costs higher. Construction costs have been rising on a monthly basis as developers constantly try to anticipate the next material that will be in short supply. First it was steel, then precast panels and, most recently, roof insulation has been added to that list. In this fast-paced market, relationships with landlords are more important than ever for tenants and brokers. Successful landlords are using the current market conditions to maximize the value of their portfolios, while remembering long-term relationships are important in this business. If and when the pendulum swings, tenants and brokers will remember who treated them fairly. Near term, given elevated building materials and construction costs and delays in component deliveries, the market is experiencing some constraints in the timing of new supply. This supports further rent growth, which is begetting plans for new supply from developers – and rightfully so. With year-end approaching, it’s a great time to reconnect with our business community and celebrate the success within our industry while we prepare for additional opportunities for growth and serving customers’ needs in the year ahead Mike Yungerman, SVP and General Manager at Opus Development Company: The biggest success for The Opus Group in Chicago is our 650,000-square-foot North

UNDER CONSTRUCTION... Commerce Park Chicago Building B

Chicago, IL - 602,545 SF ARCHITECT: StudioNorth Architecture CIVIL ENGINEER: Jacob & Hefner Associates

DESIGN BUILD · GENERAL CONTRACTING CONSTRUCTION MANAGEMENT Please contact us for any upcoming project needs! 847.374.9200 · www.meridiandb.com

C H I CAG O I N D U S T R I A L P R O P E RT I E S N OV E M B E R 2 0 2 1

Largest industrial deliveries of 2021. Chart courtesy of NAI Hiffman Industrial (continued from page 1)

While we still won’t be able to glean the complete picture of 2021 until Q4 results are tallied and published sometime in January or February, there is still plenty of data to look back on and synthesize. And by the end of Q3 of this year, there were a number of records that had been shattered in the Chicago industrial world. Leasing activity is way up, absorption is sky-high, and vacancy is very low. How low can we go? Overall vacancy is so low that it’s been at least a couple of decades since the region has witnessed such a trend. Here’s a quick rundown of just some of the numbers. According to a Q3 report from NAI Hiffman, the total vacancy rate for the region was pegged at 5.1% by the end of October. The region had seen 14.35 million square feet of leasing activity and a net absorption of 10.26 million square feet. And by the end of Q3, there was over 25 million square feet of new industrial product still under construction across the Chicago area. “It’s incredible to consider that the positive net absorption has maintained a streak of 10-plus years at this point,” says Mike Morrone, research director with NAI Hiffman. “I don't think there's been a quarter where space has returned to the market — outweighing move-ins, tenant signings and all of that — since the great recession over 10 years ago.” Today’s demand means business is good for industrial developers. And while the demand doesn’t appear to be letting up anytime soon, challenges with the supply chain, long lead times, and costs have certainly had an impact on construction. But

Largest industrial deliveries of 2021. Chart courtesy of NAI Hiffman

even with these major hiccups, vacancy hasn’t budged.

industrial submarket had a double digit vacancy rate,” Morrone says of the trend.

danger is running out of land to develop into new developments.”

“Of the 21 submarkets that we track across the Chicago market, from Southeast Wisconsin to Northwest Indiana, not a single

“There wasn't any momentum loss because of the pandemic,” he elaborates. “Things have just continued moving along, and really, probably the only potential

Big deals On the theme of new developments, we’ve seen some big lease deals and construction

N OV E M BER 2021 C HICAGO INDUST R I A L P R OP E RT I E S completions in 2021. Morrone took a look back at the numbers throughout the year and totaled up these two lists to share with Chicago Industrial Properties. And again, while the actual picture for 2021 won’t be seen until early next year, here’s where we stand just six weeks out from 2022. Duke Realty’s lease with Wayfair for a new 1.2 million square-foot build-to-suit facility in Romeoville is currently the largest Chicago-area industrial lease deal so far this year. Unless a bigger deal is inked in the final weeks of the year, it’s likely to remain the biggest lease of 2021. Construction on the facility started back in March. Amazon’s deal for a 1.16 million square foot building in Huntley takes the second spot and then rounding out the top three leases of 2021 is Walmart, which has committed to 1.12 million square feet in Joliet. Other names that appear in the top ten include a mix of retailers, logistics groups, and manufacturers, such as Lion Electric, Kenco Logistics and Home Depot. The I-80/Joliet submarket saw the most play in the top ten list of industrial lease deals claiming four spots. McHenry County made two appearances on the list, while the I-88, I-55, I-57, and South Cook corridors each had a single entry in the top ten. On top of the millions of square feet of space that was leased up this year, there were millions more delivered across the Chicago region. When taking into account the total volume just from the top ten deliveries for 2021, we’re looking at over 16 million square feet of new industrial space.

close in but might not have the opportunity.” However, when studying these lists and watching the headlines, it’s clear that there are a few industries in particular that are really driving this current industrial boom. But it’s this rapid growth in the logistics and distribution space combined with the evolving supply chain that is pushing industrial demand into stratospheric heights. “Both manufacturing and logistics are fueling new leasing activity,” says Morrone.

