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February 13, 2024

After Almost 17 Years On The Market, Broker's Patience Pays Off With 330-Acre Sale

When Slone Commercial’s Joyce Slone began representing a farmer looking to offload a tract of land in suburban Yorkville in April 2007, Apple hadn’t released the first iPhone yet. Nearly 17 years and 42 iPhone models later, Slone finally sold three parcels totaling almost 330 acres for more than $10.1M to EPC Holdings and SOO Green.

The transactions included some of the last large parcels of land available for industrial development in the Interstate 55 submarket, and they will all be a part of the Lincoln Prairie industrial development. Slone closed on the final parcel at the end of last year, and JLL is marketing the site to be developed into a large industrial building or data center.

“It's going to put Yorkville on the map,” Slone said. “It's going to bring so many jobs, and everybody's been so great to work with over the years. It ended up being a win-win for everybody waiting this long.”

 After Almost 17 Years On The Market, Broker's Patience Pays Off With 330-Acre Sale

Slone initially represented the father of the family who owned the land when she began marketing the property nearly two decades ago, but after he died, she continued to work with his sons. Slone began her lengthy journey to market the property innocuously. She was representing a lumber company that needed…

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This Week's Chicago Deal Sheet

Walker & Dunlop arranged the refinancing of Marine Terrace Apartments, a former condo building at 4180 N. Marine Drive that consists of 190 multifamily units in Uptown, which Rany Management purchased for $29.5M last year. 

This Week's Chicago Deal Sheet

The W&D Milwaukee capital markets team led by Dean Huber and Brien Martin arranged the deal on behalf of client Rany Management and lender Prime Finance.“The property was refinanced because [Rany Management] wanted to have full control over the building,” Huber told the Chicago Business Journal. About $2M of the financing…

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Weekend Interview: CRG’s Shawn Clark On Growing Up In CRE, Being A Contrarian And Raising Millions For A Rare Disease

This series goes deep with some of the most compelling figures in commercial real estate: the deal-makers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting.

Shawn Clark grew up watching buildings go up as the son of Clayco founder Bob Clark, and he's been making them happen from his earliest opportunity to jump into the industry.

The CRG CEO started his real estate career sweeping up and managing tools at project sites and did stints as an estimator and the owner of a homebuilding company before stepping into the top job at CRG.

In his time at the company, Clark has tripled its size, expanding it from a subsidiary of parent company Clayco into a standalone business with eight regional offices across the country and annual developments valued at over $2B. 

Weekend Interview: CRG’s Shawn Clark On Growing Up In CRE, Being A Contrarian And Raising Millions For A Rare Disease

Clark said he’s gotten more comfortable with a contrarian mindset over his tenure, which includes more than six years at Clayco and six at CRG.“One of the things that I've learned from getting to go through a couple cycles now is there's a risk in herd mentality,” Clark said.Clark spoke…

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Investors See 'Huge Opportunity' To Cash In On Stigma-Prone Manufactured Housing Sector

Investors See 'Huge Opportunity' To Cash In On Stigma-Prone Manufactured Housing Sector  

One of the most stigmatized segments of commercial real estate is attracting a new caliber of investors as America’s affordability crisis deepens.

Manufactured housing, more commonly known as mobile homes, has quietly become a darling for investors over the last decade. The sector is known for being extremely lucrative, but a complicated history of negative perception is keeping new development at bay.

“Some of the most profitable investments are in industries where demand is outpacing supply,” said Kristin Millington, director of manufactured housing and self-storage at Dallas-based Crow Holdings Capital, which has homed in on the sector in a major way. “That’s the exact dynamic we see present…

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