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Company News
Foresite's Don Shapiro to Participate as Speaker at the Commercail Real Estate Forcast Conference in Chicago. - 1/24/2012
Foresite will be a sponsor at the 10th Annual Commercial Real Estate Forecast Conference Wednesday, January 24, 2012 at the Chicago Marriott Downtown 540 North Michigan Avenue Chicago.
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Foresite Realty Partners LLC has been appointed receiver of 2313-2323 West 95th Street in Chicago - 9/13/2011
Chicago-based PrivateBancorp Inc. has filed a $3.3-million foreclosure suit against a Beverly strip mall owned by a venture led by Chicago retail brokers Ed Zifkin and Todd Cabanban. Rosemont-based Foresite Realty Partners LLC has been appointed receiver of the property.
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Foresite - Best of the Best in Property Management 2011 - 7/12/2011
Midwest Real Estate News publishes it's special supplement: Best of the Best 2011 and Foresite is included as a Top Property Management Company.
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Foresite Sponsors GreenPearl Conference: Chicago 2011 Beyond Distressed - 5/12/2011
Focusing on recovery and stagnation with special topics including: Robbing the Bank: Note acquisitions and loan sales, Walk It Off: When Workouts Don't Work Out, Rinse & Repeat: How savvy investors are making 40%+ returns on 1-4 Family REOs at high volume
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Foresite's Don Shapiro on AIRE panel "A Broker's Guide to Distressed Real Estate" - 5/3/2011
AIRE's monthly Lunch, Learn & Lead event this month will discuss the impact distressed real estate has on the market.
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New Focus for the New Economy - Foresite Interviewed in Bisnow - 4/11/2011
"Foresite Realty Partners sold all its assets in 2007 and has been doing receiverships for the last four years. But that's about to change"
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Don Shapiro a Featured Panelist at Chicago Real Estate Council Event - 3/17/2011
What's Going On Out There Today? Marketing Investment Real Estate Today. The event will feature a receiver (Don Shapiro), an auctioneer and a broker discussing how they are able to get deals
done in today's environment. Click the link below to learn more and register.
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Foresite Sponsors Distressed Real Estate Summit: Florida - 1/27/2011
"A powerful one-day informational and networking event that brings together c-suite and senior executives in commercial and residential real estate to discuss the opportunities and challenges of today’s real estate market."
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Foresite's Don Shapiro to speak on panel at Interface Distressed Assets: Florida - 12/8/2010
"Interface Distressed Assets: Florida will provide an important update on opportunities associated with loan maturities in an evolving debt climate."
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Foresite's Don Shapiro to speak on panel at the Fall 2010 Midwest Banking Conference - 11/2/2010
"The Road Ahead in CRE & Bank Regulation" Fall 2010 Midwest Banking Conference is being held at The University Club of Chicago on Tuesday, November 2nd. Don will be a speaking on Panel 1: Work Out or Get Out: Managing Distressed CRE Portfolios.
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Foresite Sponsors GreenPearl Distressed Real Estate Summit:New York, October 21st - 10/21/2010
Foresite's Don Shapiro to speak on expert panel to address distressed asset pricing, asset quality and availability. Click below to register.
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Don Shapiro Named Receiver for Riverside,OH Office Properties - 10/19/2010
A receiver has been appointed in the foreclosure lawsuit filed against the owners of two large Dayton-area office properties — Wright Point I and II in Riverside,OH.
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Foreclosure suit hits East Loop office building - 10/13/2010
While the Loop has not yet seen a rash of foreclosure filings, many downtown office landlords have lost tenants because of the recession, says Don Shapiro, president of Rosemont-based Foresite Realty Partners LLC, who isn't involved in the case.
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Foresite Sponsors RealShare Distressed Assets, Dallas, TX - 9/16/2010
Join Special Servicers Berkadia, Midland, Helios, Cohen and Trimont at The Adolphus Hotel in Dallas, to hear how they're dealing with extensions, what they're looking for from operators, their outlook for maturing loans, investor interest in the various property types, etc.
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Foresite Sponsors CREW Chicago's 1st Annual Golf Outing - 7/13/2010
A golf, networking and dinner event at The Glen Club Golf Course in Glenview, IL. Register today!
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Foresite's Don Shapiro Comments on Trepp's Chicago Special Servicing Trends in Real Estate Bisnow - 7/12/2010
"Foresite Realty Partner's Don Shapiro says the special servicers he's been dealing with are often serving 50-60 loans each, far more than he's seen in the past. He also says that a second wave of loans going into special servicing could be coming up in 2012 to 2014 when many loans are set to mature. Those loans might be a little smaller in number, but larger in volume than this wave. "We'll have a general flattening of the curve, which should last for 2010 to 2012," Don says. "Loans in special servicing will grow in volume and complexity in the years after that."
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Don Shapiro will Participate in Chicago Industrial Properties® Seventh Annual Industrial Summit - 6/9/2010
"The 7th Annual Chicago Industrial Summit, produced by Chicago Industrial Properties, checks the pulse of today's market while looking ahead to the future. Topics will include:
-View from the Executives
-Critical Markets
-De-Stressing the Market
-Industrial Values and Opportunities"
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Everyone's Distressed, it's Intelligence That's Prized - 6/4/2010
"The banks and courts can't keep up. In Columbus, OH for example, there's just one foreclosure judge. That's it – all the cases go to him. If we think we're going to work through this in the next six to 12 months, it's not going to happen." - Don Shapiro at RealShare Chicago.
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Foresite Sponsors "RealShare Chicago" Donald Shapiro to Speak on Panel June 3rd - 6/3/2010
8th Annual RealShare Chicago, the leading real estate networking conference for the Chicagoland commercial real estate market.
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Freed fights more B of A foreclosure suits - Crain's Chicago Business - 5/19/2010
"The war between Joseph Freed & Associates LLC and Bank of America Corp. is spreading to multiple fronts.
Chicago-based Freed, which is battling the bank’s foreclosure lawsuit against the new Block 37 mall downtown, recently surrendered two local properties to a court-appointed receiver in the wake of a $105-million B of A foreclosure suit."
Foresite is currently receiver of these two properties: Evanston Plaza in Evanston, IL and West Town Center in the Wicker Park neighborhood of Chicago.
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Distressed RE Summit Chicago - Conference Audio - 5/13/2010
A View from the Bench: How Are Judges Viewing the Foreclosure Process?
•How is the current real estate cycle similar and/or different to prior downturns in terms of volume of financially-troubled real estate loans in Illinois?
•Past precedents: Have Illinois judges, historically, sided with the borrower, or lender?
