Pros of second-generation medical spaces in today’s market? Just ask HSA PrimeCare
By Mia Goulart, Senior Staff Writer
With higher interest rates and challenges in the healthcare industry, some ground-up new development is on pause, causing second-generation or existing space to attract attention. Illinois Real Estate Journal recently spoke with HSA PrimeCare Executive Vice President Bob Titzer to delve deeper into its benefits for both users and owners.
Locations Are Often Closer to Patients
One major advantage of second-generation spaces is their accessibility. Second-generation spaces have already been strategically deployed within communities to ensure optimal reach for the patient base, which can potentially attract a larger clientele.
Buildouts Are Less Costly Than Ground-Up Construction
Compared to new construction, the cost of interior buildouts in second-generation spaces is significantly lower. With
the shell of the building is already in place, landlords are responsible for customizing the interiors to suit the tenants’ specific needs.
Titzer said the past few years have witnessed a substantial increase in the cost of interior buildouts, making them financially burdensome for tenants,
4 ILLINOIS REAL ESTATE JOURNAL JUNE/JULY 2023
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Silver Cross Pavilion B, 1870 Silver Cross Blvd., is a two-story, medical office building with an indoor connection to the Silver Cross Hospital. The current tenant modified the space for specialized healthcare services.
“One major advantage of second-generation spaces is their accessibility. Secondgeneration spaces have already been strategically deployed within communities.”
making repurposing existing infrastructure an affordable solution. What with current economic challenges, tenants are seeking available spaces that require less than a full-scale investment to get their operations up and running.
Quicker Way to Get Facilities Up and Running
Time is of the essence in today’s market, and second-generation spaces provide a quicker path to operational readiness compared to new construction. Due to ongoing supply chain limitations, obtaining construction materials in a timely manner has become challenging. By working with what already exists, healthcare providers can avoid potential delays caused by material shortages, allowing them to serve patients sooner and more efficiently.
Easier Commitment in a Fluctuating Interest Rate Environment
The volatile interest rate environment has increased the cost of everything landlords need to provide. However, when leasing second-generation spaces, healthcare tenants can bypass the need to finance an entire building from scratch,
therefore reducing financial burden and simplifying the commitment process.
New Revenue Stream for Property Owners
Second-generation spaces not only benefit tenants, but also present a new
revenue stream for property owners. According to Titzer, owners who have experienced persistent vacancies in their properties now find increased interest from medical providers seeking to lease these spaces. Tenants who might have previously chosen to build new facilities instead of retrofitting existing buildings,
are now drawn to the low-cost alternative for the reasons outlined above, making it a win-win solution for both parties.
When asked about the availability of existing space to meet the rising demand, Titzer highlighted that while there is enough medical space, it’s not always optimally located. There are still underserved suburban areas, and he said we will soon see an increase in new construction to address these gaps. Northwest Indiana, for example, has seen a surge in new healthcare facilities to account for its expanding population.
Second-generation spaces offer healthcare providers numerous advantages in today’s challenging real estate landscape. The proximity to patients, cost-effectiveness, faster implementation, reduced commitment complexity and new revenue opportunities make them an appealing option. As the demand for healthcare services continues to grow, second-generation spaces provide a viable solution for tenants and property owners alike, ensuring the efficient delivery of care to communities in need.
5 JUNE/JULY 2023 ILLINOIS REAL ESTATE JOURNAL
2023 REjournals GOLF OPEN HARBORSIDE INTERNATIONAL GOLF CENTER AUGUST 1, 2023 YOU’RE INVITED! 10:30 am Registration 12:00 pm Shotgun Start HARBORSIDE INTERNATIONAL GOLF CENTER 11001 S. DOTY AVE EAST, CHICAGO, IL Mark Menzies menzies@rejournals.com Ernie Abood eabood@rejournals.com Frank Biondo frank.biondo@rejournals.com contact us to secure your sponsorship “Owners who have experienced persistent vacancies in their properties now find increased interest from medical providers seeking to lease these spaces.”
First, the suburban retail market is undergoing notable changes, reflecting broader trends in the United States. Specifically, Mid-America Real Estate noted a shift towards mixed-use and repurposing existing retail spaces.
