April/May 2023 Illinois Real Estate Journal

Don’t listen to the headlines! Office rebounding slowly as companies navigate period of experimentation

By Mia Goulart, Senior Staff Writer

The advent of remote work has transformed the office landscape of most major metros across the U.S., but as Downtown Chicago’s hustle and bustle continues to reemerge, certain trends—and certain neighborhoods—are leading the rebound.

Illinois Real Estate Journal recently spoke with JLL Executive Vice President of Brokerage Jamie Wallenberg and Cresa Senior Vice President Michael Marrion to discuss the current state of the market and interestingly, they both came

up with one conclusion: the state of the market is much more positive than the headlines reflect.

The last six months have reflected significant leasing activity of upwards of three million square feet, whether it be growth or rightsizing in terms of footprint, as companies continue to look at this as a tool to continue to drive employees back to their office space. And within the office? Employees are returning. In fact, Chicago, compared with all the gateway OFFICE (continued on page 8)

Industrial construction market still one of the strongest in U.S., but shifts in demand starting to surface

By Mia Goulart, Senior Staff Writer

Chicago’s industrial construction market stands out as one of the strongest in the U.S., and while it’s not often that market conditions undergo significant transformation, there are now noticeable shifts in the patterns of demand.

To start, and perhaps most shockingly, lots of firms have seen a slowdown in the push for 500,000- to 1,000,000-square foot speculative buildings, with clients focusing more on buildto-suits than in years past. PREMIER Design + Build Group Senior Vice

President,

Midwest

DON’T LISTEN TO THE HEADLINES! OFFICE REBOUNDING SLOWLY AS COMPANIES

NAVIGATE PERIOD OF EXPERIMENT The advent of remote work has transformed the office landscape of most major metros across the U.S.

ILLINOIS 1 12

APRIL/MAY 4

INDUSTRIAL CONSTRUCTION MARKET STILL ONE OF THE STRONGEST IN U.S., BUT SHIFTS IN DEMAND STARTING

TO SURFACE Chicago’s industrial construction market stands out as one of the strongest in the U.S., and while it’s not often that market conditions undergo significant transformation, there are now noticeable shifts in the patterns of demand.

SOUTHEAST WISCONSIN POSITIONED TO BE NEXT BIG INDUSTRIAL HUB?

The region has remained an unmined gem compared to neighboring submarkets, but it’s unlikely it will stay that way for long, as the region continues to making a name for itself as a hub for industrial end users.

TECH GIANTS SALESFORCE AND META SEEK TO OFFLOAD OFFICE SPACE IN DOWNTOWN CHICAGO San Francisco-based Salesforce, along with Meta, are marketing a combined 240,000 square feet of office space in Downtown Chicago, as reported by CoStar News.

CHICAGO SEES NO. 10 LARGEST MONTHLY RENT INCREASE AMONG LARGEST CITIES IN U.S.

It’s been over three years since the world was turned on its head by COVID-19, but the real estate market is still feeling its effects as rental prices continue to climb higher…and higher…and higher.

CONTENTS 12 SINCE 1973 info@krusinski.com | 630.573.7700 | krusinski.com KNOWN EXPERIENCED TRUSTED

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EDITORIAL ADVISORY BOARD

ALISSA ADLER Colliers

TODD ANDRLIK Skender Construction

GEORGE KOHL Savills

JERRY KRUSINSKI Krusinski Construction Co.

RONALD C. LUNT Hamilton Partners

JOHN M. MOYSEY

Avison Young

NANCY A. PACHER CBRE

JONATHAN STEIN

Inland Real Estate Group

GREGORY T. WARSEK Associated Bank

CHRIS WOOD Cushman & Wakefield

Southeast Wisconsin positioned to be next big industrial hub?

By Mia Goulart, Senior Staff Writer

Southeast Wisconsin has remained an unmined gem compared to neighboring submarkets, but it’s unlikely it will stay that way for long, as the region continues to making a name for itself as a hub for industrial end users.

This month, Illinois Real Estate Journal turned to Colliers Executive Vice President Ned Frank and HSA Commercial Real Estate Vice Chairman and CEO Robert Smietana to discuss the region’s industrial market in greater detail, as well as specific projects currently underway.