•How will judges view the significant volume of commercial real estate maturities in the next five years?
•Analysis and review of receiver selection process
•How is the current cycle likely to change or impact new regulation and/or legislation related to financial oversight and disclosure?
Hear From:
•Moderator: Don Shapiro, President/CEO, Foresite Realty Partners
•Hon. Alan J. Greiman (Ret.), First District, Illinois Appellate Court
•Judge James F. Henry, Of Counsel, Meckler Bulger Tilson Marick & Pearson LLP
•Hon. John Hourihane (Ret.), ADR Systems
•Hon. Clifford L. Meacham (Ret.), Cook County
Follow link, then click at top of website on audio bar.
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Neighbors of Foreclosure; Don Shapiro on ABC Channel 7's Special Segment - April 12th - 4/12/2010
Advice for homeowners facing problems with foreclosed properties next door. Click below to go to ABC Channel 7's website.
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Legal Issues: Impacting Commercial Real Estate - April 22nd - 3/24/2010
Donald Shapiro along with other distinguished members of the legal and commercial real estate communities will be presenting the case and providing insights and strategies for working through a variety of legal issues.
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Dayton Business Journal: New Receiver (Foresite) Seeks to Revive Dayton Office Building - 3/23/2010
Don Shapiro, president and chief executive officer of Rosemont, Ill.-based Foresite Realty Partners LLC, was named the receiver of the 110 North Main Building as part of the federal foreclosure lawsuit on the property.
"We are there to improve upon performance, occupancy and operations, and bring it up to its class A potential," Shapiro said.
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Foresite Sponsors GreenPearl Distressed Real Estate Summit May 13th - 3/3/2010
"Most real estate professionals excel in a strong market, but those who understand the challenges and complexities of a distressed market are best educated to excel in future up and down cycles and are better prepared to implement the foundations of preserving, maintaining and maximizing the value of their real estate assets. Don't miss the May 2010 GreenPearl Events' DISTRESSED REAL ESTATE SUMMIT: CHICAGO to better position yourself in a troubled market and successfully navigate through tougher times."
-- Don Shapiro, President / CEO, Foresite Realty Partners
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Utilities stick customers with new charges for others' unpaid bills - 2/8/2010
Thanks to a state law passed with little notice last year, utility customers who pay their bills will soon shell out more to cover for those who don't.
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Bank sells surrendered St. Charles office property - 1/18/2010
A distressed office park in the western suburbs has found new ownership. St. Charles Corporate Center, 3805 and 3815 E. Main St., was acquired late last month by Wickman Properties Inc. The properties were ultimately surrendered last April to Wells Fargo, which appointed Rosemont-based Foresite Realty Partners LLC as receiver. Don Shapiro of Foresite Realty Partners, LLC was personally named the receiver of the property and his firm managed the property and brokered the sale.
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Brookfield sells JPMorgan building in Rockford - 1/14/2010
Brookfield Asset Management Inc. sold a prominent, 78,875-square-foot office building in Rockford last month for about $7.4 million, or 9% less than the real estate investment company paid in 2007, according to public records. Brookfield acquired the five-story structure at 6001 E. State St. as part of a 33-property, $460-million sale leaseback deal with JPMorgan Chase & Co. Other tenants include logistics company CH Robinson Worldwide Inc. and for-profit Rasmussen College. The buyer is a fund raised by Rockford-based LandMark Development Inc., which says the deal is its first with outside capital. The building is 93% leased, with three-quarters of the building leased until at least 2016, according to Rosemont-based Foresite Realty Partners LLC, which represented Brookfield. A Toronto-based Brookfield spokesman did not return a message requesting comment.
Foresite's Foresight - 10/27/2009
Workouts and receiverships were already on the mind of Foresite Realty Partners Bryan Sullivan, Greg Nieder, and CEO Don Shapiro back in 2005 (the same year it added Jamie Hadac, left, in asset management). Now with more than 100 employees working third party "problem-solving" from workouts to leasing, the team has over 50 court-ordered receiverships throughout 16 midwestern states, about half of in Chicago.
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Distressed Property Summit - 7/28/2009
What Lenders are doing with Distressed and Under Performing Properties and Loans
1031 Exchanges in the Current Real Estate Environment
Property Due Diligence, Inspections and Valuation
Legal Strategies and Consideration for Distressed and Foreclosed Projects
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Capitalizing on Distressed Assets - 6/16/2009
Moderator Bernard Haddigan of Marcus & Millichap and panelists Leslie Andren of Bank of America, Debbie Corson of Apartment Realty Advisors, David Kessler of Reznick Group, P.C., Jerry Ong of Jupiter Realty Corporation and Don Shapiro of Foresite Realty Partners, L.L.C. will discuss the market for distressed assets in 2009 at RealShare CHICAGO, June 16th at the Chicago Renaissance Hotel.
Other event highlights at the seventh-annual real estate networking conference include a special opening address on Real Estate Private Equity Funds, a state-of-the-market Town Hall Meeting panel and individual in-depth sessions on the downtown office, suburban office and multifamily/condo and a special general session on capitalizing on distressed assets.
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The 16th Annual Central States Bankruptcy Workshop, Jamie Hadac Guest Panelist - 5/7/2009
The 16th Annual Central States Bankruptcy Workshop will take place June 11-14 at the fabulous Grand Traverse Resort and Spa in Traverse City, Mich. This year's conference features 24 bankruptcy judges on faculty, as well as an alternative workshop structure: one that caters to the consumer bankruptcy professional and one that caters to the business bankruptcy professional. Also enjoy the resort and surrounding area that boasts vineyards, outdoor activities and museums. One session will be of particular interest to the committee.
Panelists in the session "Remember When That Real Estate Was Worth Something? Dealing with the Distressed Real Estate Market in Insolvency and Restructuring Proceedings" will analyze and discuss recent trends in different sectors of the real estate market as well as new legislation and government programs that could help real estate value. Panelists will include Jamie Leigh Hadac of Foresite Realty Partners, LLC in Rosemont, Ill., Hon. Pamela S. Hollis of the U.S. Bankruptcy Court (N.D. Ill.) in Chicago, Barry P. Lefkowitz of Virchow, Krause & Company, LLP in Southfield, Mich. and Mark L. Radtke of Shaw Gussis Fishman Glantz Wolfson & Towbin LLC in Chicago. Christopher J. Stroebel of von Briesen & Roper, SC in Madison, Wis. will moderate. Please click the link below to view the relevant materials.