To accommodate current retail demands, non-functional retail spaces in suburban malls, like larger anchor spaces and multi-level spaces, are being transformed into mixed-use, with residential, hospitality, medical and entertainment components being introduced.
Yet it’s open-air centers that Mid-America seems to place the most faith, particularly those with convenient access, ample parking and high foot traffic. Marget Graham said, “We’re seeing a true reemergence of trends that were happening pre-pandemic
with mall tenant expansion geared toward open-air opportunities for convenient access, parking and therefore more activity.” Lifestyle centers, too, are diversifying their offerings with grocery stores, fitness centers, coffee shops, quick- and full-service restaurants and entertainment options.
The current vacancy rate for suburban retail is 11.3%, an improvement from the peak of
14.6% during the pandemic. This is good news, and while the sector still has a way to go, Graham said the market has seen absorption and anticipates a further decline, indicating a healthier market with high demand for well-positioned spaces.
“We hoped to reflect less than 10% vacancy rate by year-end last year,” Graham said,
“but we predict we’ll reach that number within the next 18 months.”
This recovery can be attributed to several factors. Many retailers that survived the challenges of the pandemic are now in expansion mode, driving demand for retail spaces. The limited new construction in recent years has also contributed to the focus
6 ILLINOIS REAL ESTATE JOURNAL JUNE/JULY 2023
President Marget Graham and Principal/ Senior Vice President Lara Keene.
RETAIL (continued from page 1)
“We’re seeing a true reemergence of trends that were happening pre-pandemic with mall tenant expansion geared toward open-air opportunities for convenient access, parking and therefore more activity.”
on redeveloping existing vacant spaces to accommodate growth.
Graham said the most successful businesses include grocery stores, off-price retailers, sporting goods stores, home furnishings retailers, entertainment venues, medical facilities, dollar stores and fitness centers. And what they have in common? These companies have employed various strategies to attract and retain customers, like curbside pickup, online ordering with in-store pickup options and technology enhancements. Experiential retail has also played a crucial role in drawing customers in by offering unique and engaging experiences.
Top performing suburban markets include Oak Brook, Schaumburg, Old Orchard in Skokie, Naperville and Orland Park, all witnessing significant activity due to their concentration of retail, as well as their population and density.
As for Downtown Chicago, just because it’s been a bit slower to bounce back doesn’t mean there isn’t measurable progress. While certain areas still face challenges, the
outlook is promising. According to Lara Keene, the city’s retail scene demonstrates resilience, with neighborhoods experiencing unprecedented growth.
Of course, different trade areas face distinct circumstances, with some flourishing and others facing challenges based on population density and location. Retail businesses, whether service-oriented, food and beverage, or traditional soft goods, gravitate toward areas where people congregate. And in Chicago, Keene said this has been in the neighborhoods, like Lincoln Park, rather than the CBD.
That’s not to say all of downtown is lagging. Fulton Market stands out as an emerging retail hub and dynamic neighborhood that fuels growth. Several factors contribute to its success, including a substantial office density. Moreover, Fulton Market’s appeal is bolstered by its vibrant food and beverage scene, bustling tourism and numerous multifamily buildings, all of which contribute to a dynamic “live-work-play” environment.
Mid-America said the integration of retail and multifamily is increasingly significant
in today’s market, as people crave convenience and accessibility.
“The demand for mixed-use developments that combine retail and residential spaces is growing,” Keene said. “It’s an exciting time for the retail industry as it adapts to meet the needs of modern urban dwellers.”
The Gold Coast has also experienced noteworthy lease activity, primarily propelled by luxury retailer performance.
Yet we can’t discuss the current retail market without acknowledging the seemingly mass exodus of big retailers like Gap, Banana Republic and Verizon Wireless from Michigan Avenue. AT&T is the latest in a line of stores to pull out, as more and more
and optimism about the future of the Mag Mile.”
Mid-America shares the same sentiment. Contrary to external perceptions, Keene said Michigan Avenue ranks as the leading high street nationwide, in terms of annual foot traffic. “It’s North Michigan Avenue in particular, and we’ve seen significant spikes in traffic on weekends at a magnitude higher than other markets in the U.S.”
