Facing Stiff Competition, Small Property Managers Say Offshoring Some Jobs Is ‘Going To Resonate’

Interra Realty brokered the $9.6M sale of a 28-unit multifamily property at 1900-1916 N. Lincoln Ave. in Lincoln Park. 

“Interra has closed a high volume of transactions on the North Side in the past three months, which is notable amidst this environment of interest rate uncertainty,” Interra Senior Managing Partner Joe Smazal said in a press release. “Multifamily investors, particularly those with a long-term hold strategy, are showing increasing bullishness for well-located assets in Chicago.”

Smazal represented Chicago-based ICM Properties in the acquisition as well as the local private seller in the off-market deal. The building, which was constructed in 1906, was fully occupied at the time of sale. The property includes a mix of studio, one-bedroom and two-bedroom apartments and is within walking distance…

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Bisnow is seeking your nominations for Chicago-area women in commercial real estate who are rising through the ranks, making a difference and impacting their businesses and communities.

This year's Women Leading Real Estate event, to be held April 25, honors emerging female leaders — the rising stars changing the industry, innovating, crashing barriers and making their marks.

To qualify, nominees must be active in the Chicagoland market and have a maximum of 10 years of experience in the CRE industry. These leaders might have started their own businesses or become rising leaders at larger shops, broken new ground in the public sector or led diversity and equality initiatives that…

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In Case You Missed It...

Biometric building access controls have become increasingly popular among security-minded residential and commercial property managers, but the legal risks of collecting and using this data are growing. 

A new surge in class-action lawsuits over biometric data collection under the Illinois Biometric Information Privacy Act, also known as BIPA, is leaving CRE operators vulnerable to liabilities totaling millions in damages and legal fees — even if they aren't doing anything wrong.

The Illinois statute is also setting a precedent for robust copycat laws that other states are considering passing, as well as potential federal legislation. 

“Plaintiffs' lawyers, if they see biometric information collection, they might just sue first and ask questions later,” said D. Reed Freeman Jr., a partner in the Washington, D.C., office of ArentFox Schiff LLP. “You could be completely compliant with the law and find yourself having to defend litigation and then prove that you're compliant.”

At least 2,000 suits  had been filed as of earlier this year under BIPA since 2018, and legal experts told Bisnow the pace is only accelerating. This includes several high-profile, expensive settlements, like the $725M Facebook paid out in October after  settling a class-action suit over…

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