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January, 15 2017
Perseverance, hard work continue to lead Foresite's Hadac to success
November, 29 2016
Stevhanie Howard Completes 5,178 SF Lease at 7601 South Kostner, Chicago
November, 22 2016
November 2016 - Newsletter
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7601 South Kostner | Chicago, Illinois

50,624 Square Feet of Office Located at: 7601 South Kostner Chicago, Illinois 60652...

 
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Perseverance, hard work continue to lead Foresite's Hadac to success - 1/15/2017
After a 19-year career, Jamie Hadac has earned her keep as an EVP at Foresite Realty Partners in Chicago. But the road from the University of Delaware wasn't always easy.
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Recent Assignments - November - 11/15/2016
Recent Assignments - November
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Foresite Named to the Best of the Best List - 9/15/2016
Foresite has been named to the Top Brokers and Property Management list in the Midwest for 2016.
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Recent Assigments - October 2015 - 10/7/2015
New Recent Assigments
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Foresite Welcomes Patrick Toomey - 10/1/2015
We are pleased to announce that Patrick Toomey has joined the firm as Vice President,Multifamily Operations based in Rosemont, Illinois.
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Court Decisions Extend Chicago's Transfer Tax Ordinance to Cover Mortgage Assignment - 8/19/2015
Earlier this month, in a case of first impression, the Circuit Court of Cook County, Illinois in the consolidated cases of City of Chicago v. KTCP 225, LLC, Case No. 13 L 050290, and City of Chicago v. Horizon Group XXI, LLC, Case No. 13 L 050291 (the"KTCP/Horizon Cases"), reviewed and analyzed the Chicago Real Property Transfer Tax Ordinance (the "Ordinance") to determine whether one who purchases a loan and mortgage through an assignment of mortgage acquires a "beneficial interest in real property" such that the parties are subject to transfer taxes on the assignment, and further whether the transaction qualifies under Exception C of the Ordinance, which exempts from taxation the granting of mortgages. Just last week the Circuit Court of Cook County again addressed these issues in Halsted West v. City of Chicago, Case No. 11 CH 19010, consolidated in the City of Chicago v. Elm State Property and Halsted West, Case Nos. 14 L 050273 and 14 L 050274 (the "Halsted West Cases").
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Jamie Hadac, Executive Vice President named to the Women of Influence 2015 in Real Estate Forum - 8/5/2015
Jamie Hadac, Executive Vice President named to the Women of Influence 2015 in Real Estate Forum
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Forsite Named to the 2015 Best of the Best - 8/3/2015
Foresite named to the Best of the Best in the Midwest for Management and Brokerage

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MONDAY MORNING FOREFRONTS - 9/7/2014
MONDAY MORNING FOREFRONTS
By Daniel I. Dorfman

It was less than a decade ago that Don Shapiro sensed it was time to start a new chapter in his professional life. "I wanted to go on my own," remembered Shapiro, now a 30-year veteran of the real estate industry.

That was the impetus in 2005, when Shapiro, working in conjunction with a number of partners all of whom had an Indiana University bond, formed Foresite Realty Partners, LLC.


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You Won't Recognize the Office of the Future - 9/3/2014
With some companies achieving well below 100 SF/employee, will we be too close for comfort in tomorrow’s offices? (We better learn to get along because soon we'll be sitting on each other's laps.) That's why downsizing has to be done efficiently, we learned at Bisnow’s Property Management & Office of the Future event.
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Three Ways To Keep Your Tenants Happy Featuring Don Shapiro - 7/24/2014
Tech is transforming the way office buildings retain tenants in today's market, so we're thrilled to be holding Bisnow's Property Management & Office of the Future summit next month to discuss new ways owners and property managers are keeping buildings competitive. Some tips:
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Don Shapiro to Moderate Property Management and Office of the Future Conference - 7/22/2014
bisnow

Thursday, August 28, 2014

Trump International Hotel & Tower Chicago
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Appellate Court Opines On Propriety of Communications Between Condominium Board Members - 4/7/2014
On the heels of the long-awaiting reversal of the Spanish Courts II appellate decision, condominium associations have been hit again with a First District Appellate Court ruling which has the potential to drastically impact the operation of many boards.

The Illinois Appellate Court’s March 21, 2014, order in Palm vs 2800 Lake Shore ("Palm II") interprets the open meeting requirements of the Illinois Condominium Property Act ("ICPA") and the authority of a condominium board to delegate in a manner which is inconsistent with how most boards currently operate.

ICPA Section 2(w) provides that a "meeting of the board" occurs only when a majority of a quorum of the members of the board gather for the purpose of conducting board business. The original language of Section 2(w) defined "meeting of the board" as any gathering of a majority of a quorum of the members of the board held for the purpose of discussing board business. On January 1, 1994, Section 2(w) was amended to change the word "discussing" to "conducting." Conducting board business has since been generally interpreted to mean voting, and some associations adopted procedures to discuss matters at working sessions or otherwise outside of open, properly noticed board meetings. A "meeting of the board" entitles all owners to notice and the opportunity to attend the meeting.
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Grab the Wheel — Michigan's New Road to Receiverships Could Get Bumpy effective May 1, 2014. - 4/7/2014
Attorneys and clients seeking the appointment of a receiver often face the dilemma of uncertainty. The process can be riddled with questions: Will the court appoint the requested receiver? If not, will the court appoint a receiver with knowledge of, let alone specialization in, the subject matter of the receivership? Will the court even appoint a receiver? How long will it take to get the appointment, if ever? And, if the receiver appointed is other than the one requested, will the appointment add so much extra cost to the case that you will wish you had never asked?

As if those uncertainties weren’t challenging enough, Michigan attorneys now face a new bump on the road to receivership beginning May 1.

A 2013 proposal attempted to hedge some of the uncertainty in the appointment process by amending the court rules governing receiverships to, among other things, direct the court to "defer to the petitioner’s nomination of receiver. . ."

That phrase, however, became not just a bump in the road, but a huge pothole filled by an avalanche of opposition to the proposed amendment. Opponents feared the phrase removed a judge’s discretion in the appointment process and would result in the appointment of receivers who were beholden to the party who sought the appointment.

The final amendments, which take effect May 1, do not require the Court to defer to the petitioning party. Instead, the new rules make clear that, even if stipulated or not contested in a timely manner, "the court shall appoint the receiver nominated by the party . . . unless the court finds that a different receiver should be appointed." This language, combined with the broad grounds for disqualification set forth in the new rules, ensures that the court retains complete discretion over the appointment of receivers.

There are other changes to Michigan Court Rule 2.622 as well which impose obligations on parties seeking the appointment of a receiver. For example, the petitioning party must now provide specific detail on how the nominated receiver has the requisite competence, qualifications and experience to serve as a receiver, after considering factors such as relevant business, legal and receivership knowledge, and ability to obtain a bond.


Foresite Named to NREI 2014 Top Brokers survey for 2013 - 4/7/2014
It was another year of robust growth for commercial real estate brokerage firms. Increases in investment sales and leasing activity enabled many of the firms on our list to grow their transaction volumes by 15 percent or more, with some firms experiencing particularly robust growth rates. The top dog on our list remains CBRE Group Inc. It is the 11th consecutive year that CBRE has lead the industry in total transaction volume. The firm reported a total volume of $233.30 billion in 2013...
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Ohio’s HB 487 Presents Property Valuation Appeal Opportunities - 4/1/2014
In Ohio, recent purchasers may soon be able to prevent increases of their newly acquired property to the purchase price
when extenuating circumstances are present in the underlying transaction. Anyone who has purchased a property in Ohio is
aware that if a school board attorney wants to increase the property from market value to the purchase price, all he or she
needs to do is file an Increase Complaint.
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Emanuel's pension deal would cost taxpayers much more than advertised. - 4/1/2014
Mayor Rahm Emanuel's proposed pension deal with city unions representing about half of its workforce would cost property owners much more than the city initially admitted, with the city's gross property tax levy destined to rise almost a third by 2020 if the deal is implemented as proposed, city officials now are conceding.

And the proposed deal does not include the potential cost of deals that have yet to be struck covering city police, firefighters and Chicago Public School teachers — or the cost of a recently finalized pact for Chicago Park District workers.
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Freed, Bank of America settle bitter Block 37 foreclosure case - 3/15/2014
As he turns to fighting off federal fraud charges, beleaguered Chicago real estate developer Laurance Freed has resolved one of his long-running legal headaches.

