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The Chicago Suburb Of Wheeling Prepares For $110M Downtown Center

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Excitement is in the air as the village of Wheeling is finally going to have a designated downtown area. At the cost of $110 million, the area will include apartments, a movie theater, retail shopping and various restaurants. Increased residential growth is also anticipated.

Below is an article from constructionequipmentguide.com that describes in detail all that will be happening in Wheeling. After reading the details of this new venture, give us a call at Caton Commercial so we can partner with you and provide guidance for your commercial real estate needs.

Source: constructionequipmentguide.com | Re-Post Caton 8/30/2017 –

This northern Chicago suburb has long lured diners to its popular 3-mile-long Restaurant Row along Milwaukee Avenue. But despite its gastronomic prominence, the village of Wheeling has no real downtown, even though it was founded in 1894.

That is about to change.

After years of planning and overcoming obstacles, the construction of a downtown is finally underway in the village 30 miles northwest of Chicago.

What does a new downtown cost? The tab here is $110 million.

A town center will rise on a 16.2-acre vacant site created by the demolition of the bankrupt Wickes Furniture property on Dundee Road at Northgate Parkway. The site is surrounded by existing structures that set the stage for a downtown area, such as the village hall, police and fire stations, park district recreational building, aquatic center, ball fields, a lake and a commuter rail station on Metra’s North Central Service line.

recently, crews are laying foundations for the town center. Here’s what to expect at the opening, slated for late 2018: A five-story, 300-unit apartment building will wrap around a 25,000-square-foot plaza with a pool, putting green, bocce court, fire pit, barbecue grills and a gazebo. The courtyard will serve as a central gathering place for residents and the surrounding community.

Read the full article…

New Construction Will Impact Another Round Of Chicago Office Moves

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During the first half of 2017 Chicago has seen an increase of almost 7000 employees in the downtown area. Most of this is due to an influx of companies from suburban Chicago and the expansion of the tech sector. Additionally, as the amount of available space decreases the rent is trending upwards.

Below is an article from rejournals.com that describes the current office space climate in Chicago. New construction as well as re-evaluation of space usage is having an impact on the decisions companies are making concerning their office space. After reading the article, give us a call at Caton Commercial to schedule a time to meet with you and create the best strategy for office space for your company.

Source: rejournals.com | Re-Post Caton 8/17/2017

In the last six months, office-using employment in Chicago has increased with more than 6,800 jobs and along with that the leasing activity has grown 35 percent to 2.7 million square feet in the second quarter, according to an office report from Savills-Studley released in August.

Office leasing activity also jumped up in the second quarter to 2.7 million square feet, which exceeds the long-term market average of 2.3 million square feet. Class A availability closed mid-year at 16.2 percent and has exceeded 15 percent every quarter since the first quarter of 2016.

Rents have pushed higher as well, in part due to the high percentage of new product and because landlords remain confident. Their confidence is bolstered by the influx of companies from suburban Chicago and the expansion of the tech sector. Employers in the area, such as Allstate, who said it will bring 400 tech jobs to its innovation center at the Mart.

The new construction also allows companies to reevaluate how they use space and truly optimize their office for efficiency. Some have been able to reduce their occupancy by as much as 20 percent, according to the Savills-Studley report.

Read the full article…

Amazon Opening Third Chicago-Area Warehouse In Romeoville

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As consumers desire short delivery times for their goods, the need for suppliers to open additional fulfillment centers increases. Warehouse space needs to be strategically located to meet these needs.

Below is an article below from chicagotribune.com that includes the details of the 3rd Amazon fulfillment center in the Chicagoland area. After you read the article, contact us at Caton Commercial so we can develop a plan to meet your Commercial Real Estate needs.

Source: outlook.office.com | Re-Post Caton Commercial 8/3/2017 –

E-commerce giant Amazon is opening a third Chicago-area fulfillment center in Romeoville. The company didn’t receive any local or state tax breaks.

Employees at the more than 750,000-square-foot warehouse will pick, pack and ship large items, such as big-screen TVs, sports equipment and kayaks, Amazon said in a news release Tuesday.

“It’s very exciting for us. To have a large employer of this scale come into your community and bring in hundreds of new jobs almost overnight is always a positive,” said Romeoville Mayor John Noak.