“As we're seeing the supply chain disruptions, firms that have the capacity or have the potential to look into this real estate space will try to have something a little bit closer to home or closer to the market.” But just as it’s already doing, the industrial market in Chicago will continue to grow outwards, relieving some pressure on already matured and maxed-out submarkets like O’Hare and inner ring suburban areas. “There's absolutely still opportunity in industrial but you really just need to know

where to look right now,” Morrone says. “You're seeing a lot of positive momentum in I-80 and then tons of new development happening out in the I-55 corridor, which had a whole bunch of leasing activity in the third quarter.” It’s still to be seen how much relief the pipeline of under-construction industrial facilities will have on the overall market, however, it’s clear that 2021 will be looked back on and remembered as a banner year for Chicago industrial real estate.

The Top Brokers Thank the Top Sponsors! SIOR Chicago thanks our 2021 Platinum Sponsors for supporting the Chapter!

2021 Platinum Sponsors

Amazon’s two sibling facilities in Matteson and Markham each have a footprint of roughly 850,000 square feet, but stack multiple stories high to bring the total to 3.8 million square feet each. That’s roughly 7.6 million square feet just between the two facilities. But Amazon’s not done yet. There was also a 1 million square foot delivery in University Park that Amazon took this year, bringing their total to 8.6 million square feet of space just in the top ten list of new completions. Nine of the properties in the top ten deliveries for 2021 are build-to-suit facilities spanning everywhere from 1.66 million square feet to just 646,000 square feet. The lone spec deal was a facility in Joliet built by CenterPoint Properties. The other big-name tenants on the list include Uline, Crate & Barrel, Target, Ferrara Candy and Medline Industries. There’s more to come With over 25 million square feet of new industrial space still under construction by the end of Q3, this means that there will be significant deliveries in 2022. And with leasing activity and absorption so high, much of this yet-to-be-completed space is already claimed. But it’s not just the big box facilities that industrial tenants are after. “We're seeing supply problems for tenants in the lower square footage,” Morrone says about the current demand and low inventory. “Think about a constrained market like O’Hare where people want to be that

Adam Marshall, SIOR President

Sam Badger, SIOR Vice President

Chris Gary, SIOR Treasurer

Peter Billmeyer, SIOR John Cassidy, SIOR Secretary Director-At-Large

Tom Boyle, SIOR Past President

PO Box 539, Winfield, IL 60190 • 630.510.4570 • siorchicago.org FOLLOW US:

@siorchicago

! SIOR Chicago

@siorchicago

C H I CAG O I N D U S T R I A L P R O P E RT I E S N OV E M B E R 2 0 2 1

Downers Grove

Schiller Park

Region Area: DuPage Submarket Total Square Feet/Acres: 126,445 SF / 9.24 Acres

Region Area: O'Hare Submarket Total Square Feet/Acres: 114,274 SF

Owner: Bridge Industrial Address: 9525 W. Bryn Mawr Ave., Suite 700, Rosemont, IL 60018 Contact: Nick Siegel P: 312.683.7230 Website: www.bridgeindustrial.com

Bridge Point Downers Grove III is a 126,445 SF state-of-the-art industrial facility featuring 32’ clear heights, 13 exterior docks (expandable to 27); 2 DID; and parking for 136 cars. The project will be suitable for a wide range of tenants from full-building users to smaller users requiring as little as 40,000 SF.

Owner: Bridge Industrial Address: 9525 W. Bryn Mawr Ave., Suite 700, Rosemont, IL 60018 Contact: Nick Siegel P: 312.683.7230 Website: www.bridgeindustrial.com

Bridge Point Schiller Park III & IV will total 62,174 SF and 52,100 SF, respectively. Each industrial facility will feature 32’ clear heights, 125’ truck courts, five exterior docks each (expandable to 10). Building III will have one DID as well as parking for 74 cars. Building IV will have two DIDs, and parking for 48 cars.

