Good News in CRE: May Recap

May Edition: Who is ready for some good news?

• The former Maywood Park Racetrack has been repurposed as the Chariot Logistics Center with the name paying tribute to the racetrack where races were held until 2015. Approximately 42,000 tons of concrete were reclaimed from the site. This month construction was finalized on the three-building, 623,000 SF logistic center (sitting on 55 acres) that will now be home to an Amazon distribution center.  

• The Village of Vernon Hills has provided a $46.5 million tax incentive for the planned $252 million Hawthorn Mall transformation. According to the Daily Herald Business Ledger, the site will feature “a mix of retail, dining, entertainment and hundreds of apartments in two buildings flanking a new Main Street-type entry at the site of the former Sears anchor store.”

Over the past month our firm has continued to see an increase in commercial real estate activity, specifically in the medical industry. Vacancy rates are trending down while rental prices are stabilizing.