After nearly five years of proceedings, Mr. Freed and Bank of America N.A. settled the foreclosure litigation over the Block 37 shopping mall downtown, a court filing shows.

The case was dismissed March 5, according to an order signed by Cook County Circuit Judge Margaret Ann Brennan, who handled the case and had pushed both sides to cut a deal.

Charlotte, N.C.-based Bank of America brought the suit in October 2009 against a venture of Mr. Freed's real estate firm, Joseph Freed & Associates LLC, which developed the 275,000-square-foot shopping mall, setting off a court fight that resulted in the bank taking back Block 37 and selling it to Los Angeles real estate firm CIM Group two years ago for $84 million.

Terms of the resolution between Mr. Freed and B of A weren't disclosed in court records. It's likely that Bank of America won't collect the full amount it claimed it was owed, however. As of last June, the lender claimed Mr. Freed and one of his affiliates owed at least $132 million, an amount that was increasing by $27,000 per day.
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Foresite Named to Crain's Chicago's Largest Property Management Firms 12/31/13 - 3/3/2014
Crain's Chicago's Largest Property Management Firms 12/31/13
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U-Haul company buys landmark warehouse in Pilsen - 11/25/2013
By: Abraham Tekippe November 25, 2013

An affiliate of U-Haul International Inc. paid $4.7 million for a historic Pilsen warehouse that's been tied up in foreclosure for more than a year.

A venture of Phoenix-based AMERCO Real Estate Co., the real estate arm of U-Haul's parent company, acquired the 309,000-square-foot building at 500 W. Cermak Road, according to property records. The venture bought the rights to the property from the building's lender, an affiliate of Newport Beach, Calif.-based Sabal Financial Group L.P., which was the successful bidder at a foreclosure sale earlier this year, records show.
Built in 1911, the seven-story warehouse originally housed the Thomson & Taylor Spice Co., a purveyor of spices, coffees, flavoring extracts and other household products, according to a city report on the property. The warehouse is one of four industrial buildings in the landmarked Cermak Road Bridge District, a cluster of riverfront properties surrounding the Cermak Road Bridge.

More recently, the building has operated as a loft-office and self-storage facility. The warehouse was previously owned by a venture led by Donald Murney, head of Scottsdale, Ariz.-based Storage Today, which has locations at 500 W. Cermak and 2536 W. 63rd St. in West Englewood as well as a third property in Charleston, S.C., according to its website.
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September 2013 - Newsletter - 8/28/2013
September 2013 - Newsletter
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Renters Get New State Protection From Foreclosures - 8/23/2013
Renters whose apartments are involved in foreclosures will get special new protections under a bill signed into law today by Gov. Pat Quinn.

The measure, sponsored by Sen. Jacqueline Collins and Rep. Kelly Cassidy, both Chicago Democrats, covers residents who live in multifamily developments who have hit financial problems and are foreclosed on.

Specifically, the measure requires anyone who is acquiring residential property through a foreclosure to honor their tenants' existing leases or provide them a minimum of 90 days to move. The measure takes effect in 90 days and strengthens provisions of a measure that is set to expire in 2014.

"The foreclosure crisis has been devastating to homeowners as well as many families living in rental homes who are at risk of losing their home due to no fault of their own," Mr. Quinn said in a statement. "This law will ensure renters are protected from sudden forced moves that can be costly and disruptive."

The measure was supported by groups including the Heartland Alliance and the Sargent Shriver National Center on Poverty Law, and passed both the Senate and the House without opposition, by votes of 55-0 and 117-0, respectively.
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Growth and Perseverance - 8/22/2013
Foresite Realty Partners Specializes in Challenged or Distressed Assets named Properties-in-Transition. As seen in the Fall 2013 Issue of the DDC Journal pages 33-34.
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How to Manage Properties Like a Boss - 8/14/2013
Mies van der Rohe always thought less is more. Post-downturn, property management is finding kinship with the German architect's minimalist attitude. (And soon the Wrigley Field ivy will be replaced with edelweiss.)

That's why we're bringing in experts that are doing more with less and utilizing outside-of-the-box thinking as outlined by Foresite Realty Partners president and CEO Don Shapiro who will be moderating Bisnow's Property Management & Sustainability Summit on August 28. Don is seeing owners grapple with the costs of technology upgrades when repositioning properties, deferred maintenance expenses (from the downturn), and amenity packages to attract and retain tenants. (Foresite's portfolio today has changed from a significant amount in receivership to over 50% REO.)

Here's how creative leasing can turn around a property: Foresite manages an office at 215 W Ohio and brought it to 100% occupancy by signing an established fitness/yoga operator on the first floor. Trading office space for this alternate use gives tenants/third parties access to classes six to seven days a week in the studio and on the building's roof deck, Don tells us—a unique perk that insta-boosted occupancy. For retail centers, this might mean bringing atypical tenants like medical office, non-profits, or gaming into the mix. (A yoga/doctor combo makes the most sense for the less flexible among us.) Foresite's working with Dotty's gambling cafe—a chain set to take Illinois by storm—pending licensing.

Don has noticed sustainability is primarily a priority for B+ to A buildings (with higher end tenants), since it's generally associated with an added cost. Other hot property management topics: recent rain and flooding have increased tenant interest in sewer and retention systems; and conceal-and-carry gun laws have property managers consulting attorneys and insurance agents about whether or not to allow weapons on site. When Don's not running assets, you'll find him working on his paddle tennis game, one of the fastest-growing sports in northeast Illinois that he looks forward to playing in the middle of winter.


Don Shapiro to moderate the Property Management & Sustainability Conference - 8/10/2013
Join Bisnow and our all-star panel of owners and property managers as they discuss everything there is to know about the challenges, opportunities, efficiencies, and sustainability efforts within the property management industry. As always, come early and stay late for a great opportunity to network and socialize with the best of the Chicago business community.

Wednesday, August 28, 2013

JW Marriott Chicago
151 W. Adams Street
Chicago, IL 60603

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You Can't Kiss a Guy Over Facebook - 8/4/2013
And you can't be a property manager over it either. Today's property manager has to be in the field to be effective, according to experts at Bisnow's Chicago.
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Don Shapiro to speak on the State of the Market - 8/2/2013
The Building Owner/Mangers Summit & Supplier Showcase Conference will be held Friday, September 27th at the Oak Brook Marriott.

1401 West 22nd Street Oak Brook, Illinois 60523
630.573.8555


More Hoops To Jump Through For Lenders In Mortgage Foreclousre Cases - 8/2/2013
Mortgage lenders bringing foreclosure suits face new burdens before a judgment will be entered by the court. New Supreme Court rules - which make the foreclosure process more difficult for lenders - impose these new requirements:

The lender must attach to the complaint a genuine copy of the note and whatever else might be needed to establish the lender's standing to bring the lawsuit. That includes all assignments where the lender filing suit is not the original lender.

The lender must submit a detailed affidavit when it requests judgment, identifying the computer program the lender used to track mortgage payments and the books and records the affiant reviewed in drafting the affidavit, and in cases where the mortgagor has filed an appearance or responsive pleading, setting forth the borrower's entire payment history.

Within two days after a borrower is defaulted by court order, the lender must deliver a notice of default to the clerk of the court, and within five days, the clerk must mail a copy of the notice to the borrower, in envelopes addressed to the borrower provided by the lender. The notice must tell the borrower that he may be entitled to vacate the judgment and, if the borrow is unrepresented by counsel, must provide contact information for free legal services.

If the mortgage is foreclosed and a judicial sale will occur, the lender must send to the borrower and all other defendants a notice of sale at least ten days before the sale. If there are surplus funds resulting from the judicial sale -- a rare event, indeed -- the lender must send a special notice to the borrower advising him of the surplus funds and providing the borrower with a form to use to claim the surplus funds for himself.

Lenders must also submit a second affidavit that outlines all loss-mitigation programs available to the borrower; the steps taken by the lender to offer those programs to the customer; and the status of the loss-mitigation efforts. All applicable loss-mitigation programs must be discussed with the borrower including "in-house" programs and loan specific programs. This applies to all pending mortgage foreclosure lawsuits. No judgment of foreclosure may be entered until the lender submits the loss mitigation affidavit to the judge.

Provided by:
Robbins, Salomon & Patt


Million dollar-plus property tax hikes on the way for some city building owners - 8/2/2013
By: Mark Brown
Chicago Sun Times

About the time the buzz of the Blackhawks’ victory parade finally dies down, you can expect more loud cries to start emanating from downtown Chicago.