Cushman & Wakefield

9500 W. Bryn Mawr Avenue, Suite 600, Rosemont, IL 60018 Broker Contact:

Sean Henrick, SIOR, sean.henrick@cushwake.com: David Friedland, david.friedland@cushwake.com; Michael Magliano, michael.magliano@cushwake.com

Steve Stone, SIOR, steve.stone@cushwake.com: Eric Fischer, eric.fischer@cushwake.com David Friedland, david.friedland@cushwake.com;

P: 847.518.9100

Melrose Park

Mundelein

Region Area: O'Hare / West Cook Submarket Total Square Feet/Acres: 1,539,780 SF / 86.63 Acres

Region Area: Lake County Submarket Total Square Feet/Acres: 320,365 SF / 23.85 Acres

Owner: Bridge Industrial Address: 9525 W. Bryn Mawr Ave., Suite 700, Rosemont, IL 60018 Contact: Nick Siegel P: 312.683.7230 Website: www.bridgeindustrial.com

Bridge Point Melrose Park will consist of three Class A buildings, two of which will measure 415,918 SF each, with the third building measuring 707,953 SF — making it the only site in this submarket that can accommodate a facility of over 500,000 SF. The buildings will have a Class 6B tax incentive in place.

Jones Lang LaSalle

8755 West Higgins Road, 7th Floor, Chicago, IL 60631 Broker Contacts: Charlie Kenning, charlie.kenning@am.jll.com; Brian Carroll, brianp.carroll@am.jll.com; P: 312.782.5800

Owner: Bridge Industrial Address: 9525 W. Bryn Mawr Ave., Suite 700, Rosemont, IL 60018 Contact: Nick Siegel P: 312.683.7230 Website: www.bridgeindustrial.com

Bridge Point Mundelein will feature 271 stalls for car parking, 98 stalls for trailer parking, 2 DIDs and 36' clear heights. Of the 98 trailer stalls, 67 are located in an adjacent lot and can be converted to car and/or box truck parking – offering tenants an extremely rare amenity in the land-constrained Lake County submarket.

CBRE

700 Commerce Dr., Suite 450, Oak Brook, IL 60523 Broker Contact: Whit Heitman, whit.heitman@cbre.com; Sam Badger, sam.badger@cbre.com; Jared Paff, jared.paff@cbre.com P: 630.573.7000

N OV E M BER 2021 C HICAGO INDUST R I A L P R OP E RT I E S

NOVEMBER MARKETPLACE WEATHERGUARD ROOFING CO.

ROOFING COMPANIES

CHICAGOLAND’S LEADER Sullivan Roofing Inc.

in commercial, industrial and architectural sheet metal roofing IL License #104-011830

345 Renner Dr. Elgin, IL 60123 P: 847.888.3008 Website: weatherguardroofing.net Key Contact: Roger Wahl, President, roger@weatherguardroofing.net Services Provided: We have serviced many general contractors, business and property owners in the Chicagoland and surrounding suburbs. We provide services for new construction, re-roofing, service work, and maintenance. We are knowledgeable in all the low slope, steep slope, and composition roofing systems. Company Profile: Established in 1999, Weatherguard Roofing Co. is an Industrial / Commercial Roofing Contractor with the highest quality, professional craftsmanship, coupled with personal service and a personal guarantee. Our roof mechanics are committed to excellence through ongoing in-house training and attendance at manufacture’s seminars for safety and proper application. Through hard work, attention to details and concentrated effort at complete customer satisfaction, makes Weatherguard Roofing Co. a preferred roofing contractor. Notable/Recent Projects: Johnsburg High School, Johnsburg, IL; Village Hall, Hoffman Estates, IL; St. Mary’s Church, Huntley, IL; Huntley Fire Department, Huntley, IL; Algonquin Library, Algonquin, IL. Chicago Veterans Home, Chicago, IL.

TAX INCENTIVES

DON’T WAIT UNTIL IT’S TOO LATE!

Deduct the Full Cost of Fire Sprinkler Systems in Qualiﬁed Property SULLIVAN ROOFING

60 E. State Parkway, Schaumburg, IL 60173 P: 847.908.1000 | F: 847.908.1099 Website: sullivanroofing.com Key Contact: Dan Davis, Executive Vice President Services Provided: • New Construction • Reroofing Services • Roof Repairs• Roof Renovations • Preventative Maintenance Program • Live Roof and other Garden Roof Applications • Vector Mapping Systems • Architectural Sheet Metal Fabrications and Installations Including Custom Design • Standing Seam Metal Roofing • Metal Wall Panel Systems (composite, insulated and corrugated) • Column Covers • Heavy and Light Gauge Metal Framing • Roof Screen Assemblies • Canopy Systems Installed over Truck Dock and Entrance Doors • Prefabricated Awnings “Mapes Canopies” and Sunshade System • Architectural Sheet Metal Repairs • Snow Guard and Snow Bar Retention Systems • Roof Hatches, Skylights, Smoke Vents and Solatubes • Concrete Paver and Wood Paver Walkway Systems • Fluid Applied Underlayment Systems Company Profile: Sullivan Roofing is the leading commercial roofing contractor in the Chicago area for both new construction and roofing renovations with over 160 million square feet of quality roofing installations. SRI sets the industry standard with its service, maintenance programs, quality assurances, and a comprehensive safety program. Sullivan Roofing strives to provide its clients with the very best in safety, quality, production, and service. Earned Carlisle Gold Level Hall of Fame 1,000 Perfect “10” Installations Award and has been an ESP Award Winner every year since 2002. Notable / Recently Completed Projects: Zurich North America HQ, Schaumburg, IL.; Clarius Park Joliet Building #2 Lot #2 Scotts BTS, Channahon IL Amazon Distribution Center, Channahon, IL; Amazon Distribution Center, University Park, IL; Medline, Grayslake, IL

