® 2017 M E D I A P L A N N E R
Oct 17, 2020
®
2017 M E D I A P L A N N E R
For 30 years, CIP has been the premier source of industrial market news covering Illinois, Northern Indiana and Southern Wisconsin.
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Email our editor, Stephanie Aguilar at [email protected] with industry news and trends; new hires or promotions; sales and leases, and upcoming events. In addition to appearing in print, news will also appear at www.rejournals.com and will be distributed via broadcast email every Tuesday and Thursday. For byline article sub-mission and direction please contact the editor prior to writing the article. All articles must be exclusive to CIP. All art and photography attachments should be 300 dpi pdf or jpg files (see advertising specifications). Editorial
attachments are preferred as Word documents. Please do not imbed photos in copy. Deadline for bylined articles: 2nd Friday of the month for consideration in following month’s edition.
For editorial direction, please contact: Stephanie Aguilar, editor p 312.644.7114 f 312.416.1864 [email protected]
Members of Major Industry Organizations
AIRE: Association of Industrial Real Estate Brokers
SIOR: Society of Industrial and Office Realtors
NAIOP: National Association of Industrial and Office Parks
NICAR: Northern Illinois CommercialAssociation of Realtors
IMA: Illinois Manufacturing Association
BOMA: Building Owners and ManagersAssociation
IDC: Illinois Development Council
ITA/GC: International Trade Association ofGreater Chicago
IFMA: International Facility ManagementAssociation
BAGC: Builders Association of Greater Chicago
ASA: Association of Subcontractors and Affiliates
CLM: The Council of Logistics Management
WERC: Warehousing Education and Research Council
NAREIT: National Association of Real Estate Investment Trusts
CORENET: Corporate Real Estate Network
ULI: Urban Land Institute
CREW: Commercial Real Estate Executive Women
AIA: Association Institute of Architects
YREP: Young Real Estate Professionals
WIRE: Industrial Women in Commercial Real Estate
2017 Readership
February
April
June
August
October
December
2017 Forecast: What will the new year bring? Market leaders give us their predictions and expectations.
Investment & Finance: Current state of capital markets. Where is the capital coming from and who are the active players?
Development & Construction:Trends in build-to-suit, spec, and land development. Green Building & Technology: What are the latest trends in green development and technology?
REITs: We take a look at the area’s largest REITs and find out what they are up to.
Mid-year Review: A check on the state of the local industrial market.
Property Management: A growing revenue source, CIP talks with property managers to find out how their businesses have changed.
Distribution: Latest trends in the distribution industry.
Corporate Real Estate: Consolidate, relocate, reconfigure supply chains? What are corporate execs deciding and why?
Transportation & Logistics: What are the latest trends in the logistics industry?
The Biggest and Best of 2017: The mega deals of the year—who landed them and how.
3/24
5/26
7/28
9/29
11/24
2/3
SOUTHERN WISCONSIN I-94 CORRIDORConstruction, Sub-contractors, Finance
I-88 CORRIDORTop Brokerage Firms, Roofing Companies, EDC
NORTHWEST INDIANA I-80 CORRIDORRE Law Firms, Auction Companies, Green/Sustainable
I-55 CORRIDOR Construction Companies, Asset/Property Management Firm, Developers
ROCKFORDI-39 CORRIDOR EDC, Contractors, Architects
O’HARE I-90 CORRIDOR Annual Resource Guide
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Midwest Real Estate News
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Annual Resource Guide
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Annual Resource Guide
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Annual Resource Guide
MINNESOTA | MISSOURI | NEBRASKA | OHIO | TENNESSEE | WISCONSIN
THE DAKOTAS | ILLINOIS | INDIANA | IOWA | KANSAS | KENTUCKY | MICHIGAN
W W W . R E J O U R N A L S . C O M
V O L U M E 3 0 I S S U E 0 5AUG/SEPT2015
Directories begin on page 33: Developers, Finance, Top Project/Construction Management Firms, Real Estate Law Firms
What do investors love? Strip centers anchored by grocery stores … still By Dan Rafter, Editor
RETAIL FEATURE
FEATURE (continued on page 10)
MULTIFAMILY FEATURE (continued on page 8)
Gary Cooper doesn’t worry that developers are build-ing too many apartment buildings in Cleveland or its suburbs. Cooper, senior vice president and principal with the Cleveland office of Colliers International, says that there are plenty of submarkets in the Cleve-
land area that don’t yet have enough apartment units to meet the demand for them.
Cleveland is far from unique. The major cities across the Midwest are still in the middle of a multifamily boom. Blame it on the bad memories that young adults have from the housing bust. Or just credit the allure of living a walkable life in the cen-ter of an urban hub, but consumers who would otherwise be taking out mortgage loans are today signing up for apartment living in the downtowns across the Midwest.
Cooper says that more than 1,800 future residents are signed
up on waiting lists for new apartments due to come online soon in downtown Cleveland. That’s an impressive number.
“This is despite the number of units that have been added already to downtown Cleveland,” Cooper said. “There is allure with living in downtown Cleveland now. It’s not unlike what you’re probably seeing with other markets: People today want to live in the downtown areas. They like that urban lifestyle. I’m not seeing any changes in this trend anytime soon.”
Cooper points to the Ivory on Euclid as an exampe of just how hot multifamily is today in downtown Cleveland. This new multi-family project, under construction now, was formerly known as the Truman buiding, and ranks as a contributing building to the city’s Euclid Avenue Historic District.
