Don't see images? Click Here SUBSCRIBE FOR FREE MANAGE EMAIL PREFERENCES
Bisnow - (Almost) Never Boring
October 27, 2020

This Week's Chicago Deal Sheet

[Webinar] Hear What Creative Methods Chicago Developers Are Using To Finance Projects In Chicago Deep Dish: Capital Markets & Future Opportunities Oct. 29

Single-tenant office buildings in Fulton Market are still selling for big money, but a luxury apartment building in the neighborhood got snapped up at a discount. Chicago-based investor Dwelle acquired the 72-unit 1247-1249 West Madison St. for $32.8M, or about $405 per SF, according to company officials. They couldn’t resist the price.

“It’s a COVID-19-era deal,” Dwelle Managing Principal Drew Breneman said. “The going-in cap rate is higher than anything we’ve come across in years of comparable size and quality. We like the price per pound we are getting here, too.”

This Week's Chicago Deal Sheet

Even though most of the property’s tenants’ incomes have not been hurt by the pandemic, he added, the per SF price is 20% lower than what the Monroe Aberdeen apartment building around the corner at 1050 West Monroe St. sold for in March. Most of the properties the firm looked…

Read the full story here.

  Share:  
 
Perforation

Top Stories on Bisnow.com

When Borrowers Default, Receivers Step In To Keep Things Running When Borrowers Default, Receivers Step In To Keep Things Running
Blind Hiring And Private Zoom Calls With The Boss: How COVID Will Change Job Benefits Blind Hiring And Private Zoom Calls With The Boss: How COVID Will Change Job Benefits
Percentage-Based Rents, Ghost Kitchens Gaining Appeal For Struggling Restaurants Percentage-Based Rents, Ghost Kitchens Gaining Appeal For Struggling Restaurants
Tishman Speyer Forms $300M SPAC To Snap Up Proptech Tishman Speyer Forms $300M SPAC To Snap Up Proptech
Perforation

Lucrative Fulton Market Deal Could Mean There's Life After COVID-19

Lucrative Fulton Market Deal Could Mean There's Life After COVID-19

Developers and investors are still setting their sights on the Fulton Market neighborhood, even though the coronavirus pandemic casts a pall over much of the economy. Fulton St. Cos. and investor Chris Merrill last week closed the $20M purchase of 1201…

Read the full story here.

  Share:  
 
Perforation

‘The System Is Broken’: Unregulated CRE Broker Commissions Fuel A Widening Gender Pay Gap

Two years into her commercial real estate career, Brandi McDonald Sikes partnered with a senior broker to represent a tenant in an office lease in Dallas. McDonald Sikes, who was not long out of college, said she thought the share of the commission she had been offered didn’t reflect her full contribution.

She asked the senior broker to reconsider, but he refused. She had no options to protest the allocation, she said; the human resources department had no involvement with the process, and the company, which she declined to name, didn’t have standard percentages for different elements of the work.

“It was very difficult to have the conversation with the senior broker and not have that person agree with or recognize the value that you're bringing,” McDonald Sikes said. “When you are in a position where you're not able to negotiate fair compensation, then you either get to decide to remain there, or you have to make a change.”

McDonald Sikes requested a transfer and moved. After a two-decade career with stops at Transwestern and Newmark, she launched her own Houston-based brokerage, Limestone Commercial, in 2017.

Commission work draws many into commercial real estate — the “eat what you kill” setup can pay big dividends. For ambitious, hardworking brokers, it can often mean setting your own hours and fat commissions. 

But as the industry’s gender pay inequality problem has worsened over the past five years, the commission system has emerged as one of its leading causes — and a target for reform.

Read the full story here. 

 
Perforation

In Case You Missed It...

Declining Rents And Investor Concern Forcing Mixed-Use Developers To Rethink Retail Declining Rents And Investor Concern Forcing Mixed-Use Developers To Rethink Retail
Crystal Lake: The Clear Leader For Business Development In Illinois Crystal Lake: The Clear Leader For Business Development In Illinois
Lightfoot's New Community-Oriented Approach Could Change How Developments Get Done Or Be More Of The Same Lightfoot's New Community-Oriented Approach Could Change How Developments Get Done Or Be More Of The Same
Origin Stories: K. Tyler's Winding Road To Interior Design Helped Her Become A Jack Of All Trades Origin Stories: K. Tyler's Winding Road To Interior Design Helped Her Become A Jack Of All Trades
Industrial Developers And Many Tenants Shrug Off Pandemic And Set New Records Industrial Developers And Many Tenants Shrug Off Pandemic And Set New Records
 
Perforation

Recreational Cannabis REIT To Go Public Via Blank Check Company

A new real estate investment trust will set a couple of firsts next month when it becomes the first REIT to go public through a special purpose acquisition company, or SPAC, and becomes the first publicly traded recreational cannabis REIT.

Read the full story here.

 
Perforation

Hotels Are Trying To Find A Way To Survive. Short-Term Rentals Are Having Less Trouble

 

Hospitality company Sonder spent the last year preparing its first foray into the resort market. The 143-room property opened Oct. 1, outfitted with all the hallmarks of Sonder’s brand: digital check-in, an app-based mobile concierge and keyless entry. 

It is a formula that Sonder has been employing at its units in hotels and apartment buildings around the country and worldwide since the company launched. Having so many of these now highly desirable features baked into its business model has been a lucky boon to the company. 

Read the full story here.

 
 
       
 
You are receiving this email because you are either a member of the Bisnow community, have attended a Bisnow event, because you have a legitimate interest in real estate news and events because of your profession, or because of your business associations, memberships or partnerships.
 
This email was sent to: newsletter.archives@bisnow.com
 
   
 
123 William St, Suite 1505, New York NY 10038
Newsletter Approval Code: 43451