Construction firm Clayco has appointed a real estate veteran to add muscle to its development unit CRG and secure its foothold in Chicago’s thriving industrial market.
Steve Schnur, who played a pivotal role in Duke Realty’s growth in becoming an industrial giant over his two-decade tenure, will serve as the COO of Chicago-based CRG, reported Crain’s. The move comes less than a year after CRG raised $450 million, which will be used for the development of $1.5 billion in new industrial projects.
While other commercial sectors, like office and retail, have yet to make a full recovery from the pandemic, the city’s industrial market has been in full throttle, with a record low 4.5 percent vacancy rate at the end of 2022.
CRG, founded in 1993, has made plenty of investments in the residential sector as well, but the firm’s hiring of Schnur shows it will continue to ramp up warehouse developments and acquisitions.
“As we continue to expand our development, acquisition and investment management capabilities, it is an important time to strengthen our internal infrastructure,” CRG President Shawn Clark said in a statement.
Last year, CRG completed a 1 million-square-foot industrial facility under its “Cubes” moniker in the south suburban Country Club Hills. The company announced in February that a tenant signed a lease to occupy the entire building.
Rising interest rates and fears of an economic dip have caused the industrial market to cool some, but according to Schnur, the long-term outlook of the sector remains very strong.
—Quinn Donoghue
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