Another Bold Bet On O’Hare Industrial Market

Another Bold Bet On O’Hare Industrial Market

Speculative industrial development is continuing at a robust pace in the submarket around O’Hare International Airport. Chicago-based CA Industrial, a division of CA Ventures, just started construction on CA Elk Grove, a 146K SF speculative Class-A warehouse at 550 East Devon Ave. in suburban Elk Grove Village.
The project marks CA’s first Chicago-area industrial project since launching CA Industrial in 2018 with the goal of investing $500M in logistics and distribution space throughout the U.S.
“The proximity to the Interstate 390, Interstate 290 and O’Hare — and the visibility on Devon Avenue — will be a draw for airfreight companies and also…


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Dollar Stores Hold Steady In Midst Of Retail Plunge

Dollar Stores Hold Steady In Midst Of Retail Plunge

Internet competition has eviscerated portions of the retail sector, but many dollar store brands keep expanding, and investor interest remains steady. The overall second quarter asking cap rate for dollar stores was 7.1%, unchanged compared to the same period in 2018, according to the latest Net Lease Dollar Store report by The Boulder Group.
“The stability of the sector can be attributed to the majority of the supply of listed properties being new construction as the sector continues to develop stores at a rapid pace,” The Boulder Group President  Randy Blankstein said. 
Wilmette, Illinois-based Boulder defines the dollar store net lease market as free-standing…


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North Wells Capital Unveils Big Changes For River North

North Wells Capital Unveils Big Changes For River North

River North has for decades provided space for small, creative users that wanted loft-style offices, but that is about to change. North Wells Capital, the investment management affiliate of Urban Innovations, the company that in the 1980s pioneered the use of River North lofts, wants to ensure that neighborhood tenants won’t migrate downtown or to the West Loop if they outgrow their spaces.
North Wells just unveiled details of its proposed new developments at 306 West Erie, 301 West Huron and 320 West Huron, and each will have floor plates larger than typical River North buildings. 
“We’ve incubated a number of tenants…


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City Wants To Change Controversial Affordable Housing Ordinance, But Agreement Is Hard To Find

City Wants To Change Controversial Affordable Housing Ordinance, But Agreement Is Hard To Find

One of the city of Chicago’s most controversial methods used to create affordable housing units will likely be amended under Mayor Lori Lightfoot, but advocates and developers can’t agree on what needs changing, and for now at least, the new administration hasn’t decided what it wants to do.


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Northwest Side Portfolio Of Multifamily Buildings Hits Market

Northwest Side Portfolio Of Multifamily Buildings Hits Market

The Chicago multifamily market has become strong enough to begin drawing investors away from the downtown and into outlying neighborhoods such as South Shore, Pilsen, Edgewater and Logan Square.
Kiser Group officials hope that perks up interest in a 73-unit, 21-building multifamily portfolio on the Northwest Side, marketed as 21 Northwest, they just listed for sale at $8.9M, or about $121K per unit.
A private investment firm assembled the portfolio, spread over the Galewood, North Austin, Belmont Cragin, Hermosa and Logan Square neighborhoods, as well as suburban Elmwood Park.
The properties were built in the past 10 years. The current owners renovated the units between 2009…


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New State Tax Incentives Could Fuel Hyperscale Data Center Development, But There Are Skeptics

New State Tax Incentives Could Fuel Hyperscale Data Center Development, But There Are Skeptics

A provision tucked into the $45B capital bill passed in last spring’s state legislative session secured a set of incentives exempting many new data centers from sales taxes on the wide array of equipment each needs to constantly replace.
That has raised hopes among data center developers, tenants and service providers that Illinois can now attract the giant, hyperscale data centers used by colossal firms like Google, Amazon, Microsoft, IBM and Facebook, companies that lately looked outside Illinois when establishing major new operations.


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