Casual attire, flexible work hours, independence, and public
interaction have broadened the appeal of carjackings

After reading about all the carjackings in Chicago and seeing people complain about them on the Wicker Park Neighborhood Watch Facebook page I got curious. Could it really be that bad? And where were the hotspots?

Every year I review the statistics on aggravated assault and battery in Chicago (one type of violent crime) but carjackings would not be included in my dataset because they are considered robberies. So I decided to pull the data from the Chicago crime data portal and, sure enough, it’s as bad as everyone says. In fact, on a rolling 12 month basis the number of carjackings hit a record high based on the available data, which only goes back to 2001. Check out the graph below with the red, moving average line.

There really has been a huge surge in Chicago carjackings in the last 6 years

The trend had been steadily downward until mid 2015 but then it started to rise and the 12 month period ending in August was the worst on record. It’s truly astounding. For that 12 month period there were a total of 1701 incidents. What the hell?

As I’ve done with my other crime stats I broke it out by community area and was shocked to find out that my neighborhood, West Town, is #3 across the city. Look at which areas are ahead of it and which ones are below it. Again, what the hell? No wonder the Wicker Park (part of West Town) folks are all bent out of shape.

The Near West Side is right behind West Town. That area includes the West Loop, Little Italy, and University Village.

Depending upon your browser you might need to click on the graph to blow it up.

And you know what’s even worse? Out of those 1701 cases there were only 92 Arrests or 5.4% or the cases. What the hell?

#ChicagoCrime #ChicagoNeighborhoods

Gary Lucido is the President of Lucid Realty, the Chicago area’s full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market or get an insider’s view of the seamy underbelly of the real estate industry you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.

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The IG found banks do turn in their paperwork, but the city “does not evaluate the banks’ community investment and equitable lending efforts,” meaning the city might be partnering with banks that continue to lend inequitably. Beyond that, the Finance Department, the Treasurer’s Office and the City Council rarely coordinate their depository efforts, which has held back any movement finding alternative banks whose practices might better align with the city’s goals. Aldermen and Treasurer Melissa Conyears-Ervin have publicly supported allowing credit unions to serve as such depositories, but talks haven’t gone anywhere, the IG says.

Inequitable lending has been a hot topic of late: A 2019 Urban Institute study that looked at private-sector investment in city neighborhoods found from 2011 to 2017 investment in low-poverty neighborhoods was 4.3 times greater than in high-poverty ones. Investment in majority-white neighborhoods was 2.6 times higher than majority-Latino neighborhoods and 4.6 times greater than in majority-Black neighborhoods.

Similarly, a 2020 WBEZ report found racial disparities in lending: Four majority-white communities individually received more home mortgage dollars than all majority-Black neighborhoods in Chicago combined.

Banks turn over data to the city on residential, consumer and commercial lending, including on interest rates, down payments and the total number and amount of loans broken down by census tract. Chicago’s current municipal depositories—Amalgamated Bank of Chicago, BMO Harris, Citibank, Fifth Third, JPMorgan Chase and PNC—hold just over $450 million in city cash and certificates of deposit.

But the Finance Department “has no process for evaluating the equity of service provision—i.e., its relation to race, geography and median income,” the IG review of 2021 bank submissions found. The inspector general found a single staffer was tasked with reviewing them. Most were delivered as hard copies, making analysis harder. While the department “does identify potentially predatory loans, such as those at interest rates higher than the federal funds rate” and follows up with banks about the conditions, the city has “never declined to designate a bank as a municipal depository on the basis of such lending conduct.”

Ald. Harry Osterman, 48th, chairman of the City Council’s Housing & Real Estate Committee, is one of nine aldermen sponsoring a proposal to require municipal depositories to publish data on their patterns of purchase and home equity loans within the city, inspired by the WBEZ investigation. That data would include financing terms and down payment sizes as they vary in different census tracts, and tallies of mortgage refusals broken down by race and gender. A January hearing with major lenders only resulted in one lender, Guaranteed Rate, showing up. Osterman’s ordinance is up for a hearing next month. 

In response, the city says it’s forming an evaluation committee with the treasurer’s office to make sure banks meet their request of proposals requirements. The city has also formed a task force along with the treasurer’s office, state treasurer and banking institutions “to explore alternative solutions” to push for equitable lending, potentially outside the current city ordinance.  

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After spending more than 30 years helping restaurant companies find sites and build locations in Chicago, local real estate developer Lee Fry Companies, Inc. is turning the tables and operating its own A&W restaurants.

Lee Fry and his wife Karin, who is actively involved in the company’s development process and operations, recently acquired the North Aurora A&W from a retiring franchisee. They also just closed on the purchase of a shuttered Burger King in Addison. Preliminary work on converting it to an A&W is underway. Located at 1012 N. Rohlwing Rd., it is expected to open before the end of the year.

Founded in 1919, A&W is America’s oldest franchise restaurant chain and the only one solely owned by franchisees. There are more than 900 locations in the U.S. and Asia.