After years of keeping physical operations out of Illinois to avoid sales taxes, Amazon has been rapidly ramping up operations in Will County. Amazon announced plans for its first Illinois warehouse last summer, a 500,000-square-foot facility employing 1,500 in Joliet. In May, Amazon said it would add an even bigger 700,000-square-foot facility with more than 2,000 full-time jobs in Joliet.

Read the full article…

SOLD – 1100 Roosevelt Rd. Glen Ellyn

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Caton Commercial Real Estate Group  has sold the property at 1100 Roosevelt Rd. in Glen Ellyn. The property closed in June, 2016 with a final sales price of $300,000. The seller was 2nd Generation Properties, Glen Ellyn, LLC. It was purchased by Combined Oil with the intention to develop the property as a new gas station. The adjacent property located at 1090 Roosevelt Rd. was also sold in 2014 by Caton Commercial  to a complementary user for the fuel station,  Dunkin Donuts. The Dunkin Donuts business is now open.

Bank Owned – Former Restaurant – SOLD

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Caton Commercial Real Estate has brokered the sale of a bank owned former restaurant in Joliet, IL for $245,000. The 2,436 square-feet building is located in 73 W Jefferson Street. The building was previously called McBrody’s across from the Will County Judicial Building in Downtown Joliet. Steve Caton of  Caton Commercial Real Estate represented the seller and Coldwell Banker Honig-Bell represented as purchaser in the transaction.

Augusta Plaza, Bolingbrook – SOLD

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Caton Commercial Real Estate has brokered the sale of Augusta Plaza in Bolingbrook, IL for $2,075,000. The 9,851-square-foot shopping center is located at 1705-1719 West Boughton Road. Steve Caton and Autumn Psaros of Caton Commercial represented the buyer and Brian Parmacek and Mitchell Kiven of Marcus & Millichap represented the seller in the transaction.

23841 W. Aero Ct. – SOLD!

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Caton Commercial Real Estate has brokered the sale of 23841 W Aero Court in Plainfield, IL for $535,000. The 6,260-square-foot industrial warehouse is located in the Wolf Creek Industrial Park, just east of IL Route 59 and south of 119th Street. Bill Caton and Randy Petri of Caton Commercial has represented both buyer and seller in this transaction.

Joe Herron joins Caton Commercial

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Joe Herron joins Naperville based Caton Commercial Real Estate Group as Senior Vice President.

Joe Herron specialized in retail tenant representation and the leasing of retail commercial property for over 17 years. He has also been involved in pre-leasing of proposed power centers from inception to opening located within the Chicago area’s newest suburban retail corridors as well as a heavy emphasis on retailer tenant representation in their expansion efforts both in the city and suburbs.

Herron has been effective in aiding several national retailers in their efforts to dispose of closed or closing locations. His primary area of concentration has been throughout the Chicago Metropolitan Area. He also created and manages a nationwide network of brokers executing national disposition efforts on behalf of national retailers.

SOLD – 2121 Oneida, Joliet

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Caton Commercial Real Estate Group has sold 2121 Oneida in Joliet, a two-story professional/medical office building near the corner of Oneida St. and Hammes Ave.  This location falls midway between Presence Health’s Provena St. Joseph medical campus and Joliet West High School.

The property closed on July 13, 2016 at a sale price of $1,800,000. Caton Commercial’s  Randy Petri   was the only real estate broker involved in the sale. The seller was Triumph Real Estate Partnership  and the buyer was Red Brick Developers, LTD. The buyer intends to use office space in the building, which is a multi-tenant building. Any questions about this sale can be directed to Caton Commercial or Randy Petri.

Bulldog Ale House Opens 6th Location in Rolling Meadows

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Caton Commercial Real Estate Group tenant Bulldog Ale House  has opened its 6th location at 1480 Golf Rd. in Rolling Meadows, Illinois.

The 6,000 SF  building, previously a Chili’s restaurant, was completely renovated to modernize the appearance and add seating. New ownership also added two patios with outdoor fireplaces. The inside of the restaurant features garage doors that open onto the patios, ecelectic multi-tone wood walls, and a copper bar front. In addition to indoor seating choices, which include spacious booths, tables, and high-top table, Bulldog patrons can drink and dine outside on both patios.