KNICKERBOCKER ROOFING & PAVING CO., INC.

16851 S. Lathrop Ave. Harvey, IL 60426 P: 708.339.7260 Website: knickroof.com Key Contacts: Mark Moran, President, mmoran@knickroof.com; Brian Cronin, Vice President, bcronin@knickroof.com Services Provided: Commercial, Industrial and Institutional Roofing; Roof Maintenance Programs; Roof Repairs; Garden Roof Systems; Custom Architectural Sheet Metal and Metal Roofs; and Waterproofing. Company Profile: For over 135 years, Knickerbocker Roofing has offered quality products efficiently installed by skilled tradesmen and women. Each day we strive to deliver workmanship and service that meets or exceeds our clients' expectations.

Install or Retroﬁt Fire Sprinklers Today! 708-710-1448 • FIREPROTECTIONCONTRACTORS.COM BROKERAGE FIRMS FRIEDMAN REAL ESTATE

34975 W. Twelve Mile Road Farmington Hills, MI 48331 P: 888.848.1671 Website: friedmanrealestate.com Key Contacts: David B. Friedman, President/CEO; Gary Goodman, Sr. Managing Director-Brokerage Services Services Provided: Friedman offers a full range of real estate services including commercial and multifamily property and asset management, tenant and landlord representation, investment and loan sale advisory, space planning, design and construction and a unique platform of lenderfocused bankruptcy, receivership and distressed asset services. All services are provided inhouse, though a single point of contact, which guarantees that clients receive the most timely and efficient service available in the marketplace. Company Profile: Founded in 1987, Friedman Real Estate is one of the largest privately held commercial real estate organizations in the nation; currently managing over 15M SF of commercial space and more than 15,000 apartment homes located throughout the country. Friedman’s commercial brokerage team has over 800 current listings with $20 billion in closed transactions. Notable Transactions/Clients: • Hovis Light Industry Park – Dekalb; Poplar Creek Office Plaza – Hoffman Estates; 801 North Route 83 – Bensenville; Crystal lake Office – Crystal Lake; Broadway Village – Pekin; National Railway Equipment – Dixmoor; Daycare Building – Bolingbrook; Freeport Shopko – Freeport

NAI HIFFMAN

One Oakbrook Terrace, Suite 400 Oakbrook Terrace, IL 60181 P: 630.932.1234 | F: 630.932.7258 Website: hiffman.com Key Contacts: Dave Petersen, CEO, dpetersen@hiffman.com; Michael Flynn, COO, mflynn@hiffman.com Company Profile: NAI Hiffman is the largest independent real estate services firm in the Midwest, providing leasing, property management, tenant representation, capital markets project services, research, and marketing services for institutional and private owners and occupiers of commercial real estate. NAI Hiffman currently leases and manages over 100.5 million square feet, encompassing more than 800 properties in 28 states. With more than 200 employees, NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, with more than 6,000 local market professionals managing more than 1.15 billion square feet of property. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific. For more information, please visit hiffman.com.

ARCHITECTS/DESIGN-BUILD FIRMS LAMAR JOHNSON COLLABORATIVE

35 E. Wacker Drive, Ste. 1300 Chicago, IL 60601 P: 312.658.0747 Key Contact: Lamar Johnson, FAIA, LEED AP 2199 Innerbelt Business Center Drive St. Louis, MO 63114 P: 314.429.1010 Key Contact: Chip Crawford, PLA, FASLA, LEED GA Website: theljc.com Services Provided: Lamar Johnson Collaborative provides workplace strategy, landscape architecture, urban planning, architecture, and interior design. Company Profile: Lamar Johnson Collaborative is a full-service design and architecture firm committed to enhancing the quality of the human experience and to improving how design and architecture can impact each individual’s emotional being. By harnessing the power of integrated design, including architecture, workplace strategy, interior design, landscape architecture, urban planning and engineering, the company achieves its clients’ goals and aspirations. Notable/Recent Projects: Fulton East, Horizon Therapeutics, Upshore Chapter, 24 E Washington - Macy’s Flagship, Penn State Health Westview Garage, Savannah College of Art and Design - Victory, Blue Origin, Riverfront Fort Wayne Promenade Park, Kohl’s Distribution Center, 175 W. Jackson, EDGE @ BRDG, The John Buck Company, St. Louis County Library – Genealogy Library and Administrative Library Building, Iron Hill Mixed Use Development.

