Company News 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59e613c5be42d60ae3e024ed http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/mncKfncX7J0/17-1 Press Release Ketone Partners sells 36-acre land site in Joliet, IL <img class="thumb-image" alt="1.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59e6141e4c326d964af0cc2c/1508250686217/1.jpg" data-image-dimensions="1425x951" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59e6141e4c326d964af0cc2c" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59e6141e4c326d964af0cc2c/1508250686217/1.jpg?format=1000w" /> <p>JOLIET, IL (October 17, 2017) – Ketone Partners (Ketone) is pleased to announce the recent sale of a land site at the corner of Route 6 &amp; Houbolt Road in Joliet, IL.</p><p>Ketone sold the 35.65-acre land site to First Industrial Realty Trust, Inc. (First Industrial). NAI Hiffman’s Eric Tresslar and Steve Connolly represented Ketone Partners and First Industrial in the transaction. First Industrial plans to develop a 355,199 square-foot speculative industrial building on the site. The land is located in an industrial logistics center featuring excellent access to I-80 and I-55 and frontage on Route 6 and Houbolt Road.</p><p>Ketone Partners purchased the overall 262-acre property in March 2016 from a California-based pension fund advisor. The site was mined for sand and gravel in the 1930s and left in a condition that was challenging to develop due to unconsolidated tailings from the mining operations, underlying bedrock at varying elevations and significant topography change throughout the property. Ketone recognized an opportunity to re-evaluate the proposed use of the site and generated a site plan that is consistent with the current real estate market conditions while simultaneously taking advantage of the connection to the Des Plaines River where it plans to develop a 40-acre port and marine terminal.</p><p>“Our Joliet project is a great example of how months of hard work and creative thinking can transform a challenging piece of land into a successful real estate development,” said Kyle Schuhmacher, president of Ketone Partners. “We assembled a great team of engineers and subcontractors that helped turn the site challenges into opportunities.”</p><p>After this recent sale, and the sale of 75 acres to The Opus Group in March of this year, Ketone retains 151 acres for future development. The remaining acreage will include a 40-acre port and marine terminal on the Des Plaines River, additional land for industrial development and may facilitate a travel plaza adjacent to the planned bridge connecting I-80 to the Centerpoint Intermodal Center.</p><p>“This is an exciting project for us. We enjoyed working with Opus and First Industrial on these first two transactions and are excited to have retained a large amount of acreage for future development of our own,” said Jennifer Wagner, vice president of Ketone Partners. “We look forward to completing the development of the site into a state-of-the-art logistics and port facility.”</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=mncKfncX7J0:fBsalCa7wzc:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Tue, 17 Oct 2017 14:32:02 Z NAI Hiffman Ketone Partners sells 36-acre land site in Joliet, IL http://www.hiffmanblog.com/blog/2017/10/17-1 2017-10-17 14:32 +00:00 2017-10-17 09:32 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59e6134fccc5c53e1f0e29be http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/TRWfRcwaH2g/17 Press Release NAI Hiffman represents Rodzina, LLC in retail site acquisition <p>GLENVIEW, IL (October 17, 2017) – NAI Hiffman is pleased to announce the recent acquisition of a retail building, located 2-acres of land at 301 Waukegan Rd in Glenview, Illinois.</p><p>NAI Hiffman’s Dan Hiffman represented Rodzina, LLC, in its purchase of the 24,000-square-foot car dealership property from McGrath Imports. Additionally, the Village of Glenview provided a sales tax development incentive agreement, worth $385,000 over five years to Rodzina LLC.</p><p>The building, a former McGrath Audi dealership, will now be the new Glenview Luxury Imports dealership selling premier car brands, including Aston Martin &amp; Lotus.</p><p>Colliers International's Anne Dempsey represented the owner, McGrath Imports in the sale.</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=TRWfRcwaH2g:xM5rua6QyNQ:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Tue, 17 Oct 2017 14:28:57 Z NAI Hiffman http://www.hiffmanblog.com/blog/2017/10/17 2017-10-17 14:28 +00:00 2017-10-17 09:28 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59e4c406fe54ef13dae1bec8 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/wG5cQvgAF-M/16 Office REfocus Keys to a Successful Lease Negotiation <iframe scrolling="no" allowfullscreen="" src="//www.youtube.com/embed/g7AgOEQtGSo?feature=youtu.be&amp;wmode=opaque&amp;enablejsapi=1" width="854" frameborder="0" height="480"> </iframe><p>AJ Jacobs reviews the important elements that should be considered by tenants when negotiating a lease.