“Owner Matt Ahmeti chose this location because of the many great offices in the area, and opened up to large success with businesses people going out for lunch and dinner,” sas tenant representatives Steve Caton, CCIM  and  Nick O’Donnell.

The Rolling Meadows Bulldog Ale House    joins  five other  locations in the Chicagoland area including Roselle, Carol Stream, New Lenox, North Aurora, and Bolingbrook.  Soon to join the suburban locations, two new Bulldog Ale Houses will open downtown Chicago in Loyola and on State Street.

Raymond Group to Build Home2 Suites by Hilton Hotel in Joliet

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Caton Commercial Real Estate Group  has sold a property to The Raymond Group that plans to build Home2 Suites by Hilton Hotel in Joliet. This heavy traffic area picks up plenty of vehicles per day; approximately 74,000 on I-55 and 33,700 on US 30. The hotel would be built on a 2.7-acre site located  at the SW corner of Hennepin Drive and Louis Joliet Mall Entrance Rd, with the exact location to be 3554 Hennepin Dr. This three-story hotel will feature 115 rooms with desks and kitchens designed for extended stay guests. Construction is set to start toward the end of summer 2016 and should take about  a year to complete. The Raymond Group also owns two Hampton Inn hotels in Joliet and TownePlace Suites by Marriot. Caton Commercial brokers on this property were Steve Caton, CCIM and Ron Swacker.

SOLD – 1911 Continental Dr., Naperville

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Managing Broker, Bill Caton and Ron Swacker of Caton Commerical Real Estate Group have sold the 1.79 AC just west of IL-Rt 59 on North Aurora Rd. The property closed on March 31st, 2016 at a sales price of $400,000. Bank Asset Recovery Corp was the seller.

Simon Liang of Concentric Realty brought the buyer, Shao, LLC.

Currently in use as a parking lot, the property is slated for a multi-family development.

Brian Blackmore at Caton Commercial: Developer to Broker Shares His Expertise

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Brian Blackmore  at Caton Commerical brings over 20 years real estate
experience to his new position as Sr. Vice President and Land Specialist. He specializes in the acquisition and disposition of land and bank-owned investment properties.  In addition to Brokerage, Blackmore is principal of his own firm, Blackmore Land Development Services, Inc. (BuiLDS, Inc.)

Here is a quick interview with Brian Blackmore  discussing  his expertise on land development and commercial brokerage:

Why work with BuiLDS and Brian Blackmore?

Having developed land throughout my career, I have a knowledge base that few brokers possess. Because of my relationships and experience, I am able to negotiate with municipalities and ensure that I will maximize the value of the land or lots that are for sale.

What type of services are offered through BuiLDS?

BuiLDS provides a wide range of land development services that includes due diligence studies, conceptual budgeting, estimating, and building as well as construction and post-construction services.

How does your experience complement your brokerage with Caton Commerical?

I was a developer for nearly 20 years where I was involved with taking a piece of property from a farm field all the way through engineering, development, and finally sales to a home builder. Having built subdivisions anywhere from 40 to 400 acres, I fully understand the process and challenges that are present for any prospective buyer.

Talk about the state of residential development.

Back in 2007 we had 75,000 vacant developed lots and were absorbing approximately 36,000 lots per year, which was two years inventory and a healthy absorption rate. Since 2008, we were at a yearly absorption as low as 2,000 vdl’s per year and are currently up just over 4,000 per year now. There are still approximately 45,000 lots left with only half of those being in desirable areas. Lot prices have been creeping up toward the cost of replacement, so home builders are starting to develop new subdivisions again.

Cook County Adds New Incentive Class for Commercial Property

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by Steve Caton

The Cook County Board of Commissioners recently added a new incentive class to specifically benefit commercial properties. The Class 7c Commercial Urban Relief Eligibility (“CURE”) incentive is designed to stimulate commercial real estate development that might not otherwise be possible.

(“CURE”) is a new five-year commercial property tax Incentive in Cook County that is targeted to help commercial property owners throughout the county by reducing a property’s tax burden by essentially 60% for three years; 40% in year 4 and 20% in year 5 of the Incentive period. This new Incentive reduces a property’s assessment level from 25% of market value to 10% for three years before it increases to 15% in year 4 and 20% in year 5. This five year Incentive is renewable for one additional five year period.