CONSTRUCTION COMPANIES/GENERAL CONTRACTORS CLAYCO, INC.

35 E. Wacker Drive, Ste. 1300 Chicago, IL 60601 P: 312.658.0747 Website: www.claycorp.com Key Contacts: Bob Clark, Executive Chairman & Founder, clarkb@claycorp.com; Kevin McKenna, President - Construction Group, mckennak@claycorp.com Services Provided: Clayco is a full-service turnkey real estate, architecture, engineering, design-build and construction firm. Company Profile: Clayco specializes in “the art and science of building”, by providing fast track, turnkey design build solutions in North America for commercial, institutional, industrial and residential building types. Clayco looks “beyond these walls” focusing on helping our clients fulfill their mission. Notable/Recent Projects: St. Louis – Centene Campus, 100 Above the Park, Benson Hill, Delmar Devine Chicago - Willis Tower Transformation Project, Macy’s Flagship Redevelopment, Fulton East, Upshore Chapter National – Blue Origin, Dominion, Centene East Coast HQ, Amazon E Commerce, Penn State

LAMP INCORPORATED

460 North Grove Ave. Elgin, IL 60120 P: 847.741.7220 | F: 847.741.9677 Website: lampinc.net Key Contact: Ian Lamp, President, ilamp@lampinc.net Services Provided: Design/Build, General Construction, and Construction Management services for additions, build outs, renovations, and new facilities for office, industrial, logistic, technology, and commercial buildings. Company Profile: Lamp Incorporated has been providing professional construction services for over 80 years. Our commitment of exemplary service to our clients creates projects that are completed early and with exceptional value. Notable/Recent Projects: Mitutoyo America Corporation North American Headquarters, Aurora, IL. 96,000 SF warehouse addition; 63,000 SF, three-story office addition, which includes high tech showroom, two story atrium, corporate offices/ conference room, cafeteria, and locker rooms.

MCSHANE CONSTRUCTION COMPANY

9500 West Bryn Mawr Avenue Ste. 200 Rosemont, IL 60018 P: 847.292.4300 | F: 847.292.4310 Website: www.mcshaneconstruction.com Key Contacts: Mat Dougherty, PE, President, mdougherty@mcshane.com Services Provided: McShane Construction Company offers over 30 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 developments for the industrial, food processing, multi-family, senior and student housing, office, healthcare, retail, hospitality, recreational and institutional markets. 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. Notable/Recent Projects: 4400 Grove – Chicago’s Bronzeville Neighborhood – Mixed-use, affordable fourstory development now complete totaling 84 rental units with commercial space on ground floor.

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: otable/Recent Projects: HSA Shorewood, Shorewood, IL - 757,880 sf speculative industrial facility for HSA Commercial Real Estate. Banner Wholesale, Chicago, IL - 75,000 sf wholesale grocery warehouse and corporate headquarters.

C H I CAG O I N D U S T R I A L P R O P E RT I E S N OV E M B E R 2 0 2 1 PEAK CONSTRUCTION CORPORATION

1011 E. Touhy Ave., Ste. 100 Des Plaines, IL 60018 P: 630.737.1500 | F: 630.737.1600 Website: peakconstruction.com Key Contacts: Michael P. Sullivan, Jr., CEO & Founder, msullivan@peakconstruction.com; John Reilly, President, jreilly@peakconstruction.com Services Provided: Peak Construction Corporation offers design/build and construction management services through a strategically developed culture, highly regarded for dynamic problem-solving abilities and a network of alliances that allow Peak to bring in experts and partners from a wide spectrum of fields and roles. Company Profile: Peak Construction Corporation is a privately-held, well-capitalized design/build firm. For almost 25 years Peak has delivered industrial, hospitality, office, healthcare, retail, multi-family and specialty construction projects on-time and on-budget. Notable/Recent Projects: Peak’s recent Midwest projects include NorthPoint Development’s Heartland 94 Logistics Center Building 1, IDI Logistics’ Gateway Romeoville, Janko Group’s Bristol Business Park and various tenant improvements throughout Chicagoland.

