How Dot-coms Are Changing Chicago's Booming Industrial Market
It's the year of the mega-deal for the national industrial real estate market, with Prologis dropping nearly $6B on KTR. That makes the timing better than ever to talk about Changes in the Supply Chain at Bisnow's 5th Annual Industrial Summit, Friday, May 8, at the Hyatt Regency-O'Hare, starting 7am.
Among our panelists is Brennan Investment Group chairman Michael Brennan, who says the industrial marketplace is in one of "the best places" it's ever been, which is good news for Chicago. Brennan just announced the acquisition of a 160k SF Class-A, multi-tenant warehouse building and distribution facility near the Detroit Metropolitan Airport (pictured), where the firm has found demand returning due to a resurgence in Detroit's auto industry.
Merit Partners partner Aaron Paris says he has his eye on those industrial properties that will "close that last mile" between distributors and customers, particularly in Chicago. He notes that dot-com distributors in particular are increasingly interested in warehouses that are close to city centers, where they could decrease their delivery times to one day or even same-day. "The only way you can do that is to be in Chicago," he says. Amazon.com, for example, just announced it's putting its first local warehouse on Goose Island.
Aaron is spearheading the redevelopment of the 1.5M SF former Marshall Fields Warehouse at 4000 W Diversey Ave (pictured). The space will be redeveloped into a mixed-use development with retail, industrial office and residential, as well as about 500k SF of warehouse office space, Aaron says. It was purchased by 4K Diversey Partners from Macy's in 2014 for $8M.
Other Industrial Summit speakers include CenterPoint Properties chief development officer Michael Murphy, VentureOne principal Mark Goode, Duke Realty regional EVP Steve Schnur, Missner Group president Barry Missner, First Industrial Trust CIO Jojo Yap, Prologis SVP Carter Andrus, NGKF executive MD Geoffrey Kasselman, JLL SVP Steve Trapp, and Cushman & Wakefield senior director Sean Henrick. Changes in the Supply Chain at Bisnow's 5th Annual Industrial Summit, Friday, May 8, at the Hyatt Regency-O'Hare, starting 7am. Sign up here!