MARKETPLACE (pg 18): BROKERAGE FIRMS CONSTRUCTION COMPANIES/GENERAL CONTRACTORS EDCS LAW FIRMS/REAL ESTATE ATTORNEYS
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People need people: Office looks bright in Chicago By Mia Goulart, IREJ Staff Writer
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333 W. Wolf Point Plaza
ffice has been slow to rebound after COVID-19’s devastating blow. But February’s mandate lifts accelerated a strong push to get workers back in-office—at least a few days a week—and companies are still navigating uncharted waters to determine a new work model that will best suit varying needs. The outlook is considerably bright. At the end of March, 70% of tenants in the market reported that they’re coming back to work or have set a timeline. Av-
erage occupancy in buildings is 31%, which is a fairly strong uptick. There are many factors to consider though, and it largely depends on building and location. Some buildings are experiencing a much higher level of occupancy because of the nature of the tenant mix in the building, for example. Financial services firms are coming back to work more stridently. Law firms, too, are pushing for employees to return to work OFFICE (continued on page 10)
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Will the industrial boom continue? At least throughout 2022, expectedly.
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ndustrial in Chicagoland continues to break records. That’s the bottom line. And the boom is not expected to halt any time soon. Despite challenging economic factors that continue to rock the boat, market professionals remain optimistic as increasing demand spurs continued construction. Infill demand, especially near major population hubs, seems to be leading the way. Intercity infill is believed to continue, and experts are expecting robust growth in submarkets along I-55 and I-80, which has languished in past years, and in those toward Chicago along I-290 like Bellwood and Bridgeview. INDUSTRIAL (continued on page 8)
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WILL THE INDUSTRIAL BOOM CONTINUE? AT LEAST THROUGHOUT 2022, EXPECTEDLY. Industrial in
Chicagoland continues to break records. That’s the bottom line. And the boom is not expected to halt any time soon.
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MIXED-USE DEVELOPERS ARE THE KEY TO UNLOCKING THE CHICAGO CBD PUZZLE CMBS defaults are rising
and this activity is having a once in a lifetime impact on the Chicago office market.
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PEOPLE NEED PEOPLE: OFFICE LOOKS BRIGHT IN CHICAGO Office has been slow to rebound after COVID-19’s devastating blow. February’s mandate lifts accelerated a strong push to get workers back inoffice—at least a few days a week.
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RETAIL: THERE’S A LIGHT AT THE END OF THE TUNNEL FOR DOWNTOWN CHICAGO Retail suffered because of COVID-19. Two years later, Chicagoland retailers are now on the mend as mandates are lifted and threats continue to lessen.
AND METAVERSE: 12 OMNICHANNEL THE FUTURE OF RETAIL?
Retail is constantly evolving, and businesses have to remain agile to meet the ever-changing demands of collective consumerism.
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ECOMMERCE AND COVID KILL 14 DID EXPERIENTIAL RETAIL? NOT A CHANCE Remember those long-ago days before COVID-19 hit the United States? Back then, retailers were embracing experiences.
REAL ESTATE ADVISORS 17 PERFORMANCE LAUNCHES IN LOMBARD Co-founded by Dan Piatkowski, Neal Wolf and Ryan Gallante, Performance Real Estate Advisors launched in March.
18 APRIL/MAY MARKETPLACE The Illinois Real Estate Journal (ISSN 08932255) is published bimonthly for $59 per year by Real Estate Publishing Corporation, 1010 Lake St. #210 Oak Park, IL 60301. Periodicals postage paid at Chicago, IL. POSTMASTER: Send address changes to Illinois Real Estate Journal, 1010 Lake St. #210 Oak Park, IL 60301. Single copies $7.00. Back issues $7.00. Subscriptions are non-refundable. Phone: 312-933-8559. © 2022 Real Estate Publishing Corporation. No part of this publication may be reproduced without the written permission of the publisher.
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Mixed-Use Developers are the Key to Unlocking the Chicago CBD Puzzle By Alissa Adler, Senior Vice President, Colliers
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MBS defaults are rising and this activity is having a once in a lifetime impact on the Chicago office market. Distress in the CMBS market has been primarily focused in the Central Loop with over 4.0 million square feet currently in special servicing. Another 6.0 million is on the watchlist with a particular focus on the East and West Loop submarkets. With few exceptions, these troubled properties were all constructed in the early 1900’s. But while many Chicago buildings have rich histories, and exteriors that can never be replicated, the distress in older building is clearly showing as the flight to quality, highly amenitized, and well-located buildings that meet new ESG standards, intensifies. This is further reflected in the 20.7% disparity between Class A and Class B rents in the CBD, one that clearly demonstrates tenants are willing to pay a premium to be in Class A space especially if they can be in a property that features services and conveniences and environmental standards that new or renovated buildings can offer. The beneficiaries of the flight to quality have largely been Fulton Market and the West Loop. Fulton Market represents a live, work, play atmosphere that can’t be easily replicated in any other Chicago submarket. Class A buildings in Fulton Market currently average approximately 250,000 square feet with a 50% rent premium for Class A versus Class B space. The success of Bank of America Tower, which has leased to 85% occupancy within two years of its completion in 2020, and is now valued at $1.0 billion, represents a prime example of this phenomenon in the West Loop. On the flip side is Class B and Class C buildings, where overall vacancy as of 4Q21 is 26.8% and 22.5% respectively, versus 19.9% in Class A. These buildings, many of which are outdated, are impacted most. LaSalle Street, once considered Chicago’s Financial District, has lost Bank of America, BMO Harris and Northern Trust, to new construction. This has created a vacuum, with 135 S. LaSalle recording the largest block of contiguous space available at over 800,000 square feet. These moves, along with increased sublease space availability, is creating imminent foreclosures for building owners. What is left behind is a puzzle that must be solved by a combination of private investment, public cooperation and a collective vision of real estate professionals.
the beginning, groups led by the Urban Land Institute have begun making recommendations for hard hit areas including the LaSalle Street Corridor and the Mag Mile.
