Off the Sidelines

Investors are coming out of the penalty box and getting back in the game, according to Marcus & Millichap agents at their Chicagoland Investor Symposium  on Thursday morning.
 
Steve Weinstock of the Oak Brook office reported the firm has sold 165 properties at 93% of asking prices for a total of $417M  this year.We foudn him with downtown Chicago office head John Pryzbyla and O'Hare office head  Greg LaBerge. Steve noted that just one major retail project is slated for completion this year, the Target-anchored Wilson Yards, and none were finished last year. He says this benefits retailers who are still trying to figure out what the retail model of the future will be. Marcus & Millichap has recently closed some sales in mixed-use retail/multifamily buildings, like the 16k SF complex at 1329-55 W. Fullerton. Greg says values on multifamily buildings have dropped, but investors are still looking for well-leased buildings in walkable neighborhoods.
Marcus & Millichap's Jim Sotos and William Hughes track the capital markets, and William says the recent multi-asset, multi-borrower $720M JP Morgan offering could set off even more CMBS offerings, including one from Goldman Sachs. Along with insurance companies and banks (also cautiously lending), this could begin to refresh the investment markets. Jim notes that more local banks are starting to lend, especially to trusted borrowers who are okay with shorter maturity times.
Other investors in the market? Phoenix Investors' Charles Wisher and  David Morris grabbed some breakfast with Marcus & Millichap's Scott Niedergang. Scott recently sold two net-leased buildings, dialysis clinics leased by Fresenius in West Virginia  and  Tenn.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Morningstar Releases New Details On Over 350K SF In Q3 Office Leases

New Bears Stadium Proposal Floated For Bridgeport

Prologis To Develop 3.8M SF Industrial Park On Former Casino Site

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

$120M Ambulatory Center Planned For Suburbs: The Chicago Deal Sheet

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

Obama Center Shows Chicago Is Starved For Development

Mapped: Major Chicago Office Sales Since 2024

Cushman & Wakefield, NYC Added To Suit Alleging $250K Agency Lease Shakedown

Denver Public Schools' $11M Centennial Hall Purchase Marks Rare Land Sale For ULC