Illinois Real Estate Journal: What’s unique about the region that makes it an attractive location for industrial end users?

Construction is nearly complete on HSA Commercial’s 550,647-square-foot

speculative warehouse at Bristol Highlands Commerce Center West, 9414 136th Ave., Kenosha, WI.

“Everything that an end user could want is available, like abundance of labor, direct access to an interstate, ongoing construction of modern warehouses, and municipalities that work hard to not only keep companies in the region happy, but to attract new business.”

Ned Frank: The area is unique in that it is still an untapped market. Everything that an end user could want is available, like abundance of labor, direct access to an interstate, ongoing construction of modern warehouses, and municipalities that work hard to not only keep companies in the region happy, but to attract new business. It’s evident as you continue to see companies look to relocate across the border into Southeastern Wisconsin.

Robert Smietana: In Southeast Wisconsin, industrial end users can find large parcels of improved land available to accommodate buildings of one million square feet or more with plenty of space for trailer parking as well. These users are also attracted to the easy access to Interstate 94, which has recently been expanded to eight lanes, four in each direction, for quick deliveries to customers in the Milwaukee and Chicago metros. In addition, the region benefitted from the hundreds of millions of dollars in infrastructure improvements made in recent years to draw large corporations to the region. Finally, industrial end users enjoy a lower cost of business compared to Illinois while maintaining proximity to customers in both states.

Illinois Real Estate Journal: What does the supply/demand ratio look like in the region? Is there enough supply to match the demand?

Frank: Last year experienced record supply and demand in the region, with developers delivering 18 buildings totaling 6.9 million square feet during 2022, 73% greater than the previous record of four million square feet in 2021. Despite this large amount of supply, the net absorption in 2022 totaled 4.7 million square feet—another record for demand.

This year, developers continue to build and will deliver 13 speculative projects totaling 5.8 million square feet across the market, and it’s safe to assume that the supply will match the demand.

Smietana: Fewer new industrial buildings will deliver in 2024 because of the higher cost and lower availability of capital, which will create a tighter market for tenants.

While demand for space from manufacturers and warehouse tenants has slowed, vacancy rates in Southeast Wisconsin remain near historic lows. Fewer new construction projects on the horizon will keep absorption rates from falling.

Illinois Real Estate Journal: How have rising interest rates affected activity in the region? Has this affected the pace of construction of new projects and/or the amount of investment activity in the sector?

Frank: The region did not seem too affected by rising interest rates what with the record-setting supply and demand in 2022, also shown by how much supply will also be delivered in 2023. The largest lease transaction between Illinois and Wisconsin at 1,048,961 square feet was executed in Southeastern Wisconsin, which further proves that the region is being paid more attention in terms of new projects and investment activity.

Smietana: Short-term interest rates quickly rose from near 0% to levels over 4.5%, which is starting to slow the economy as intended. Because of rising rates, some lenders are not lending, so we’re seeing fewer new construction starts, which will keep vacancy rates from rising.

Illinois Real Estate Journal: What specific industrial projects are going on in Southeast Wisconsin that are especially exciting?

Frank: There are a lot of exciting projects to come in Southeast Wisconsin. One of the projects that stands out to me is the 288,000-square-foot cargo facility that Crow Holdings will be building at General Mitchell Airport, another example of an untapped resource the area has to offer.

Smietana: Construction on a 550,647-square-foot speculative warehouse, the first of three buildings in HSA Commercial’s new Bristol Highlands Commerce Center West, is nearly complete. Located at the southwest corner of 136th Avenue and Wilmot Road in Kenosha, Wisconsin, the new 82-acre warehouse park will total 1.3 million square feet upon full buildout. Scheduled to deliver in Q3 2023, the building will feature 40-foot clear heights, 79 truck docks, four drive-in doors and parking for 106 trailers and 256 cars. The space will be leased by CBRE.

When complete, Bristol Highlands Commerce Center (East and West) will comprise six buildings containing 2.4 million square feet of industrial space.