Alissa Adler
“While some may find concern in the increasing lender distress occurring in the CBD, many will see the opportunity to reinvent historic buildings.” Class B buildings in the Central Loop and West Loop recorded the most significant negative net absorption through the end of 2021, with negative 1.5 MSF and negative 1.0 MSF registered, respectively. This has not only fueled lending distress, but also the discussion of mixed-use conversion. The ability to convert portions of outdated office buildings to multi-family or hospitality will not only reduce the overall office inventory, but also create a vibrancy needed in the Loop. Since 2019 there has been over 575,000 square feet of adaptive re-use to hotel or multi-family. While this is just
Nearly every office building we underwrite in the Central Business District is being examined for “adaptive re-use.” Because many of these older buildings were designed with larger lower-level floorplates and narrower towers above, opportunities for mixed-use re-development are abundant. While open-plan office layouts work well in larger floorplates, narrower upper floors are attractive for the multi-family and hospitality uses, which require access to natural light and shorter corridor-to-window depth. Much of the zoning in the Loop is DX-16 which accommodates this transition. Along with these major building overhauls will come creative financing. One of the key recommendations by the committee for the LaSalle Street Corridor is to reinstate TIF financing. For historic buildings, developers can look to the Federal Historic Preservation Tax Credit Program and the Cook County Class L Property Tax Incentive. A lesser-known tool that is gaining in popularity for updating older and/or less-efficient building systems is the Commercial Property Assessed Clean Energy financing program also known as C-PACE. While some may find concern in the increasing lender distress occurring in the CBD, many will see the opportunity to reinvent historic buildings. This shift will take outdated and inefficient office space from the market while creating a vibrant new area for investment. As seen by Fulton Market, tenant demand for space that is edgy and modern is evident, however, that doesn’t mean there is no longer a need for traditional office space, as seen by the positive absorption in the West Loop. The real estate community is fortunate to be a part of re-shaping the CBD and should be optimistic about the continued legacy of Chicago as the irreplaceable heart of the Midwest. Alissa Adler, senior vice president, Colliers, can be reached by phone at 847.444.5770 or by email at alissa.adler@colliers.com
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Retail: There’s a light at the end of the tunnel for Downtown Chicago
By Mia Goulart, IREJ Staff Writer
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etail suffered because of COVID-19. Two years later, Chicagoland retailers are now on the mend as mandates are lifted and threats continue to lessen. Downtown Chicago, on the other hand, has been slower to bounce back. COVID19 caused many to leave Chicago for more space to work remotely, and though people seem to be returning, work culture for many businesses is still largely undetermined, contributing further to retail uncertainty.
“There are a lot of ideas, which means there’s going to be some change. It’s unknown right now, though, what that will look like.”
The jury is still out on when things will return to normal, but the numbers are slowly trending upward. There’s a significant increase in leasing velocity, which is a welcome sign of hope for businesses.
Wicker Park, Fulton Market and West Loop are already rebounding. Some rents in these areas are already back to, or above, pre-pandemic rates. It is tourist-centric retail that remains the main concern.
Some areas, however, are exhibiting a faster comeback than others. Neighborhood locations, like Lincoln Park, Bucktown,
Places like Michigan Avenue, State, Oak and Elm Street are going to take longer due to their dependency on foot-traffic, and re-
tailers are having to shift gears to compensate, instead prioritizing profitability and sustainability over visibility. There is also discussion around rebranding Michigan Avenue to better attract the post-COVID consumer, and Danny Spitz, CEO & Managing Partner at Greenstone Partners, expanded on a few of the potential changes being considered.
“There’s a push to reinvigorate and reinvent,” Spitz said. “They’ve discussed doing more public outdoor entertainment and perhaps shifting some high-end retail toward Oak Street. Oak Street remains strong from a luxury retail perspective, and there’s discussions about shifting all of the luxury retailers toward Oak Street along Michigan Avenue to create a more complimentary shopping district. There are a lot of ideas, which means there’s going to be some change. It’s unknown right now, though, what that will look like.” And it’s not just foot traffic that retailers are having to account for. Austin Weisenbeck, Senior Vice President Investments at Marcus & Millichap, said a lot is weighing on tourism, as well. “It’s coming back, but hospitality and travel is not what it used to be,” Weisenbeck said. “Until Chicago is high again on the desti-
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nation list for a lot of travelers, I am hardpressed to think you’re going to see rents and occupancy get back to where they were. This summer will be a big tell. We’ve seen more of our clients traveling in the last two weeks than in the last two years. If travel does continue to increase and weather is good, you should see some recovery starting in those Downtown areas.” Tourism isn’t the sole driver of sales, of course. Retail is heavily submarket reliant, and numbers will be affected by office-market workplace decisions that are still to be determined. Only time will determine how this will play out. Michigan Avenue was hit especially hard. A lot of big-name retailers were lost. Malls, for one, are facing a sink-or-swim ultimatum, but evolving to meet today’s consumer demands is no easy feat. Tenants along Magnificent Mile are still deciding if and how to move forward. It was announced this month that Brookfield Property Partners relinquished Water Tower Place to MetLife Investment Management, following the devastating loss of Macy’s in 2021. But this does not mean that Water Tower Place is doomed. One might view it through a lens of opportunity.
Sean Sharko
Danny Spitz
Austin Weisenbeck
“Malls around the country have suffered,” Weisenbeck explained, “but many of them have found someone with a unique vision to come in, with the support of the municipality it’s located in, and give it new life, incorporating some sort of entertainment, lifestyle or mixed-use component. I think Water Tower might end up going in a similar direction. The lender might sell it to someone who has a vision different from how Water Tower has operated for the last twenty years.”
Sean Sharko, Senior Vice President Investments at Marcus & Millichap, continued:
strong. COVID-19 sparked a temporary mindset shift that caused people to want more space, but Chicago will always be attractive—especially to young people. Many people are coming back for the city lifestyle as the world continues to stabilize. Fulton Market, for example, continues to see growth across the board.
“It allows someone the opportunity to reset the basis,” Sharko said. “Someone could come in and invest money into it again, and not just double-down on a high original cost. Someone could reset the basis to what’s appropriate today so that they can reinvest and make the changes necessary.” It’s a waiting game. Market experts are optimistic, though, and the outlook is
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The gist of it? Office is making a comeback, Chicagoans are coming back…and it appears there’s a light at the end of the tunnel for retail.
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“Users will always be in Chicago because of the workforces. Chicago is a hub. Young people want to live in the city, and there’s a lot of business to be done A mixed multi-tenant 83,745 square-foot portfolio at 1765-1795 Courtland Court in Addison, IL. Photo by AvisonYoung.
