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June 9, 2020

This Week's Chicago Deal Sheet

The world’s top cold storage provider expanded its reach in Chicagoland. Lineage Logistics bought a three-property portfolio totaling 712K SF from global investment manager Investcorp, adding to its roughly 275 facilities in Europe, North America and Asia.  

The portfolio consists of 2635 South Western Ave. in Chicago, 8424 West 47th St. in southwest suburban Lyons and 1544-46 Hecht Drive in northwest suburban Bartlett. It is 100% leased to 11 tenants and features clear heights up to 48 feet. The price was undisclosed, but Crain’s Chicago Business reported it was more than $100M.

This Week's Chicago Deal Sheet

The growth of online grocery sales is fueling the cold storage sector’s growth and attracting the interest of investors. A 2019 CBRE forecast said U.S. cold storage developers will need to add up to 100M SF through 2022 to meet the demand.Founded in Michigan in 2012, Lineage Logistics quickly grew…

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Big-Box Industrial Tenants Signed Leases At Record-Setting Pace In Q1

Chicago-area owners of big-box distribution centers secured a record-breaking amount of leasing in the first quarter, and as the majority of their tenants have low exposure to disruptions caused by the pandemic, at least moderate growth should continue this year.

There were 24 new leases signed, totaling 8.5M SF, a new quarterly record for the sector. That includes four leases for more than 1M SF, according to Colliers International’s latest report on distribution centers with more than 200K SF and ceilings 28 feet or higher. The metro’s vacancy rate fell 58 basis points to 7.95%, even though developers completed another 4.7M SF.

“Some of these transactions were pent up and a long time coming,” Colliers International principal Matthew Stauber said.

Big-Box Industrial Tenants Signed Leases At Record-Setting Pace In Q1

Much of that burst in demand came from e-commerce companies such as Amazon and do-it-yourself home improvement retailers such as Lowe’s, he added. Although many sectors of the economy took big hits over the past three months, these firms seem to be getting stronger, due to…

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Online Syndication Can Step In When Traditional Lenders Step Down

PRESENTED BY:   CrowdStreet
 
Online Syndication Can Step In When Traditional Lenders Step Down

In the face of widespread economic uncertainty, some institutional capital sources are paring back their real estate lending arms. Sponsors who had all but knitted up their capital stacks may now be missing 5% or 10% of the equity they need to move deals forward.But there is still a hefty…

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Variable Rent Makes A Comeback For Retailers In A Post-Pandemic World

Upheaval in the retail sector wrought by the coronavirus pandemic is changing lease agreements, both for the time being and into the foreseeable future.

One quick fix many landlord-tenant duos have settled on: percentage leases, a throwback to commercial real estate of two or three decades ago, Institutional Property Advisors Senior Vice President Joseph C. French Jr. said.

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AAREP President: It's Time For The Real Estate Industry To Be Actively Anti-Racist

 

Protestors have filled the streets of D.C. and dozens of major cities around the world over the last two weeks to speak out against police brutality and racism.

This movement has sparked a national dialogue on race, as individuals, companies and industries grapple with the institutional racism that has made it more difficult for African Americans to achieve success. This issue is especially prevalent in commercial real estate, an overwhelmingly white industry that has failed to diversify its ranks from entry-level positions to C-suites.

In the nation's capital, one of the epicenters of the protest movement, a group of black real estate professionals has been working for years to create more opportunity for people of color in the industry.

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California CRE Simmers As Protest Turmoil Rolls On

Across California, protests continuing in the wake of George Floyd’s death have property owners bracing for another round of damage after the movement's first wave last week.

Floyd, a 46-year-old black man, died during a nine-minute filmed encounter with police in Minneapolis on May 25. That video has sparked nationwide protests over his death, a perceived lack of police accountability and documented police brutality against black men. The Minneapolis police officers involved have been arrested and charged with crimes ranging from murder to aiding and abetting.

Organizers of protests nationwide have denounced property damage committed by looters, both across the country and regionally. Requests for more specific comment were not returned.

CGI, a multifamily owner, investor and developer, told Bisnow that its executive team has been mobilized to figure out how to best protect not just its buildings, which were in the path of the protests across Los Angeles, but also its tenants. CGI said that as part of that, it has deployed more security guards to its apartments in Hollywood, downtown Los Angeles, West Los Angeles, and the Koreatown and La Brea neighborhoods. 

“We increased security in all of our buildings, not because we thought something was going to happen, but we wanted to take the extra mile to protect our tenants,” CGI partner and Chief Financial Officer Zion Perets said.

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Beyond The Bio: 16 Questions With Cooper Carry Principal Jerry Cooper

 

This series profiles men and women in commercial real estate who have profoundly transformed our neighborhoods and reshaped our cities, businesses and lifestyles.

The decision for Jerry Cooper to venture out on his own as an architect was made over $5. More than 60 years ago, Cooper asked his employer, with whom he worked as an architect, for a raise. He was rejected.

Instead of giving up on the industry, Cooper raised a $1K loan from his wife and co-founded Cooper Carry with Walter Carry.

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