The Frys have plans for at least five restaurants. “Everybody we have dealt with, from bankers to city planners, has a memory about A&W. We like that it is a 100-year-old brand with a great reputation,” Karin Fry says.  “We also like that A&W is owned by franchisees. Too many chains make decisions that benefit shareholders, not franchise owners.”

According to Lee Fry, the company has located and developed sites for Chipotle, Panera, McDonald’s, Dunkin’ Brands, Panda Express and others. It has built new restaurants, as well as managed remodels.

Lee Fry Companies’ consultant Anthony DiMauro, who has a background in foodservice, is overseeing the restaurant operations. “We decided it was time to use our organization’s experience and talent to own and operate our own restaurants,” DiMauro said. “We picked A&W, for the most part, because the support it provides franchisees is far above what we have seen with other chains.”

A&W CEO Kevin Bazner personally worked with Fry and DiMauro on their plans, including visiting Chicago to inspect potential sites. Bazner said the Midwest, including Chicago, is A&W’s “sweet spot,” since many of the brand’s early locations were opened there. “Whenever we return to a community, there’s tremendous excitement, which translates into sales,” he says.

Bazner noted that A&W’s highest performing location is between Chicago and Milwaukee. “We see opportunity to open a significant number of restaurants in the Chicago area over the next several years,” he added. In addition to the North Aurora location, there is an A&W in Matteson which shares space with a Long John Silver’s. A&W is now focused on developing single-brand and convenience store restaurants with drive-thrus.

Same-store sales for the first half of the year in the U.S. are up 19.6 percent over 2020, which was the brand’s ninth straight year of comp-sales growth. Since being acquired by franchisees nearly 10 years ago, comp-sales are up more than 50 percent.

Now in its 102nd year, A&W is America’s first franchised restaurant chain. Known for its All American Food, as well as Root Beer that is made fresh in each restaurant and served in frosty mugs, there are more than 900 A&Ws in the U.S. and Asia.

News and information presented in this release has not been corroborated by QSR, Food News Media, or Journalistic, Inc.

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Arthur J. Williams Jr.’s criminal past is so outrageous it’s hard to believe he hasn’t been the subject of a Netflix docuseries or true-crime podcast yet. Williams is a convicted counterfeiter originally from Chicago, one of the best in the world, known for replicating the unbreakable 1996 series $100 bill. After serving three prison sentences, he became a self-taught artist and owner of three art galleries, including his latest, DaVinci’s Gallery, in West Hollywood.

Opened in June, the gallery sits on the corner of Melrose Avenue and La Cienega Boulevard near all the upscale restaurants and tony shops. With brick walls and an artist’s studio in the back, the 4,000-square-foot space is a testament to how Williams’s pursuit of money and mischief has shaped his art, which in turn helped rehabilitate his life.

“I tell the story of money, good and bad, and what it does,” Williams, 48, tells Los Angeles.

Williams was raised in Chicago’s tough Bridgeport neighborhood. His mother, Malinda, was diagnosed with bipolar schizophrenia, and his father, Arthur Williams Sr., did time for auto theft and abandoned Williams, his brother, and his sister while they were young. When his father returned, he absconded with his children for nine months before leaving again for good. Williams became a father at 17, started hot-wiring cars at 13, and robbed parking meters to buy groceries for his family. He was in and out of gangs and even survived a gunshot in the hip.

At 15, Williams met a customer who frequented a diner where his mother worked and nicknamed him “da Vinci.” Da Vinci was a counterfeiter and he taught Williams the basics of making money out of his warehouse; four years later, Williams was running his own printing operation. Williams used both offset and computer technology to create what’s been described as “hybrid” bills, which he sold mostly to various criminal networks, making as much as 30 cents on the dollar.

Williams would later move to a small town in Texas, where in 1994 he was arrested for second-degree burglary. He was released in 1996, the same year the U.S. Treasury Department issued currency with a new design and security features. Aimed at curbing counterfeiting, the series included the new $100 bill, one of the most frequently counterfeited denominations. Williams perfected the new note, which was so convincing the money passed through casinos and banks. Though he doesn’t know the exact amount, Williams estimates he counterfeited millions of dollars over a 15-year period.

“I figured out how to create something that the government spends hundreds of millions to protect,” says Williams. “And I just figured out how to do it with household items and make it look just as good.”

Not satisfied with just selling counterfeit money to organized crime, Williams and his ex-wife went on shopping sprees at malls across the country, including in California. The two would buy inexpensive items with the fake cash and keep the change, donating the merchandise—diapers, kids’ clothes, etc.—to the Salvation Army. While staying at a House of Blues Hotel in Chicago, Williams was arrested for counterfeiting, but the charges were dropped due to an illegal search and seizure.

Looking to reconnect with his father, Williams again moved, this time to a remote part of Alaska. Soon, Williams Sr. joined in on the counterfeiting scheme. After his father’s two friends were caught using bogus money at a mall, Williams was arrested for counterfeiting in 2002, along with five co-conspirators. Williams received a three-year sentence. He left prison in 2004 on the same day his father died of a heart attack in jail.