INDUSTRIAL (continued from page 1)
One submarket, though, seems to be the best barometer of market health—and it shouldn’t come as a surprise: O’Hare. It’s also the most attractive for users, and
therefore, where many companies continue to focus their efforts. But O’Hare is land constrained and development sites are hard to come by, partly due to the rapid growth of e-commerce.
across the market.” E-commerce is not only driving infill, but it’s often dictating building configuration, as well. Multistory industrial is beginning to crop up in both dense and less dense areas because of efficiency, and most of these uses are e-commerce related.
type of user. These buildings are adaptable to the rest of the market.
But not all current users are related to e-commerce. Amazon has remained a big name in warehousing for the past few years, but Cook County maintains a diverse mix of tenants, according to Nick Siegel, Partner, Acquisitions at Bridge Industrial. In fact, Bridge in Chicago completed more than 10 leases in 2021— Amazon was just one of the 10.
“When you build infill buildings in great locations, you end up preleasing them,” Siegel said. “You’re almost doing a ‘specto-suit’ where users can partner with us early on to modify the spec building to suit their needs.”
“Amazon is still providing a boom to the industry,” Siegel explains, “and there are many indirect benefits of the growth of e-commerce, but not every one of our tenants is e-commerce related. We’ve worked with Visual Pak that specializes in food and chemical packaging; Duravant is a manufacturing company we did a lease with near O’Hare. There is a lot of e-commerce happening, but it’s a diverse market in terms of tenant use.”
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And Chicagoland is particularly attractive to end users. To start, O’Hare is one of the . biggest airports in the U.S., and one of the most active submarkets. There is also an extensive base of manufacturing companies and skilled blue-collar labor around Chicago that is hard to replicate.
And build-to-suit versus spec? Not lot of build-to-suits are being built. Because of the low vacancy rate, spec buildings are preleasing.
Erik Foster, Capital Markets Leader at Avison Young, will tell you the same thing. “Build-to-suit and spec are almost one in the same now,” Foster says. “Developers are trying to build as much as they can, and as they begin their spec projects, tenants come by and lease the building before it’s completed. We’re seeing that in Chicago and across the country,” Foster says. Optimism, though, is not met without uncertainty. Effects of COVID-19 are still being felt, and labor shortages, rising inflation and supply chain backlogs are sparking a slew of questions that remain largely unanswered.
“Users will always be in Chicago because of the workforces,” Siegel explains. “Chicago is a hub. Young people want to live in the city, and there’s a lot of business to be done across the market.”
Supply chain issues are especially concerning, as is inflation, which affects commodity and materials pricing. Buildings cost more to build, and therefore are priced at a higher rental rate. But new creative strategies are being implemented in an attempt to overcome these economic obstacles. This comes with a mindset shift, according to Foster.
This begs the question. What kind of business? What types of properties are most in demand? Industrial buildings serve almost like a blank slate, and the shell of the building can be catered to any
“Most industrial space users have been operating under a ‘just in time’ inventory mindset,” Foster explains. “This strategy typically keeps the inventory levels of goods within industrial buildings low
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“Developers are trying to build as much as they can, and as they begin their spec projects, tenants come by and lease the building before it’s completed.” in order to mitigate unnecessary space usage and cost, but many are re-thinking that approach. Users are now considering a ‘just in case’ strategy in order to combat any unforeseen product inventory shortages as were experienced during the pandemic. This can cause the levels of inventory of product within industrial buildings to rise, and therefore, so will space requirements by users as they will
need to store greater amounts of product.” The market is demanding construction, and it’s unlikely that the continued global macro uncertainties will mitigate or accelerate the pace of industrial construction pricing of commodities or assets to be built for industrial buildings.
Erik Foster
Nick Siegel
Vacancy rates are low, infill product is in high demand, and companies like Bridge Industrial and Avison Young are continuing to see rent growth and tenant activity. Market leaders will continue to
keep a watchful eye, but the second half of this year looks just as bright for Chicagoland.
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333 W. Wolf Point Plaza. Photo by Newmark.
Photo by Newmark.
OFFICE (continued from page 1)
because their business model is partially or dominantly based on mentoring and in-person collaboration. Newer buildings are seeing numbers approaching the mid- to high-forties, and the back-to-office movement is expected to accelerate throughout the next few months. But these numbers don’t tell the whole story. It is true that most employees do want to return to the office to some extent, just not on the pre-pandemic schedule of Monday through Friday, 9 a.m. – 5 p.m. Workplace intelligence is something to be considered, in terms of how to bring people back in a way that benefits both the employee and the business, alike. It’s still early to tell what some these trends will be though, as well as what they will do to inventory/vacant available space. Some Chicago neighborhoods are already experiencing a stronger rebound than others, though. Danny Nikitas, Principal, Office Leasing Director at Avison Young, confirmed Fulton Market is the most active office market in the U.S, experiencing its largest net absorption year to date. Coincidentally, CBD is the least active, but various other neighborhoods seem to be compensating for its current lack. “A lot of new development has been along Wacker Drive and Riverside Plaza,” Nikitas said. “You do have the healthiest and most energetic real estate in Fulton Market and West Loop. That said, Pilsen, Humbolt Park and Ravenswood are seeing a lot of velocity, as well. Chicago is well-positioned with what we’re doing to bring it back to life after two years of being remote.”
Bob Chodos
Nikki Kern
“People are social beings. Therefore, when setting up an office environment, it’s important to consider not just the building, but the people who work within it” Landlords are working hard to come up with innovative ways to rejuvenate the market and bring tenants back into building. Tenant experience is evolving; employees expect their needs to be met, and business are looking for specific amenities to make
the in-office experience more comfortable. People want an accessible place to congregate out of the office, for example, without the hassle of leaving the building.