This time, though, it will be the unhappy owners of major commercial buildings in the central business district raising a ruckus after property tax bills start arriving this week in the mail.

Tax bills with double-digit percentage increases could be commonplace this year for downtown office buildings, hotels and stores as assessment changes shift some of the tax burden away from homeowners.

Nine buildings — including such iconic properties as Water Tower Place and Merchandise Mart — will see tax increases topping $1 million each, according to Cook County tax data obtained by the Chicago Sun-Times.

Download the full story.
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Foresite Realty Partners - Best of the Best 2013 - 7/16/2013
Foresite Realty Partners has been named one of the Top Property Management Companies in the Midwest Real Estate News Best of the Best 2013.
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Foresite Realty Partners appointed Receiver for Lincolnshire shopping center - 7/15/2013
A judge appointed Rosemont-based Foresite Realty Partners LLC as the receiver for the CityPark Retail center in Lincolnshire, according to Foresite President Don Shapiro, who declined to comment further. Wells Fargo Bank N.A. filed an $18.5 million foreclosure lawsuit against a venture of Lincolnshire-based ECD Co. that owns the 75,000-square-foot retail complex after it stopped making monthly mortgage payments in March.
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July 2013- Newsletter - 7/1/2013
July 2013 Newsletter
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Keeping you in the Game - 6/8/2013
Brief overlook on how Foresite can keep you in the Game!
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Greektown loft office buildings sell for $14 million - 5/13/2013
Loft office landlord Urban Innovations Ltd. paid $14 million for two Greektown buildings, a sign that it's getting tougher to find good deals in River North, the firm's home turf.


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Foresite Realty Partners is Moving - 3/26/2013
Effective March 29, 2013 Our New Address is:
9525 West Bryn Mawr Avenue | Suite 925
Rosemont, Illinois 60018
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Federal Action on Forced-Place Insurance Could Pressure Profits for Major Players - 1/18/2013
Federal regulators Thursday moved to tighten the regulations governing the small but highly profitable forced-place homeowners insurance market—and more is on the way.

Consumer advocates say the new initiatives give them hope that creation of the new Consumer Financial Protection Bureau through the Dodd-Frank Act will lead to lower rates in other highly profitable niche markets.

There is some disagreement among financial-services companies as to whether the new regulations exceed the mandate provided through DFA. Officials of Assurant, the largest player in forced-place insurance, says it will comply with the new regulations, while an official of a group representing the banking industry says the regulations exceed the law’s mandate.
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Multifamily Monday: Locals vs. Institutions--Schaumburg Villas - 8/21/2012
Real estate values still haven't come back in Chicago (it's Monday afternoon, do you know where your values are?), and there's a risk of more defaults should interest rates rise, says Foresite Realty Partners CEO Don Shapiro. So who's waiting on the other side of receivership to buy those properties?
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Lender looks to lease up Greektown buildings it seized - 8/15/2012

(Crain's) — After taking over a pair of distressed office buildings in Greektown, a lender now faces the challenge of luring tenants to the properties to boost their occupancy — and potential sale price.

Wells Fargo Bank N.A. is now the owner of an eight-story building at 833 W. Jackson Blvd. and a five-story building at 322 S. Green St., the result of a three-year legal fight with the properties' owners that included a foreclosure suit and two trips through Bankruptcy Court.
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Don Shapiro to speak at the Chicago's Property Management Conference - September 6, 2012 - 8/7/2012
"State of The Market"
Don Shapiro will be apart of a panel of senior level property management executives, representing third party management firms and property owners, discuss some of the most important issues in the industry, from the management perspective—managing distressed properties, improving profitability, etc.
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Distressed Real Estate Panel Discussion - Don Shapiro to moderate - 6/6/2012
The Chicago Real Estate Council invites you to our next event, a Distressed Real Estate Panel Discussion, to be held on Wednesday, June 6, 2012 at Maggiano's, 111 W. Grand Avenue, with check-in at 11:30 a.m. The panelists are Brian Holmes of McGladrey, Rick Levin of Rick Levin & Associates and Charles Krawitz of Fifth Third Bank. The moderator is Donald Shapiro of Foresite Realty Partners.

As always, there is no charge for CREC members; the guest fee is $75.00 Please respond by return e-mail, fax or phone (877-898-2732). Guests can register on our website (www.chicagorec.org). The deadline for registration is Monday, June 4th. See you there!
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Chicago Commercial Real Estate Conference: The Transition Out of Distressed Real Estate - 4/4/2012
Come join Donald Shapiro as he Moderate's the Buying and Selling of Notes and Assets. Jamie Hadac will also be sitting on the panel for Managing Distressed Properties.
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Largest Property Managers - 3/5/2012
Foresite Realty Partners ranked 23 overall and 5th in retail space managed on Crain's List Chicago Largest Property Managers.
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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 Realty Newsletter - August 2011 - 7/1/2011
Foresite is happy to welcome two new employees! Mike Pontarelli joins our Property Management Team as Senior Property Manager and Sabrina Newman joins the Office Services Team.
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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
Click here to read more.


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.
Download the full story.
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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.

Click here to read more.


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.
Click here to read more.


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.

Click here to read more.


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

Stevhanie Howard Completes 5,178 SF Lease at 7601 South Kostner, Chicago - 11/29/2016
ROSEMONT, ILLINOIS - Foresite Realty Partners, is pleased to announce that the firm has completed a 5,178 square foot new lease for the Ford City Office LLC.

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Edward Dushman, Completes Lease Renewal at Longin Square in Carpentersville, Illinois November 2016 - 11/15/2016
ROSEMONT, ILLINOIS - Foresite Realty Partners, is pleased to announce that the firm's Edward Dushman, VP of Leasing has completed a 1,581 square foot lease renewal for VV Nails 2 in Carpentersville, Illinois

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Edward Dushman, Completes Lease Renewal at Sherman Plaza in Chicago, Illinois - 10/15/2016
ROSEMONT, ILLINOIS - Foresite Realty Partners, is pleased to announce that the firm's Edward Dushman, VP of Leasing has completed a 12,000 square foot lease renewal for DTLR at 205 W. 87th Street, Chicago, Illinois.

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Doug Tarr, Completes Lease Renewal at 1001 Washington, St. Louis, MO. - 10/12/2016
ROSEMONT, ILLINOIS - Foresite Realty Partners, is pleased to announce that the firm’s Doug Tarr has completed a 3,212 square foot lease renewal for Food Essentials, Corp in St. Louis, MO.


Edward Dushman, Completes Lease Renewal at Sherman Plaza in Chicago, Illinois - 10/2/2016
ROSEMONT, ILLINOIS - Foresite Realty Partners, is pleased to announce that the firm’s Edward Dushman, VP of Leasing has completed a 3,366 square foot lease renewal for T-Mobile at 205 W. 87th Street, Chicago, Illinois.

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Edward Dushman, Completes Lease Renewal at Northland Plaza in Dekalb, Illinois - 10/2/2016
ROSEMONT, ILLINOIS - Foresite Realty Partners, is pleased to announce that the firm's Doug Edward Dushman, Vice President of Leasing has completed a 1,400 square foot lease renewal for GameStop at 2428 Sycamore Road DeKalb, Illinois.

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Edward Dushman, Completes Lease Renewal at Northland Plaza in Dekalb, Illinois - 10/1/2016
ROSEMONT, ILLINOIS - Foresite Realty Partners, is pleased to announce that the firm’s Doug Edward Dushman, Vice President of Leasing has completed a 1,200 square foot lease renewal for Advance America at 2428 Sycamore Road DeKalb, Illinois.

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Edward Dushman, Completes Lease Renewal at Sherman Plaza in Chicago, Illinois - 10/1/2016
ROSEMONT, ILLINOIS - Foresite Realty Partners, is pleased to announce that the firm’s Edward Dushman, VP of Leasing has completed a 2,500 square foot lease renewal for Dress Code at 205 W. 87th Street, Chicago, Illinois.


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Stevhanie Howard Represents Summit Valuations in Des Plaines, Illinois - 9/2/2016
ROSEMONT, ILLINOIS - Foresite Realty Partners Corporate Services & Tenant Representation group represented Summit Valuations in the relocation of their 5940 West Touhy Avenue, Niles office to 2,238 SF at 2800 South River Rd, Des Plaines, IL.


