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December 13, 2022

This Week's Chicago Deal Sheet

1871 CEO Betsy Ziegler Discusses New Avenues For Cannabis Investment Feb. 16

TopSide Marinas has acquired Larsen Marine, a 16-acre boatyard and full-service marine facility located on Lake Michigan in Waukegan Harbor, Illinois.

This Week's Chicago Deal Sheet

As one of the largest service facilities in the Great Lakes, Larsen Marine offers indoor, outdoor and dry stack storage to about 850 boats per year. This is TopSide Marinas’ first acquisition in the Chicago/Milwaukee area and its fourth acquisition since the company started in 2021.Larsen Marine had been owned…

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Top Stories on Bisnow.com

Fifth Wall Closes $866M Proptech Fund In New Record For Growing Industry Fifth Wall Closes $866M Proptech Fund In New Record For Growing Industry
Dollar General’s POpshelf Targets Inflation-Weary Suburbanites With Hundreds Of New Stores Dollar General’s POpshelf Targets Inflation-Weary Suburbanites With Hundreds Of New Stores
‘You’re Not Going To See Us Make Mistakes’: Why Big Banks Are Pulling Back From CRE Financing ‘You’re Not Going To See Us Make Mistakes’: Why Big Banks Are Pulling Back From CRE Financing
'Remarkable And Unexpected' Backlog For Nation's Contractors Despite Economic Turmoil 'Remarkable And Unexpected' Backlog For Nation's Contractors Despite Economic Turmoil
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Future Of Horizon Therapeutics’ Deerfield Offices Uncertain After $28B Amgen Acquisition

Amgen, a biotechnology company, has agreed to acquire biopharma company Horizon Therapeutics for approximately $28B, putting into question the future of Horizon’s Deerfield, Illinois, campus.

Future Of Horizon Therapeutics’ Deerfield Offices Uncertain After $28B Amgen Acquisition

The merger will be healthcare's largest of 2022, according to the Wall Street Journal, which first reported the news.Amgen is based in Thousand Oaks, California. Horizon is headquartered in Dublin, with offices in Deerfield, a new facility in Rockville, Maryland, and a presence across four continents.Once the deal is…

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Community-Minded CRE Company Helps Strengthen Traditional Retail Through Creativity And Collaboration

PRESENTED BY:   Edwards Realty Company
 
Community-Minded CRE Company Helps Strengthen Traditional Retail Through Creativity And Collaboration

Online shopping may have skyrocketed throughout the pandemic, but brick-and-mortar retail is holding strong, especially in the suburbs. With the rise of remote and hybrid work, many suburban neighborhoods saw an influx of retailers hoping to bring their products and services closer to where people are…

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In Case You Missed It...

One Of City’s Largest Landlords Sells Off Chicago Properties To Emerald Empire One Of City’s Largest Landlords Sells Off Chicago Properties To Emerald Empire
Study Of Chicago Investment Reveals 'Starkly Segregated City’ Study Of Chicago Investment Reveals 'Starkly Segregated City’
PR Firm Cision To Halve Space, Move Chicago HQ To West Loop PR Firm Cision To Halve Space, Move Chicago HQ To West Loop
Homeowners To Shoulder Bulk Of This Year’s Property Tax Increase As Chicago CRE Gets A Breather Homeowners To Shoulder Bulk Of This Year’s Property Tax Increase As Chicago CRE Gets A Breather
 
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‘Everything Is In Flux': Bisnow Readers Warn 2023 Will Get Off To A Rocky Start

‘Everything Is In Flux': Bisnow Readers Warn 2023 Will Get Off To A Rocky Start  

Heading into a new year, the commercial real estate industry finds itself in choppy waters amid fears of a recession, rising inflation, interest rate hikes and projects that have been put on pause as market players await a course correction.

Those responding to Bisnow’s 2023 predictions survey candidly said they are struggling to navigate more than this time last year, despite positive sentiments for certain parts of the country and several asset classes.

And they expect the turbulence to continue, at least in the short term, with an overwhelming majority reporting they think a recession is happening or will happen next year.

Some said the industry will suffer more than the general economy.

“Let me be specific: I think a commercial real estate recession is coming,” said Colliers Houston President Patrick Duffy, adding that that might not hold true for the economy at large given low unemployment and other indicators pointing away from an overall recession.

Only 5.5% of readers surveyed told Bisnow they do not think there will be a recession at all. Thirty-eight percent said we are in a recession now, and another 42% said they expect a shallow recession in 2023. Like Duffy, 14.8% of the 386 respondents who took the survey between Nov.…

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There Were No REIT IPOs In 2022 For The First Time In 21 Years

 

It has been a brutal year for publicly traded commercial real estate owners on Wall Street, so much so that an ignominious milestone was reached for the first time in more than two decades.

No companies have filed to become a public real estate investment trust in 2022, the first time that has happened since 2001, a spokesperson for REIT industry group Nareit confirmed to Bisnow.

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