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July, 23 2014
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)
July, 10 2014
3 Phrases That Stress You Out The Second You Say Them
June, 27 2014
State of Michigan Supreme Court New Court Appointed Receiver Rules as of 3/26/14
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Alex Bell Plaza | Moraine, Ohio

76,723 Square Feet of Retail Located at: 5760 Springboro Pike Moraine, Ohio 45449...

 
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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 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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