Eventually, Williams’s crimes did capture the interest of Hollywood. In 2009, Paramount Pictures announced it was making a movie about Williams’s life, based on writer Jason Kersten’s Rolling Stone article, which later became the book, The Art of Making Money: The Story of a Master Counterfeiter. Actor Chris Pine was attached to star. But Williams didn’t like the script and the project was shelved. He did, however, inspire an episode of CNBC’s series American Greed and appeared in a Vice documentary.

Williams was arrested for counterfeiting again in Chicago in 2006. Williams says he was trying to help finance the career of his oldest son, Arthur Williams III, an aspiring rapper.

In 2009, the 18-year-old Williams III was also arrested for counterfeiting. At one point, Williams and his son served time in the same correctional facility in Forrest City, Arkansas. Both were released in 2013.

While behind bars, Williams read books about Michelangelo, Dali, and Warhol, and took art classes. His teacher instructed him to paint flowers, but Williams stuck to what he knew best: money, especially vintage currency. He spent a year painting an 1896 $1 bill.

“I studied Renaissance painters,” says Williams. “That was my escape out of the cell. It just kept me in that world, Florence, for a long time. But I was especially attracted to Warhol because he was a screen printer and I’m a printer. It’s in my blood.”

After his last prison stint, Williams went through a string of odd jobs, barely making ends meet. He got his first break as an artist when a Chicago real estate developer hired him to work as a curator at a local artists loft building. Williams’s first exhibit was at Chicago’s Meg Frazier Gallery, where he displayed the oil paintings he had created in prison. At Art Basel in Miami, he caught the attention of representatives for Arnold Schwarzenegger’s after-school program, After-School All-Stars, who invited him to one of the actor’s fundraisers at his home in L.A. Williams’s art raised more than $180,000 for the charity.

In 2017, Williams used the profits from the sale of his paintings to open the first DaVinci’s Gallery in his home neighborhood of Bridgeport. After the gallery shut down due to the pandemic, Williams made yet another risky decision: he relocated to L.A. late last year with his wife, Sarah, and two of his six kids.

“L.A. has been a real tough city to come to,” says Williams. “You have to work a little harder here because you’re competing with a lot of people. I’m from the inner city, and being in tough environments, it prepared me to come out here.”

A real estate agent who had bought one of his pieces helped Williams set up his gallery in a temporary spot in Beverly Hills. “So here it is—the whole world is falling apart,” recalls Williams. “People are angry. Trump supporters are protesting across the street. And I was at the gallery with the doors open, peacefully painting. It was a crazy time.”

After that location turned into a restaurant, Williams reopened in West Hollywood. New Renaissance, the first exhibit in his gallery’s current home, includes Williams’s trademark money-themed paintings, prints, and mixed media. His signature style blends symbols from the $100 bill onto portraits of celebrities, singers, and other imagery, whether it’s Marylin Monroe, Audrey Hepburn, Bob Marley, or a simple rose.

“I read a biography on Marilyn in prison,” remembers Williams. “I fell in love with her life, and the beauty and the pain she went through, which eventually killed her.”

One print features the mugshot of a young Frank Sinatra behind Benjamin Franklin’s face and a Chicago Sun-Times headline that reads: “$100 Bill Has Been Broken!” Elsewhere, Williams depicts God handing Adam a stack of bills—a subversive nod to Michelangelo’s Creation of Adam—while on another canvas, he paints all the presidents and founding fathers on U.S. money playing in a big band called “The Notes” in front of famous Chicago landmarks. Williams even created metal cutouts in the shape of female silhouettes aptly titled “Bond Girls.”

Williams says he’s sold more than 140 paintings over the years, priced between $5,000 and $50,000. He plans to display other artist’s work in the future. Ultimately, he wants visitors to walk away from his gallery knowing that “people can change.”

“I grew up poor in the projects,” Williams says. “I didn’t graduate high school. I was a criminal from 12 until I was 40. I got off probation for the first time since I was 12 when I was 43. My whole life I was on some sort of supervision. So if there was anyone who was destined for failure, it would’ve been me. Everything that could be stacked against you was stacked against me. But there was that moment when I said, ‘No more. No matter what happens, I am not going back.’ It made me work harder. I want to show the guys who are sitting in prison or the guy who’s getting ready to join a gang a little portion of my life, and let them know that we’re not defined by our past, but who we are right now. I walked out of prison with $20 in my pocket and just a dream. This is the proof of the last eight years.”

DaVinci’s Gallery, 8483 Melrose Ave., West Hollywood. Open Wed.-Sat., noon-8 p.m.; arthurjwilliamsjr.com or @arthurjwilliamsjr on Instagram.

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Introduction

The Chicago Real Estate School aims to help individuals prepare for the Illinois real estate licensing exam, and the school features a 90% pass rate on the first try. However, you should know that this school has a fairly singular focus. Their courses can help you become a real estate broker in the state of Illinois, which is what most people think of as an agent in other states. However, Chicago Real Estate School does not offer training to become a managing broker in the field of real estate. The school also fails to offer continuing education courses or other types of supplementary training.