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Stevhanie Howard, Completes Lease Renewal at Northbrook Court Professional Plaza - 9/1/2016
ROSEMONT, ILLINOIS - Foresite Realty Partners is pleased to announce that the firm’s Stevhanie Howard has completed a 2,350 square foot lease renewal for InVia Fertility, LTD at Northbrook Court Professional Plaza, Lake Cook Road, Northbrook, Illinois.
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Foresite Realty Sells 2944 West Montrose - 3/30/2015
Foresite Realty Partners, LLC, is pleased to announce the sale of 2944 W. Montrose, a three story, mixed use building, comprised of two (2) three bedroom residential units located on the second & third floor and one (1) commercial unit on the first floor totaling 4,360 square feet.

2944 W. Montrose provided the opportunity to acquire a value-add asset offering investment upside and numerous local demand drivers.

Jamie Hadac and Bryan Nickow of Foresite Realty Partners, LLC represented the Seller in the transaction. The sales price is undisclosed. The property was sold to an investor from the Chicagoland area.

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Foresite Realty Sells 6524-6530 South Pulaski Road, Chicago, Illinois - 3/30/2015
ROSEMONT, ILLINOIS – Foresite Realty Partners, LLC, is pleased to announce the sale of 6524-6530 South Pulaski Road, a single-story, brick foundation, mult-tenant retail building comprised of four (4) retail spaces, ranging in size from 1,825 to 2,146 square feet per space, totaling 8,183 square feet.

6524-6530South Pulaski Road provided the opportunity to acquire a value-add asset with in-place cash flow in a strong market, offering investment income upside and numerous local demand drivers.

Jamie Hadac and Bryan Nickow of Foresite Realty Partners, LLC represented the Seller in the transaction. The sales price is undisclosed. The property was sold to an investor from the Chicagoland area.
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FORESITE Realty Partners Team Completes Lease Renewal at 215 West Ohio, Chicago, Illinois - 2/4/2015
ROSEMONT, ILLINOIS – Foresite Realty Partners, L.L.C. is pleased to announce that the firm’s Associate Nick Carmen has completed a 7,196 square foot 10 year 7 month lease renewal for Alliance of Chicago Community Health Service, L3C.

The Alliance is a low profit limited liability corporation that provides cutting edge Health Information Technology to support more than 40 not for profit Health Centers nationally.

The River North location is ideal as a central base accessible to our Chicago sites and well suited for hosting visitors from other States. The design of our space is conducive to the creative and interdisciplinary nature of our work.

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FORESITE Realty OH, LLC Sells Alex Bell Plaza Shopping Center - 1/12/2015
ROSEMONT, ILLINOIS - Foresite Realty OH, LLC an affiliate of FORESITE Realty Partners is pleased to announce the sale of Alex Bell Plaza, a 76,723 square foot shopping center, currently anchored by Dollar General, H&R Block, Rent-A-Center, Family Dollar and shadow anchored by Kroger Supermarket. The Property is located in Moraine, Ohio – within the Dayton MSA.

The Property’s offering generated a great deal of interest and numerous offers were received by the Foresite Realty OH, LLC investment team, which served as the Court Appointed Receiver’s (Donald Shapiro) exclusive broker. The sale price is undisclosed.

The buyer was an institutional, publicly traded retailer that invests in value-add shopping centers.

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FORESITE Realty OH, LLC Sells 65,000 Square Foot Big Box Store & Hardee’s Ground Leased Outparcel - 1/12/2015
ROSEMONT, ILLINOIS - Foresite Realty OH, LLC an affiliate of FORESITE Realty Partners is pleased to announce the sale of 8245 Springboro Pike, a 65,000 square foot big box retail building, shadow anchored by the Southland 75 Shopping Center and the Dayton Mall. The Property is located in Miamisburg, Ohio – within the Dayton MSA.

The Property’s offering generated a great deal of interest and numerous offers were received by Foresite Realty OH, LLC, which served as the Seller’s exclusive broker. The sale price is undisclosed.

The buyer was a regional retailer, who is planning to renovate and occupy the building.

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FORESITE Realty OH, LLC Sells the Kaplan College Building - 1/12/2015
ROSEMONT, ILLINOIS - Foresite Realty OH, LLC an affiliate of FORESITE Realty Partners is pleased to announce the sale of the Kaplan College Building, a 53,250 square foot office building, currently net leased to Kaplan College. The Property is located in Moraine, Ohio – within the Dayton MSA.

Kaplan College is part of Kaplan Higher Education, a division of Kaplan, Inc., a leading global provider of educational services for individuals, schools, and businesses which has built a long and distinguished tradition as both an academic pioneer and career-maker since 1938. Reportedly, Kaplan, Inc. is the second largest education company in the United States by revenue, and serves one million students per year across the United States and abroad.

The Property’s offering generated a great deal of interest and numerous investors participated in the auction bidding process facilitated by Auction.com Commercial. Foresite Realty OH, LLC served as the Seller’s exclusive execution broker. The sale price is undisclosed.

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FORESITE Realty Partners Sells West Wind Village Apartments in Zion, Illinois - 1/5/2015
ROSEMONT, ILLINOIS – FORESITE Realty Partners is pleased to announce the sale of West Wind Village Apartments, a multi-family community, located in Zion, Illinois. The property is comprised of 2 buildings, 48 residential units and was 77% occupied at the time of sale.

West Wind provided the opportunity to acquire a value-add asset with a strong unit mix. The community has an attractive unit mix of twenty two (22) one bedrooms, twenty four (24) two bedrooms and two (2) three bedrooms.

Jamie Hadac and Bryan Nickow of Foresite Realty Partners, LLC represented the Seller in the transaction. The sales price is undisclosed. The property was sold to an investor in a 1031 exchange. The investor also has other properties in the Chicagoland area.


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FORESITE Realty Partners Sells Lake County Apartments in Zion, Illinois - 1/5/2015
ROSEMONT, ILLINOIS – FORESITE Realty Partners is pleased to announce the sale of Lake County Apartments, a multi-family
community, located in Zion, Illinois. The property is comprised of 4 buildings, 47 residential units and was 53% occupied at the time of sale.

Lake County Apartments provided the opportunity to acquire a value-add asset with a strong unit mix. The community has an
attractive unit mix of six (6) one bedrooms, forty (40) two bedrooms and one (1) three bedroom.

Jamie Hadac and Bryan Nickow of Foresite Realty Partners, LLC represented the Seller in the transaction. The sales price is
undisclosed. The property was sold to an investor in a 1031 exchange. The investor also has other properties in the Chicagoland area.

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Foresite Realty Arranges Sale of Chesapeake Mill Apartments - 12/3/2014
COLUMBUS — Foresite Realty Partners, through its affiliate Foresite Realty OH LLC, has arranged the sale of Chesapeake Mill Apartments in Columbus. The apartment property is situated on nearly 15 acres and includes 260 units.

The community includes a mix of one-, two- and three-bedroom units across 31 buildings and was 92 percent occupied at the time of sale. Jamie Hadac, Bryan Nickow and Jo Lease of Foresite Realty OH represented the undisclosed seller. An Ohio-based investor purchased the property.
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3 Phrases That Stress You Out The Second You Say Them - 7/10/2014
The power of words is never more evident to me than when I’m working with a client or team and the language turns negative: The boss is difficult. The workloads are unmanageable. The policies are dumb.

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FORESITE Realty Partners Sells Multi-Family Portfolio in Rockford, Illinois - 4/14/2014
SOLD – March 2014
Multi-Family Portfolio – Rockford, Illinois

ROSEMONT, ILLINOIS – Foresite Realty Partners is pleased to announce the portfolio sale of four multi-family properties in Rockford and Belvidere, Illinois. The Rockford buildings include Conklin Apartments on 2525 Conklin Drive, Somerset Apartments on 1020 North Main Street, and Foxwood Village Apartments on 3803 Sage Drive. The Belvidere property is Courtyard Apartments on 1988 Davis Drive.
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FORESITE Realty Partners Sells, LLC Sells Two Flex/Industrial Buildings in Lockport, Illinois - 4/10/2014
SOLD – March 2014
2842 S. State Street – Lockport, Illinois

ROSEMONT, ILLINOIS – Foresite Realty Partners, LLC is pleased to announce the sale of two flex/industrial buildings on 3.45 acres of
land within Lockport Township, Illinois.
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FORESITE Realty Partners Team Completes Lease Renewal at 2315-2325 Dean Street, St. Charles, Illinois - 2/4/2014
ROSEMONT, ILLINOIS – Foresite Realty Partners, is pleased to announce that Doug Tarr has completed a 5,064 square foot 3 year
lease renewal for the United States Department of Agriculture.
The landlord was represented by Foresite Reality Partners, L.L.C.
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FORESITE Realty Partners Sells 3300 Oakton in Skokie, Illinois - 12/31/2013
SOLD – December 2013
3300 Oakton Street - Skokie, Illinois

ROSEMONT, ILLINOIS – Foresite Realty Partners is pleased to announce the sale of 3300 Oakton St., an 80,000 square foot mixed use commercial property in Skokie, Illinois.

