MARKETPLACE (pg 10): ASSET/PROPERTY MANAGEMENT FIRMS ECONOMIC DEVELOPMENT CORPORATIONS CONSTRUCTION COMPANIES/GENERAL CONTRACTORS
©2023 Real Estate Publishing Corporation June/July 2023 • VOL.23 NO.3
FINANCE & INVESTMENT FIRMS
Let B’s be B’s: Why office renovation projects are favored in today’s market By Mia Goulart, Senior Staff Writer
Presidents Plaza, courtesy of Glenstar.
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’Hare has remained one of the most popular submarkets for many reasons—ready access to public transportation and proximity to the airport, to name a few—and one type of project that has gained considerable momentum in the submarket involves the revitalization of middle-tier office buildings. NAI Hiffman Executive Vice President Jason Wurtz said one of his best-performing buildings recently has been an O’Hare Class B building, Cumberland Centre. Integris Ventures purchased a distressed note for Cumberland in
2022 and have since secured more than 130,000 square feet of new and renewal leases—most recently, one for the City of Chicago that will start in July. Hiffman was also able to secure a $16 million refinance loan in April for improvements and deals. Office renovations have become increasingly significant in today’s market due to the widespread impact of the post-pandemic work-from-home trend on the sector. O’HARE (continued on page 8)
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Chicago retail recovery strides, all things considered, due to many factors By Mia Goulart, Senior Staff Writer
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etail sales in the U.S. rose 0.3% monthover-month in May of 2023, following a 0.4% increase in April, and beating forecasts of a 0.1% decline, based on a report by Trading Economics— and Chicago’s numbers reflect a similar pattern. Despite scattered headlines of doom and gloom, retail leasing is picking up, both in the suburbs and the city. To gain further insight into the current state of the market, Illinois Real Estate Journal recently spoke with Mid-America Real Estate Principal/Vice RETAIL (continued on page 6)