If you’re really wanting to become a real estate broker, however, you may be satisfied with the school’s learning options. You can take real estate broker training courses in a fully online format, part of which is self-paced. You can also opt for a live format that includes 10 instructor-led in-person or webinar classes. 

Chicago is not one of our top-rated online real estate schools. You can review our list of the best online real estate schools to learn which schools earned our top rankings.

Pros Explained

• Courses are offered in-person, via live webinars, or online: Where some schools offer training in an online format only, Chicago Real Estate School offers the choice between online, live webinar, or in-person training. 
• Transparent pricing: You don’t have to create an account to see pricing for Chicago Real Estate School. This school is transparent about its pricing online.
• Money-back guarantee: Chicago Real Estate School has a money-back guarantee that lets you try it out for up to seven days and get your money back if you’re not satisfied. 
• Payment plans available: If cash is tight, Chicago Real Estate School offers a payment plan that lets you begin your coursework with just $199 down.
• High pass rate for licensing exam: The school features a 90% first-try pass rate for students who take the Illinois real estate licensing exam.
• Accredited by the Illinois Department of Financial and Professional Regulation (IDFPR): This school is accredited by the IDFPR, which is the regulating body for real estate in Illinois.

Cons Explained

• Courses are pricey when compared to some competing schools: You may be able to get a better-priced program at a competing school.
• No managing broker training offered: This school offers training to become a real estate broker only, but not to become a managing broker. 
• No continuing education offered: You’ll have to choose another school if you are hoping to complete continuing education courses in order to maintain your real estate license.
• Not certified by ARELLO or the IDECC to teach distance courses: These two accrediting bodies certify schools to teach real estate courses remotely, and Chicago Real Estate School does not offer any courses that meet eligibility standards.

Chicago Real Estate School’s money-back guarantee is only good for seven days. If you become unhappy with the training after the first week, you’ll find you’re ineligible for a refund.

Available Courses

Chicago Real Estate School offers the same training in two different formats. 

All-Online Real Estate Broker Course

The all-online real estate broker course lets you prepare to take the Illinois real estate licensing exam without ever visiting a physical classroom. This course offers a self-study component that lets you learn the basics of the industry, followed by 15 hours of webinars with a live instructor.

This course includes an array of important features including: 

• Interactive sessions with a live online instructor 
• 35 hours of self-paced video lessons
• Hard-copy textbook
• Audiobook and PDF versions of the book
• Quizzes, exams, and practice tests
• 11-hour test prep video series
• Flashcard app to help you learn real estate terms

Flex Option Real Estate Broker Course

If you want to make sure you have more access to a live instructor so you can ask questions and get feedback, Chicago Real Estate School also offers a flexible option that includes more interactive features. This training option lets you complete 10 interactive sessions with a live instructor, although you can choose between an in-person class or a live webinar format. You also receive:

• 35 hours of self-paced video lessons
• Hard-copy textbook
• Audiobook and PDF versions of the book
• Quizzes, exams, and practice tests
• 11-hour test prep video series
• Flashcard app

Course Format

One major benefit of Chicago Real Estate School is the fact students have the option for in-person training if they prefer. However, you can also take real estate broker courses online, although some components of the course are offered via live webinar and the rest is offered in a self-paced format.

Chicago Real Estate School reports that both course formats take four to six weeks to complete.  

The live, in-person courses offered by Chicago Real Estate School cost approximately $100 more, yet you’ll get the chance to attend classes in a Chicagoland location. If you don’t mind attending training online, you can pay less overall.

Instructors

Instructors at the Chicago Real Estate School have years of experience in the real estate industry. Many of them are licensed Illinois real estate brokers themselves, so they are able to provide students with real-life guidance on what it’s like to work in the real estate industry in the state.

Reputation

Chicago Real Estate School has an average of 4.5 out of 5 stars among past student views on Yelp. Reviewers seem to be satisfied with the entire learning experience as well as the quality of the instructors at the school. 

The school also boasts an average star rating of 4.8 out of 5 stars across more than 500 reviews on Trustpilot. Most reviews on this platform are incredibly positive, with the few bad reviews coming from people who were unhappy with the instructors or the delivery of the content. Keep in mind, however, that less than 1% of reviews were poor (2 stars) or bad (1 star). Meanwhile, 90% of reviews on the site give the school 5 stars.

Price

The price for courses at Chicago Real Estate School depends on the format you choose. Their fully online course option will set you back $499, while the flexible option with in-person or live webinar courses costs $599.

If you’re worried about coming up with the money upfront, Chicago Real Estate School offers a payment plan for a flat fee of $20 instead of charging interest. This plan lets you pay $199 on the day you register, then split the rest of the cost over two additional payments on your first day of class and halfway through your program.

Customer Service

Chicago Real Estate School offers phone support seven days a week at (773) 912-0817. Customer service hours run from 8 a.m. to 6 p.m. CST on weekdays, 9 a.m. to 5 p.m. CST on Saturdays, and 9 a.m. to 3 p.m. CST on Sundays. 

They have an email form you can use if you prefer to correspond in writing, but you can also email the school at support@realestateschoolchicago.com.