Remember When That Real Estate Was Worth Something? Dealing with the Distressed Real Estate Market in Insolvency and Restructuring Proceedings
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Asset Management: The Importance of Effective Management During Turbulent - 4/6/2009
by Matt Baron, Staff Writer, ULI Chicago
Panelists repeatedly acknowledged that guesswork is frequently at play in trying to assess values today. And amid the challenge, there is opportunity, particularly in career growth.
"This is the best cycle in someones career to learn," said Don Shapiro, president and CEO of Foresite Realty Partners, LLC.
His companys work includes serving as a court-appointed receiver on the state and federal levels. That experience has provided him and his colleagues at Foresite with insight on "both sides of the fence," he noted, as they work with lenders to address problems arising from foreclosed assets. Shapiro, who has taken part in about 50 court-ordered receiverships, foresees a "significant redistribution of wealth…people are losing large sums of money."
In answering an audience members question about how money will flow from rescued banks back into the asset management sector, Schoser said, "The world of securitized lending in real estate is dead. We're not going back to that. Public/private opportunities have to exist to replace it."
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"The Importance of Effective Management during Turbulent Times" - 3/26/2009
ULI Chicago is pleased to welcome Don Shapiro, President and CEO, Foresite Realty Partners, L.L.C., who will moderate our panel and facilitate the Q & A portion of our March 26, 2009 meeting "Asset Management - The Importance of Effective Management during Turbulent Times".
Mr. Shapiro is a 22-year veteran of commercial and multi-family residential markets. He spearheads strategic initiatives and oversees all financial aspects of his company. He holds a BS in Accounting/Finance.
This will be an exciting panel discussion. Online registration is still open until midnight tonight for this meeting.
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City View Center of Garfield Heights in Receivership - 3/11/2009
by: -Michelle Jarobe - Cleveland Plain Dealer
GARFIELD HEIGHTS -- City View Center has landed in receivership, after the ailing shopping center's owners failed to make payments on an $81 million mortgage loan.
U.S. District Court records show that Judge Kathleen O'Malley recently appointed Chicago real estate executive Donald Shapiro to manage the Garfield Heights property.
Creditors seeking to protect their investment sometimes will ask a court to appoint an outside receiver. Shapiro's appointment resulted from a lawsuit filed in federal court in Cleveland by the Bank of New York Trust Co. , which acts as the trustee for bondholders connected to the City View loan.
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City View Center Retail Complex in Hands of a Receiver - 3/10/2009
By: Stan Bullard of the Crain's Cleveland Business
U.S. District Judge Kathleen O'Malley has appointed Donald Shapiro, CEO of Foresite Realty Partners LLC of Chicago, as receiver of the property at the request of Bank of New York Trust Co., which serves as the trustee for bonds that were sold to support the mortgage. Bank of New York Trust filed the lawsuit Feb. 19, saying City View Center LLC, an investor group based in Monsey, N.Y., defaulted on an $80 million loan it provided for the Dec. 29, 2006, property purchase.
Mr. Shapiro said in a phone interview with Crain's Cleveland Business yesterday, March 9, that he visited the property last week and is preparing a strategy to stabilize the asset.
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Selling Real Estate in Today's Market - Panel Discussion - 1/26/2009
Panelist Don Shapiro of Foresite Realty Partners, L.L.C., and other professionals will discuss "Selling Real Estate in Today's Market". Veteran brokers talk about how they have been able to get deals done in today’s tough economic environment. Areas we will cover include traditional brokerage, auctions, differences in handling receiver/foreclosure real estate, and where they see the sales markets for 2009 and beyond.
The event is to take place at Hugo's Frog Bar and Fish House at Gibsons on Wednesday February 11th 2009 at 11:45AM.
The Chicago Real Estate Council is a networking organization comprised of a diverse group of professionals in Chicago's commercial real estate industry. We operate for educational and social purposes with the mission of promoting the development, establishment and expansion of the real estate industry.
The Council is one of the oldest real estate professional networking groups and dates back to 1949. Originally called the "Junior Real Estate Board," the Chicago Real Estate Council (or CREC as it is also known today) was literally founded by the sons of Draper & Kramer and Baird & Warner and today has over 250 members.
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Foresite Realty Partners names Jamie Hadac Senior Vice President - 1/26/2009
Ms. Hadac is responsible for the business development of the firm's third-party Asset Management and "Properties-in-Transition" services.
Since joining Foresite in 2006, Ms. Hadac has been actively involved with lenders, creditors, owners, (borrowers) and CMBS special servicers in the workout, turnaround, receivership, restructuring and disposition of distressed REO and mortgages, which Foresite refers to as "Properties-in-Transition."
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6th Annual Realshare Chicago Conference - 6/10/2008
Suburban Market in Focus
Moderator Don Shapiro of Foresite Realty Partners, L.L.C., will lead a discussion on the outlook for leasing, investment and development in Chicago's suburban markets with John Coleman of The Alter Group, Bill Glazer of Keystone Property Group, Joe Neverauskas of BPG Properties, LTD and Jim Postweiler of Jones Lang LaSalle during a featured session at RealShare CHICAGO, June 10th at the Fairmont Chicago Hotel.
Other sessions at the sixth-annual networking event will cover the investment sales environment, the industrial property sector, the overall downtown and suburban markets, the debt and equity capital markets and more. View the full agenda.
RealShare CHICAGO is produced by Real Estate Media, publisher of Real Estate Forum, the leading national publication covering commercial real estate in the United States for over 60 years, GlobeSt.com, the premier online portal to daily news, information and business resources, and the RealShare Conference Series, producer of over 30 commercial real estate networking events.
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Foresite Realty Partners, LLC sells 354 apartment units in Evansville, Indiana - 1/23/2008
Evansville, IN—Foresite Realty Partners, L.L.C. announces the sale of Indian Woods and Shiloh Place Apartments, two multi-family communities totaling 354 units, in Evansville, Indiana.
Indian Woods is a 26 building, 202-unit, two-story complex situated on 17.96 acres. Shiloh Place is an 8 building, 152-unit complex on 5.64 acres. The complexes offer a variety of floor plans, including studio, one- and two- bedroom units as well as town home and ranch style floor plans. Amenities include swimming pools with sundecks and feature walking paths and private decks with lake views.
Vice-President Jamie Hadac and President/CEO Donald Shapiro of Foresite Realty Partners represented the seller, a multi-family investor who owns numerous complexes throughout the Midwest, in the transaction. The properties sold to an investor, based out of New York, who also owns other multi-family properties in the Evansville Indiana market.
