Chicago Industrial Properties - September 2021 by RE Journals

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Here’s who is leasing industrial space in the Chicago area this year

(and it’s not just Amazon)

The exterior of one of Amazon's newer hubs in Chicago. Photo by AJ LaTrace.

By AJ LaTrace, Managing Editor mazon, Tesla, and Lion Electric: These are just a few of the big players who are gobbling up industrial space across the Chicago area this year, helping push the region to a 20-year record low industrial vacancy rate. But how much space are they taking and how much is currently under construction? A recently released Q2 2021 report from Colliers offers insight into these numbers, and more.

The report indicates what others have already illustrated this year, which is that demand is high for new industrial space and vacancies are low. But the Colliers report specifically looks at big box buildings specifically, or properties that are 200,000 square feet or larger with 28'

clear height or greater. And the Q2 numbers show that the record-setting pace of leasing activity continued into the early summer. One big takeaway is that 7.1 million square feet of big box industrial space was absorbed in the second quarter of 2021, bringing the total between the first half of the year to 15.3 million square feet of industrial space taken. This means that in the first half of 2021, more space was absorbed than in the entirety of 2020 (which was 15.1 million square feet). The 8.2 million square feet of net absorption from Q1 this year is the record, the report indicates. LEASING (continued on page 12)

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How distribution’s big moment is leading to exponential growth for property owners and logistics operators By AJ LaTrace, Managing Editor

n May, RJW Logistics announced that it had leased a new 452,000-square-foot Class A industrial building in suburban Lockport to expand its warehouse and distribution operations in the Chicago area. When reviewing the biggest lease deals during the second quarter of 2021, RJW’s commitment to the Lockport space was the largest lease along the I-55 corridor and the sixth overall biggest industrial lease in the Chicago region. “Just wait until Q1 and Q2 of next year, and we’ll be on [the list of biggest leases] again,” says Kevin Williamson, CEO of RJW Logistics, on the company’s big lease commitments and rapid growth in the area. LOGISTICS (continued on page 10)

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Here’s who is leasing industrial space in the Chicago area this year (and it’s not just Amazon) Amazon, Tesla, and Lion Electric: These are just a few of the big players who are gobbling up industrial space across the Chicago area this year.

How distribution’s big moment is leading to exponential growth for property owners and logistics operators RJW Logistics completed the sixth biggest overall lease during the second quarter of 2021 with it's 452,000-square-foot Class A industrial building in suburban Lockport.

Aviation Institute of Maintenance opens nation’s largest aircraft mechanic school on the South Side of Chicago After successfully developing a series of campuses across the country, the Aviation Institute of Maintenance set its eyes on the Chicago area a year ago as the location for its next outpost.

Perhaps unsurprisingly, Chicago real estate professionals feel most positive about the industrial asset class The Real Estate Center at DePaul University has released its midyear perspective report where it reveals survey results from commercial real estate professionals across the Chicago region.

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FROM THE EDITOR "The good times in industrial real estate keep rolling, but with development prices rising as high and quickly as they have, this could translate to a higher risk potential for some investors."

ndustrial’s big moment has continued at a blistering pace here in the Chicago area, and there’s still no end in sight. While the high cost of construction materials combined with increasing competition for land sites has caused the price for new development to skyrocket, there’s still a need for space, and developers appear to have no trouble lining up long-term tenants for these new Class A buildings.

And as the summer months come to an end and we approach the fourth quarter of 2021, the pandemic has come roaring back into the public eye in a big way. This alarming trend has not only taken a toll on hospitality and office space, but it’s likely to continue to impact supply chains and the need for safety stock for both brick-and-mortar and e-commerce retailers.

There have been a number of notable industrial lease deals this year, and it’s not all been from Amazon (though, they have continued to gobble up space). Electric vehicle companies like Lion Electric and Tesla have committed to big lease deals this year, and downstate, there’s Rivian, which is gearing up for a big IPO. Meanwhile, at least seven buildings at, or over 1 million square feet in size, are still under construction.

The good times in industrial real estate keep rolling, but with development prices rising as high and quickly as they have, this could translate to a higher risk potential for some investors. However, those who sat out during the early months of the pandemic found themselves set-back in a period where time was the most precious commodity. Will the industrial gold rush continue well into 2022? It seems likely.