CONTRACTORS FINISHING CHICAGO

Four Westbrook Corporate Center, Suite 640 Westchester, IL 60154 P: 708.223.4499 Website: FinishingChicago.com Key Contact: Clark Johnson, Director of Marketing, ClarkJ@FinishingChicago.com Services Provided: We have the industry’s best trained finishing contractors in: Commercial and Industrial Painting, Wallcovering, Drywall Finishing, Glass Systems, Signage and Wood, Metal and Marble Finishing. Great finishes start at FinishingChicago.com! Company Profile: FinishingChicago.com represents the most safety-focused finishing contractors. We incentivize our contractors to continue safety and technical training throughout their careers like no one else! Visit our FREE website, select your specific job needs and receive an instant-match-list of pre-qualified, licensed and bonded contractors who work tirelessly until you’re completely satisfied.

M&J ASPHALT PAVING COMPANY, INC.

3124 S. 60th Ct. Cicero, IL 60804 P: 708.222.1200 Key Contacts: Key Contacts: Nick Distasio, President, Nick@mjasphaltpaving.com; Jim Distasio, Vice President Sales and Marketing; Jim@mjasphaltpaving.com; Scott Pirkins, Vice President Business Development, ScottP@mjasphaltpaving.com Services Provided: M&J Asphalt Paving Company is a self-performing contractor specializing in surface paving and restoration, road-building and decorative pavement solutions. Our full-service concrete offerings include installation and restoration as well as building, site and structural concrete. In addition to construction management services for projects of all sizes, M&J has four decades of expertise in ground maintenance, from landscaping to snow and ice control to parking lot preservation. Company Profile: As a family-owned and operated company servicing northern Illinois, M&J understands and tailors its solutions to the needs of a diverse clientele, including corporate and residential property managers, public and private utilities, general contractors and municipalities.

UNITED STATES ALLIANCE FIRE PROTECTION

28427 N. Ballard Drive Lake Forest, IL 60045 P: 847.816.0050 | F: 847.816.0098 Website: usafireprotectioninc.com Key Contacts: Michael Peterson, Vice President Marketing/Sales; Phil Linduska, Business Development Manager; Tim Farmer, Service Sales Manager Services Provided: Testing, Inspection & Maintenance of Fire Sprinkler Systems in compliance with NFPA 25. Typical Inspection and Testing offered; Standpipe systems, Fire Pumps, Backflow prevention, Fire Extinguishers, Exiting Lights, private fire service mains and water storage tanks. 24/7 Emergency Services. Leaders in Commercial, Industrial, Residential, and Special Hazard Fire Sprinkler Systems. Company Profile: Established in 1986, USA Fire Protection has become the largest Fire Sprinkler Company in the Midwest over the past 35 years. Now under the umbrella of the APi Group, we have service capabilities from coast to coast. We maintain over 70 service vehicles in the Chicago area that are on call 24/7. D&B rating of 5A2, EMR rating of .64. In house engineering staff. USA FP will provide “The personal attention of a small company with the strength of an industry leader.

DEVELOPERS CENTERPOINT PROPERTIES

1808 Swift Drive Oak Brook, IL 60523 P: 630.586.8000 Website: centerpoint.com Key Contacts: Bob Chapman, Chief Executive Officer; bchapman@centerpoint.com; Michael Murphy, Chief Development Officer; mmurphy@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 large rail, port and trucking infrastructure assets. Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics and supply chain problems. With an agile team, substantial access to capital and industry-leading expertise, we provide our customers with a competitive edge and ensure their success—no matter how great the challenge.

N OV E M BER 2021 C HICAGO INDUST R I A L P R OP E RT I E S CONOR COMMERCIAL REAL ESTATE

9500 W. Bryn Mawr Avenue, Suite 200 Rosemont, IL 60018 P: 847.692.8700 | F: 847.292.4313 Website: conor.com Key Contacts: David J. Friedman, President, dfriedman@conor.com; Brian Quigley, Executive Vice President, bquigley@conor.com Services Provided: Conor Commercial identifies and implements the most suitable commercial real estate strategy to yield increased returns for each real estate opportunity. With offices and seasoned real estate professionals strategically located throughout the country, the firm provides the experience and resources needed to develop and stabilize real estate developments that maximize positive returns to investors and partners. Company Profile: Conor Commercial Real Estate is the integrated real estate development firm of The McShane Companies headquartered in suburban Chicago, Illinois with regional offices located in Dallas, Houston, Irvine and Phoenix. The firm is active on a local, regional and national basis in the development of master-planned industrial and office parks, multifamily properties, medical office developments and built-tosuit projects for lease or purchase.