When it opens, Ivory on Euclid will feature 29 one- and two-bedroom luxury apartments ranging from 665 to 1,185
S tability. That’s the word Joe Girardi uses when talking about the retail strip centers across the Midwest that are anchored by
a Trader Joe’s, Whole Foods Market, Meijer or other grocery stores.
These are the retail centers that investors most eagerly target, Girardi says. And he should know. Girardi, principal with Mid-America Real Estate Corporation, recently led the investment sales team that brokered the sale of Heritage Commons in Lakeville, Minnesota.
Austin, Texas-based Epic Real Estate Partners purchased the 138,690-square-foot grocery-an-chored neighborhood center in the Minneapolis market earlier this year. Though the center in-cludes tenants such as Subway, Papa Murphy’s and Great Clips, the real star of the deal was the Cub Foods grocery store that anchors the center.
Why? Investors know that grocery stores are one of the safest businesses in the United
Not anytime soonMultifamily boom slowing?
By Dan Rafter, Editor
MREN_Sept-Oct_2015_9.11.15_B.indd 1 9/11/15 1:59 PM
re single family homes going out of style? When comparing its demand to other living alternatives, it seems likely. Couples, families and even young professionals are seemingly opting out of home-
owning and are instead, continuing to sway their way toward renting while market conditions are favorable.
Today, multifamily is performing extremely well—so well, in fact, that not only was it the first sector to return after the downfall, the first to show signs of recovery, and the first to reach and exceed post-recession levels, but today, it’s the leading sector in all commercial real estate, according to Matt Fiascone, President at The Habitat Company.
There’s high demand, high growth rate, occupancy, and not to mention, strong capital.
Doug Fisher, Principal and Managing Director at Essex Realty Group, said the investor appetite has also been strong and growing. He said that in 2014, there had been more than a billion dollars traded in Chicago, and although we’re only half-way through 2015, that mark has already been surpassed, with roughly half the number of transactions.
“In 2014, the city of Chicago did over 150 transactions above $1 million, and about 5,500 units,” he recalled.
Comparatively, so far in 2015, there’s been about 90 transac-tions that have already reached over one billion in total volume.
MULTIFAMILY FEATURE (continued on page 10)
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VOL.16 NO.16 ©2015 LAW BULLETIN PUBLISHING CO. AUGUST 2015
Amenities Are Hot Commodities
AMENITY COLUMN (continued on page 12)
DIRECTORIES (pg.20): Architects, Multifamily Finance, Property Management Firms
o attract and retain the best and brightest talent in today’s corporate workplaces, tenants and therefore building owners are focusing more on amenities
than ever before. In the past, fitness,
conference, lounge and deli amenities were rel-egated to lower level, window-less or other-wise underutilized and tough to lease vacant space. Today, in an effort to attract and retain tenancy, own-ers are investing in and allocating increasing square footage for attractive amenities within
By Phil Stafford, Principal, Colliers International in Chicago
T
This year’s multifamily activity surpasses 2014’s in just half the time By Stephanie Aguilar
Phil Stafford
AConstruction for 833 North Clark Street Apartments, a luxury apartment tower in Chicago’s Gold Coast neighborhood (far left), began in July 2015 and is expected to open in early 2017. Ryan Companies and Lincoln Property Company are the co-developers for the development, which is valued at more than $100 million. (Photo courtesy of Ryan Companies).
VOL.26 NO.16
AU G U S T / S E P T E M B E R 2 0 1 5
THE LEADING NEWS SOURCE FOR INDUSTRIAL REAL ESTATE PROFESSIONALS & USERS
DIRECTORIES (pg.38): Construction Companies, Industrial Developers, Architects
SPECIAL SECTION INSIDE: 2015 Build-To-Suit, Spec, & Business Parks Guide
here’s no doubt that this year’s market has been very active across major industry sectors. Market reports continue to show strong activity, and now that it’s past the
halfway mark in 2015, market experts weigh in on why CRE is looking good.
For one, investment sales are as strong as they’ve ever been, according to Steve Groetsema, director of development and leasing at Bridge Development Part-ners. Chicago is seeing record low CAP rates, and near record per square foot prices for top-of-the-line prod-
uct— infill locations, O’Hare, I-55, northern DuPage County, and Class A construction.
John Coleman, executive vice president at Tran-swestern, agrees. He said that user and investment purchases remain strong, especially in DuPage Coun-ty, and in both 40,000 square feet to 100,000 square feet user sales and 200,000-plus square feet investor purchases.
Coleman is also seeing that with leasing, it’s been getting difficult for investor-buyers to obtain good quality, stabilized, core real estate because so much
The 2015 industrial market’s five trending areas
INDUSTRIAL COLUMN (continued on page 12)
MID-YEAR FEATURE (continued on page 10)
By Stephanie Aguilar
By Keith PuritzPrincipal, Avison Young/Industrial Practice Group
T
Market activity very strong at mid-year, high demand for product raises some concerns
The Chicago indus-trial market con-tinues to exceed
2015 analysts’ predic-tions. With demand outpacing the peak of 2007 and the market’s inability to keep pace, we are seeing a variety of industry trends. The following should continue to shape the market into year-end:
BTS ACTIVITY IS UP In order to compete for occupiers seeking build-to-suit opportunities, developers must “control” land. But, finding ready-build
Keith Puritz
Global Logistic Properties Limited (GLP) leased of 475,000 square feet of distribution space to a leading global retailer at Laraway Crossings in Joliet was one of this year’s largest transactions.
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