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Aviation Institute of Maintenance opens nation’s largest aircraft mechanic school on the South Side of Chicago By AJ LaTrace, Managing Editor

fter successfully developing a series of campuses across the country, the Aviation Institute of Maintenance set its eyes on the Chicago area a year ago as the location for its next outpost. And on Wednesday, September 15, elected leaders, community members and executives of the Aviation Institute of Maintenance gathered at 3711 S. Ashland Avenue in the McKinley Park neighborhood to celebrate and commence the opening of the nation’s single largest aviation maintenance education facility. The bull run in industrial real estate that the country has been witnessing over the last year and a half has been a boon to logistics, manufacturing, and other traditional industrial uses, but at the same time, the increasing demand and need for skilled labor is another piece of the equation which could actually end up impacting some of the exponential industrial growth we’re seeing in the Chicago area and beyond.

And this is where the Aviation Institute of Maintenance comes in, says Dr. Joel English, the company’s Executive Vice President. “You hear a lot about industrial, but not a whole lot about industrial education,” English says. “And that's a reality that is hampering the growth of a lot of organizations like airlines, maintenance repair stations, and even manufacturers.” The Virginia-based company, which operates 14 campuses under the Aviation Institute of Maintenance (AIM) flag and six Centura College locations within Virginia, has big plans for the Chicago area, which will not only provide training towards FAA certification for aircraft mechanics, but will ultimately also offer programs and training for skilled careers in welding, CNC operation, and manufacturing. Currently, the organization has roughly 5,000 students enrolled across the country.

After the first five years of operation, the Chicago location could support upwards of 600 students, English says, providing a pathway to gainful employment for graduates while also bolstering the local workforce for businesses like Boeing, United, and the numerous other companies that operate in and around the city’s airports. However, the skills taught are also transferable to other roles in heavy industry, English adds.

a former Wal-Mart Neighborhood Market in Charlotte, an old Circuit City store in northern Virginia, or a former Saturn dealership in central Florida, the organization opted for a 20-year, single-tenant lease of the new industrial facility at 3711 S. Ashland developed by Logistics Property Company. In his experience, some of the benefits retail locations tend to offer are available parking and central location near communities, English says.

“I've heard over and over again, [hiring managers] need people who know something about manufacturing, they need welders, they need CNC operators or they need aviation mechanics,” English says about the demand for skilled labor. “And we do well when industry says yes, I know there's a workforce in Chicago that is trained and ready to hire, so I’ll move there.”

But after taking the entire 137,000-squarefoot South Ashland facility, the space that was originally designed for and meant to accommodate 18-wheeler parking was converted into standard vehicle parking for AIM’s upcoming students. With an expectation of having upwards of 600 students enrolled, the school needed roughly 350 parking spaces to be feasible.

While AIM has had success with repurposing shuttered retail locations, such as

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AVIATION (continued from page 6)

Additionally, forming partnerships with the City Colleges of Chicago and Chicago Public Schools was a crucial component of the deal, English suggests. Students who have successfully completed relevant courses in high school will be able to roll those credits over into AIM’s maintenance program. And students enrolled at Olive-Harvey College will be able to take courses at AIM, “making it very affordable for them,” English adds. English also credits broker Michael Conway, VP with JLL, as being essential to not only the site selection, but in helping to connect AIM to and build a partnership with World Business Chicago, which in turn put the plan on the mayor’s radar. Gavin Stainthorpe, also a VP at JLL, worked on the deal with Conway. “I always get to know and work with the community before I bring a school into town, but the kind of the business group that is World Business Chicago is one that I don't know that I would have figured out without his help on that,” English says of the collaboration.

"There's this sort of ... myth, that if you're doing aviation maintenance, you need to be near an airport because that's where the airplanes are. And that is very much the opposite of the way I view things." Conway says that the South Ashland site came out on top not only for being a newly completed building, but for its central location near population density. Additionally, industrial properties typically offer a more competitive value proposition over retail locations, Conway suggests. “What’s interesting is a large e-commerce company built a brand new facility at 35th and Ashland just two blocks north, so I think everyone thought that this was going to be a last-mile distribution play,” Conway says of the South Ashland loca-

tion. “But those aren’t the only companies who go to the city, right?” In many ways, an e-commerce company’s need to be near population density is the same as AIM’s when it comes to student body and talent pool. However, Conway also highlights the need to be accessible for commuter students coming from the suburbs as well. Conway says that being within Chicago proper was “faraway the winner” and made more sense than being out in a far-flung suburb or edge city.