Competition: Chicago Real Estate School vs. Real Estate Express

While Chicago Real Estate School has a solid reputation and plenty of good reviews, it can make sense to look at other schools that offer similar coursework. If you’re thinking of studying for the Illinois real estate licensing exam online, you should know that an array of online real estate training institutions exist.

To help you decide which school might work better for your needs, we compared Chicago Real Estate to a highly rated online real estate school—Real Estate Express.

	Chicago Real Estate School	Real Estate Express
Price	Real Estate Broker: $499 to $599	Real estate broker: $329 to $593 ($230.30 to $415.10 with coupon code CAREER30) Managing broker basics: $200 ($140 with coupon code CAREER30) Post-licensing: $150
Courses Offered	Real estate broker training and courses	Broker and managing broker licensing courses, post-licensing courses
Course Format	In-person and online courses during daytime or evening, self-paced online courses	Live stream  Self-paced courses in some states
Availability	Illinois	Available in all 50 states

Once you take the time to compare these two real estate schools, you’ll notice some pretty important differences. For starters, Real Estate Express offers a broader range of courses, from real estate broker courses to managing broker courses and post-licensing training. If you want a school you can use to take care of all your educational needs throughout your real estate career, you’ll probably find Chicago Real Estate School rather limiting.

Also note that Real Estate Express starts at a much lower price point, which can make a big difference if you need to prepare for the Illinois real estate licensing exam for as little out-of-pocket expense as possible.

The bottom line: Real Estate Express offers more value and more choices for people who prefer to learn online.

Then again, Chicago Real Estate School offers the option for in-person learning, whereas Real Estate Express only offers online learning options. This can be an important consideration for people who prefer to learn in a physical classroom setting with a live instructor.

Final Verdict

While the Chicago Real Estate School may be slightly more expensive than some of the competition, this school does offer an in-person option that can be preferable for people who are tired of doing everything in a virtual format. Since the school offers a payment plan, you could even begin your preparation to become a real estate broker for as little as $199 down. 

Ultimately, we believe the Chicago Real Estate School is a solid choice due to its accreditation and many excellent reviews. Even so, it never hurts to compare other real estate schools to find the right fit.

Methodology

We researched and analyzed numerous facets of each real estate school with a quantitative approach in mind. Some of the elements considered include costs of the classes, course formats, accreditation, and former student reviews. We also look at the overall reputation of the provider, geographic areas where the courses are available, and instructor qualifications. Additionally, we assess how easy it is to navigate the website and whether it includes additional student resources such as blogs, webinars, and career tips.

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The state’s beleaguered retail sector may be on the verge of getting a much-needed shot in the arm. After a year of delay, lotteries for the state’s coveted cannabis dispensary licenses were held in July and August, and even though legal disputes could still upend the whole process, the lucky winners are already out in the market hunting for retail spaces.

“It’s kind of a mad rush to get everything in line,” Mosaic Construction Business Development Manager Albert Marks said. The Northbrook, Illinois-based firm has constructed dozens of cannabis dispensaries and grow facilities nationwide. Illinois’ lotteries mean business is picking up.

“Our email box is already filling up and our phones are ringing,” he said.

Courtesy of Mosaic Construction

Ascend, a cannabis store in Fairview Heights, Illinois

The first dispensary lottery in 2019 led to a Wild West-style scramble for spaces, with many license holders plunking down deposits and signing letters of intent for more properties than they could occupy.

This time, the scramble will be bigger and more lucrative for property owners. Not only has the state more than doubled the number of dispensaries, but the booming sales of recreational cannabis ever since it was legalized in January 2020 proved its vendors are valuable tenants, ones that paid premium rents even as the coronavirus pandemic gutted other retailers.

“We just came off a tumultuous 2020, and a lot of restaurants and bars are gone, but all of the cannabis guys are still there,”  The Lord Cos. President and Managing Partner Keith Lord said. 

The Chicago-based owner and developer added that some of the stigma attached to cannabis products, still illegal under federal law, has dissipated among landlords. Many feared weed sales would attract criminal activity or disorder, but the first 110 dispensaries have largely operated without controversy.

“Property owners have gotten more comfortable with cannabis because there is a perception that it’s less risky,” Lord said.

More than $1B of legal cannabis was sold in Illinois in 2020 and recreational providers paid $175M in state taxes.

Legal cannabis use began in Illinois in 2014 when the state authorized the sale of medicinal weed and 55 such dispensaries were established. Those providers were the only ones allowed to compete for the first 55 recreational dispensary licenses, awarded in late 2019.

After that, the rollout hit a series of bumps. Hundreds of applicants competed in 2020 for 75 social equity licenses meant to foster minority-owned cannabis businesses in communities heavily impacted by the nation’s long-running war on drugs. But state officials only approved 21 groups, including many White-owned businesses, and lawsuits from both the winners and losers began flying back and forth.    

Several lawsuits remain outstanding, but after Gov. J.B. Pritzker signed new legislation this year that redesigned the approval process, the state went ahead and held a series of lotteries this summer, for both the social equity applicants and all others, awarding a total of 185 licenses. A Cook County judge still has to give formal approval.    