Ned Frank

Robert Smietana

“The region did not seem too affected by rising interest rates what with the record-setting supply and demand in 2022, also shown by how much supply will also be delivered in 2023.”

cities, has seen one of the highest changes in return rates in the nation since the beginning of the year, at over 50%, based on a report by Kastle Systems. With a job market that’s less frothy, people are realizing in person face time and collaboration is more important than ever.

But the numbers won’t continue to rise without the incentive of experience. Quality over quantity is still being prioritized when it comes to leasing office space as highly amenitized, smaller footprints are favored over those stiff and cubicle-dense with more square footage.

Wallenberg said it starts with addressing two questions: the reason behind employees’ reluctance to go back and the means by which the issue can be resolved. It’s all about the experience. JLL is seeing their clients, as well as others in the market, try to manage what that experience looks like from employees’ morning commute to their lunch break and ending with errands or happy hour on their way home.

“We’re not trying to entice them to come into a designated seat, but rather take part in the entire experience,” Wallenberg said, which does, of course, include the work being done within the space.

Increasing productivity through a positive, exciting experience that is looked forward to, rather than dreaded. That’s the objective, and part of that is creating a space within the office footprint that’s equally

as vibrant and productive as the footprint itself, specifically of the West Loop and Fulton Market.

For outdated buildings, and those unwilling to evolve, Marrion said they’re in trouble. More and more are going back to the lender or traded and sold. 161 N. Clark and 200 S. Wacker are both examples of buildings changing hands due to users’ flight to newer, amenitized space.

“Both are beautiful, well-located buildings but have below-average amenity packages,”

Marrion said. “They will need to be renovated to remain competitive, and since the current owners have chosen to not move forward, it’s likely both will be sold to new owners willing to take the plunge.”

In these cases, Marrion said one must spend money to make money, and these value-add opportunities—if done right— are likely to pay off in the long run. For example, 161 N. Clark is directly across from Google’s Thompson Center and will certainty benefit, as will the neighborhood

around it, once the project is completed in 2025.

It also must be noted that the reluctance of some employees to return to the office has not only affected the office sector but retail and mixed-use buildings, as well. JLL has observed changes in schedules to adjust to the number of people in and around certain buildings in the CBD—Tuesday through Thursday are the weekdays that reflect the highest employee occupancy, and the nearby amenities have been scaled up on those days to meet the demand. While this

OFFICE (continued from page 1)

approach aids in retaining employees on those days, solely offering amenities during that time might reinforce their desire to work from home on other days.

“Limiting our attention to Tuesday through Thursday only furthers the issue at hand because the standard work week is Monday to Friday,” Wallenberg said. “Some of the surrounding businesses are

offering certain specials on the quieter days to entice people to come then, too.”

Looking ahead, large users are exploring opportunities in the market and the second half of the year will reflect if more companies have chosen to take advantage of long-term commitment strategies or continue their short-term cycles of rightsize and renew.

Another exciting bit that will be tracked in the second half of the year is the announced office conversions on LaSalle Street, such as 135 S. LaSalle and 111 Monroe, and how it will affect other businesses on LaSalle.

As for the return-to-work movement, JLL and Cresa are optimistic about the future, albeit cautiously so. It’s not as simple as a

one-size-fits-all solution, but companies across all sectors are starting to experiment with solutions that allow for flexibility.

“Employees will continue to return to the office, but companies will be more thoughtful in ensuring the space is evolved for the new way of work,” Marrion said. “Boasting a space hat is desired is, and will remain, the priority.”

For over 45 years, DarwinPW Realty/ CORFAC International has been a leader in industrial and commercial real estate. The company specializes in brokerage, property management, investment and development services primarily in the Midwest. DarwinPW Realty’s highly qualified professionals are problem solvers and utilize a breadth of tools and knowledge to serve our clients best.

“We implement strategic plans driven by client collaboration.”

Rick Daly Managing Broker

Michael Marrion

Jamie Wallenberg

“Employees will continue to return to the office, but companies will be more thoughtful in ensuring the space is evolved for the new way of work.”