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Foresite Realty Partners Sells Suburban Chicago Retail Property - 12/28/2007
Rosemont, IL - Foresite Realty Partners, L.L.C. announces the sale of a 26,500 square foot retail property located at 1727-1737 East-West Rd. in Calumet City, IL, within the Torrence Ave. & 159th St. retail trade area. The property is a part of the 240,000 square foot Oakview Shopping Center, which is co-tenanted by a Target Greatland, Circuit City and Wickes Furniture.
The property sold to an investor based out of Atlanta, which made its first commercial property investment in the south suburbs of Chicago. The asking price was over $2.0 million. Greg Nieder and Donald Shapiro of Foresite Realty Partners represented the seller, a CMBS Special Servicer.
Foresite Realty Partners L.L.C. is a full service commercial and multi-family residential real estate services and investment firm based in Rosemont, Illinois. Foresite maximizes the value of real estate projects for its clients by providing targeted, multi-disciplinary third-party services throughout the Midwest. In addition, Foresite Realty Partners’ principal investment platform targets value-add opportunities including repositioning, redevelopment, lease-up and adaptive re-use investments. For more information, please visit www.foresiterealty.com
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Foresite Realty Partners Sells Bloomington Apartment Portfolio - 10/5/2007
Foresite Realty Partners, L.L.C. announces the sale of the Bloomington Apartment Portfolio, which included three separate projects with a total of123-units each making up its own apartment community located in Bloomington, Illinois.
The property sold to an investor, based out of Illinois, who also owns other multi-family properties in the Bloomington market. The asking price was $3.6 million. Jamie Hadac and Donald Shapiro of Foresite Realty Partners represented the seller, a CMBS Special Servicer, in the transaction. The seller took title in October 2006 through a deed-in-lieu of foreclosure.
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Foresite Realty Partners names Stephen Gundee Financial Analyst - 6/18/2007
Stephen Gundee joins Foresite Realty Partners, L.L.C. as a Financial Analyst. Mr. Gundee is responsible for the financial/investment analysis of prospective property acquisition and disposition assignments, market research-surveillance, due diligence and other brokerage related activities. Prior to joining Foresite, Mr. Gundee employed as an Investment Sales Associate at Marcus & Millichap Real Estate Investment Brokerage in Chicago, Illinois where he analyzed and researched over $60 million dollars in assets throughout the United States. Mr. Gundee attended the University of Colorado in Boulder and received a Bachelor of Arts degree in Economics. He is a member of the International Council of Shopping Centers.
Donald Shapiro Moderates RealShare Chicago Conference Panel - 5/25/2007
RealShare CHICAGO panelists Kirk Booher of Stonebridge Real Estate Partners, Dan Hession of TRANSWESTERN, Larry Much of NAI Hiffman, Joe Neverauskas of Berwind Property Group, Inc and moderator Don Shapiro of Foresite Realty Partners, LLC, will cover all the bases from positive absorption and spec development, to the new investors in the suburban market.
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Members of Foresite participate in Panel at IMBA Event - 3/21/2007
The Illinois Mortgage Bankers Association (IMBA) event held on April 24, 2007 at 191 N. Wacker Drive in Chicago will be a panel discussion on the varied parts of the problem loan process.
Two members of the Foresite team will be inlcuded in this panel discussion; Jamie Hadac, Vice President as the moderator and Don Shapiro, President/CEO as a panelist.
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Foresite Sponsors the Central States Bankruptcy Workshop - 3/19/2007
Foresite Realty Partners is sponsoring The American Bankruptcy Institute's (ABI) 14th Annual Central States Bankruptcy Workshop being held June 14-17, 2007 at the Grand Traverse Resort and Spa in Traverse City, Michigan.
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Foresite to Sponsor 2007 RealShare Conference - Chicago - 3/16/2007
Foresite Realty Partners is a sponsor of the 5th Annual RealShare Chicago Conference being held at The Fairmont Chicago Hotel on June 5, 2007.
Foresite was also a sponsor of this event in 2006.
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Foresite at The 23rd Annual AIRA Conference - 3/13/2007
The 23rd Annual AIRA Conference is being held June 6-9, 2007 at the Westin River North in Chicago.
Members of Foresite would appreciate the opportunity to meet you, so please visit our exhibitor booth.
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Jamie Hadac Moderates TIC Panel for REFF - 3/9/2007
Jamie Hadac, Vice President of Foresite, will moderate a luncheon panel discussion pertaining to Tenants-in-Common investments for the Real Estate Finance Forum (REFF) on April 17, 2007 held at the East Bank Club in Chicago.
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Foresite Realty Partners announces the promotion of Jamie Hadac to Vice President of Business Development - 9/1/2006
Foresite Realty Partners names Jamie Hadac as Vice President. Ms. Hadac is responsible for the business development of the firm's third-party Asset Management and "Properties-in-Transition" services. Additionally, Ms. Hadac assists in executing the firm's various disposition, asset management and tenant representation assignments. Ms. Hadac has over 8 years experience totaling over $600 million in real estate asset management, portfolio management, dispositions and finance.
Foresite Realty Partners names Rob Presbrey Asset Manager - 8/29/2006
Rob Presbrey joins Foresite Realty Partners, L.L.C. as an Asset Manager. Mr. Presbrey is responsible for oversight of the firm's residential assets under management. Prior to joining Foresite, Mr. Presbrey was employed by companies such as Waterton Residential, The Altman Group/EPT Trust and Equity Residential Trust where he was responsible for re-positioning 9 investments, approximately 2,474 units with values totaling $353 million, for disposition. During Mr. Presbrey's tenure in the real estate industry, he has repeatedly increased Net Operating Income during down markets through reducing concessions, involving his maintenance and office teams in expense controls and educating them on the impact they have on a weekly, monthly and annual basis.
Foresite Realty Partners names Jamie Hadac Assistant Vice President of Business Development - 4/24/2006
Jamie Hadac joins Foresite Realty Partners, L.L.C. as an Assistant Vice President of Business Development. Ms. Hadac is responsible for the business development of the firm's third-party Asset Management and "Properties-in-Transition" services. Prior to joining Foresite, Ms. Hadac was an Assistant Vice President of Portfolio Management at Builders Bank in Chicago, Illinois and an Asset Manager for Prudential Real Estate Investors for 7 years, spending the last year based in Chicago. A native of New Jersey, Ms. Hadac attended the University of Delaware and received a Bachelor of Science Degree in Finance and Management.