Danny Nikitas
“A number of buildings have tenant lounges, fitness facilities, coffee bars, nap rooms, roof desks—places where, when you are in the office, you can go and have lunch and socialize,” Nikitas said. “Those are being used much more than ever. Lobbies, too. There’s a renovation happening at 500 W. Monroe that’s going to be hotel-style, with comfortable seating and places to collaborate.” These small changes seem to be working, and there are many new buildings—like Wolf Point Tower—nearing 100% occupancy. Bob Chodos, Vice Chairman at Newmark, explained that Newmark represented Kirkland and Ellis in its move to Wolf Point. The company leased the balance of the space in that building. “They were coming from 300 North La Salle, one of the top buildings in the market, but they selected Wolf Point because of its amenity-rich environment,” Chodos elaborated. “Buildings that were on track to add amenities are continuing to add them;
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buildings that are lacking amenities are working now to improve tenant experience starting from the ground level.” The bottom line? Remote work has proven to be successful, and many want to continue to to—but it’s not necessarily a panacea solution to how business should operate. Employees of all ages seem to be desiring in-person connection now more than ever. For entry-level employees who have yet to experience working in a professional setting, in-person collaboration is especially beneficial. Both Chodos and Nikitas placed emphasis on the importance of in-person collaboration and mentorship regarding entry-level workers. “The younger workforce needs to be around others to learn the business through collaboration,” Nikitas said. “Man is a social creature. People are social beings. Therefore, when setting up an office environment, it’s important to consider not just the building, but the people who work within it. We need to consciously focus on the overall health of people who work in an office environment—and that’s getting great focus as we see it.”
often. Amenities will provide employees plenty of space to work both comfortably and effectively in-office, but it’s necessary for companies to remain flexible in terms of employee-to-employee needs. Nikki Kern, Senior Vice President at The Telos Group, LLC, highlighted the value of flexibility in today’s work climate.
quests to provide flexible hours in the office. They’re being forced to provide as much optionality as they can. Otherwise, their competitors will offer it, and they’ll lose out on the better candidates that can demand it right now.”
Choice is an important part of this. Employees do want to return to work, but they want to have the option to choose how
“Everyone wants the option to do what they want to do,” Kern explained. “Companies are having to respond to candidates’ re-
“We’re at an interesting point in time. Companies are still figuring out what their new office model looks like. Once they’ve
She continued:
been in person for a few months and they see how their new model is working for them, they’re going to start making more permanent decisions about how to lay out their office space and what types of policies they will implement with their employees. It’s tough for companies right now to decide what to do while they’re in this limbo position. We likely have a few months of this limbo period of decision-making, and we’ll all be very busy later this year when decisions have been made.”
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Omnichannel and Metaverse: The future of retail? By Mia Goulart, IREJ Staff Writer
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etail is constantly evolving, and businesses have to remain agile to meet the ever-changing demands of collective consumerism. It’s no longer about the product, but the customer, and businesses are relying on both a strong online presence and strategically located brick-and-mortar shops to drive sales. Some retailers treat their physical locations like marketing space, enticing customers who then return home to buy their products online. Others are focusing on shipto-store and enhanced delivery options — both options that have flourished since the start of the pandemic. Omnichannel is not only the key to success in today’s climate, but it’s necessary for survival. In fact, it’s likely that it will become the new normal. Elan Rasansky, Principal at ARC Real Estate Group, said it’s all about the consumer experience, driven largely by platforms like Instagram and TikTok.
“Consumers are
E-commerce and digital marketing have grown exponentially over the years, but ultimately, the modern consumer desires a brand relationship that goes beyond the digital sphere. No matter which way you shake it, the trends boil down to humans’ desire for connection, both online and in-person — especially on the tail-end of COVID-19. Experiential retail is at the center of it all. People are looking for restaurant-tainment. Ambiance. Their next shareable photo. The full package is especially demanded by today’s consumer. Places that offer unique, energetic experiences have the upper hand. “If you’re a local bar, you must have something to Instagram,” Rasansky said. “Consumers are obsessive, and they’re always looking for the ‘wow’ factor. If a brand doesn’t connect with the consumer, they’ll suffer.” Chicago has plenty of examples of experiential shopping: Near North Side’s Starbucks Reserve Roastery, Old Town’s Lululemon and Lakeview’s 2D Restaurant, are a few. But this doesn’t mean people will shy away from e-commerce-related habits. Experts saw a sharp increase in online activity that has since leveled but is expected to climb steadily, and although foot traffic is expected to increase, that doesn’t guarantee an in-store purchase, according to Brandon Isner, Americas Head of Retail Research at CBRE.
obsessive, and they’re always looking for the Brandon Isner
Elan Rasansky
“That’s truly an omnichannel purchase,” Isner said, “using the brick-and-mortar frame to establish contract with a representative before returning home to make the purchase online.”
Omnichannel, itself, is already evolving to satisfy needier demands. Some brands have tapped into the Metaverse to further enrich the consumer experience. Virtual worlds are built like video games, bridging the gap between digital and physical reality.
COVID-19 did not change the face of retail, but it did give the market an extra push in the direction it was already headed. Companies are still figuring it out. Brands, for example, are getting smarter with limited edition releases in stores while still catering to the mass market by offering their collection pieces online. “It would have slowly trended this way regardless,” Rasansky explained. “People created new behavioral habits with their routine schedules. You were having coffee and surfing Instagram. You were having lunch in your apartment and surfing Instagram. It’s sped up the process by a few years, but we were already headed in this direction.”
“It’s not just a game anymore,” Isner said. “You can shop in a store in the Metaverse. Not just a store within the game, but an official store run by a brand. There’s already advertising for retailers in that space. You can not only buy things for your avatar, but you can buy things for yourself.” Isner compares the experience to Spielberg’s Ready Player One. According to Glossy, Greyscale Investments estimated the Metaverse to be a trillion-dollar revenue opportunity, and a Gartner Report predicted that 25% of people will spend at least one hour a day in the Metaverse to work, shop, attend school, socialize or consume entertainment by 2026.
‘wow’ factor.” This might seem farfetched, but an article by Retail Prophet said COVID-19 “has only accelerated our collective imagination around the creation of an alternate reality where one can interact in real-time, at any time, with others and have shared experiences.” We see it today, on a small scale, with brands like Sephora, Nike’s RTFKT, Gucci Garden, Mesh for Microsoft Teams —Wendy’s has a Twitch presence. This, of course, will only satisfy consumers for so long. But where is the ceiling? These are important points to consider. It’s still just a miniscule piece of the retail space, and some remain skeptical, but there’s a lot of activity, and it continues to gain traction — $54 billion is spent on virtual goods in the Metaverse every year.
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Did ecommerce and COVID kill experiential retail? Not a chance By Dan Rafter
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emember those long-ago days before COVID-19 hit the United States? Back then, retailers were embracing experiences. Offering consumers an experience that they couldn’t get online was one way for brick-and-mortar retailers to battle the Amazons of the world.