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“If you’re in Melrose Park or Skokie, or up in Highland Park or Glenview, it’s easier to get to 37th and Ashland than somewhere down I-55 in the south suburbs,” Conway says of the location. “How is that different than going to Columbia, Roosevelt, or UIC, especially, which is known as a commuter school?” While the South Ashland facility is also located near Midway Airport, both Conway and English say that being close to an airport was not a priority. English goes even further and calls the idea that an aviation maintenance school needs to be near an airport a “myth,” instead suggesting that it’s far more important to be in a location that’s more convenient for students to get to. “If you visit any one of the other 170 aviation maintenance schools in the country, almost all of them are on an airport,” English says of the trend. “But there's this sort of, I'm just gonna call it a myth, that if you're doing aviation maintenance, you need to be near an airport because that's where the airplanes are. And that is very much the opposite of the way I view things, because I can get an aircraft to a school, but what I can't do is get the students that need to go to a technical school like mine to an airport.”

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LOGISTICS (continued from page 1)

But RJW Logistics isn’t alone. Kenco Logistics, Dynamic 3PL, and of course, Amazon, are other businesses either committing to large lease deals for industrial space in and around Chicago for warehousing and distribution. The industrial real estate boom occurring in major metros throughout the country can largely be attributed to the exploding demand and opportunities within the broader logistics realm. And the Chicagoland area is no different. If anything, the region’s long standing reputation as a vital transportation hub has only bolstered its logistics credentials and led to a flood of new investment as developers feverishly add new Class A industrial space along the Chicago area’s major interstate and rail arteries. Companies like RJW Logistics are meeting an usual moment; one where the very nature of retail, e-commerce, and supply chain logistics are evolving at a breakneck pace. According to Williamson, the company has leased up 3.2 million square feet of space since 2016, and plans to take on another 500,000 to 1 million square feet of space over the next 12 months. In its May announcement, RJW Logistics said that its Lockport facility would service 60 to 100 customers and handle 550,000 pallets and ship over 66 million cases annually. And that’s just one building in its network of seven logistics facilities in the Chicago area. And there’s still more room to grow because there is still a major need for retailers to keep up with supply and demand, Williamson says. But there’s also been increasing competition within the 3PLs as well. “Recently, you’ve seen a surge of growth because there’s been disruption within the supply chain,” Williamson explains. “Since June, we have seen 12% of cancellations of POs due to lack of inventory. They don't have enough inventory to hold in our space and to fulfill the orders of the demand by the consumer — that’s huge because it means that we need 12% more space than we actually have.” The company has taken a different approach to its logistics strategy by consolidating its operations and expansion efforts solely within the Chicago area. This not only gives RJW Logistics a greater regional presence, but the model is really designed for optimal performance, Williamson suggests. “These buildings that we're putting up are organic growth that's not necessarily expansion with the suppliers that are in our program,” says Williamson. “It’s suppliers that are coming to us because other 3PLs are not performing at a high level and don't have the infrastructure and the technology in order to keep up with that.” That infrastructure, he suggests, is the model where RJW Logistics operates its own buildings and manages its own fleet

Photo courtesy of RJW Logistics

"We've got 1,600 employees within five miles of one another, so we have no disruption within our seven buildings." of vehicles while employing a single-market methodology. There are numerous benefits to the model, Williamson says, from handling last-minute staffing changes between nearby facilities, to meeting on-time performance standards for local customers, and even attractiveness as a tenant to industrial landlords because of the sheer number and diversity of client retailers. And because each building serves dozens of client businesses, there are economies of scale for both large and small retailers in delivery of goods. “The methodology that we use for that one-inventory strategy is really proving itself through the pandemic,” he says of the business model. “We've got 1,600 employees within five miles of one another, so we have no disruption within our seven buildings.” Another entity who is seeking to quickly become a regional player in the booming distribution and last-mile delivery game is the Israel-based Faropoint. The company announced its first purchase of a Chica-

go-area industrial building only in June, but has set an ambitious pace for future property acquisitions, says Senior Vice President, Jordan Kovalsky, who manages the midwest region for Faropoint. “Our first fund, which launched in 2018, had about $350 million in purchasing power,” Kovalsky says. “This next one, which we just kicked off in July, is over $1 billion in purchasing power.” Kovalsky says that Faropoint is on pace to close 100 assets this year, doubling what it did in 2020. The company is targeting smaller buildings, for example, the 30,000-square-foot Glendale Heights property Faropoint paid $2.2 million for in June or the 43,500-square-foot building in Mount Prospect the company closed on in August. Acquiring smaller buildings not only allows Faropoint to level up its portfolio quickly, but there’s still a lot to be determined in how last mile logistics will ultimately look in the coming years, Kovalsky suggests.

