Established in 2017, opportunity zones were created to supply tax advantages for certain investments in lower income areas. To put in perspective the amount of opportunity zones in Chicago, there were roughly 500 census tracts eligible, but only 133 were approved (BisNow). In this particular article, the focus is placed on three areas in Chicago predicted to highly benefit as part of the opportunity zones, especially in the long term.
With 2019 right around the corner, everyone is focused on what the commercial real estate industry will look like in the new year. Industrial performed well in 2018 and the office sector stayed steady. Most analysts believe industrial will continue to thrive due to the growing e-commerce industry. As for offices, technology will definitely play a factor in the success as well as the flexibility of the space and lease options.
SIOR Chicago announced the recipients of the Annual SIOR Chicago Transactions Awards. Cawley Chicago would like to congratulate Josh Hearne for receiving the 2017 award for Largest Dollar Volume Land Transaction with a Platinum Sponsor. Josh Hearne, SIOR of Cawley Chicago Commercial Real Estate represented Venture One Real Estate LLC, a Platinum Sponsor, for the sale of 143 acres in Channahon, IL valued at $6,229,080.
The 16th Annual SIOR Chicago Transaction Awards were held on March 27, 2018. The awards recognize SIOR members and Platinum sponsors for their distinguished transactions and accomplishments throughout the year.
A new owner has acquired 833,000 SF in office space at the Sullivan Center in Chicago. According to the article on REBusiness Online, JLL Capital Markets have sold a portion of the building for $176 million to New York-based 601W Companies. In this competitive market, the creative office space and loft ceilings only increased JLL’s chances of finding the right buyer. Bruce Miller of JLL is quoted, “This asset received significant investor interest because of its excellent location and strong tenant base…catering to the progressive tenants driving demand in this market.” Click here to read the full article on REBusiness Online.
Ever-changing economic factors have left a handful of available office buildings vacant in the suburbs of Chicago. However, Franklin Partners recently purchased the former OfficeMax HQ located in Naperville and plan to redevelop the property. Noted in the article from Bisnow.com is the transformation Franklin Partners hope to achieve, which includes converting the building to a multi-tenant property. Capturing this Chicago style workplace and introducing it in the suburbs should attract more businesses to make the move out of the city. Click here to read the full article at Bisnow.com.
The Chicago industrial real estate market is shows no signs of slowing down, and attracting investors from other sectors. In this article from Crain's Chicago, the ongoing e-commerce boom plays a large role in the recent success of the industrial real estate market. The article takes a look at financial statistics to support the reasoning behind the industrial sectors' success, while the other sectors sink to an under performing status. Read the full article at ChicagoBusiness.com