CRG

35 E. Wacker Drive, Ste. 1300 Chicago, IL 60601 P: 312-658-0747 2199 Innerbelt Business Drive St. Louis, MO 63114 P: 314-429-5100 Key Contacts: Shawn Clark, President clarks@realcrg.com; Chris McKee, Chief Development Officer, mckeec@realcrg.com Website: www.realcrg.com Services Provided: Development, Site Selection, Site Planning & Cost Analysis, Engagement & Entitlements, Incentive Discovery & Negotiation, Financing, Development Management, Leasing & Administration, Asset Management and Investment Management. Company Profile: CRG is a privately held real estate development firm that has developed more than 9,000 acres of land and delivered over 200 million square feet of commercial, industrial, institutional and multifamily assets exceeding $12 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Columbus, Southern California St. Louis and Philadelphia. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com. Notable/ Recent Projects: CRG’s recent Midwest projects include Wildhorse Village, an 80-acre, mixed-use development in Chesterfield, Missouri and NorthPark Distribution Center in St. Louis. Nationally, the firm has various projects under The Cubes industrial brand, including The Cubes at DuPont near Seattle and The Cubes at Bridgeport in Atlanta.

EDCS

17 NAPERVILLE DEVELOPMENT PARTNERSHIP

22 E. Chicago Ave., Ste. 205 Naperville, IL 60540 P: 630.305.7701 | F: 630.305.7793 Website: www.Naper.org Key Contact: Christine D. Jeffries, President, CJeffries@Naper.org Services Provided: The Naperville Development Partnership promotes the City of Naperville and its many businesses. Whether you are an existing business looking to relocate or a new company, we will take the time to show you what Naperville has to offer. Company Profile: The Naperville Development Partnership is a public / private economic development organization that promotes business interest in the City of Naperville. Our mission is to enhance the economic vitality of Naperville and maintain its outstanding quality of life. This is achieved through the retention and expansion of existing businesses as well as attracting new business to the community.

FINANCE & INVESTMENT FIRMS ASSOCIATED BANK

525 W. Monroe Street, Ste. 2400 Chicago, IL 60661 P: 312.544.4645 Website: associatedbank.com/cre Key Contacs: Gregory Warsek, Group Senior Vice President/ Senior Regional Manager, greg.warsek@associatedbank.com Services Provided: Our clients include professional developers of income producing commercial real estate, including multi-family properties, retail, office, self- storage, student housing, industrial, and for sale housing. Company Profile: Commercial Real Estates offices are located in Chicago, Milwaukee, Madison, Green Bay, Cincinnati, Indianapolis, Minneapolis, Detroit, St. Louis and Dallas. Associated Banc Corp has total assets of $35 billion and is one of the top 50 financial services holding companies in the United States.

CENTERPOINT PROPERTIES

1808 Swift Drive Oak Brook, IL 60523 P: 630.586.8000 Website: centerpoint.com Key Contacts: Bob Chapman, Chief Executive Officer, bchapman@centerpoint.com; Jim Clewlow, Chief Investments Officer, jclewlow@centerpoint.com Services Provided: CenterPoint Properties is an innovator in the investment, development and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases and sells state-of-the-art warehouse, distribution and manufacturing facilities near major transportation nodes. Our experts focus on large rail, port and trucking infrastructure assets. Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics and supply chain problems. With an agile team, substantial access to capital and industry-leading expertise, we provide our customers with a competitive edge and ensure their success—no matter how great the challenge.

CITY OF ELMHURST

209 N. York Street Elmhurst, IL 60126 P: 630.530.6017 Website: elmhurst.org Key Contact: Erin K. Jason, Business Development Coordinator, erin.jason@elmhurst.org Services Provided: The Elmhurst team will help you find the right location, navigate permit, licensing, and grant application processes, and foster relationships with partners in economic development. Contact us to discuss all Elmhurst has to offer you, your employees, and your enterprise. Company Profile: The eastern gateway to DuPage County, Elmhurst is an ideal location, sixteen miles west of Chicago, minutes from O’Hare airport, and at the crossroads of key Illinois expressways offering minimum drive time to major market places. This dynamic suburban city is home to more than 44,000 residents and 2,700-plus businesses.

CHASE COMMERCIAL TERM LENDING

10 South Dearborn, Floor 19 Chicago, IL 60603 P: 844.853.7814 Website: chase.com/CTL Key Executives: David Fetter, Multifamily Lending Regional Manager; Jake Bade, Commercial Mortgage Lending Regional Manager Services Provided: Chase Commercial Term Lending provides real estate owners the best financing solutions for purchasing or refinancing stabilized apartment buildings, and industrial, office, retail, and mixed use properties. Description: Our Commercial Real Estate teams provide clients the insights, hands-on service, array of comprehensive financial solutions, and unrivaled certainty of execution they need to be successful throughout the cycle. Clients benefit from our no hassle loan process, simplified documentation, competitive pricing, low fees, exclusive industry insights, and excellent customer service from start to finish. Our goal is to provide the best, straightforward multifamily and commercial property loan financing experience in the industry. Call us today to learn how to put our resources to use on your next deal. Service Territory: Nationwide