Foresite Realty Partners names Selena Soto Director, Office Services - 8/26/2005
Selena Soto joins Foresite Realty Partners, L.L.C. as a Director of Office Services. Ms. Soto is responsible for the day-to-day operational aspects of the company including accounting, graphic design, marketing/advertising, information technology, human resources and office management. Prior to joining Foresite, Ms. Soto spent six years focusing on multi-family residential property management, accounting, office/personnel management, human resource development and strategic marketing. Ms. Soto holds a BA in Arts, Entertainment and Media Management with a concentration in Entrepreneurship and a minor in Women and Gender Studies.
Press Releases
City of Chicago Now Collecting Half of Building Permit Fees Upfront. - 1/12/2012
Developers building in Chicago must now pay 50% of their permit fees upfront when submitting plans for review. The provision has existed in city code since 1993 but had not been enforced until Jan. 3, says a spokeswoman for the city of Chicago's Department of Buildings. The spokeswoman did not know why the law was not enforced for so long. Developers have historically paid fees after receiving the permits. The change helps defray costs the city incurs when reviewing projects that fall through, the spokeswoman says. Many local not-for-profit organizations will also no longer enjoy permit fee waivers, she says.
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New Receivership Rules - Franklin County Ohio - 10/13/2011
New Receivership rules have been put into effective in Franklin County Ohio.
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As of October 1, 2011 the City of Chicago and Cook County Recorder will no longer sell "metered Stamps". - 10/4/2011
Title Insurance companies have been notified by the multi-jurisdictional group leading the EZ Dec project that as of October 1, 2011 the City of Chicago and Cook County Recorder will no longer sell "metered stamps" to us for closings. The net effect of this edict is that EZ Dec will be the only method for purchasing transfer stamps for Cook County transactions which require them without physically walking in to the Recorder's Office.
The option to use the paper versions of the State of Illinois (PTAX 203, 203A, 203b, 203NR), Cook County and City of Chicago transfer tax forms will continue to exist but will require an individual to walk those forms over to the Department of Revenue and the Cook County Recorder's office and manually purchase said stamps at their window.
Please plan accordingly for any transactions that you anticipate closing on or after October 1, 2011. Attached is a FAQ with many important details about the EZ Dec system and how you can register.
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Changes to Cook County Receiver Reports - Mortgage Foreclosure Setion - 8/30/2011
Commencing October 1, 2011 every pleading/motion and receiver reports in the Mortgage Foreclosure action must have the address/addresses and all parties to the case listed.
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Chicago's Vacant Building Ordinance - 7/1/2011
July 2011
Chicago's City Council passed an ordinance amending the Vacant Building Ordinance, Chapter 13-12 of the Municipal Code, expanding the definition of "owner" to include a mortgagee (or assignee or agent).
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Foresite Realty Partners Sells Suburban Mixed-Use Building - 7/11/2009
Foresite Realty Partners, L.L.C., as exclusive disposition agent, has sold a three-story mixed-use REO property containing 24 residential units and 3,440 square feet of commercial storefront space. Jamie Hadac and Donald Shapiro of Foresite Realty Partners represented the seller, one of the top three largest commercial banks in the United States. The property, located at 901 S. 5th Avenue, sold to a Chicago-based investor/redeveloper.
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Foresite Realty Partners, L.L.C. announces the sale of a gas station and convenience store in Marengo, IL - 1/8/2009
Foresite Realty Partners, L.L.C., as agent, has sold a Citgo branded gas station and car wash with a 3,600 sf convenience store located on Hwy 20 in Marengo, IL.
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Foresite Realty Partners, L.L.C. announces the sale of an existing 9 Unit Condominium Building in Chicago, IL - 1/6/2009
Foresite Realty Partners, L.L.C., as agent, has sold a four-story, nine-unit, substantially complete condominium building and an adjacent developable land parcel at the corner of Jackson Ave. and
Oakley Blvd. on Chicago’s west side.
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Foresite Realty Partners, LLC sells 354 apartment units in Evansville, Indiana - 1/23/2008
Evansville, IN—Foresite Realty Partners, L.L.C. announces the sale of Indian Woods and Shiloh Place Apartments, two multi-family communities totaling 354 units, in Evansville, Indiana.
Indian Woods is a 26 building, 202-unit, two-story complex situated on 17.96 acres. Shiloh Place is an 8 building, 152-unit complex on 5.64 acres. The complexes offer a variety of floor plans, including studio, one- and two- bedroom units as well as town home and ranch style floor plans. Amenities include swimming pools with sundecks and feature walking paths and private decks with lake views.
Vice-President Jamie Hadac and President/CEO Donald Shapiro of Foresite Realty Partners represented the seller, a multi-family investor who owns numerous complexes throughout the Midwest, in the transaction. The properties sold to an investor, based out of New York, who also owns other multi-family properties in the Evansville Indiana market.
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Foresite Realty Partners Sells Suburban Chicago Retail Property - 12/28/2007
Rosemont, IL - Foresite Realty Partners, L.L.C. announces the sale of a 26,500 square foot retail property located at 1727-1737 East-West Rd. in Calumet City, IL, within the Torrence Ave. & 159th St. retail trade area. The property is a part of the 240,000 square foot Oakview Shopping Center, which is co-tenanted by a Target Greatland, Circuit City and Wickes Furniture.
The property sold to an investor based out of Atlanta, which made its first commercial property investment in the south suburbs of Chicago. The asking price was over $2.0 million. Greg Nieder and Donald Shapiro of Foresite Realty Partners represented the seller, a CMBS Special Servicer.
Foresite Realty Partners L.L.C. is a full service commercial and multi-family residential real estate services and investment firm based in Rosemont, Illinois. Foresite maximizes the value of real estate projects for its clients by providing targeted, multi-disciplinary third-party services throughout the Midwest. In addition, Foresite Realty Partners’ principal investment platform targets value-add opportunities including repositioning, redevelopment, lease-up and adaptive re-use investments. For more information, please visit www.foresiterealty.com
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Foresite Realty Partners Sells Suburban Detroit Office Building - 10/17/2007
Rosemont, IL.- Foresite Realty Partners, L.L.C. announces the sale of the North Park Plaza office building, a 17-story 295,715 square foot class-B office building located at 17117 W. Nine Mile Rd. in Southfield, Michigan.
The property sold to an investor based out of New York which made its first commercial property investment in the Detroit market. The asking price was over $9.0 million. Greg Nieder and Donald Shapiro of Foresite Realty Partners represented the seller, a CMBS Special Servicer, in the transaction. The seller took title in the Spring, 2007 through a deed-in-lieu of foreclosure.