“I’d say 185 new stores is more than enough to satisfy the current demand, and for years to come,” Cresco Labs spokesperson Jason Erkes said.

The multi-state cannabis operator, one of the nation’s largest, has 10 dispensaries in Illinois, the maximum allowed, and it did not participate in the recent lotteries, although it assisted several social equity applicants.

Courtesy of Mosaic Construction

Lord is already talking with several winners of the state’s latest lotteries about signing new retail leases, both for his own properties and those the company manages for others. He could not disclose details about the negotiations, but he said these prospective tenants, and many landlords, are eager to get started.

“Some are putting up non-refundable deposits to hold onto spaces,” Lord said. “We’ve also had landlords require that we go out and talk to cannabis tenants.”

That’s a sea change from the unfriendly reception cannabis sometimes got when medical use was legalized, according to SVN Chicago Commercial Vice President Deena Zimmerman, who began representing cannabis clients in 2013.

“I used to get hung up on,” she said. “But a lot of retail space has sat vacant for a long time and the pandemic didn’t help, so a lot of people are far more open to cannabis.”

The early days of cannabis meant cold-calling landlords and brokers, Zimmerman said. Now they come to her. In one case, an owner of a retail space in suburban Chicago pitched it as perfect for one of her fast-casual restaurant clients, asking $33 per SF. That deal fell through, so the owner then unsuccessfully pitched it as suitable for a medical clinic. The space is still vacant and the owner came back a month ago with another idea.

“They called and said they just wanted me to know that the village is open for cannabis use and that this was a cannabis-approved site,” Zimmerman said.

She’s checking out properties for several cannabis clients, including Blounts & Moore, a Black women-led investment group from Southern states that won several dispensary licenses in Illinois’ summer lotteries.

But the new opportunity to occupy that suburban space comes with a hitch.

“Because it’s for cannabis, they’re now asking for $60,” Zimmerman said.

She calls that a green tax. It’s also a sign that even though landlords love the big money brought in by cannabis sellers, it’s still not a fully normalized category of retail. The federal prohibition puts the product in a legal gray zone, and banks won’t let their mortgage holders accept cannabis tenants. In addition, Illinois law prohibits dispensaries from being within 1,500 feet of each other, and municipalities usually impose other restrictions on where cannabis can be sold. That cuts down the number of buildings dispensaries can occupy and pushes up the asking rents for what’s available.

“Bank of America will not permit landlords to collect rent paid with cannabis dollars,” Erkes said. “We don’t have many landlords say, ‘We don’t want you as a tenant,’ but we do have many who say, ‘We can’t take your money.’”

Courtesy of Village of Skokie

10066 North Skokie Blvd. in Skokie, Illinois.

The CEO of a group that won a dispensary license for a Downstate location after participating in all three lotteries held this summer told Bisnow it may be difficult to find a suitable spot. Local government officials won’t allow dispensaries near residential areas, heightening the competition among the firms just selected for licenses.

“There are three of us all circling around the same small town,” he said.

Even though it can be challenging to find spaces, Zimmerman said charging nearly double the rate of traditional retail isn’t workable for this new round of cannabis dispensaries. The more welcoming attitude among landlords has changed the market, even if it’s still difficult to pass muster with local zoning boards and cautious lenders.

“There is a big delta between landlords and tenants about what the premium should be,” she said. “But we can now be a little bit picky and more thoughtful in this process.”

That swing is nationwide, according to Joshua Joseph, CEO of Big Plan Holdings, a Nashville-based family office that invests in cannabis operations.

“We’re continuing to see a shift to Main and Main-style locations, like a Starbucks, and no longer having to be put in the back of an industrial park,” he said.

Joseph was also founder and director of real estate for Grassroots Cannabis, a Chicago-based firm sold for more than $800M in July 2020 to Curaleaf, another multi-state operator with 10 Illinois dispensaries. Such corporate giants can afford to buy those Main and Main-style locations outright, avoiding lenders’ prohibitions. But many cannabis operators, especially the social equity groups, are entrepreneurs without deep financial reserves.

Joseph said one way forward for these groups is to forge partnerships with investors such as Big Plan Holdings, which can own the properties leased by cannabis entrepreneurs.

“We don’t do this for everyone,” Joseph said. “It has to be the right person and the right real estate. But we will 100% work with social equity applicants and I am talking to several right now about real estate opportunities in Illinois.”   

The new license holders have big jobs ahead, Marks said. They have to start contacting architects and contractors who can create dispensaries, evaluate properties and delve into their region’s zoning, rules and regulations. That’s a financial investment. And until all the legal cases are settled, it’s a gamble.

“It’s an exciting time, but like everyone else, we’re dealing with some unknowns,” he said.

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Elbaum and Bernstein, who are co-founders of brokerage Bradford Allen Realty Services, picked up the property just eight months after they bought another north suburban office building at 570 Lake Cook Road in Deerfield for about $16 million. That deal followed the $44 million they paid in September 2020 for Finley Point, a nine-story office building in west suburban Downers Grove.