In line with ABC7’s report, Keene agreed that the observed closures on Michigan Avenue are simply resizing their stores to align with evolving consumer demands, adopting smaller and more efficient store layouts to optimizing operations and prioritize profitability.
136,000 SQ. FT. MULTI-STORY TROPHY PROPERTY 28301 FERRY R OAD, WARRENVILLE, IL (High-Profile Chicago Suburban Locale) Rick Levin & Associates, Inc. | since 1991 312 . 440. 2000 | www.ricklevin.com FOR INFORMATION CONTACT IN CONJUNCTION WITH NAI HIFFMAN RE AL E STATE AUC T ION JU LY 20, 2023 2.5% BROKER CO-OP Built in 1999, with updating in 2022, and situated on approximately 19 acres with 950 parking spaces and excess land in the Cantera Business Park. This currently vacant property was formerly owned and occupied by oil giant BP subsidiary Amoco Research. Ideal potential uses include: school, training center, church, data center, corporate headquarters, etc. Replacement Value in Excess of $20,000,000 Suggested Opening Bid $4,750,000 On-site Inspections 11am to 2pm on June 27th, July 12 and 17 and by Appointment.
In order to entice employees back into physical workspaces, companies are recognizing that updating their offices is not just an option, but a necessity. Many forward-thinking companies anticipated the eventual return to work six to 12 months into the pandemic and took proactive measures, such as creating spec suites and renovating lobbies, to accommodate the transition. And while suburban Class A spaces experienced a surge in demand over the past decade, they are now facing challenges. Large corporate users are hesitant to make decisions about their future work schedules and the amount of office space required, causing a sense of uncertainty. Although some employers are regaining control over their workforce, the situation is still evolving. Most companies are actively competing to attract employees, and one effective way to do so is by offering modern, well maintained and amenity-rich workspaces—while being mindful of the delicate financial conditions.
Wurtz said all companies are opting to renovate existing infrastructure instead of building new, driven by the rising cost of construction and the hesitancy of tenants to commit long term, among other factors.
“These spaces are minimally expensive for new deals,” Wurtz said, “so companies know they can put those concessions toward a reduced rent or more abatements or moving expensive.”
That’s part of the appeal of Cumberland Centre.
Ten years ago, Wurtz said that the prevailing trend involved transforming Class B spaces into Class A ones and overcrowding buildings with numerous amenities. According to him, in a submarket like O’Hare, it’s crucial to take note of one’s identity. “When all is said and done, Cumberland Centre stands among the giants, yet we take pride in being a Class B building. What sets us apart is our accessibility to the train, suburban convenience and the fact that we’re the only multi-story Class B building in the vicinity.”
Not to mention, Hiffman recently secured over $16 million in financing for renovations and new deals. Securing financing has become increasingly challenging, and Wurtz said that those with financial resources will have the advantage in closing deals. Cumberland Centre is still undergoing renovations, but the spec suites have been completed and are currently being leased out. In the past 18 months alone, the building has witnessed approximately 143,000 square feet of lease renewals and new deals. Notably, LA Fitness has renewed their commitment for 47,000 square feet, demonstrating a long-term commitment, which Deluxe Check has taken a full floor, signing a lease for 46,474 square feet.
It’s no secret that the office sector is struggling in the city, and it’s possible that these projects are contributing to the improved occupancy rates observed in suburban areas like O’Hare. Another example of this trend is 5500 Pearl Street, also owned by Integris Ventures. The building had a mere 4% occupancy in 2019 that grew to 96% occupancy by 2022.
Wurtz stated that the location played a role, and their approach was assertive. While others were stagnant, Hiffman actively pursued all those active in the market. The building had plenty of available space and spacious floor plates, which attracted a
wide range of tenants, such as Lakeshore Recycling, who leased one and a half floors.
Concourse Chicago is a 180,000-squarefoot single-story project of which Hiffman leased 110,000 square feet at the beginning of the pandemic, all due to the flight to a better price point, and nominal amenities that have done very well, like a fitness center, co-working lounge and a meeting space. Some tenants just want to be able to check the box, and it doesn’t always have to be elaborate.