MONTGOMERY ECONOMIC DEVELOPMENT CORPORATION

200 Webster Montgomery, IL 60538 P: 630.897.6748 | P2: 815.703.1338 Website: Montgomery-illinois.org Key Contact: Charlene Coulombe CEcD EDFP, Executive Director, char@montgomery-illinois.org Services/Demographic Info: Montgomery, Illinois is home to over 18,000 residents, and nestled between The City of Aurora and Naperville, putting us in the center of a huge diverse labor pool. The community also continues to grow in the industrial and distribution market with daytime job counts exceeding any community of our size. Incentives: The Village has several designated TIF Districts which can assist in infrastructure costs. The community also has a series of programs including Small Business Loans & Grants. Recent CRE Activity: Montgomery has a huge redevelopment project underway. Reich Brothers purchased the Caterpillar site and is currently redeveloping the 350 acre site. Caterpillar still employs over 500 employees in the facility and there have been several signed deals. Three new restaurants have opened in addition to a new apartment complex on Route 30 & 34. Montgomery provides a business friendly environment and has certified and professional staff to guide you through any process.

MARQUETTE BANK

10000 W. 151st Street Orland Park, IL 60462 P: 708-364-9135 Website: emarquettebank.com Key Contact: Mark Wojack, Senior Vice President, mwojack@emarquettebank.com Services Provided: Full line of Commercial, Business and Real Estate loans customized to your individual needs including: commercial and residential construction loans, commercial mortgages, equipment loans and working capital lines of credit. Company Profile: Marquette Bank started in Chicagoland in 1945 and is still locally-owned/operated. Expect quick decisions, competitive rates, easy application and personal service.Personal/business banking and lending, home mortgages, land trust services, estate planning, insurance services, wealth management and multifamily lending.

FOR ADVERTISING OPPORTUNITIES IN THIS SECTION, PLEASE CONTACT SUSAN MICKEY AT SMICKEY@REJOURNALS.COM OR 773.575.9030

0617 FPC 10X13.qxp_Layout 1 6/17/21 1:55 PM Page 1

DON’T WAIT UNTIL IT’S TOO LATE! Deduct the Full Cost of Fire Sprinkler Systems in Qualiﬁed Property

Install or Retrofit Fire Sprinklers Today! The The Federal Federal CARES CARES ACT ACT Allows Allows Commercial Commercial Business Business and and Property Property Owners Owners to to Upgrade Upgrade Their Their Existing Existing Structures Structures and and Write Write Off Off the the Entire Entire Cost Cost of of Installing Installing and and Retrofitting Retrofitting their their Qualified Qualified Property Property Until Until December December 2022. 2022. Fire Fire Sprinklers Sprinklers Can Can Save Save Your Your Property Property and and Business Business from from Losing Losing Business Business Days of Operation and Avoid Permanent Closure Due to a Fire. Days of Operation and Avoid Permanent Closure Due to a Fire. Now Now is is the the Time Time to to Take Take Advantage Advantage of of the the New New Cares Cares Act Act Tax Tax Incentives Incentives

CALL OR CLICK TODAY!

708-710-1448 • FIREPROTECTIONCONTRACTORS.COM *Consult Your Tax Professional ASAP about Sections 179 & 168/13201 in Public Law 115-97

IN MASONRY RESTORATION

THE PROFESSIONALS

Maintaining Skylines For Over 100 Years

The Pointers Cleaners Caulkers Union was established in 1898 and joined Bricklayers International in 1938. As “The Best Hands in the Business” we handle accidental and weather related damage, and deterioration to your masonry façade from store fronts to skyscrapers, historical landmarks to new construction. All members are medically evaluated and fit tested and go thru 10 to 30 hours of OSHA training. Recognized by the City of Chicago for Scaffold Training, members are also trained in Fall Protection and Silicosis Awareness. The Apprenticeship requires a minimum of 3 years training and is registered with the United States Dept of Labor.

Anyone Interested in Quality Workmanship can contact: Administrative District Council #1 Call (630) 941-2300 for a list of Signitory Contractors Websites: tuckpointers.weebly.com www.bacadc1.org Ad paid for by Tuckpointers Promotional Fund

We’ve got Chicago covered Fashion Outlets, Rosemont

Audi, Highland Park

LLION sqft

160 MILLION sqft

nstallation Knoch Knolls Nature Center,of roofing installation Naperville

160

stallation

square feet of roofing installation

ILLION

LION

MILLION

Zurich HQ, Schaumburg

sq ft

nsta l lat ion

160 MILLION

sq ft

of roof i ng i nsta l lat ion

SullivanRoofing.com 847.908.1000 IL License Number 104-011830