As with other Cook County incentives, the municipality in which the property is located must pass a resolution or ordinance supporting the 7c application. The municipality must deem the site a redevelopment priority, and find that the 7c incentive is necessary for the development to occur on that site.

Properties applying for a 7c incentive must demonstrate that the property’s assessed valuation or real estate taxes have declined or remained stagnant over the past six years due to the depressed condition of the property; that there is a reasonable expectation that the development is viable and likely to proceed; that the 7c incentive is necessary for the development to occur; and that the 7c incentive will ultimately result in increased property tax revenue and employment opportunities at the property.

How Does a Property Qualify?
Commercial property qualifies for a Class 7c Incentive if there is new construction, substantial rehabilitation or occupation of abandoned property that has been vacant and unused for greater than 12 continuous months. In addition, an applicant must secure a Resolution/Ordinance from the municipality in which the property is located supporting and consenting to the Class 7c Incentive, and must file this Resolution/Ordinance along with a Class 7c Eligibility Application with Cook County. The County will review each Application and make a finding stating whether the conditions of the Class 7c Incentive have been satisfied, including the following four mandatory eligibility factors: 1) A ‘Real Estate Tax Analysis’ showing that the assessed value, equalized assessed value or taxes on the subject property have declined or remained stagnant due to the depressed condition; 2) A showing of ‘Viability and Timeliness’ of the project/development; 3) ‘Assistance and Necessity’- a showing that the project/development will not occur without the Incentive and that the Incentive will assist in the development/project; 4) A showing that the project/development will reasonably result in ‘Increased Tax Revenue and Employment.

A 7c application must be submitted to both the Assessor and the Cook County Bureau of Economic Development (“CCBED”) with all necessary supporting data. The CCBED and Assessor will then review the application and supporting material to determine whether the application meets the standards for the 7c incentive.

Hopefully, this will help areas of Cook County that need redevelopment, but cannot compete with neighboring counties with lower taxes to be more competitive.

Click HERE for the official press release on this incentive

Gain in U.S. Home Sales More Modest Post Revisions: Economy

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From Bloomberg

By Michelle Jamrisko Oct 24, 2014 3:46 PM CT

Purchases of new houses in the U.S. rose in September, and revisions showed the magnitude of the unfolding recovery was more modest.

Sales (NHSLTOT) increased 0.2 percent to a 467,000 annualized pace, in line with the median forecast of economists surveyed by Bloomberg, Commerce Department data showed today inWashington. The August rate of 466,000 was 7.5 percent weaker than previously estimated, and data for the prior two months also were revised down.

Home sales are struggling to accelerate as Americans find mortgages difficult to obtain and wage gains barely keep pace with inflation. The recent drop in borrowing costs will probably help prop up the residential real estate market heading into 2015, which will give the world’s largest economy a lift.

“This was going to be a very lengthy recovery for the housing sector, and we still have a long way to go,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg,Florida, the second-most accurate new-home sales forecaster over the past two years, according to data compiled by Bloomberg. “The low mortgage rates are very helpful. The job growth is very, very helpful. But we’re still seeing relatively tight mortgage credit and relatively weak growth in average wages.”

Sales rose 0.2 percent to a 467,000 annualized pace from a 466,000 rate in August that… Read More

Stocks rose, with the Standard & Poor’s 500 Index capping its best week since 2013, as companies from Procter & Gamble Co. to Microsoft Corp. climbed after reporting earnings. The S&P 500 advanced 0.7 percent to 1,964.58 at the close in New York. The S&P Supercomposite Homebuilding Index increased 0.3 percent.

Original Article found here

Recap of ICSC Dealmaking in Chicago 2014

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Chicago ICSC Dealmaking 2014  

By: Steve Caton

I always find that trade shows and conventions are a good indicator on how the economy and your industry are doing. This year was no exception. Having been going to ICSC events since 2004, I witnessed the robust years in 2005-2007, where attendances in Chicago and Las Vegas were insane, so crowded that you could barely meet the people you wanted to meet, to the slim years of 2009-2011 where everyone got together to complain that not much was happening and no one could get any money for their projects or purchases. This year was somewhere in the middle. [Read more…] about Recap of ICSC Dealmaking in Chicago 2014