A prime candidate for redevelopment to an alternative use, 3300 Oakton was comprised of a mix of industrial and office components. Located on 3.5 acres at the highly visible corner of Oakton & McCormick Streets, the property enjoys high traffic counts and is within an area that is home to several new retail demand drivers.

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FORESITE Realty OH, LLC Sells Southgate USA Shopping Center - 12/23/2013
SOLD – December 2013
Southgate USA Shopping Center – Maple Heights, Ohio

ROSEMONT, ILLINOIS – Foresite Realty OH, LLC an affiliate of FORESITE Realty Partners is pleased to announce the sale of Southgate USA, a 788,130 square foot vintage power center, currently anchored by Home Depot and shadow anchored by Giant Eagle Supermarket. The Property is located in Maple Heights, Ohio – within the Cleveland MSA.

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Court Rules Cook County Use Tax Illegal - 10/10/2013
Cook County's controversial use tax on goods bought outside the county was declared illegal yesterday.

The ruling from the bench by Circuit Court Judge Lopez Cepero means taxpayers won't have to pay the tax or file returns while the county appeals the decision, according to lawyers involved with the case.

The tax was meant to plug a hole in the county's budget as well as encourage taxpayers to buy from companies in Cook County. But it created significant tax bills for big buyers of steel, fuel and other commodities and a paperwork burden for smaller taxpayers.
A written order is expected Oct. 11, after which the county will have 30 days to appeal.

"We are awaiting the judge's written, enforceable order," a county spokesman said in an email. "We intend to petition the circuit court for a stay of the injunction, and we are prepared to move immediately to the appellate court as soon as the judge issues his written order."

The Chicagoland Chamber of Commerce took the relatively unusual step of joining two law firms that sued the county on their own behalf. Reed Smith LLP and Horwood Marcus & Berk argued that the tax violated both the Illinois and federal constitutions and exceeded the county's authority under state law.

Last week, the Appellate Court of Illinois granted the county's request to stay the circuit court's preliminary injunction against the tax, issued in July, but with several restrictions that said the county couldn't enforce the tax's penalty provisions against companies that don't file returns.

The county had expected the tax to add about $11.7 million to revenues next year.
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Cook County Eases 6B Property Tax Incentive Rules - 9/2/2013
August 28th, 2013

Cook County, Illinois commissioners adopted new laws that lessen the rules for commercial and industrial property owners to receive 6B tax breaks. The tax incentive ordinance drops the tax rate for commercial and industrial properties for 12 years for eligible property owners. The new amendments not only ease the criteria to receive eligibility, but it is available to a new class of property owners as well. The process to be granted the incentives will only take half the time. Previously, a property could only qualify if it were vacant for two years (except for special circumstances); however, the 6B amendments now require that a property sit vacant for just one year.

According to Journal & Topics Newspapers Online, the amended law also allows businesses operating in the same location for at least 10 years showing hardship "that without such designation the industrial enterprise would not be economically viable," as long as it is not receiving other county incentives. A 6B tax incentive lowers property taxes from 25% to 10% for 10 years, raises taxes to 15% in year 11, to 20% in year 12 and returns them to 25% in year 13. Several years ago, the commercial and industrial property tax rate was lowered from 36% to 25%. The reduction in commercial and industrial property tax rates is then made up by other taxpayers within those taxing bodies when property tax levies are set.

Municipalities must pass an ordinance recommending Cook County commissioners approve the tax incentive.
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Michigan Senate Passes Gregory Bill to Eliminate Property Tax Loophole - 7/2/2013
The Michigan Senate voted today to pass Senate Bill 114, legislation sponsored by Senator Vincent Gregory (D–Southfield) that would eliminate a loophole that allows building owners to use occupancy rates to avoid paying property taxes. This bill will ensure property taxes are equal for all office building and commercial park owners and maintain vital funding for public safety and other government services.



"Without the passage of this legislation, some property owners have been able to use this loophole to dramatically reduce their property taxes in lean times—and keep them low when their property values should have gone back up," said Senator Gregory. "All building owners deserve a level playing field and should not be paying tax rates that are inconsistent with their competitors. More importantly, property taxes are a vital source of funding for our local governments, and this loophole has been allowing property owners to withhold funding that they are expected to pay for police officers, fire fighters, infrastructure and other universal community services."

During Michigan’s economic struggles over the last few years, owners of large commercial office buildings began having their property taxes reassessed—and ultimately reduced—based on their dwindling occupancy rates. These reductions in property taxes have had an adverse effect on local governments that rely on property taxes to provide local police and fire and other vital services.

"I appreciate Senator Gregory’s efforts to address this problem and help local governments like ours recoup the money we are owed to provide the services businesses and residents alike depend on," said Irv Lowenberg, Southfield City Treasurer. "Everyone in our community has equal access to police and fire, and everyone should be contributing equally to maintaining them."
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Cook County property values down, but property bills flat - 6/25/2013
Cook County homeowners are being hit with a nasty version of Groundhog Day: Once again, even though the value of their home is down, their property tax bill is about the same — or even up a bit.

The latest bad news came today from Cook County Clerk David Orr, who released his annual tax rate survey of the final 2012 levies by the city of Chicago and more than 1,500 other taxing agencies in the county. The survey is for 2012 because property taxes here are imposed a year late.

In Chicago, which was reassessed last year, the total value of property, known as the equalized assessed value, fell 13 percent. That's due to a combination of the reassessment and the state equalization factor decreasing by 5.5 percent.

The decline in values was greatest in residential neighborhoods, 14 to 20 percent, and about 7.5 percent in the downtown commercial district, Mr. Orr said.

With Chicago agencies combined asking for 2 percent more than last year, $75.5 million, that means Chicago homeowners "will stay flat or see a slight decline," Mr. Orr said. And that likely means business property owners will pay somewhat more. But the composite rate — the charge per $100 of property value — is up 17.25 percent, to $6.296.

All of the increased money will go to Chicago Public Schools, which raised its levy 3.4 percent and its bond levy 6.5 percent. CPS also is expected to levy to the cap this year, because it faces a reported $1 billion budget hole.

The good news is that the city of Chicago, Chicago Park District and City Colleges levies all stayed flat.

Trends are a little more complicated in suburban Cook County, in which local school districts and villages do not necessarily head in the same direction all of the time.

But Mr. Orr estimates that tax bills for suburban homeowners will go up about 3 percent, roughly in line with the consumer price index. The county was not reassessed last year — in other words, its equalized assessed value stayed about even. So with levies countywide up 2.2 percent, to $11.99 billion, most folks will have to pay a bit more.

The biggest rate hikes in suburban areas were in property located in Ford Heights in School District 169, up 17.24 percent; land in School District 163 in Park Forest, up 15.54 percent, and property in Riverdale in School District 148, up 18.83 percent.

Similar trends of property values falling while bills stay flat (or rise) have occurred for some years now. But that dynamic could change, with property values this year finally headed back up.

One complicating factor in all of this is the phaseout of the previous percent assessment cap on homes. It now is gone in the city, with most homeowners getting a maximum exemption of $7,000 compared with the previous $20,000 maximum. The cap will be gone within two years in suburban Cook County, too, under current law.

Bills for the second half of 2012 are due to hit your mailbox in a week or two. They're due Aug. 1.


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Amended Ordinance Adds Strong Rules and Regulations Regarding the Reporting and Treatment of Bed Bugs - 6/8/2013
Alderman Debra Silverstein (50th Ward), Alderman Osterman (48th Ward), Alderman Suarez (31st Ward), Alderman Cardenas (12th Ward) and Alderman Lane (18th Ward) passed amendatory legislation declaring bed bugs to be a public nuisance.

The increase in bed bug infestation is a major concern throughout the city, and this legislation is an important step in improving the quality of life in our communities by addressing this issue and halting its spread.