Consumers, then, are ready to patronize local retailers again. And these locals are ready to provide them with experiences of their own. When consumers shop at local stores they might meet the shop’s owners. They might get into a conversation with the owner of the local toy shop about what educational toy would be the best fit for their grandchildren. Or maybe they’ll attend the signing of a local author at the neighborhood independent bookstore.
But during the height of the pandemic? Consumers either couldn’t, or were too nervous to, go to indoor golf ranges, adult arcades or high-tech bowling alleys. That led to worries that experiential retail, which had been so strong, would fade away. The fear was that consumers would be hesitant to gather in indoor spaces even after COVID cases began to fall. The good news? That fear seems to have been misplaced. Across the Midwest, commercial real estate professionals report that experiential retail in their markets has rebounded in the
These are all experiences, too. The House of Sports, a new concept from Dick’s Sporting Goods, has already opened in Knoxville, Tennessee.
last six to nine months. People are again flocking to fitness centers, are returning, in slower numbers, to movie theaters and are happy to spend their dollars at bowling
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alleys, indoor golf simulators and trampoline parks. The rebound is here Deb Carlson, director at the Bloomington, Minnesota, office of Cushman & Wakefield, said that experiential retail is bouncing back strong in her market, especially as COVID-19 numbers continue to fall. “Consumers are looking for interesting ways to spend their dollars,” Carlson said. “They want to spend them on experiences today.” This is good news for indoor mini-golf spots targeted toward adults or bowling alleys offering gourmet meals and light shows. It’s good, too, for movie theaters with heated seats and meal service and adult playlands that offer retro arcade games and golf simulators. Carlson points to the trend of revenge shopping. Some consumers waited so long to return to retailers, that they are now ready to spend their dollars with a vengeance. “We are as anxious in the Twin Cities as anybody to get out of our houses,” Carlson said. “We are ready to get out there and spend our money. The experience piece is going to be more important going forward. We haven’t had many experiences the last couple of years. There’s a real interest now that we are getting out of the house again on what interesting things we can do.” And experiential retail isn’t just about big chains offering electronic putt-putt and high-end bowling. It’s also about local retailers. Carlson said that shoppers are aware that local retailers got hit especially hard during the pandemic. They didn’t have the cash reserves of some of the national chains.
“More and more retailers are offering experiences like this as a way to fight back against online shopping,” Carlson said. “Some of the malls here have even added more local players. They are adding more local, Midwest-based vendors. They are trying to bring that local experience retailer back in.” In addition to offering experiences, Twin Cities-area retailers are looking at right-sizing their footprints, Carlson said. This might mean opening smaller locations in urban centers, spaces designed for consumers who want to run into a store, grab a few items and take public transportation or walk home. Other retailers are closing locations that are no longer performing well. Still others are adding additional retailers inside their spaces, such as Target stores adding CVS branches. Consider Kohl’s, too. This chain has brought Amazon into its stores. Consumers who want to return their Amazon purchases can simply bring them to a Kohl’s. They might then spend some time shopping at that Kohl’s location. Other retailers are using their physical locations as advertising for their products. They don’t care if shoppers buy their products while they are in their stores. They just hope they’ll buy them online once they return home. This is the omnichannel approach – using both brick-andmortar locations and an online presence in tandem – that has become a winning formula for retailers, Carlson said. “That omnichannel approach is so important today,” Carlson said. “Now that we are all expert Internet shoppers, the retailers who are the winners have figured that out. We will never go back to what it was before. There isn’t a strong, successful national retailer that hasn’t gotten good at offering customers a myriad of ways to shop. You can come into the store. You can do it online and pick it up at the store or have it delivered. There are so many ways
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to access that product. The smart retailers are really good at doing that.”
“This is as experiential as you can get,” Henry said. “The landlords are very excited about this type of use. They drive customers to a shopping center. They are Amazon-proof. They are exciting and profitable. They also do well in cold-weather climates, which helps in the Midwest. They can offer league play and lessons to keep the crowds coming along.”
Cities vs. suburbs Russell Sagmoen, executive vice president at the Milwaukee office of Colliers, said that the retail market in general and experiential retail in particular have been slower to rebound in downtown Milwaukee than they have in the city’s suburbs.
Henry said he expects to see experiential retail continue its growth as the country moves out of the COVID-19 pandemic. Before the pandemic hit, this type of retail was booming. COVID-19, especially in the earliest days of the pandemic, slowed this growth.
This echoes the trend across the nation, where the centers of cities have been hit harder by COVID than the suburbs. Much of this is because many workers have yet to return to their offices, hurting the restaurants and retailers serving them. But retailers in downtown Milwaukee haven’t been hit quite as hard as they have been in other major cities, Sagmoen said. “It has not been as severe in downtown Milwaukee as it has been in, say, Chicago,” Sagmoen said. “River North and the Loop in Chicago is way down in terms of activity than what I see in Milwaukee.” Even during the pandemic, experiential retailers showed resilience in Milwaukee, Sagmoen said. He points to the corporate outings that Colliers held here during the last two years, most of them held at experiential retailers. He also saw that families were out and about during the pandemic, taking their children to trampoline parks, gyms and bowling alleys. “Those spaces weren’t quite as full as they were before the pandemic, but they were still busy,” Sagmoen said. “In the suburbs especially, in places like Brookfield and New Berlin, these places have been pretty busy during the last six to nine months.” This doesn’t mean that all retailers offering experiences thrived during the pandemic. Sagmoen said that sit-down, white-tablecloth restaurants were hit especially hard during the last two years. Fitness centers and gyms also struggled. But both types of retailers have experienced a solid bounce-back now that COVID cases have been falling steadily in the United States and mask mandates have been lifted throughout Wisconsin. Developers, though, are still cautious here, Sagmoen said. “There has not been a lot of new retail product hitting the market in the Milwaukee area,” he said. “The cost of construction is so high today, it is stalling a lot of deals. The rents in Milwaukee are not quite as high as they are in Chicago and other cities. To get rent high enough to solve for construction costs is challenging here.” The exception? Quick-service restaurants. Sagmoen said that quick-service owners have pivoted in Milwaukee, as they have across the country, to drive-through and pick-up windows. Chipotle and Panera are
But Henry said that is already changing in his market. X-GOLF, which runs indoor golf simulators, is firmly in expansion mode. The retailer has locations in Illinois, Michigan, Wisconsin, Minnesota, Ohio, Indiana and Kansas.