It’s a string of purchases they’ve put together amid a public health crisis that so far has diminished demand for suburban offices. BA is one of the biggest local bettors that the tough times for suburban landlords won’t last, and that more companies will gravitate to high-quality office buildings in the suburbs when the pandemic subsides.

Elbaum and Bernstein, who declined to comment, are counting on that bounceback at the 188,040-square-foot property they’re buying in Northbrook. The four-story building is just 68 percent leased, below the 80 percent average for the north Cook County submarket, according to data from brokerage Jones Lang LaSalle.

If the demand is going to come back after 17 months of a pandemic that has accelerated a millennial migration to the suburbs, it hasn’t shown up in the numbers yet. Net absorption, which measures the change in leased and occupied space compared with the previous period, fell by 470,000 square feet during the second quarter, the second-worst quarter of demand since 2017, according to JLL. Those move-outs outpacing move-ins drove up the suburban office vacancy rate midway through the year to a record high 26.1 percent, JLL data shows.

But BA has also notched some leasing victories of late at its other suburban properties, giving it reason to believe it can do the same in Northbrook. At 570 Lake Cook Road, BA recently signed a series of small lease renewals and expansions, including a deal to keep software company Vail Systems in its 16,477-square-foot office.

Edens Corporate Center has also been substantially renovated in recent years by the seller, a venture of Newport Beach, Calif.-based KBS Realty Advisors. KBS, which paid just more than $30 million for the property in 2016, spent another $4 million-plus updating the building’s corridors and elevators and adding a bike room, among other renovations.

The value of the building has dropped off in part because a series of small tenants have moved out or downsized since KBS’ purchase, leaving the property with less in-place cash flow and making it a bigger gamble that a buyer could lease up the empty space.

The building has roughly 3-and-a-half years of weighted average lease term—a measure of tenants’ remaining lease commitments to the property—with marketing agency Blue Chip Marketing as its largest tenant, according to a JLL flyer.

The capital markets team in JLL’s Chicago office is selling the property on behalf of KBS. A KBS spokesperson couldn’t be reached.

Another challenge for BA at Edens Corporate Center is that it competes with office buildings just north of it in Lake County, where landlords may have a growing property tax advantage—something BA may itself look to exploit at its 570 Lake Cook Road property.

Cook County Assessor Fritz Kaegi’s approach to valuing properties has shifted more of the county’s property tax burden on commercial landlords rather than homeowners. Since office landlords typically pass along those tax costs to tenants, Lake County office buildings can undercut their Cook County counterparts.

Taxes on commercial buildings in north suburban Cook County rose by an average of nearly 16 percent after Kaegi reassessed such properties in 2019, according to Cook County Treasurer data. Tax bills due this year (based on 2020 assessments) for commercial properties in the same area rose by 5.2 percent.

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Local real estate pioneer Larry M. Klairmont passed away peacefully on July 18, 2021. He was 94 years old.

Klairmont was born on December 17, 1926 and raised in the city of Chicago. Coming from a poor family, Klairmont worked a series of odd jobs to support his mother and younger sister. Among them, memorably, Klairmont was a Chinese food delivery boy and women’s shoes salesman. He would go on to found two successful companies of his own: Imperial Cleaners and Imperial Realty Company, both based in Chicagoland.

When Klairmont was just 16 years old, he enlisted in the military to fight in World War II. As a combat Marine, the young Klairmont fought bravely in two of the war’s deadliest battles: Saipan and Iwo Jima. For his service, Klairmont was awarded two Purple Hearts, two Silver Stars and a Bronze Star. Returning from the war, Klairmont was a determined young man. In 1952, he established his first prosperous business, Imperial Cleaners. The 100-store dry cleaning chain was the largest in Chicago until 1962. It was while owning Imperial Cleaners that Klairmont purchased his first two buildings. And a love of real estate was born.

In 1956, Klairmont founded Imperial Realty Company. Focusing on redevelopment, the firm quickly developed a reputation for identifying buildings with potential — and transforming them. In addition, Imperial Realty Company manages properties and deals in general real estate brokerage. Currently, it’s considered one of the largest property managers in Chicagoland as well as one of the largest office space managers. Klairmont’s sons, Alfred and Robert, joined him in the business in 1978 and 1980, respectively. In 2015, Klairmont and Alfred were both inducted to the Chicago Association REALTORS Hall of Fame. Watch footage from that touching ceremony below.

In addition to Alfred and Robert, Klairmont leaves behind three adoring daughters, Alison, Lisa and Dorie Ann, 12 grandchildren and two great-grandchildren. Klairmont’s beloved wife of 57 years, Elaine, passed in 2008. For the past 11 years, he has been the devoted partner of Joyce Oberlander. He will be missed by both his family and the Chicago real estate community.

A celebration of Klairmont’s life is being planned for the fall. Visit Chicago Jewish Funerals for upcoming info. Also see Klairmont Kollections Museum in Chicago, a non-profit founded by Klairmont in 2010 that displays an impressive collection of antique automobiles.