“If you asked what last mile was a few years ago, it could be a 200,000-, 300,000-, or 400,000-square-foot building, and that's really pivoted to where now you might see a 20,000-square-foot building in the heart of Chicago,” she explains. “They're not necessarily racking, but they are distributing product that needs to be in downtown Chicago in under 10 minutes.” But it’s not just downtown Chicago. There’s a need for last mile delivery facilities in many other inner- and outer-ring suburbs and edge cities, she adds. But being the new kid on the block has its challenges, Kovalsky concedes. “Faropoint gives us the leverage to be a good buyer, which I believe helps, but those first couple of deals were challenging,” she says of the entry into the Chicago market. “With all of that increased competition, I think it's probably pushing pricing a little bit — whether that's justified or not, I'm not sure — but it's also just increasing the competition on the bid sheet.” Building inroads with the brokerage community is going to be a key to Faropoint’s success in the Chicago market as there’s so much competition for deals that commercial brokers may not have to shop properties around like they used to. “A lot of these deals were probably trading off market before, but now brokers are saying, well, I may as well bring [an opportunity] to three, four or five groups, just to see if I can push pricing a little bit,” Kovalsky describes. “We probably would have bought twice as many deals by now if not for that, but we're almost at a million square feet and we just started buying here four months ago.”

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LEASING (continued from page 1)

The data illustrates the strong demand for industrial real estate at the present moment, yet it’s likely to continue well into the future, says Mike Senner, Executive Vice President at Colliers. “[It used to be that] when I felt that we were at the end of a cycle, and saw that we had a good run for 24 or 36 months, I’d think that it’s got to taper at some point. But I don’t feel like that now,” Senner says

of the current investment climate for industrial real estate in the Chicago area. “There’s a lot of demand at the moment and because of the fact that there's more money allocated to buy industrial real estate, there's been a ton of cap rate compression, and more people entering the industrial development arena, we’ve been in a good environment for a while, but this is like a turbo-charged version of that.” Currently, 19.5 million square feet of new industrial space is under construction throughout the Chicago area, a significant increase from the 13.6 million square feet

that was being built during the first quarter. Completions were big in Q1 however, with 7.8 million square feet of new space being delivered in the first three months of

the year while another 1.67 million was completed between April and June. Competition is fierce as developers seek sites in desirable locations to construct

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"Land prices continue to grow even though construction costs have risen."

company Veritiv with its 482,000-squarefoot transaction in Aurora.

is for returns, so you’ll see that continue to be strong and grow.”

in Romeoville is the second largest facility under construction at the moment.

“A couple quarters ago, Amazon represented about 52% of all the absorption here,” Senner says of the e-commerce giant’s exponential growth in the Chicago area. “Some people say that for every squarefoot of retail that goes off the board, three square feet of industrial is needed. Some of that is for fulfillment and some of that

With demand so high and contractors constructing space at a feverish pace, there is still much more to come in the coming quarters. According to the report, the largest under-construction project is a massive 1.29 million square-foot facility for Scott’s Miracle Gro out in Channahon. Wayfair’s 1.2 million square-foot space being built

Other 1+ million square-foot facilities in the works across the region are being built for companies such as Proctor & Gamble, ULINE and Target. Even candy maker Haribo is getting in on the industrial boom by building a facility in Pleasant Prairie to distribute its beloved gummies.