good examples. Both chains are now looking for locations in which they can offer drive-through service. “It seems like everyone is fighting over that one drive-up window,” Sagmoen said. “That causes a problem. You usually can’t have more than one drive-through in a shopping center. Some projects have stalled out because they can’t find a site. Land prices are up. Construction prices are up. Quick-service restaurants are hit by food and labor costs. Sales are up, yes. But are they up enough to compensate for all that?” What’s the motivation to get that turtleneck? Tim Henry, principal with the Chicago office of Avison Young, said that the resiliency of retailers during the pandemic largely depended on the type of retail. He pointed to retailers covering daily needs, such as pharmacies and grocery stores, as being more pandemic-proof than other retail types. For those retailers that aren’t selling products designed to meet consumers’ daily needs? Experiences then become important, Henry said. “When you are looking at non-drug or -food retailers, the experiential factor is big,” Henry said. “The alternative for consumers is to shop online. If you are a retailer who isn’t covering the daily needs, you need to make the argument to consumers that they should get out of the house, that they shouldn’t be sitting at home. If you can offer consumers some sort of entertainment option, that might keep them from staying at home and shopping online.”
Henry cites X-GOLF as an experiential retailer that is growing quickly, offering several locations in the Chicago area. This
retailer offers indoor golf simulators, and is steadily expanding. Shopping center owners like this kind of use, Henry said, because they attract steady crowds to the retail areas in which they sit. These crowds might then visit nearby shops and restaurants once they are done playing.
“What is the compelling reason to go out to a store to buy a maroon turtleneck when you can instead go out and golf or go to a movie in a new theater?” Henry asked. “If you do have the chance to go to an entertainment center, you might decide to get that turtleneck from a physical store if that store happens to be in a center with indoor golf, bowling or a movie theater. Then it’s not just about the sweater. It’s about having fun with your friends or family.” RETAIL (continued on page 16)
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shop online and workout at home. But they want to get out. They want to get that customer service and that social connection.”
RETAIL (continued from page 15)
That ecommerce slowdown? It was more of a blip
And what does the future hold for experiential retail? Hanke points to the new House of Sport concept from Dick’s Sporting Goods. The company has opened two of these so far, one in Knoxville, Tennessee, and another in Rochester, New York. House of Sport offers a towerinng climbing wall, outdoor fields and indoor batting cages.
Sara Hanke, associate broker with Omaha, Nebraska-based The Lerner Company, said that the slowdown in experiential retail was more like a blip during the height of COVID. Now that mask mandates are falling away across the country and COVID cases continue to fall, consumers are returning to gyms, bocce ball courts, themed restaurants and arcades, she said.
Puttshack, which has one Midwest location in Chicago and is planning on opening in both Nashville and St. Louis, is another concept that is growing. Puttshack offers indoor miniature golf that is electronically scored and features innovative holes such as one where golfers have to knock their balls into a stack of oversized beer-pong cups.
“People want to get out into stores,” Hanke said. “They want to get back to those social connections that they missed during lockdown.” Hanke said that during the worst days of the pandemic, no one, not even the experts, knew what to expect from commercial real estate. Some wondered if places like trampoline parks and movie theaters would disappear. That, of course, didn’t happen. After the slowdown caused by lockdowns and nervous consumers, experiential retail has indeed rebounded, Hanke said.
“Everyone reset and took a deep breath,” she said. “In the past year, activity at ex-
Puttshack, which offers electronically scored indoor miniature golf, has already opened in the Chicago market and is planning new locations in Nashville and St. Louis.
periential retailers in the Omaha market has picked back up. It is almost back to pre-pandemic levels.” Hanke said that gaming concepts have been especially popular, with consumers returning to adult-targeted bar-and-arcade
concepts. Rockwall climbing venues, too, are growing in popularity. Then there are the indoor-golf concepts such as Topgolf, a brand that continues to grow. “From what I’ve seen, people are tired of being at home,” Hanke said. “They can
“Some of our shopping habits have changed during the pandemic,” Hanke said. “But I don’t think we are only going to shop online. It’s up to retailers to get creative and figure out how to capitalize on both the convenience and experience. Amazon is not going anywhere. But even during the height of the pandemic, ecommerce only captured 17% of retail sales overall. There will always be ecommerce. But there will always be brick-and-mortar stores, too.”
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Performance Real Estate Advisors launches in Lombard By Mia Goulart, IREJ Staff Writer
C
o-founded by Dan Piatkowski, Neal Wolf and Ryan Gallante, Performance Real Estate Advisors launched in March. The firm specializes in the sale of affordable housing throughout the U.S., with a special focus on the Midwest, from their headquarters in Lombard, Illinois.
hands-on collaboration, especially when working with novice investors that have limited experience the market.
The firm has experience with Project-Based Section 8 (HUD/HAP), Low-Income Housing Tax Credit (LIHTC) and various other programs.
active role in projects across the U.S. from anywhere, as long as they have the education and training to navigate the waters appropriately.
“Affordable housing transactions are complex and require niche expertise,” Piatkowski said. “Through Performance Real Estate Advisors, we are continuing to dedicate all of our efforts in affordable housing, an underserved and growing commercial real estate sector with the right team in place to assist clients throughout the country.”
Transactions are different from those in other CRE spaces, and involve more
The firm’s unique, family-style approach to deal-making involves the inclusion of
Despite PREA’s recent launch, the team is not a stranger to the space. Dan Piatkowski, Partner and Managing Director, for example, has been involved with affordable housing for years and has enjoyed working on projects across the U.S., despite being based in Chicago. Flexibility is one aspect that makes the space uniquely attractive from a backend perspective, and it comes with a lot of opportunity. Agents are able to play an
every member in every deal, which not only nurtures a rewarding and enjoyable environment for PREA, but greatly benefits the client experience, as well. “We believe that performance drives results. It’s our motto,” said Partner Ryan Gallante. “Affordable housing brokerage and brokerage, in general, is very siloed. We are building a brokerage that is collaborative and a team environment.” Additionally, PREA has invested significant time and money into digital and non-traditional resources in order to maximize their marketing and prospecting efforts. It is because of their strong foundation that the team has already been able to build valuable relationships that have allowed PREA to lift off quickly, despite having launched less than one month ago. Several deals are launching throughout the Midwest, including Illinois, Missouri, Minnesota, Indiana, Wisconsin and Oklahoma.