Market Leader Joseph Ahrens confirmed increased interest in the number of end user projects, as opposed to the boom of spec buildings, which represented a majority of PREMIER’s projects 18 to 24 months ago.

When it comes to the construction of tailored properties, there exists a distinct category of design trends, including the emphasis on sustainability and environmental, societal and governance (ESG) initiatives. More and more clients are showing interest in eco-friendly design elements like solar energy to replace or supplement electricity from a grid—PREMIER Design + Build Group has also looked into geothermal energy as a substitute for conventional gas and electric heating and cooling, driven by a concern for the volatility of fossil fuel costs, though it’s not yet being marketed to the same caliber as solar.

It’s encouraging that sustainability, along with amenities such as EV charging stations, is becoming increasingly commonplace—and while it does cost more on the back end, it can result in long-term savings for users. Ahrens said alternative energy sources like solar have made significant progress in the past decade and continue to be promoted and incentivized to attract financially cautious but forward-thinking users.

In some cases, the current cost of fuel itself has proven incentive enough. And contrary to decades past, those financing these projects are willing to spend more on the back end to ensure they will be an eco-positive contribution long term.

Another trend that’s taken a turn is the type of user demanding space. While manufacturing and e-commerce companies previously dominated the landscape, the current clientele is much more varied, as the tech, food and beverage and medical sectors are among those expanding their footprint in Chicagoland.

“There’s a lot of pent-up growth that was put off as everyone was booming through the last few years and focused on making their business work while dealing with

demand and challenges like supply chain issues,” Ahrens said. “Now it seems those companies have a chance to take a breath and invest into the future of their business after experiencing such growth the past few years.”

Similarly, Ahrens said as the market has pivoted in the last few months, there doesn’t seem to be one submarket that stands out above the rest in terms of construction/ leasing activity, as the firm’s current projects are representative of many, including a handful of build-to-suit, expansion and

redevelopment projects, like the former Allstate Campus in Glenview, Illinois, on which PREMIER serves as the GC.

Construction of Dermody Properties’ The Logistics Campus commenced in October beginning with the first five buildings, representing over 1.2 million square feet, scheduled for completion in Q2 and Q3 of 2023; Phase II will deliver five additional buildings totaling more than two million square feet.

Despite the changing patterns of demand and the methods used to meet them, the sector is still considered one of the most robust, even amidst the ongoing recession. Ahrens said it’s a matter of perspective. The market conditions of late 2021 and 2022 established a new precedent for what is considered “normal,” but experts foresaw that it was unlikely to be sustainable long term, which has proven true by the ongoing challenges that are still working their way through the system.

“It might feel like less activity because of the volume of projects built in the last two years,” Ahrens said, “but there are a healthy number of projects that are out there and climbing.”

Of course, any discourse on industrial activity would be incomplete without acknowledging the significant role played by Amazon and the effect it’s had on the region in the last several years. As Amazon continues to curb the pace of its expansion and shift its focus to enhance the infrastructure of their current facilities, its evolving dynamics in the coming months are something to monitor, as it’s bound to have a profound impact on the overall market.

INDUSTRIAL (continued from page 1)

Dermody Logistics Campus

Joe Ahrens

“It might feel like less activity because of the volume of projects built in the last two years, but there are a healthy number of projects that are out there and climbing.”

Tech giants Salesforce and Meta seek to offload office space in Downtown Chicago

By Mia Goulart, Senior Staff Writer

San Francisco-based Salesforce, along with Meta, are marketing a combined 240,000 square feet of office space in Downtown Chicago, as reported by CoStar News.

Salesforce will reportedly offload up to 125,000 square feet of office space in the nearly-completed Salesforce Tower at Wolf Point, and Meta, about 115,000 square feet at CNA Tower.

The reason? It seems to be a combination of many factors.

Both tech companies have announced mass layoffs in recent months. Salesforce disclosed in January that it was cutting 10% of its workforce, or about 7,000 employees, while Meta disclosed plans to lay off 13% of its global staff—about 10,000 employees.

Rising interest rates and recession fears have caused job cuts and cost-cutting measures that continue to weaken office

demand, and companies are reducing their real estate post pandemic due to pressure to shed expenses after rising stock prices, according to CoStar.