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new big box industrial properties, but at some point, the intensely hot (and pricey) market could see some developers or players decide to finally sit it out as the potential for risk increases. “Land prices continue to grow even though construction costs have risen,” Senner says of the trend. “It’s really competitive, but it’s hard to not make money as an industrial developer at the moment. However, there are some people who will cap out and say, ‘I'm not going to pay 22 bucks a foot for land near O'Hare,’ and then others will pick it up, they'll build a building to lease it, and they'll sell it at a four-cap and they'll be they'll be in good shape.” As to the who, what and where, the report also offers a list of the biggest leases and largest active construction projects in the Chicago area by the end of Q2. The biggest lease deal from Q2 2021 was Lion Electric’s commitment to over 900,000 square feet in Joliet. The electric bus company announced its intentions to open a manufacturing facility in May, in which 745 jobs are expected to be created once it is up and running. The second largest lease from last quarter was by Kenco Logistics, which is taking roughly 850,000 square feet in Minooka. The move by Lion Electric, along with the big lease deal by Tesla in Lockport, could signal that electric vehicle manufacturers are looking to secure good sites in the region as the industrial real estate boom sees more and more demand and competition for the best locations. “There certainly seems to be a bit of a rush to secure locations in big metropolitan areas, but Rivian, and companies like that, haven't made any money yet despite their market cap being crazy,” Senner says. “It’s a trend where we ask, is that something that will be here forever, or is it a gold rush and everyone thinks they need a foothold?” Not to be outdone, Amazon has kept up the pace of its industrial leasing in the region, taking a combined 1.13 million square feet just in the second quarter alone. The leases were for a 629,000-square-foot deal in Huntley and a 501,000-square-foot space in Waukegan. Rounding out the top five lease deals of Q2 is paper and packaging

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Perhaps unsurprisingly, Chicago real estate professionals feel most positive about the industrial asset class By AJ LaTrace, Managing Editor

he Real Estate Center at DePaul University has released its midyear perspective report where it reveals survey results from commercial real estate professionals across the Chicago region in order to gain a better understanding on current outlooks and sentiments.

optimistic on the industry than they were in the same period last year.

Perhaps unsurprisingly, the cohort surveyed feels most positive about the industrial asset class over other, more distressed ones. Those surveyed for the results have some connection to The Real Estate Center at DePaul University, The Real Estate Investment Association (REIA) or the CoreNet Global | Chicago Chapter, the report indicates, which offers insight into the attitudes and perspectives of the regional CRE market. While parts of the industry are still struggling to fully recover from the pandemic downturn, a majority of those surveyed feel more bullish than not on Chicago area real estate. When considering the entire Chicago area region as a whole, nearly 36% of those surveyed say they are bullish on Chicago real estate, 25%

say that they are neither bullish nor bearish, but instead, optimistic, while 17% said that they are bearish. Another 21% of the group indicated that they weren't bullish or bearish but instead, remained concerned in their outlook. Generally speaking, more CRE professionals are bullish or

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However, when we start looking into specific asset classes and property niches, the results skew much more broadly. When ranking the strength of various asset classes from 1 to 5, where 5 is the strongest, industrial real estate ranked the highest at 4.38. Data centers, which typically falls under the broader industrial asset class, were also viewed favorably at just over 4. However, the weakest segments of the area's real estate market as dictated by those surveyed were downtown office, hotels and retail malls. Another interesting look is at policy decisions and local leadership, which had a bit more balanced results. However, of the items listed, the effectiveness of City of Chicago leadership

ranked as the top concern. Uncertainty on Cook County property taxes ranked a close second, while the effectiveness of state leadership was the third issue of most concern among those surveyed. As for industrial, while local CRE professionals believe it is the strongest asset class at the moment, there are still issues to confront related to supply chain issues and volatile pricing of building materials. There's also still much to be determined in how the future supply chain looks and functions, but Chicago is expected to continue playing an important role in national distribution. "The pandemic opened our eyes to the challenges of just-in-time delivery,” says Ben Paolone, Executive Vice President, Investments & Capital Markets, Becknell Industrial, who is quoted in the report. “We’re now seeing some users increase the levels of inventory on hand, and thereby creating greater demand for space. Moving forward this is likely to become a more normalized practice."