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APRIL/MAY MARKETPLACE
B ROK E R AG E F I R M S
CATON COMMERCIAL REAL ESTATE GROUP
1296 Rickert Dr., Suite 200 Naperville, IL 60540 P: 815.436.5700 | F: 331.333.1155 Website: CatonCommercial.com Key Contact: Amy J. Hall, CRRP, CRX, CLS, SLD, Chief Operating Officer, Amy@CatonCommercial.com Services Provided: The professional teams of commercial real estate brokers and property managers at Caton Commercial Real Estate and Caton Property Management represent the interests of landlords, tenants, investors and property owners on a local, national and global level. We provide Seller/Landlord Representation, Buyer/Tenant Representation, Investment Sales/ Acquisitions, Property Management and Consulting services. Company Profile: Caton Commercial is a family-founded regional commercial real estate firm established in 1984. With offices in Naperville, Aurora and Chicago, IL, Caton is strategically located in the Midwest’s largest and strongest commercial real estate market. Our team of experts provide trusted advisory and intelligent solutions that drive wealth creation for our clients through third party brokerage transactions and value creation through skilled property management services. Notable Transactions/Clients: Quarters Coliving, 171 N Aberdeen St, Chicago; Amy Morton’s Stolp Island Social, 5 E Galena Blvd, Aurora.
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 lender focused 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 130.7 million square feet, encompassing more than 800 properties in 27 states. With more than 250 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.
PW COMMERCIAL REAL ESTATE
8725 W. Higgins Road, Ste. 800 Chicago, IL 60631 P: 773.714.9300 | F: 773.714.8253 Website: painewetzel.com Key Contacts: Jerry Sullivan, Principal, sullivan@painewetzel.com; Ed Wabick, Principal, ewabick@painewetzel.com Services Provided: Real Estate Strategy with dependable results in Brokerage, Consulting, TenantAdvisory, Corporate Services, Property Management, Development, Strategic Planning, Research and Construction Management. Company Profile: PW has been a leader in industrial, office and investment real estate since 1975. We pride ourselves on offering unparalleled brokerage services and superior market expertise to attain your real estate and business goals.
C ON ST RU C T ION C OM PA N I E S / G E N E R A L C ON T R AC TOR S 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’s success begins and ends with our approach to planning, scheduling, and choosing the right team. We have been adhering to an open and collaborative approach since our founding more than 35 years ago. Notable/Recent Projects: 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 and a 1.4 million SF build-to-suit distribution center for Medline Industries in Grayslake.
BUILTECH SERVICES, LLC
425 N Martingale Road, Suite 1050 Schaumburg, IL 60173 P: 847.895.3700 Website: builtechllc.com Key Contact: Phil Wesbury, Director of Business Development, pwesbury@builtechllc.com Company Profile: Builtech is among America’s fastest growing, nation-wide General Contractor & Construction Management firms. We work with leading developers, operators, REITs, national retailers, asset managers, and private owners constructing cutting-edge environments for various vertical markets across the nation. Our team is equally comfortable completing ground-up construction, acquisition-rehab projects, tenant improvement work, and interior remodels. Services Provided: 1) Preconstruction - Site Analysis, Entitlement Assistance, Budgeting, Constructability & Design Intent, Cost Control, Scheduling, Procurement Management, Labor Strategy, Bid Packaging, Safety & Partnering; 2) Budget Considerations - Advantages of MEP Design/Build, Subcontractor Risk Mitigation & Labor Management (Union & Merit Shop); 3) Construction – Methodology, Construction Phasing & Quality Assurance/Quality Control. Notable/Recent Projects: Seasons at Randall Road – 497,513 SF Apartment Building, Shops on Naper – 75,000 SF Grocery Anchored Center, Seasons at Romeoville – 324,811 SF Apartment Building, ACTS Senior Living – 85,000 SF Senior Living Renovation.
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.
MERIDIAN DESIGN BUILD
9550 W. Higgins Road, Suite 400 Rosemont, IL 60018 P: 847.374.9200 | F: 847.374.9222 Website: meridiandb.com Key Contacts: Paul Chuma, President; Howard Green, Executive Vice President Services Provided: Meridian Design Build provides construction and design/ build construction services on a national basis with a primary focus on industrial, office, medical office, retail and food and beverage work. Company Profile: With a team of in-house professional project managers, Meridian has extensive experience coordinating the design and construction of new buildings, tenant improvements, and additions/ renovations from 15,000 square feet to 1,000,000+ square feet. Meridian Design Build has been a Member of the U.S. Green Building Council since 2007. Notable/Recent Projects: Clarius Park Joliet Building #2, Joliet, IL - 906,517 sf speculative industrial facility for Clarius Partners. Commerce Park Chicago Building B, Chicago, IL - 602,545 sf speculative multi-tenant industrial facility for NorthPoint Development. Halsted Delivery Station, Chicago, IL - 112.000 sf package delivery station on a 17-acre redevelopment site for Prologis.
APRIL/MAY MARKETPLACE 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 Scannell Properties’ DuPage Business Center Phase II in West Chicago, Elgin Distribution Center, and Strongsville Commerce Center in Ohio, NorthPoint Development’s Bristol Building I and Janko Group’s Bristol Business Park, both in Wisconsin, as well as various tenant improvements throughout Chicagoland and Wisconsin.
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 Jon Silvers, Business Development, jsilvers@summitdb.com Services Provided: Summit Design + Build, LLC is a provider of full service general contracting, construction management and design/ build construction services for the commercial, industrial, multi-family residential, office/tenant interiors, hospitality and institutional markets. Company Profile: Located in Chicago’s Fulton Market and with regional offices in Tampa, FL and Austin, TX, Summit Design + Build has been involved in the design and construction of over 380 buildings and spaces totaling more than 8 million square feet over the firm’s 17 year history. Notable/Recently Completed Projects: Ridge Avenue Development (Ground-up Condos), 1436 Randolph (Adaptive Reuse Hotel), 5130 W North Ave (Office), 1400 W Monroe (Luxury Condos), 113 E Oak (Ground-up Retail), Open Kitchens (Industrial), Glen Oak Country Club (Recreational) , 448 N LaSalle – WeWork (Co-working office), Elmhurst Hall (Restaurant) and La Galera Produce (Industrial).