This is bleak news for office landlords who’ve been reliant on the tech sector for the last decade. That said, Google maintains its commitment to office space at the James R. Thompson Center, a move that

is expected to bring thousands of workers to Chicago and restore foot traffic in the Loop.

It’s not game over for the office sector in Chicago. The past few years have proven the resiliency of the city and the companies that call it home, as they continue to evolve with the changing landscape.

“The future of work is here and we’re embracing it at Meta,” a spokesperson for the company said in a statement. “The past few years have brought new possibilities around the role of the office, and we are prioritizing making focused, balanced investments to support our most strategic long-term priorities and lead the way in creating the workplace of the future. We remain committed to Chicago and look forward to years of innovation ahead.”

“The future of work is here and we’re embracing it at Meta. We remain committed to Chicago and look forward to years of innovation ahead.”

Chicago sees No. 10 largest monthly rent increase among largest cities in U.S.

By Mia Goulart, Senior Staff Writer

It’s been over three years since the world was turned on its head by COVID-19, but the real estate market is still feeling its effects as rental prices continue to climb higher…and higher…and higher, based on the recent rent report by Apartment List.

So, what’s the deal in Chicago? The report found that in the past year, rental prices have gone up by 5.2%. That means the average one-bedroom apartment now costs $1,301 per month.

But there are still some affordable neighborhoods where renters can find good deals. For example, West Pullman is the most affordable neighborhood in Chicagoland, with a median two-bedroom apartment renting for just $1,100 per month in March 2023. Other affordable neighborhoods include Gage Park, Austin and Englewood, yet they don’t come with the frills today’s renters are after.

The truth is, COVID-19 resulted in renters placing more value on outdoor space and in-unit laundry, which come at a price. For this reason, Apartment List reported a significant decrease in renter satisfaction—only 49.7% of renters in the city feel satisfied with their rental experience, compared to 61% in 2019. Luxury amenities continue to attract renters to some

of the most expensive neighborhoods in Chicago, including the Gold Coast, Streeterville and River North where the median rent for a two-bedroom apartment is over $3,000 per month.

And it’s younger renters that are struggling the most to find affordable housing in Chicago. Renters between the ages of 18

and 29 are spending an average of 33% of their income on rent which is higher than any other age group, likely due to the fact that younger renters are just starting out in their careers and do not have as much disposable income as older renters.

“Apartment List reported a significant decrease in renter satisfaction—only 49.7% of renters in the city feel satisfied with their rental experience, compared to 61% in 2019.”

ASSET/PROPERTY MANAGEMENT FIRMS

ECONOMIC DEVELOPMENT CORPORATIONS

ECONOMIC DEVELOPMENT CORPORATIONS MICHIGAN CITY

CENTERPOINT PROPERTIES

1808 Swift Drive Oak Brook, IL 60523

P: 630.586.8000

Website: centerpoint.com

Key Contacts: Nate Rexroth, Executive Vice President, Asset Management; nrexroth@centerpoint.com; Danielle Radtke, Senior Vice President, Asset Management; dradtke@centerpoint.com

Services Provided: CenterPoint Properties is an innovator in the investment, development, and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases, and sells state-of-the-art warehouse, distribution, and manufacturing facilities near major transportation nodes. Our experts focus on portproximate distribution infrastructure assets near America’s major population centers. Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics, and supply chain problems. With an agile team, substantial access to capital, and industry-leading expertise, we give customers a competitive edge to ensure their success — no matter how great the challenge.

FARBMAN GROUP OF CHICAGO

40 Skokie Boulevard

Northbrook, IL 60062

P: 248.353.0500

Website: farbman.com

Key Contacts: Andrew Farbman, CEO, afarbman@farbman.com; Andrew Gutman, President, gutman@farbman.com; Michael Kalil, COO and Director of Brokerage, kalil@farbman.com; Chris Chesney, CFO, chesney@farbman.com; Ryan Nelson, EVP, nelson@farbman.com

Services Provided: Property Management, Leasing & Brokerage, Construction, Investment Sales, Asset Management, Site Selection Services, Acquisition & Disposition, Medical Real Estate Solutions, Move Management, Receivership Services, Facility Management, Net Lease Brokerage Services.