The amended ordinance imposes fines on landlords who fail to exterminate infested units according to the regulations dictated by the ordinance. It also makes tenants responsible for notifying landlords immediately and cooperating with the bed bug treatment and eradication process. Bed bugs are resistant to many forms of treatment
techniques, making cooperation vital for the successful eradication of the infestation.

"One of the most important aspects of this legislation is that it educates the public to the problem of bed bugs. This ordinance will allow best practices to be determined by the Department of Public Health and will require infestations to be handled by a qualified exterminator in a manner that shows demonstrated success," Alderman Silverstein said.

The ordinance, proposed by Alderman Silverstein, was in response to complaints from residents of the 50th Ward who have experienced bed bugs in their homes and whose lives were upended due to the infestation.

"All Chicago residents have a right to feel comfortable and safe within their own homes," Alderman Silverstein said. "This legislation will ensure that property owners and tenants are responsible for maintaining their property and will stop the spread of bed bug throughout a building and to neighbors."

The amended ordinance passed the City Council on June 5, 2013.
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New Chicago bed bug ordinance might be coming to Chicago soon - 6/2/2013
Council takes on bed bug nuisance

By Hal Dardick, Chicago Tribune reporter
May 31, 2013

The City Council Health Committee on Thursday endorsed a proposal that would allow the city to fine landlords up to $2,000 a day for failing to take steps to eradicate bed bug infestations.
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Properties for Sale - 6/1/2013
Available Properties for Sale
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Foresite Named to Crain's List - Chicago's Largest Property Managers - 3/4/2013
Foresite Realty Partners ranked 23 overall on Crain's List of Chicago Largest Property Managers.
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Rights of Mechanics Lien Claimants Expanded By Illinois Legislature’s Enactment of HB 3636, Overruling the Illinois Supreme Court’s Decision in Cypress Creek - 2/25/2013
On February 11, 2013, the Governor signed HB 3636 into law modifying two sections of the Illinois Mechanics Lien Act, 770 ILCS 60/1. The bill is the Legislature’s response to the 2011 Illinois Supreme Court decision of LaSalle Bank National Association v. Cypress Creek I, LP, 242 Ill. 2d 231 (Ill. 2011), which greatly limited the rights of mechanics lien claimants. HB 3636 expands the rights of mechanics lien holders and modifies the notice provision of the Illinois Mechanics Lien Act.
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State Supreme Court Releases Foreclosure Rules - 2/25/2013
By: Micah Maidenberg February 22, 2013-Crain's

The Illinois Supreme Court unveiled new rules Friday that it says will provide additional protections to homeowners facing foreclosure, but a lending trade group predicts they will slow the state's already-lengthy foreclosure process.


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IRS Says §1031 Exchange Will Defer 3.8% Tax On Net Investment Income - 1/15/2013
Exchange Will Defer 3.8% Tax On Net Investment Income

There has been some question as to whether taxpayers could use a §1031 exchange to defer the new 3.8% tax on investment income. The IRS has issued proposed regulations that answers the question with a resounding "Yes".



Highlights of the American Taxpayer Relief Act of 2012 - 1/4/2013
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law, which avoids many of the dreaded consequences of the so-called "fiscal cliff."

After hotly debated year-end negotiations, The U.S. Senate and House of Representatives passed H.R. 8, the American Taxpayer Relief Act of 2012, on January 1, 2013. On January 2, 2013, President Obama signed the bill into law, which avoids many of the dreaded consequences of the so-called "fiscal cliff."

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Foresite to Sponsor RELA Chicago - Wednesday, November 28, 2012 - 11/14/2012
RELA Chicago Presents:

"Stripped and Center: What Technology, the Economy and the Election means to the Future of the Retail Industry as we know it."
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Distressed Net Lease Debt Provides Challenges, Opportunities - 11/8/2012
One of the difficulties with working out and refinancing CMBS situations is that "there is a lack of understanding of what is a securitized loan and who is the lender and what responsibilities do they have," said Donald Shapiro, president and CEO of Foresite Realty Partners. "Right off the bat, the process is unclear and ambiguous … and education is the key."

Please Click to Read Article
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Save-the-Date / Don Shapiro to Speak at the 11th Annual Chicago Commercial Real Estate Forecast Conference on 1/22/13 - 11/8/2012
Tuesday, January 22, 2013
Sheraton Chicago Hotel & Towers
7am ~ Noon
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Tax on Chicago Mortgage Assignments - 10/30/2012
The City of Chicago clarifies the interaction of Exemptions C & M under the Chicago Real Property Transfer Tax Ordinance.

Exemption C provides that the acquisition of an interest in real property through the granting or purchase of a mortgage is exempt from Transfer Tax. Exemption M provides that the acquisition of a fee interest in real property through the granting of a deed pursuant to a foreclosure sale or in lieu of foreclosure is also exempt from Transfer Tax. The City’s intent in enacting both exemptions was to exclude a bona fide lender from incurring tax liability solely as the result of (a) perfecting its security interest in the collateral for a loan, or (b) exercising its rights in that collateral.

With the recent rise in transactions involving sales of distressed mortgage loans to investors and developers, who intend to ultimately acquire fee title through foreclosure or agreement with the borrower, the City sought to make clear that such buyers remain subject to the Transfer Tax when they take title to the property, but are not subject to taxation on both steps of the transaction. In other words, a party who is not a "bona fide lender," can claim Exemption C or Exemption M, but not both in connection with the acquisition of fee title. The City determined that the "transfer price," which Transfer Tax will be assessed on, is the amount the buyer pays the bona fide lender for assignment of the mortgage. The City further determined that the Transfer Tax would be payable upon the delivery or recording of the deed, rather than upon the acquisition of the mortgage. Please see the attached Revenue Ruling for additional detail.
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Foresite to Sponsor National Net Lease Investment Conference on November 1st in Chicago - 10/11/2012
A special one-day event examining the current state
and future direction of the net lease industry.
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Foresite to Sponsor RELA Chicago - Wednesday, September 12, 2012 - 8/29/2012
Join Foresite at the Fall Cocktail Reception for RELA.
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Distressed Schaumburg apartments sell for $19.4 million--Schaumburg Villa - 8/2/2012
Schaumburg Villas

(Crain's) — A group including a Chicago apartment investor paid $19.4 million for Schaumburg Villas, a 300-unit apartment complex in northwest suburban Schaumburg, ending a journey through foreclosure that began more three years ago.

The joint venture between Chicago-based Stadt Group Ltd. and Greenwich, Conn.-based Vera Holdings LLC paid almost enough — about 94 cents on the dollar — to make the property's lender whole, an uncommon outcome in a market where distressed properties routinely sell at a 30 percent to 40 percent discount to their debt.
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Sale of Schaumburg Villas - 7/23/2012
FORESITE Realty Partners is pleased to announce the sale of Schaumburg Villas Apartments, a 300-unit apartment community located in Schaumburg, Illinois.
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Finding Recourse in a Nonrecourse Loan: Michigan Appellate Court and Legislature At Odds - 6/14/2012
The economic decline in the real estate market has forced many borrowers of commercial mortgage-backed securities loans into default situations, which, in the case of some borrowers with non-recourse loans, can trigger full-recourse provisions to guarantors under their non-recourse guaranties. A recent opinion of the State of Michigan Court of Appeals, if broadly adopted, would have a significant adverse effect on guarantors under their non-recourse guaranties.
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Cook County Property Tax Bills Coming in July - 6/11/2012
Cook County, Illinois home and business owners can expect second installment property tax bills to hit their mailboxes in early July for the first time in decades. According to the Chicago Tribune, the bills being mailed out on time is both good and bad news. Bad news is that payments will be due August 1 compared to November 1 last year, but good news in that school districts and local governments won’t have to take out short-term loans to make ends meet, saving an estimated $20 million across the county.

Credit can be given to many offices as certain assessors finished assessments on the first installment of properties 120 days earlier than usual. In addition, the Board of Review, which considered more than 341,000 appeals, also worked faster than years past. The lateness of property tax bills in the past can be partially contributed to Democratic leaders deliberately slowing the process to avoid sending out big tax bills before Election Day.
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Coming April 2, 2012 - New Cook County Website for all Goverment Information - 2/21/2012
Come April 2012, Cook County property owners will be able to go to a single web site to find all of the government information related to their homes or businesses.

County Board President Toni Preckwinkle said the new site, set to go live April 1, will be "a one-stop shop" for records kept by five county offices: treasurer, assessor, clerk, recorder of deeds and board of (tax) review.