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BROKERAGE FIRMS CATON COMMERCIAL REAL ESTATE GROUP DOLAN & MURPHY TEAM

765 Orchard Avenue Aurora, IL 60506 P: 630-801-8800 Website: CatonCommercial.com Key Contact: Brian K. Dolan Commercial Broker, BK.DolanMurphyTeam@CatonCommercial.com Services Provided: The professional team of commercial real estate brokers on the Dolan & Murphy Team of Caton Commercial Real Estate represent the interests of landlords, tenants, investors and property owners with strong roots in Aurora, IL and the surrounding suburbs. The brokers of this dynamic team handle a wide range of commercial real estate transactions, specializing in industrial, land sales, development and investment sales. Company Profile: The Dolan & Murphy Team joined the Caton Commercial Real Estate Group in January of 2021 leveraging their brokerage expertise and client relationships as a collaborative group. The Dolan & Murphy Team has a long legacy and has been transacting in commercial real estate since 1965; providing trusted advisory and intelligent solutions that drive wealth creation for clients through third party brokerage transactions and value creation through skilled property management services. Notable Transactions/Clients: Lease of 230,979 SF warehouse at 900 Knell Rd in Montgomery; Sale of Valley Green Golf Course in North Aurora to OPUS, Sale of Oberweis Property in North Aurora (Randall & Ice Cream Dr) to Transwestern

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

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.

CONSTRUCTION COMPANIES/GENERAL CONTRACTORS ALSTON CONSTRUCTION COMPANY

1900 Butterfield Road, Suite 1020 Downers Grove, IL 60515 P: 630.437.5810 Website: alstonco.com Key Contact: Greg Kolinski, Director of Business Development, gkolinski@alstonco.com 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 is celebrating 35 years of excellence in 2021, and we believe our success comes from being a true partner. With 21 offices nationwide, we have market knowledge throughout the country, which provides clients with the best building methods and materials available. Our goal is to provide quality, cost efficient projects that leave a positive experience for our clients and their communities. Notable/Recent Projects: 1.5M SF Distribution Center for General Mills. John Pennycuff Memorial Apartments 7-story, 88-units. Call Center with open offices with full-service café, gymnasium, and fitness center for Medline Industries. Freestanding Medical Office Building with 33 exam rooms, rehabilitation gym, and support service/diagnostic space for CHI Health and NexCore Group.

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

GILBANE BUILDING COMPANY

123 N. Wacker Drive, 26th Floor Chicago, IL 60606 P: 312.614.4100 Website: GilbaneCo.com Key Contact: Karrie Kratz, Vice President, kkratz@gilbaneco.com Services Provided: Gilbane provides a full slate of construction and facilities-related services - from preconstruction planning and integrated consulting capabilities to comprehensive construction management, close-out and facility management services - for clients across various markets. Company Profile: One of the nation’s oldest construction services companies, Gilbane Building Company began in 1870 and the fourth and fifth generations of the Gilbane family currently manage the company. Gilbane is recognized as an industry leader that delivers innovative construction services – from state-of-the-art sustainable buildings to the latest applications in construction technology for clients in a variety of market segments. Gilbane’s Notable/Recent Projects Include: • Fresenius Kabi Melrose Park Expansion | Renovation • The Orchard Condominiums • The Lumen at Playhouse Square • Purdue University Third Street North Residence Hall and Meredith South Residence Hall • R1VER Development

S E P T EM BER 202 1 C HICAGO INDUSTR I A L P R OP E RT I E S

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.

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.

SUMMIT DESIGN + BUILD, LLC

1036 W. Fulton Market, Suite 500 Chicago, IL 60607 P: 312.229.4630 | F: 312.229.1147 Website: summitdb.com Key Contacts: Adam Miller, President, amiller@summitdb.com; Deanna Pegoraro, Vice President, dpegoraro@summitdb.com: Larry Blouin, Vice President, lblouin@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, multi-family residential, office/tenant interiors, hospitality and institutional markets. Company Profile: Located in Chicago’s Fulton Market and with a regional office in Tampa, Florida, Summit Design + Build has been involved in the design and construction of over 330 buildings and spaces totaling more than 7 million square feet over the firm’s 16 year history. Notable/Recently Completed Projects: TLC Ingredients, 1400 Monroe, Method, 113 E Oak, 1111 W Addison and 448 LaSalle – WeWork

EDCS 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.

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.

FINANCE AND 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.

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

18 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

CHICAGOLAND’S LEADER Sullivan Roofing Inc.

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

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.

ROOFING COMPANIES 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.

WEATHERGUARD ROOFING CO.

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. Marys Church, Huntley, IL; Huntley Fire Department, Huntley, IL; Algonquin Library, Algonquin, IL. Chicago Veterans Home, Chicago, IL.

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

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