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

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

Two Cadence Park Plaza Michigan City, IN 46360

P: 219.873.1211

Website: edcmc.com

Key Contacts: Clarence Hulse, Executive Director - Economic Development Corporation Michigan City, chulse@edcmc.com;

Karaline Cartegna Edwards, Economic Development Manager, kcedwards@edcmc.com

Services/Demographic Info: Up-to-date inventory of commercial buildings, site selection and orientation tours.

Incentives: Tax-Increment Financing, Facade Improvement Grants, Property Tax Abatements, Enterprise Zones, Revolving Loans, Job Training Programs.

Recent CRE Activity: Double Track Project: $649 Million Downtown Development reducing train travel to Chicago to 60 minutes; Michigan City Central Station: $100 Million Development with Residential & Retail Space; “You Are Beautiful:” $240 Million Mixed-Use Multifamily Development with 235-room Boutique Hotel & 150 Luxury Condos; TRG: $35 Million Downtown Workforce Housing Project; Burn ‘Em Brewing: $1.6 million expansion project with 30 new jobs

DEKALB COUNTY ECONOMIC DEVELOPMENT CORPORATION/DCEDC

2179 Sycamore Road

Unit #102

DeKalb, IL 60115

P: 815.895.2711 | F: 815.895.8713

Website: www.dcedc.org

Key Contacts: Paul J. Borek, Executive Director, borek@dcedc.org

Karen K. Hoyle, Administrator, hoyle@dcedc.org

Katelyn Lancaster, DeKalb County Marketing Manager, klancaster@dcedc.org

Unbound, countywide branding and communications program**

**Opportunity

Services Provided: DCEDC assists investor businesses with the following services:

· Market Research

· Site/Building Selection

· Workforce Recruitment & Training, Student Internships

· Supply Chain Analysis

· Product Development Research Partnerships

· Expedited Plan/Permit Review

· Enterprise Zone Incentives.

Located 60 miles west of Chicago/O’Hare Airport on Interstate 88 along the Union Pacific RR, the economy is led by Northern Illinois University together with innovative manufacturing, distribution, health care and agricultural enterprises.

Company Profile: DCEDC is a public/private partnership working to facilitate sustainable & diversified economic growth in DeKalb County. The organization serves 16 industrial parks and over 14.5 million square feet of industrial space in 14 communities along I-88 in the center of the I-39 Logistics Corridor. This location provides congestion-free access to the central United States and Metro Chicago with convenient connections to I-80, I-55, I-94 and I-57.

VILLAGE OF HOMER GLEN ECONOMIC DEVELOPMENT

14240 W. 151st Street Homer Glen, IL 60491

P: 708.301.0632

HIFFMAN NATIONAL

One Oakbrook Terrace, Suite 400 Oakbrook Terrace, IL 60181

P: 833.HIFFMAN

Website: hiffman.com

Key Contacts: Dave Petersen, CEO, dpetersen@hiffman.com; Bob Assoian, Executive Managing Director of Management Services, bassoian@hiffman.com

Company Profile: Hiffman National is one of the US’s largest independent commercial real estate property management firms, providing institutional and private clients exceptional customized solutions for property management, project management, property accounting, lease administration, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 250 employees nationally and an additional six hub locations and 25 satellite offices across North America. For more information, visit hiffman.com

Website: HomerGlenIL.org

Key Contact: Janie Patch, Economic Development Director, jpatch@homerglenil.org

Services: Resource center for brokers, developers, site selectors and businesses providing space and property inventory, trade area demographics, site selection assistance, custom tours, coordination through entitlement process, business opening process guidance and retention services.

Demographic Info: Strategic Will County location 25 miles southwest of Chicago with two I-355 interchanges between I-55 and I-80. Average household income of $137,577. Trade area population of 83,000. Prime commercial corridors include Bell Road, 143rd Street and 159th Street (State Route 7). 159th Street is improved with 4 lanes and access to Lake Michigan water and sanitary sewer.