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Foresite Realty Partners Sells Bloomington Apartment Portfolio - 10/5/2007
Bloomington, IL.- Foresite Realty Partners, L.L.C. announces the sale of the Bloomington Apartment Portfolio, which included three separate projects with a total of 123- units each making up its own apartment community located in Bloomington, Illinois.
The property sold to an investor, based out of Illinois, who also owns other multi-family properties in the Bloomington market. The asking price was $3.6 million. Jamie Hadac and Donald Shapiro of Foresite Realty Partners represented the seller, a CMBS Special Servicer, in the transaction. The seller took title in October 2006 through a deed-in-lieu of foreclosure.
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Foresite and BayNorth reaffirm & expand relationship in value-add Investment Fund - 8/9/2007
Foresite Realty Partners closed on its second programmatic JV fund with Boston-based BayNorth Capital LLC in July 2007. Foresite, which began operations in the summer of 2005, continues to operate its headquarters out of 6400 Shafer in Rosemont, IL, a 180,000 sf multi-tenant office property it recently sold. BayNorth Capital LLC, recently closed its seventh realty fund at $472 million. Together, Foresite and BayNorth could purchase between $150-$200 million of direct investment in value-add/opportunistic property, underperforming/non-performing/distressed loans, recapitalizations of existing projects and purchases out of foreclosures/bankruptcies.
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Grubb & Ellis Buys Office Building for $21M - 3/5/2007
Foresite normally holds properties anywhere from 18 months to four years. "We were approached on a very quiet basis from a group who was looking to buy property and we decided to take advantage of the market and sell," Shapiro says. Foresite’s current headquarters is in the office building and, Shapiro says, it will remain in the building for now.
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Group Grabs Sandburg Mall (Galesburg, IL) With Low-Cost Deal - 2/28/2007
Foresite Realty Partners sold the mall on behalf of Equity Properties and Development LLC, sources said. The sale included 428,000 sf of the 521,364-sf building. K-Mart, which is owned by a third-party, was not included in the sale, Shapiro says. The property was repossessed from the previous owner last year. It had been for sale since May 2006 at which point Foresite, along with Guggenheim Inc., were brought in as the exclusive managing, leasing and disposition agent.
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Lake Zurich hears plans for pair of hotel projects - 11/30/2006
Though both projects were given the green light to move to the plan commission for review, it appears only one hotel plan will get approved. Developer Donald Shapiro of Foresite Realty Partners of Rosemont is prepared for that. "Obviously everyone in Lake Zurich feels there is a need for hospitality," he said. "The reality is I don't think both can go forward."
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Galesburg (IL) Regional Mall on the Block - 9/25/2006
Don Shapiro, president and CEO of Foresite, tells GlobeSt.com that the mall is a great buy for an investor seeking a value-add opportunity. "It is below replacement cost, and the lender needs to sell it off by year-end," he says. "It had a lack of management and leasing performance by the former owner."
Sale of 1801 West Foster - Chicago, IL - 8/1/2006
The Foresite team led by principals Donald Shapiro and Bryan Sullivan sold the 1.5 acre industrial parcel to a residential developer, Sertus Capital Partners, who is taking the rezoning risk associated with the property for a mixed use residential and commercial project on the north side of Chicago in the 47th ward.
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In the Spotlight - Crain's Chicago Business - 2/8/2006
Résumé gap: As one of three partners at Foresite, it's his first time as an owner. "Being an owner that is something that is both challenging and invigorating," he says.
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Foresite sells University Mall in Athens, OH to local Redeveloper - 12/15/2005
"We continue to see abundant interest from the investment market for all value-add opportunities in all types of real estate throughout the Midwest." Said Shapiro.
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Foresite and BayNorth team up for Investment Fund and O'Hare office acquisition - 9/8/2005
Foresite Realty Partners, L.L.C. is a full service commercial and multi-family real estate investment and services firm formed by three Indiana University business school alums from the Chicago-land area with over 40 years of combined real estate experience. Foresite's investment affiliate closed on the first acquisition in its programmatic JV fund with Boston-based BayNorth Capital LLC in the third quarter of 2005 when they purchased 6400 Shafer Court in Rosemont, Illinois. The firm, which began operations in the summer of 2005, has moved its headquarters to the nearly 180,000 square foot office property. Foresite expects this acquisition to be the first of many value-add type property purchases during the three year investment period of the fund.
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Newsletter
Foresite Realty Partners Corporate Brochure (RB) - 6/13/2007
A Principal's Perspective... A practical approach to maximizing the value of real estate accomplished by combining the perseverance of an owner with the application of actual experience to deliver proven results.
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The Site - 6400 Shafer Court - 10/1/2006
"The Site" is a newsletter distributed quarterly to acquisitions purchased by our Fund.
This sample represents the last distribution to 6400 Shafer Court (Rosemont, IL).
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Foresite E-News - Autumn 2006 - 9/1/2006
An introduction to Foresite Realty Partners.
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The Site - 6400 Shafer Court - 10/1/2005
"The Site" is a newsletter distributed quarterly to acquisitions purchased by our Fund.
This sample represents the first distribution to 6400 Shafer Court (Rosemont, IL).
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Market Info
Mole resurfaces in River North loan deal - 8/12/2009
Portland, Ore.-based Aspen Capital LLC in June acquired a $9.3-million loan on 363 W. Erie St. from Toronto-based Manulife Financial Corp., which last year filed a foreclosure suit on the 112,600-square-foot building, public records show. Including unpaid interest, property taxes and other charges, Manulife's claim totaled $12.6 million.
Steve Rosenberg, an Aspen principal, confirmed the purchase but declined to comment on the price.
The Manulife note is one of the few loans have been sold this year on troubled Chicago-area commercial properties, says Donald Shapiro, CEO of Rosemont-based property management and leasing firm Foresite Realty Partners LLC, which wasn't involved in the deal.
But such deals are likely to accelerate over the next two years.
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Delinquency jumps on local commercial property loans - 5/26/2009
By Alby Gallun of Chicago's Crain's
(Crain's) — The delinquency rate for local commercial real estate loans surged in the first quarter and is likely to go higher as more landlords struggle with rising vacancies and a credit crunch that has choked off lending.
Delinquent loans in the quarter represented 5.6% of the outstanding balances on all commercial property loans in the Chicago area tracked by Foresight Analytics LLC, an Oakland, Calif.-based research firm. That's up from 4.0% in the fourth quarter and 3.7% a year earlier.
Chicago's delinquency rate is the third-highest among the 100 largest U.S. metropolitan areas and far exceeds the 3.6% national rate, according to Foresight, which compiles its data from bank regulatory filings.