The site will combine five years' worth of records about each of the county's 1.7 million properties, including their assessed values, taxes, sales and liens. The site, CookCountyPropertyInfo.com, also will allow property owners to pay their bills or appeal their assessments on line.
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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

November 2016 - Newsletter - 11/22/2016
November - Newsletter
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February 2015 - 2/1/2015
February 2015
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October 2014 - 10/1/2014
October 2014
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September 2013 - 8/28/2013
September 2013
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Properties for Sale - 8/26/2013
Properties for Sale
Click here to read more.


July 2013 - 7/1/2013
July 2013 Newsletter
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December 2012 - 12/1/2012
December 2012 - Nesletter
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Foresite Realty Newsletter - October 2012 - 10/15/2012
Foresite Realty Newsletter - October 2012
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Foresite Realty Newsletter - June 2012 - 6/25/2012
Foresite would like to announce some notable new deals that we have been awarded the management and leasing of.
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Foresite Realty Newsletter - March 2012 - 3/1/2012
Foresite is happy to welcome Shana Baylis and Erin Davis who have joined our team as Property Management Analysts.
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Foresite Realty Newsletter - December 2011 - 12/1/2011
Foresite is happy to welcome our new employees. Brian Worth as Senior Regional Property Manager, Ryan Moore as a Financial Analyst, Nick Carmen an Associate for the Leasing Team and Karen Campbell, Director of Office Services.
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Foresite Realty Newsletter - August 2011 - 8/1/2011
Foresite is happy to welcome two new employees! Mike Pontarelli joins our Property Management Team as Senior Property Manager and Sabrina Newman joins the Office Services Team.
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Foresite Realty Newsletter - May 2011 - 5/1/2011
Foresite is happy to welcome two new employees! Edward Dushman joins our Leasing Services Team as the Vice President of Leasing and Roger Daniel joins our Property Management Team as Regional Property Manager.
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Foresite Realty Newsletter - February 2011 - 2/1/2011
We congratulate our property management/construction team this month on their successful project management and re-opening of Chestnut Ridge Apartments, a 384 multi-family unit community located in Louisville, KY.
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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).
Download the full story.


Market Info

Property tax bills will jump the most in these Chicago neighborhoods - 11/24/2015
Homeowners' assessments went up more than 48 percent in this neighborhood, which stretches from Chicago Avenue to North Avenue on the east side of the Chicago River's North Branch.

When Mayor Rahm Emanuel's property tax increase kicks in next year, the epicenter will be the intersection of Halsted and Division streets, in the middle of a neighborhood where the average tax assessment rose by more than 48 percent this year.


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A double whammy on property taxes - 10/18/2015
Chicago business owners bracing for Mayor Rahm Emanuel's giant property tax hike are simultaneously getting hit with reassessments that will inject steroids into thousands of tax bills.

Emanuel intends to begin phasing in his $588 million tax increase next year, just as new valuations by the Cook County assessor are used to calculate tax bills. Based on current assessment levels, the tax hike, the largest in city history, could jack up total tax bills by as much as 18 percent over four years, his administration has said.
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Case of the Vanishing Worker Unemployment rate is falling in industrial Midwest as residents move away, retire or give up on finding a job. - 5/13/2015
By
Mark Peters and
Ben Leubsdorf

DECATUR, Ill.—By one key gauge of economic health, this industrial city three hours south of Chicago is well on the way to recovery.

Hit hard by the recession, when its unemployment rate topped 14%, Decatur over the past year has seen one of the swiftest declines in joblessness in the country, with the rate dropping to 7% in March from 10.2% a year earlier.

But look closer, and this city of 75,000 resembles many communities across the industrial Midwest, where the unemployment rate is falling fast in part because workers are disappearing: moving away, retiring or no longer looking for a job.
"In cases like that, the unemployment rate makes things look better than they really are," said Karl Kuykendall, U.S. regional economist at IHS Global Insight. In terms of overall economic growth, he said, "a decline in population and workforce is devastating."

In many parts of the country, and at the national level, falling unemployment appears to truly reflect recent improvement. The Labor Department reported Friday that the U.S. jobless rate ticked down in April to 5.4%, its lowest level in nearly seven years.
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New Zoning Compliance Requirement for Cook County Property - 4/9/2015
Cook County is now requiring zoning certificates for transfers of property located in unincorporated Cook County. The Commissioner of Building and Zoning announced that effective March 21, 2015, any transfer of property in unincorporated Cook County will require a zoning certificate to verify current zoning and to disclose any outstanding building permits, violations, or judgments. Instructions for applications for zoning certificates and application forms may be found at www.cookcountyil.gov/building-and-zoning. The County will charge $100 per applica
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Emanuel to file 400 lawsuits against older high-rises - 1/12/2015
Mayor Rahm Emanuel’s administration is headed to court to force owners of 400 of Chicago’s pre-1975 residential high-rises to make fire safety improvements they have ignored for nine years, a top mayoral aide disclosed Monday.

Three months after warning that the Jan. 1 deadline was "not moving," Buildings Commissioner Felicia Davis is making good on her threat to throw the book at recalcitrant building owners.


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November 26, 2014 Developers plan Loop hotel, then squabble over $200,000 - 11/26/2014
By Micah Maidenberg

A group of developers wants to jump into the Loop hotel building boom, but they are already squabbling about money.

A joint venture between Las Vegas-based Bighorn Capital and Steven Gouletas, an executive at Chicago real estate firm American Invsco, wants to demolish Garvey Court, a 25,000-square-foot restaurant property at 201 N. Clark St., and replace it with a new hotel, according to Cook County records. In August, the group signed a 20-year agreement under which New York-based Hampshire Hotels Management would run the hotel, county records show.

Now the two sides are fighting in court over $200,000—pocket change in the context of a hotel development that could cost tens of millions of dollars to build. The dispute doesn't bode well for their hotel plans.

"If they can't compromise over $200,000, why would someone give them more money" to finance a hotel development, said Donald Shapiro, president and CEO of Rosemont-based real estate firm Foresite Realty Partners.
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Cook County, IL Board of Commissioners recently passed ordinance 14-1930 amending real estate tax assessment classifications to include a class 7 (c). This incentive is entitled Commercial Urban Relief Eligibility (CURE) - 7/23/2014
To reduce your commercial real estate taxes in Cook County is to find yourself an incentive to apply. The Cook County Board of Commissioners recently passed ordinance 14-1930 amending assessment classifications to include a class 7 (c). This incentive is entitled Commercial Urban Relief Eligibility (CURE).
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State of Michigan Supreme Court New Court Appointed Receiver Rules as of 3/26/14 - 6/27/2014
Amendments of Rule 2.621 and
Rule 2.622 of the
Michigan Court Rules
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Ohio Supreme Court ruling sets standard for when a property's sale price serves as appraised value - 4/18/2014
By Robert Higgs, Northeast Ohio Media Group The Plain Dealer

COLUMBUS, Ohio -- A ruling this week by the Ohio Supreme Court establishes a guide for counties on when the sale price for a property should be used when setting the appraisal value for taxes.

The case involved property in Akron that is site of an Arby’s restaurant, according to the court. The property was sold in August 2005 for $1.4 million. The Summit County fiscal officer reappraised the property for tax year 2008 and set its true value at $902,320.

Akron city schools fought that appraisal and won a ruling at the state’s Board of Tax Appeals that said under state law and case law, the higher sale price should have prevailed.

But in its ruling this week, the Supreme Court set a 24-month limit for defining "recent." Sales occurring within two years of the reappraisal would be considered recent, unless some rebuttal evidence is presented.

Justice Paul Pfeifer, in his majority opinion, wrote that state law allows a sale price to be used as the property’s value if sale occurs "‘within a reasonable length of time’" of the tax lien date, but did not set a specific time frame. That could hinder county officers who must conduct a reappraisal once every six years, he noted.
"Were we to impose a presumption of recency that had no boundaries, the fiscal officer’s duty to conduct an accurate reappraisal every six years would be impaired by sales too remote to be relevant," Pfeifer wrote. "A sale as old as five or even ten years could potentially cast a deep shadow over the tax assessor’s performance of his legal duty to adopt and maintain a current valuation of the property."

Pfeifer was joined by Chief Justice Maureen O’Connor and Justices Terrence O’Donnell, Judith Ann Lanzinger, Sharon L. Kennedy and William M. O’Neill.

Justice Judith L. French dissented, writing that the concept of a recent sale involves more than just a time factor.