These examples are a testament to the flight to renovated Class B. But that’s not to say office renovation projects are always
smooth sailing. Even with the comparatively lower cost of renovation projects, finances are still something to be wary of, and it circles back to the importance of understanding your position in the market.
“A mistake that’s easy to make is going overboard with improvements,” Wurtz said. “Keep a delta between you and projects classed higher. This approach seems to align with the current demand, as the economy encourages cost-cutting and space optimization. Not all tenants prefer to customize their own space; instead, they find it more convenient to select colors and let the landlord handle the rest. Cumberland Centre stands out as the best
8 ILLINOIS REAL ESTATE JOURNAL JUNE/JULY 2023
O’HARE (continued from page 1)
Presidents Plaza, courtesy of Glenstar.
of its kind in the market, and though it might not offer all the bells and whistles in terms of amenities, it’s a modern and well-maintained property that fulfills the requirements of many companies.”
Naturally, renovations can be advantageous for all types of classes, particularly in today’s market. Glenstar is another company with big office renovation footprint in
O’Hare, particularly with Presidents Plaza located at 8600-8700 West Bryn Mawr Avenue—also attractive to tenants for its unique features and convenient city address.
Glenstar started the renovation in 2019 and completed it in a few months in perfect timing before the pandemic. In line with the strategy recommended by Jason Wurtz,
Glenstar took advantage of the dead time and spent about $20 million to transform the entire asset, including renovated common areas, a modernized lobby, and bestin-class amenities like a 12,000-squarefoot fitness center, conference center and tenant lounge with games like shuffleboard and a bar that serves coffee in the morning and liquor in the afternoon—the first and only building in the suburbs with that
offering. Glenstar Executive Director, Asset Management Mickey Stefan said these amenities transformed the property and solidified their place as the best in the market which he maintains is crucial to entice employees back in the office.
Glenstar embarked on the renovation project in 2019 and completed it within a few months, just before the onset of the pandemic. Consistent with Jason Wurtz’s strategy, Glenstar made use of the downtime and allocated approximately $20 million to completely revamp the property, which involved refreshing the common areas, modernizing the lobby and introducing top-notch amenities that set a new standard, like a 12,000-square-foot fitness center and a tenant lounge with games like shuffleboard. The lounge also boasts a unique offering, bring the only suburban building to serve liquor in the afternoon.
According to Glenstar Executive Director, Asset Management Mickey Stefan, these additions have transformed the property, positioning it as the premier option in the market.
According to Stefan, “Class A tenants seek office spaces with comprehensive amenities that enhance the workday experience. That’s what Presidents Plaza does, leading to successful leasing there, as well as our other assets. I would argue Presidents Plaza is the best suburban multi-tenanted building in Chicago, and I think there are a lot of brokers that would agree.”
Downsizing is one strategy large companies are using to be able to afford the space. And unlike many other buildings, Glenstar has managed to raise rental prices at Presidents Plaza due to high demand.
Unique amenities help with occupancy, as well. Not only does it help existing tenants in encouraging their employees back, but it helps the building’s retention rate. The building is currently sitting at mid-80% leased, which is above market vacancy, and it’s only a matter of time before the number reaches 90%.
Renovation projects are a trend that both Wurtz and Stefan expect to continue for the foreseeable future. And while you might see new spec offices in Fulton Market, Stefan said ground-up projects are unlikely in the suburbs any time soon. “I don’t think you’ll see developers kick off a new spec multi-tenant office building any time soon, and there hasn’t been one for a long time. People would rather find a well-located lower-class asset with capital and put money towards transforming it.”
Both Wurtz and Stefan anticipate that renovation projects will remain a prevalent trend in the coming years. The initiation of new speculative multi-tenant office building is improbable, as people continue to opt to invest in well-located lower-class assets and transform them.
9 JUNE/JULY 2023 ILLINOIS REAL ESTATE JOURNAL
“A mistake that’s easy to make is going overboard with improvements. Keep a delta between you and projects classed higher. This approach seems to align with the current demand, as the economy encourages cost-cutting and space optimization.”
Cumberland Centre, courtesy of NAI Hiffman.
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
JUNE/JULY MARKETPLACE 10
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
JUNE/JULY MARKETPLACE 11
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