The Chicago area has had a higher delinquency rate than the nation as a whole since at least 2001, the earliest year for which Foresight has data. Foresight Partner Matt Anderson says it's unclear why that is, but he's certain that the problem is only going to get worse both locally and nationally.
The U.S. delinquency rate could even go as high as 9%, its peak during the severe real estate downturn of the early 1990s.
"Given the pressures that we see in the market, I wouldn't be surprised at all if we got to those sorts of levels in 2010 or 2011," Mr. Anderson says.
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Mortgage Foreclosure Section General Order 2009-01 - 4/8/2009
Chancery division of Cook County suspends all new default calls and foreclosure cases for judgment 7/09 & 8/09. For more information on the Mortgage Foreclosure Section General Order 2009-01 please see the attachment.
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Foreclosure Suit Hits Small Suburban Office - 2/3/2009
By Samantha Sleevi, (Crain's)
Owners of older, lackluster properties like Deerpath Atrium may be particularly hard-pressed.
"These properties are a commodity without any real qualitative differentiation," Mr. Sullivan says.
Allstate Insurance Co. recently moved out of 536 Atrium, a 77,646-square-foot building constructed in 1990. The building’s vacancy rate could not be determined, but Northbrook-based Allstate had leased about 26,000 square feet, according to real estate research firm CoStar Group Inc.
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Survey Says: Capital Markets Outlook Dim - 9/29/2008
By: Dees Stribling, Contributing Editor of CPN News
News has been coming fast and thick about the volatile capital markets landscape, but mostly it features overall trends and large abstractions. But what about the observations of those working in the trenches of the capital markets or those in real estate directly affected by it?
The 2008 Capital Markets Survey, orchestrated by the Chicago chapter of CREW--Commercial Real Estate Executive Women--gives some insight into what's going happening on the ground in commercial real estate finance. CREW Chicago surveyed the nationwide membership of senior-level executive women across all real estate-related sectors to set the framework for a luncheon discussion it hosted last week in Chicago. The organization has about 8,000 members.
"Recent events are magnifying the challenges of the investment markets," Jamie L. Hadac, vice president of Foresite Realty Partners L.L.C. and CREW member, told CPN this morning. "Lack of debt liquidity requires the experience of seasoned professionals who have been through down cycles before and understand that patience and consistency are valuable tools. One needs to apply unemotional standards to highly volatile situations."
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Brookdale owner hires turnaround firm, Welsh - 7/18/2008
Minneapolis / St. Paul Business Journal - by John Vomhof Jr. Staff Writer
Brookdale Center's Florida-based owner is bringing in outside help to reposition the struggling mall.
Coral Gables, Fla.-based Brooks Mall Properties has hired Chicago-based turnaround firm Foresite Realty Partners and Bloomington-based Welsh Cos. to co-manage the mall and help improve the value and perception of the property. Foresite will focus on asset management while Welsh handles the day-to-day operations.
The new management team took over July 1 and has not yet laid out a plan for the malls future, but retail observers said Brookdale should consider adding nontraditional mall tenants to help draw more traffic. The mall already has deals in place for a Wal-Mart store and an L.A. Fitness health club, although it's not clear those deals will move forward.
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Defaults May Rise Until 2010 in Markets - 7/7/2008
by: Gina Kenny of Globe St.
CHICAGO-Defaults are at an all-time high; particularly in the Chicago area and Midwest. Residential has led the way, but a few sectors of commercial real estate have not seen dramatic increases in defaults. Local experts are not expecting to see an end in sight until late 2009 or early 2010.
"Whether it is single-family residential (or) condominium residential, some form of residential clearly was kind of the first domino that fell in the path," says Donald Shapiro, president and CEO of Foresite Realty Partners LLC. "Since then, I think the number of defaults have escalated into a significantly greater portfolio of commercial properties."
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Financial Storm Pounding Real Estate Sentiment - 3/20/2008
Written by Mark Heschmeyer of CoStar Group
Industry Fears Financial Instability, Lack of Financing Will Drive Values Way Down
Meltdown?
E. William Stone, chief investment strategist at PNC Bank, likened the fear in the markets to the fear in the late 1970s of a nuclear reactor meltdown.
"With the seemingly endless stream of negative news from the economy, credit markets, and financial institutions, there has been talk in some circles of a meltdown of the U.S. financial system," Stone wrote in a post this week. "In complex systems, like a nuclear reactor or an economic system, risk analysis is inherently difficult. The U.S. economy is suffering from serious financial stress as a result of a combination of complex and financially engineered products and inadequate risk analysis. How serious the damage will be to the U.S. financial system in addition to the U.S. and world economies has yet to be determined."
But Stone said the federal government seems aggressively intent on providing enough liquidity to the banking system to avoid a financial meltdown and is optimistic that it will eventually regain control of the markets.
However, the collective reaction of the commercial real estate industry to this volatility and instability and need for federal buttresses to support it is fear and dread.
"History has taught us that when the federal government begins to enter the financial markets in order to try and fend off material negative news, the economy and consumer confidence responds by consolidating its positions and retracting," said Donald A. Shapiro, president and CEO of Foresite Realty Partners in Rosemont, IL. "The confidence level falls further and the business approach tends to be very conservative in an almost bunker mentality waiting for the storm to pass. The Fed's attempts to lower interest rates, while welcomed by the economy, will be too late and not have the desired effects."
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New Money Pouring into Funds Targeting Distressed Deals - 2/6/2008
Written by Mark Heschmeyer of CoStar
Some in Industry Wonder Just How Smart This New Money Is
Everybody loves a bargain. And these days, just about everybody thinks they might be able to get one.
Since Aug. 1, just before the credit markets went into a tailspin, CoStar has reported on 28 funds that have raised or were in the process of raising more than $30 billion, with the bulk of the money targeted for distressed real estate and value-added opportunities.
That money is on top of more than $23 billion in private equity raised in the first half of 2007 according to Ernst & Young. The total for the year nearly doubles the total amount raised in 2006.
Not counted in that group are the existing funds that also have started to shift focus and resources. Funds that were originally looking for solid occupancy in Class A or B office and industrial assets or properties in solid or emerging markets are now buying properties to which they can add value through lease up or repositioning.
These opportunity funds have come to be called somewhat crudely vulture funds for the picture they conjure up of investors perched and poised to swoop in on troubled deals, mismanaged and/or underperforming assets. In many cases, though, it doesn't do the investors justice, because as every bargain hunter knows, one man's discards can be another man's gold - the trick is being able to turn trash into gold.