“The real estate business is one of the golden opportunities of all industries for young people to come in and start practicing.” – Larry Klairmont

Larry Klairmont addresses the Chicago Association of REALTORS

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The bite of the second installment of the 2020 property tax bill isn’t as bad as other years for many North Side Chicago homeowners. But hefty increases are expected for 2021 tax bills payable in 2022. First of two articles on property taxes.

23-Aug-21 – For many North Side Chicago homeowners, the second installment of the 2020 property tax bill reflects the “COVID-19 assessment adjustment,” so the bite isn’t as bad as earlier years.

Cook County Assessor Fritz Kaegi determined that the pandemic caused a “significant economic downturn and lower property values,” depending on the property’s type and location.

In Chicago, the COVID-19 assessment value reductions average 10 percent.

They range from about 7.5 percent in Lakeview, Lincoln Park, and Uptown, and nearly 8 percent in the Loop, South Loop, Bronzeville, River North, and Old Town.

The reductions are about 9.5 percent in Rogers Park and West Ridge, and as high as 12 percent on Chicago’s South Side.

In Chicago, tax bills vary widely from neighborhood to neighborhood, according to an analysis of nearly 1.8 million bills by the office of Cook County Treasurer Maria Pappas.

The county will collect more than $16.1 billion in property taxes this year. That’s an increase of $534 million – or more than 3.4 percent – from last year. Second installment bills were posted online on August 12 and will be mailed to taxpayers the week of August 23. The bills will be due on October 1.

About 84 percent of business property owners, compared with half of homeowners, are being billed more than last year, the Pappas analysis reported. The median residential tax bill is $3,341, down by $1.63 or .05 percent. The median commercial tax bill is $9,659, an increase of $761 or 8.6 percent.

The Home Front compiled the following 2020 tax bill analysis, which reflects the COVID-19 assessment reduction:

Lincoln Park. The resident owner of a brownstone six-flat received a bill of $21,652, a slight decline from $21,701 in 2019. Logan Square. The resident owner of a greystone four-flat north of Logan Boulevard paid $12,144, a slight decline from $12,318 in 2019. North Lincoln Square. The investor owner of a yellow brick four-flat received a bill of $7,643, down 3.6 percent from $7,923 in 2019. Old Town. The investor owner of a four-flat Victorian brownstone in the Old Town Historic District paid a bill of $25,331, down 3.7 percent from $26,285 in 2019. West Ridge. The resident owner of a two-bedroom condominium in a 19-unit walk-up paid a bill of $1,102, down 2.2 percent from $1,127 in 2019. Irving Park. The owner of a stucco bungalow in the Villa Historic District received a bill of $10,145, up a hefty 7.3 percent from $9,447 in 2019. Close analysis showed the increase likely was due to lost Homeowner and Senior Exemptions.

Crystal ball gazing into the outlook for the expected 2021 property tax hike, payable in 2022, is cloudy, experts say. Chicago is undergoing triennial reassessment this year, and hefty tax increases are expected when the second installment of the bill arrives in August 2022.

A property tax bill is determined by four factors – the assessment, the equalization factor or “multiplier,” the tax rate, and the exemptions, explains Michael Griffin, a Chicago real estate tax appeal attorney.

Homeowners should review their exemptions because they can reduce their tax bill if they have the proper exemptions applied to the bill, Griffin noted. The three primary exemptions are the Homeowner’s, Senior Citizen, and Senior Freeze. The Homeowner’s exemption recently was increased to $10,000 from $7,000, and the Senior Exemption was hiked to $8,000 from $5,000. Those amounts are deducted from the equalized assessed value of a home to which tax rates are applied in order to determine the individual tax bill.

Also, more seniors can qualify for the Senior Freeze because the Illinois Legislature recently increased the maximum annual income to receive the freeze to less than $65,000 from less than $55,000. “Every homeowner should review their tax bill to see if they received the proper exemptions and contact the assessor if the exemptions are incorrect,” advised Griffin (left).

However, predicting a hefty property tax increase when the 2021 bill arrives in 2022 really centers on two wild cards – the tax rate and the state equalization factor, which can’t be challenged by taxpayers.

The equalization factor, or “multiplier,” is established each year for Cook County to bring property tax assessments in line with other parts of Illinois. The factor is determined by the Illinois Department of Revenue.

The main engine that drives up property tax bills is the amount of money spent by local government. For example, homeowners who read their 2020 tax bills will see continued increased spending for schools and police, firefighter, and teacher pensions.

Property owners who think they are over-assessed should appeal now, Griffin advises.

Contact the Cook County Assessor’s Office to find comparable properties or start the appeal process. The Assessor is now working through appeals for 2020. For 2020, all of Chicago is being reassessed.

A taxpayer can file with the Cook County Board of Review and later with the Illinois Property Tax Appeals Board. Or, call Michael Griffin, an expert tax assessment lawyer.

Next week: Two Chicago homeowners’ tax exemptions mysteriously disappear and their bills skyrocket.

Cook County Assessor’s Office www.cookcountyassessor.com 312-443-7550 Cook County Board of Review www.cookcountyboardofreview.com 312-603-5542 Illinois Property Tax Appeal Board www.ptab.illinois.gov 217-785-6076 Michael Griffin 312-943-1789

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