"The majority overreaches today by creating — unprompted — an arbitrary 24-month-rule for determining when a sale is presumed to be recent," she wrote.
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Emanuel's pension fix costly, but pain is likely to double - 4/7/2014
The $250 million annual property tax increase that Mayor Rahm Emanuel wants to shore up two of Chicago's dangerously underfunded pension funds could almost double if he reaches similar deals to restructure other equally troubled retirement plans, according to a Crain's estimate.
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Illinois Supreme Court Rules in Favor of Condominium Associations Collecting Delinquent Assessments - 3/25/2014
By: Howard Dakoff | Jennifer O'Reilly of
Levenfeld Pearlstein

The Illinois Supreme Court published its court ruling in Spanish Court Two Condominium Association v. Lisa Carlson , 2014 IL 115342, which reversed a lower court's opinion that a unit owner may raise as a legal defense to a collection of delinquent condominium assessments lawsuit an association's alleged failure to repair and maintain the common elements.

The Supreme Court has now correctly ruled that a condominium association's alleged failure to repair and maintain the common elements is not a "germane," or viable, defense in a forcible entry and detainer proceeding (a.k.a. , eviction lawsuit). Distinguishing the difference between a landlord-tenant relationship that is contractual and an association-unit owner relationship which is largely a creature of statute, the Court held that a "unit owner's liability for unpaid assessments is not contingent on the association's performance."

The Court recognized that allowing unit owners to avoid paying assessments because of extraneous matters such as an alleged failure to repair and maintain common elements defeats the very purpose of including condominium associations in the forcible entry and detainer statute, which is meant to provide a "quick method" for collection of past due assessments.

Acknowledging that the "association's ability to administer the property is dependent upon the timely payment of assessments, and any delinquency in unit owner's payment of their proportionate share of common expenses may result in the default of the association on its obligations," the Court held that a unit owner shall not be permitted to avoid their duty to pay assessments by raising a defense of failure to repair or maintain the common elements.

This is a good legal decision for condominium associations reinforcing their right to collect delinquent assessments.


Judicuial Foreclosure Map - 3/25/2014
Twenty two states use judicial procedures as the primary way to foreclose. These include:
Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana,
Maine, Maryland, Massachusetts, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.
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6th Snowiest Winter on Record - 1/27/2014
Snowfall through January 19th.
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Seventh Circuit Court of Appeals Holds That Illinois Mortgages May Not Be Avoided in Bankruptcy for Failure to State Interest Rate and Maturity Date - 12/31/2013
December 30, 2013

Nearly two years ago, a bankruptcy court in the Central District of Illinois caused considerable consternation in the lending community when it held that the provisions of Section 11 of the Illinois Conveyances Act (the "Act") (765 ILCS 5/11) were mandatory rather than permissive. Crane v. Richardson (In re Crane), 20121 WL 669595 (Bankr. C.D. Ill. Feb. 29, 2012). Section 11(a) of the Act provides a "form" of mortgage, which form specifically includes the interest rate on and the maturity date of the loan. The bankruptcy court determined that the omission of any of the provisions delineated in the form mortgage, including the interest rate and the maturity date, failed to provide constructive notice to a bankruptcy trustee or a third party purchaser, thereby allowing a bankruptcy trustee to avoid the mortgage.
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Court Ruling Slows Historic Tax Credit Projects - 12/6/2013
Court Ruling Slows Historic Tax Credit Projects

The Federal Rehabilitation Credit, also known as the Historic Tax Credit (HTC), has been a great source of funding for developers for the past 35 years. It is a means of acquiring funding without incurring high levels of debt. But a 3rd U.S. Circuit Court of Appeals ruling has erased much of the appeal of the credit, putting the brakes on some existing projects and leaving the future of new projects in limbo.

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Blockbuster to close U.S. stores - 11/6/2013
DISH Network Corp. today announced that its subsidiary, Blockbuster L.L.C., will close its 300 retail stores across the United States, as well as its distribution centers.

The company will end its retail and by-mail DVD distribution operations by early January 2014.
The closures will include dozens of stores in Wisconsin.

"This is not an easy decision, yet consumer demand is clearly moving to digital distribution of video entertainment," said Joseph Clayton, president and chief executive officer of Englewood, Colo.-based DISH. "Despite our closing of the physical distribution elements of the business, we continue to see value in the Blockbuster brand, and we expect to leverage that brand as we continue to expand our digital offerings."

The Blockbuster By Mail service will end mid-December and will serve existing customers until that time.

Over the past 18 months, Blockbuster has divested itself of assets in the United States, as well international assets, including operations in the United Kingdom and Scandinavia. DISH will continue to support Blockbuster's domestic and international franchise operations, relationships and agreements.

DISH will retain licensing rights to the Blockbuster brand and key assets, including the company's significant video library. DISH will focus on delivering the Blockbuster @Home service to DISH customers, and on its transactional streaming service for the general market, Blockbuster On Demand.

The Blockbuster @Home service offers over 15 movie channels, including STARZ Cinema, EPIX, Sony Movie Channel, and Hallmark Movie Channel, plus over 20,000 movies and TV shows streamed to televisions, computers or iPads.
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Safeway puts expiration date on unsold Dominick's stores - 10/31/2013
By Brigid Sweeney

Safeway Inc. plans to close all unsold Dominick's grocery stores on Dec. 28, according to a company memo.

In the memo to employees, Dewayne Howard, Dominick's director of human resources, said all employees will be "separated" and "the closures are expected to be permanent."

So far, only four of the 72 Dominick's stores in Illinois have been sold to Jewel-Osco owner New Albertsons Inc. Other grocery competitors are reportedly mulling additional purchases.
Dominick's employs about 6,600 people in Illinois.

"The communication is consistent with what we've publicly said about our efforts to find purchasers for as many of the stores as possible," Teena Massingill, Safeway's director of corporate public affairs, wrote in an email.

"While they will probably get some of the bigger deals done, buyers of individual stores will move much slower," said Neil Stern, a senior partner at Chicago retail consultancy McMillan Doolittle. "Expect a fair (number of stores) to go dark given the tight deadline."

Mr. Stern says Mariano's, a division of Milwaukee-based Roundy's Inc., will certainly snap up a number of stores, as Safeway's exit from Chicago provides a "once in a lifetime" opportunity.
New Albertsons, which is owned by an investment group led by New York-based Cerberus Capital Management, will also likely pick up a few more locations, he says, if only to block future competition.

Other major contenders include Kroger Inc. of Cincinnati and Highland, Ind.-based Strack & Van Til.

Mr. Stern says possible deals with smaller, local entities including Angelo Caputo's Fresh Markets, Pete's Fresh Market, Sunset Foods and Treasure Island Foods will likely take longer and will occur after the closure date.


Local Governments Flying Under the Radar Reign in Illinois - 10/29/2013
While Illinois has shed state and local public-sector jobs since 2007, local taxing units have remained largely untouched. Illinois has the most local government units of any U.S. state, including 1,300 municipalities, 1,400 townships, 900 school districts and 3,200 special purpose districts.
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CHICAGO NEEDS TOOL TO FIGHT 'ZOMBIE' PROPERTIES - 8/5/2013
By: Dory Rand September 04, 2013

A federal court decision dealt a serious blow last week to Chicago's ability to revitalize communities hit hard by the foreclosure crisis.

U.S. District Court Judge Thomas Durkin ruled that the city of Chicago cannot enforce its vacant buildings ordinance against banks that service mortgages for Fannie Mae and Freddie Mac, which own or guarantee most home loans in the United States. This decision undermines a key tool that helps keep homes in the foreclosure process from becoming "zombie properties" that decrease quality of life.


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Cities that Promise to be the Healthiest Real Estate Markets - 3/25/2013
Cities that Promise to be the Healthiest Real Estate Markets
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Foreclosure fast-forward: New law could speed sales - 3/11/2013
Starting in June, banks will be able to zip foreclosures of abandoned homes through the courts, potentially allowing them to repossess properties in as little as 90 days. That's the idea, anyway, behind a measure Gov. Pat Quinn signed last month that is one of the most ambitious rewrites of the state's foreclosure law since the real estate crash in 2008.
Speeding up foreclosures of empty properties could boost the local residential market as lenders focus on finding new owners for deserted homes instead of slogging through court proceedings.
It took banks an average of 697 days to take back a home in Illinois in the fourth quarter, the fifth-longest time frame in the country, according to Irvine, Calif.-based RealtyTrac Inc.
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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.


 
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