EDCS ECONOMIC ALLIANCE OF KANKAKEE COUNTY
200 E. Court St., Suite 507 Kankakee, IL 60901 P1: 815.935.1177 | P2: 815.355.4159 OF KANKAKEE COUNTY Website: kankakeecountyed.org Key Contacts: Timothy Nugent, President/CEO, tnugent@kankakeecountyed.org; Angela Morrey, Director, Marketing & Business Attraction, amorrey@kankakeecountyed.org Services/Demographic Info: The Economic Alliance of Kankakee County is a 501c6 public/ private partnership tasked with retaining industry within and recruiting industry to the Greater Chicago community of Kankakee County, Illinois. The Alliance leverages a number of business intelligence tools, providing current property availability, market data and other information on demand. Incentives: Based on location, projects may be able to take advantage of one or more of the following: Enterprise Zone, New Markets Tax Credits, Historic Tax Credits, Opportunity Zone financing, Tax Increment Financing, C-PACE financing and Special Service Area/Business District incentives. Recent CRE Activity: Multiple county-wide investments in 2021 including CSL Behring’s $83+ million, Rise Baking’s $34 million and Nucor Steel’s $8 million; 23 major investment projects and 350+ NEW jobs created. $1.6 billion in CRE investment activity in five years, Riverfront & Court Street TIF districts in Kankakee.
ECONOMIC ALLIANCE
LAKE COUNTY, INDIANA ECONOMIC ALLIANCE (LCEA)
440 W. 84th Drive Merrillville, IN 46410 P: 219.756.4317 Website: LCEA.us Key Contacts: Karen Lauerman, President & CEO, klauerman@LCEA.us; Don Koliboski, VP Economic Development, dkoliboski@LCEA.us Services Provided: The LCEA team provides economic development and site selection assistance; business expansion services; community connections with decision makers/elected officials; workforce analysis, demographics, cost comparisons and other critical information. Company Profile: LCEA is the Lake County Indiana Economic Development Organization representing 20+ communities just minutes away from Chicago. It is the one resource for developers, site consultants and company executives considering relocation or expansion opportunities in Lake County, Indiana.
FOR ADVERTISING OPPORTUNITIES IN THIS SECTION, PLEASE CONTACT SUSAN MICKEY AT SMICKEY@REJOURNALS.COM OR 773.575.9030
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NAPERVILLE DEVELOPMENT PARTNERSHIP
22 E. Chicago Ave., Ste. 205 Naperville, IL 60540 P: 630.305.7701 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.
WILL COUNTY CENTER FOR ECONOMIC DEVELOPMENT
203 N. Ottawa Street, Suite 100 Joliet, IL 60432 P: 815.723.1800 Website: WillCountyCED.com Key Contact: Doug Pryor, President/CEO, doug.pryor@willcountyced.com Services/Demographic Info: Since 1981 the CED has been a strategic partner for businesses looking to expand or relocate into Will County. The CED serves as the primary point of contact regarding available sites and buildings, economic data and research, project & program eligibility and analysis, and guidance and coordination with federal, state and local officials. Incentives: Guidance on Enterprise Zones, Will County Tax Abatement Program, Tax Increment Finance Districts, Opportunity Zones, Training Assistance and Energy Efficiency Programs. Recent CRE Activity: The Will County CED assisted in over 100 development projects in 2021 in a broad range of industries including automotive supply, food production, industrial control systems, chemical manufacturing, energy, entertainment, medical, pharmaceutical, lodging, distribution/TWL and durable goods manufacturing.
L AW F I R M S / R E A L E S TAT E AT TOR N E YS GOULD & RATNER
222 N. LaSalle St., Ste. 300 Chicago, IL 60601 P: 312.236.3003 | F: 312.236.3241 Website: gouldratner.com Key Contact: Linsey Cohen, Chair, Real Estate Practice, lcohen@gouldratner.com Services Provided: Counsel on nearly all real estate transactions, including purchase, sale and financing of office, industrial, hotel/hospitality and residential/multifamily development, as well as commercial and retail leasing, multiparcel assemblage, tax-deferred exchanges, management agreements, construction financing, litigation and environmental issues. Company Profile: Gould & Ratner lawyers translate legal knowledge and business acumen into practical solutions that work for our clients, who include entrepreneurs, family businesses, and middle-market and Fortune 500 companies in real estate and many other industries in Chicago and nationwide.
MELTZER, PURTILL & STELLE LLC
1515 Woodfield Road, Ste. 250 Schaumburg, IL 60173 P: 847.330.2400 | F: 847.330.1231 125 S. Wacker Drive, Suite 2900 Chicago, Illinois 60606 P: 312.987.9900 | F: 312.987.9854 Website: mpslaw.com Key Contact: William J. Mitchell, Managing Partner, wmitchell@mpslaw.com Services Provided: The firm provides an exceptionally wide range of real estate-related services, including commercial real estate and leasing; land use, zoning, and entitlement; construction and finance- including TIF and other development incentives and commercial litigation. Company Profile: Meltzer, Purtill & Stelle LLC is a business-to-business law firm with exceptionally strong capabilities in all areas of real estate law. The firm provides a full range of transaction and litigation services to real estate developers, financial institutions, and businesses engaged in corporate, industrial, and retail development as well as financing, leasing, and investment.
SARNOFF & BACCASH
Two N. LaSalle St., Ste. 1000 Chicago, IL 60602 P: 312.782.8310 | F: 312.782.8635 Website: sarnoffbaccash.com Key Contacts: James Sarnoff, jsarnoff@sarnoffbaccash.com; Robert Sarnoff, rsarnoff@sarnoffbaccash.com Services Provided: Sarnoff & Baccash is a leading and recognized law firm concentrating solely in the field of property taxation. We help client’s secure favorable taxes in Illinois through property tax appeals, incentives and consulting. Company Profile: Sarnoff & Baccash’s clients include Owners, Developers, Managers, REIT’s, Fortune 500 Companies, Private Equity Firms, etc., in connection with commercial property, high-rise and low-rise apartment buildings, condominium associations and single-family home portfolios.
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The Henry Dale and Betty Smith Football Center at The University of Illinois Urbana-Champaign
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Harbor Freight Tools
Macy’s Flagship
Siebel Center for Design at University of Illinois Urbana-Champaign
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We see our work through the eyes of the people who will use them every day. Through their eyes, we see places of innovation, industry, technology, healing, research and entertainment. The result? Powerful structures with impacts that reach far beyond these walls.
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