The flock that is now rapidly gathering is starting to raise, if not concerns, then at least a lot of questions about which ones have that ability and which ones can spot the diamond in the rough.
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U.S. Office Market Turns In Mixed Year - 1/11/2008
Written by Mark Heschmeyer of Costar
Absorption Off by Nearly 20%, But Rents Went Up and Vacancy Held Steady
While the U.S. housing market led the national economy closer to recession at the end of 2007, the well-documented housing woes appeared to have had only a modest impact on commercial real estate last year.
The national office market started its most recent up cycle late in 2003 following the bursting 'tech bubble' early this century. Since 2004, office absorption across all U.S. markets tracked by CoStar averaged 111.1 million square feet per year.
The U.S. office market finished 2007 with 90 million square feet of positive net absorption - about 19% less than the four-year average, according to CoStar's 2007 Office Market Report.
Th slowdown could indicate the office market is swinging back to a down cycle. The last time the market experienced that kind of decline in net absorption was in 2000 when net absorption fell about 27% in 2000 from 1999 totals. The country experienced negative net absorption the following year in 2001.
The Class C office product was the biggest loser last year, posting negative net absorption of 2.23 million square feet.
The Class B office product was off 29% from the four-year average.
The Class A office product fared the best, off just 8% from the four-year average.
Net absorption in the nation's central business districts held up in 2007, coming in nearly on par with the 4-year average.
That's not the case in the suburbs where net absorption last year was off 23% from the four-year average.
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Suburban market steady, but a recession could hit demand - 1/8/2008
The suburban office market held steady in the fourth quarter, but increasing talk of a recession could hamper demand for space.
The suburban vacancy rate was 15% in the fourth quarter, compared with 14.9% in the third quarter and 15.7% in the year-earlier period, according to the Chicago office of CB Richard Ellis Inc.
Though landlords are still able to hike rents, especially in the western and northern suburbs, it’s becoming less certain by the day that the strong market conditions will continue.
"Obviously, everyone is kind of waiting to see how this credit crisis and economic downturn are going to affect the market," says Christopher M. Connelly, managing director in CB Richard Ellis’ Schaumburg office.
The office market closely follows the job market, as growing businesses hire more employees, fueling demand for more space. Yet a weaker-than-expected jobs report released Friday suggests that demand for office space nationwide will slow in the coming months, especially if the economy tips into recession, as an increasing number of economists expect.
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Housing Industry Woes Ooze into Commercial Real Estate - 7/27/2007
To Donald A. Shapiro, president and CEO of Foresite Realty Partners in Chicago, too much liquidity in the market has been part of the problem because it could exacerbate conditions going forward.
"The housing slump is a significant sign of the inherent problems throughout real estate: too much liquidity combined with the wrong incentives for the production people employed in the debt markets," Shapiro told CoStar this week. "And artificially low interest rates a few years ago have created pricing that is not consistently attainable. This combination has encompassed most commercially reasonable markets and property types throughout the United States and will result in a downward spiral."
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Suburban office vacancy lowest since 2001 - 7/10/2007
A vacancy rate of 12% is considered a traditional stabilization point between tenants and landlords, says Donald Shapiro, CEO of Rosemont-based Foresite Realty Partners LLC.
Significant differences in submarkets makes it too early for landlords to declare victory, he adds: ‘You have Lake County, which has been outstanding; O’Hare is still not very strong, and the Northwest Suburbs is doing nothing spectacular."
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DLC Buys 67,000-SF Center Near Top Mall - 4/27/2007
Donald Shapiro, president of Foresite Realty Partners, says that the shopping center "could easily have a cap rate of between 6% and 6.5%, maybe 6.5% and 7%." Shapiro's estimates put the sales price at between $15.1 million and nearly $16.8 million. "I would be shocked if the price is not somewhere between $225 and $250 per sf," he tells GlobeSt.com.
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Markets Blitzed By Withering Office Demand - 4/13/2007
Donald A. Shapiro, president and CEO of Foresite Realty Partners LLC in Rosemont, IL, said: "while there is some amount of post year-end slow down, this appears to be the beginning of the end."
The lack of consumer confidence, concerns overseas, and the gas running out of the most recent euphoric period in real estate are the cause.
"Pricing is starting to come down, leasing has scaled back and everyone is a seller," Shapiro said.
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Firm negotiating to buy 3 downtown buildings From the Crain's Chicago Business - 4/11/2007
"Investors are trying to pre-empt the process before a property goes to market, because when it goes to the market, the price gets driven up," says Donald Shapiro, CEO of Rosemont-based Foresite Realty Partners LLC, which isn’t involved in the deal. "But if the right group puts an amount of money in front of him that turns his head, (Mr. Chetrit) may be convinced to sell."
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250 S. Wacker to sell for a strong price - 3/14/2007
"This is a bet that rents will quickly spike," says Donald Shapiro, CEO of Rosemont-based Foresite Realty Partners LLC, which isn't involved in the current deal but did sell the property back in 2005.
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INVESTOR CONUNDRUM: (How Much) To Risk, or Not To Risk? - 3/14/2007
"In today's environment, investors need to find ways to deploy capital without having to meet the market's pricing scale," said Gregory J. Nieder, Principal/Executive Vice President of Foresite Realty Partners LLC. "Investing in opportunities through note purchases, taking subordinate debt positions or providing fresh equity in project recapitalizations can allow for strong returns while keeping one's basis low enough to justify the risks."
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Door to Deals Still Open for (Chicago) Suburban Office Tenants - 1/8/2007
Landlords also are anticipating they'll do better this year than they did in 2006, says Donald Shapiro, president of Foresite Realty Partners LLC, which bought a Rosemont office building in September 2005 and is currently shopping for more suburban buildings. "Landlords will gain back a little bit of ground this year," Mr. Shapiro says.
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Investment Sales, Suburban Market In Focus at RealShare CHICAGO - 5/31/2006
Don Shapiro of Foresite Realty Partners as the moderator with panelists John Coleman of The Alter Group, Fred Ishler of Transwestern Commercial Services, Jim Postweiler of Jones Lang LaSalle, Scott Lunine of SCI Real Estate Investments and Laurie Smith of Triton Pacific will discuss Chicago's suburban market and whether it's on a true road to recovery.
The investors will discuss how they source, and close, deals in their preferred target range, what kinds of opportunities, if any, exist in today's market, and what to look for over the year ahead and into 2007. The panel will also focus on the factors that could spell more growth for this oft-overlooked part of town, including investment activity, the industrial and office sectors and brisk leasing activity from smaller tenants and some large corporations.