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KKR Buys Amazon Facility For $176 Million

Private-equity firm KKR has paid a record setting $176 million for a huge Amazon fulfillment center in Kenosha. KKR acquired the two Amazon warehouses totaling 1.5 million square feet along Interstate 94. “We are excited to increase our footprint in these major distribution markets with the addition of two high-quality, stable assets,” Roger Morales, KKR partner and head of commercial real estate acquisitions in the Americas, said in a statement. “Logistics real estate represents a growth opportunity as more and more U.S. consumers migrate to shopping online.” Despite the Covid-19 pandemic, industrial properties have not taken as big a hit as other commercial real estate sectors, primarily b

Is a New South Suburban Airport in the Works?

It’s much too early to say, but Chicagoland could have its third major airport this decade. Support is building for a new airport in the South Suburban area near Peotone. Congresswoman Robin Kelly, a major supporter of the airport proposal cites Amazon as one of the reasons why a new airport should be built. “With so many Amazon facilities emerging in the Chicago metro area, I am certain that we're gonna need a more accessible airport that isn't on the other side of Chicago,” Kelly said. She also talks of Peotone becoming an international hub for e-commerce cargo. Another big supporter is Governor J.B. Pritzker who has promised to spend more tax dollars on a Peotone airport. “We’re trying to

Struggling Malls to Become Apartments?

Malls, once the shining symbols of American prosperity, have fallen on hard times in the past decade. Certainly, the decline of the retail industry (e.g. Macy’s, JCPenny, Sears) has driven many malls to the point of bankruptcy. Add Covid-19 to the mix and it may be time to say bye-bye to the mall. But wait! Could the mall get a second life? Can the mall be repurposed? At the Alderwood Mall in Lynnwood, a suburb north of Seattle, an adaptive reuse project is in progress, turning the empty retail space into affordable housing. In the future, mall owners who used to get rent checks from Forever 21 and H&M, could be getting checks from Todd and Emily Pierson. Randy White, CEO of White Hutchinson

Facebook to Build Huge Data Center in DeKalb

Mega social media company Facebook plans to build a massive data center in DeKalb, IL. The data center will be bigger than 900,000 square feet and will cost more than $800 million to build and equip with computer equipment. Building the facility will create hundreds of construction jobs, and once finished, will add about 100 permanent ones. The Facebook facility is expected to open in 2022, and will be almost as big, as the 1.1 million-square-foot Digital Realty facility at 350 E. Cermak Road, which is one of the world's largest data centers. Read on at: https://bit.ly/2NOOQgN Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents,

Chicago Commercial Property Owners Have Some New Friends

For much of the past year, landlords in the northern and northwest suburbs of Chicago have been very displeased with the tax-hiking actions of Count Assessor Fritz Kaegi. Many of these property owners say that these tax increases have had a “chilling effect” on the local commercial real estate market. But these commercial property owners still have some pals at the county Board of Review. New data suggests that the Board of Review, where property owners can appeal their assessments, has slashed assessed values on commercial and industrial properties in seven townships in northern Cook County. That's great news for owners of apartment, industrial, retail and other buildings. They'll pay less

Amazon to Gift Chicagoland With 2,000 More Jobs in Suburbs

If a casual observer based their opinion of the overall health of Chicagoland’s economy solely on how many jobs Amazon has created in the area, s/he would think Chicagoland was booming! Yet again, the Behemoth of Seattle is expanding its footprint in south suburban Chicago, with plans to open two fulfillment centers in Matteson and Markham that will employ a total of 2,000 people. The two new projects will mean that Jeff Bezos’ baby will now employ more than 11,000 people in Illinois. According to the company, the new fulfillment centers in Matteson and Markham, will use the company’s robotics technology to pick, pack and ship products. Read on at: https://bit.ly/2Nqr62w Mr. Willig engages a

Covid-19 May Not Hurt U.S. Housing Market

Surprisingly, in the time of this pandemic, the U.S. housing market is expected to remain a bright spot amid a very shaky economy. According to the June 9-19 poll of over 40 housing strategists, house prices will rise 3.0% this year and next. “Housing demand is coming back in dramatic fashion, with homebuilders in markets all around the country reporting a bounce-back in demand in May and June,” said Brad Hunter, managing director at real estate advisory firm RCLCO. “Price reductions will be mostly confined to the lower tranches of the market.” And there was a good deal of consensus from these housing strategists. Over 60% of them believe that a return in U.S. housing activity to pre-COVID l

SpringView Expands Portfolio with Alsip Purchase

SpringView Investments is proud to announce our latest purchase: three six-unit buildings in Alsip, a lovely southwest Chicago suburb with quick access to Interstates 294 & 57. Alsip is approximately 20 miles southwest of the downtown Chicago Loop. The buildings are located on a quiet street in a well-maintained community of similarly- styled apartments. The area is within walking distance of a handful of national retailers, restaurants, and entertainment options as well. These properties feature a brick exterior, hardwood floors and on-site parking and laundry. Each building consists of 3, two bedroom/one bath units and 3 one bedroom/ one bath units, several of which are updated with newer

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