Recent CRE Activity: The Square at Goodings Grove (106 townhomes) completing construction. The Villas of Old Oak (46 ranch duplexes) under construction. JC Licht opening soon. Restaurant with drive-thru position available at Homer Glen Bell Plaza with Pet Supplies Plus, Dollar Tree and Taco Bell, SWC 143rd/Bell.

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

CONSTRUCTION COMPANIES/GENERAL CONTRACTORS

SUMMIT DESIGN + BUILD, LLC

1036 W. Fulton Market, Suite 500 Chicago, IL 60607

P: 312.229.4630

Website: summitdb.com

VICTOR CONSTRUCTION

2000 Center Dr., Suite East C219

Hoffman Estates, IL 60192

P: 847.392.6900

Website: victorconstruction.com

Key Contact: Zak Schuttler, President, ZakS@victorconstruction.com

Services Provided:Victor Construction Co., Inc. manages projects from ground-up site developments to interior buildouts, specializing in retail, industrial, and commercial markets.

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

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

ALSTON CONSTRUCTION COMPANY

1901 Butterfield Road, Suite 1020

Downers Grove, IL 60515

P: 630.437.5810

Website: alstonco.com

Key Contact: Robert Murray, SVP/ Regional Manager, RMurray@alstonco.com, 908.966.1306

Services Provided: Alston offers a diverse background of design-build experience, general contracting and construction management of industrial, commercial, healthcare, retail, and municipal projects.

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

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

MCSHANE CONSTRUCTION COMPANY

9500 West Bryn Mawr Avenue Ste. 200 Rosemont, IL 60018

P: 847.292.4300 | F: 847.292.4310

Website: www.mcshaneconstruction.com

Key Contacts: Mat Dougherty, PE, President, mdougherty@mcshane.com

Services Provided: McShane Construction Company offers more than 35 years of experience providing design-build, design-assist and general construction services on a national basis The firm’s diverse expertise includes build-to-suit and speculative warehouse, distribution and manufacturing facilities, as well as multifamily, commercial and institutional developments. Company Profile: Headquartered in Rosemont, Illinois with regional offices in Auburn, Alabama, Irvine, California, Phoenix, Arizona, Madison, Wisconsin and Nashville, Tennessee, McShane Construction Company provides comprehensive construction services on a local, regional and national basis for a wide variety of market segments. The firm is recognized as one of the Chicago area’s most diversified and active contracting organizations with a reputation built on honesty, integrity and dependability.

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

MERIDIAN DESIGN BUILD

9550 W. Higgins Road, Suite 400 Rosemont, IL 60018

P: 847.374.9200 | F: 847.374.9222

Website: meridiandb.com

Key Contacts: Paul Chuma, President; Howard Green, Executive Vice President

Services Provided: Meridian Design Build provides construction and design/ build construction services on a national basis with a primary focus on industrial, office, medical office, retail and food and beverage work.

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

Notable/Recent Projects: Clarius Park Joliet Building #2, Joliet, IL - 906,517 sf speculative industrial facility for Clarius Partners. Commerce Park Chicago Building B, Chicago, IL602,545 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.

Key Contacts: Adam Miller, President, amiller@summitdb.com; Deanna Pegoraro, Vice President, dpegoraro@summitdb.com; Jon Silvers, Business Development, jsilvers@summitdb.com

Services Provided: Summit Design + Build, LLC is a provider of full service general contracting, construction management and design/ build construction services for the commercial, industrial, multifamily residential, office/tenant interiors, hospitality and institutional markets. Company Profile: Located in Chicago’s Fulton Market and with regional offices in Tampa, FL, Austin, TX and North Carolina, Summit Design + Build has been involved in the design and construction of over 400 buildings and spaces totaling more than 10 million square feet over the firm’s 18 year history.

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

FINANCE & INVESTMENT FIRMS

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 rail and portproximate distribution 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.

MARQUETTE BANK

10000 W. 151st Street

Orland Park, IL 60462

P: 708.364.9131

Website: emarquettebank.com

Key Contact: Gene Malfeo, Senior Vice President, gmalfeo@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