&nbsp;As a successful tenant representation broker in Chicago, AJ works to help clients match their office space to their corporate goals. Tenant representation services are provided at no cost to the tenant and are an invaluable resource to ensure that tenants achieve the most favorable transaction.</p><p>For more information, contact:</p><p>AJ Jacobs<br />Vice President, Office Services<br />NAI Hiffman<br />312-869-4726 m<br />630-317-0702 o<br />ajacobs@hiffman.com</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=wG5cQvgAF-M:yP_sU1J7y4U:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Mon, 16 Oct 2017 15:03:52 Z NAI Hiffman Keys to a Successful Lease Negotiation http://www.hiffmanblog.com/blog/2017/10/16 2017-10-16 15:03 +00:00 2017-10-16 10:03 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59de435b12abd91eb4f6d72e http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/84yizDlcECA/11 Industrial Office Research Market Peek Third Quarter 2017 Market Peek <p>NAI Hiffman is pleased to present the Third Quarter 2017 Market Peek, a first look at the market statistics for the Chicago metropolitan office and industrial real estate markets.</p> <img class="thumb-image" alt="ticker3Q2017.gif" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59de438ee45a7cc10a0a95bd/1507738524775/ticker3Q2017.gif" data-image-dimensions="650x84" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59de438ee45a7cc10a0a95bd" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59de438ee45a7cc10a0a95bd/1507738524775/ticker3Q2017.gif?format=1000w" /> <h2>Industrial: Speculative Deliveries Cause Slight Vacancy Uptick</h2><ul><li>The overall vacancy rate for the Chicago industrial market increased to 6.33 percent third quarter, following the completion of speculative facilities during the quarter. A total of 4.2 mil-lion square feet of speculative deliveries and 2.9 million square feet of build-to-suit projects were completed third quarter, bringing the year-to-date total to 7.1 million square feet. This includes two million-square-foot projects in the I-80 Corridor and Uline's 1.0 million square foot build-to-suit facility in Kenosha.<br /> </li><li>An additional 3.9 million square feet is scheduled to be delivered by year-end. If completed, construction deliveries would total 24.1 million square feet for the year, falling below last year's total of 24.9 million square feet.<br /> </li><li>Net absorption totaled 5.0 million square feet third quarter, bringing the year-to-date total to 14.1 million square feet. Contributing to absorption this quarter - Amazon completed two buildings totaling 1.8 million square feet, and took occupancy of an additional 438,000 square feet in Crest Hill and 403,000 square feet in Aurora - for a total of 2.6 million square feet third quarter. Other tenants taking more than 300,000 square feet included Richwill Enterprises, Samsung, and Xpedient.<br /> </li></ul>&nbsp; <img class="thumb-image" alt="Industrial3Q2017.gif" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59de43fecf81e020fdeaedf1/1507748026164/Industrial3Q2017.gif" data-image-dimensions="650x370" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59de43fecf81e020fdeaedf1" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59de43fecf81e020fdeaedf1/1507748026164/Industrial3Q2017.gif?format=1000w" /> <a href="http://www.hiffman.net/CC/marketpeek/3Q2017/NAI-Hiffman-Industrial-3Q2017.pdf" class="sqs-block-button-element--small sqs-block-button-element" target="_blank">Download Industrial Market Peek</a> &nbsp;<hr /><h2>Office: Suburban Vacancy Increases Despite Strong Leasing Activity; CBD Continues to Feel Impact of New Trophy Towers</h2><h3>SUBURBS</h3><ul><li>The overall vacancy rate for the suburban office market measured 19.74 percent third quarter, a 44 basis point increase over the previous quarter due to tenants decreasing their footprint and returning space to the market. Average gross asking rental rates increased by 3.23 percent for Class A properties, mostly due to the continued increase in the O'Hare submarket where Class A rents reached $32.23 per square foot in the third quarter.<br /> </li><li>New leasing activity remained strong and totaled 1.9 million square feet. The largest leases signed during the quarter included Amita Health's lease of 225,000 square feet in Lisle and United Healthcare's lease of 92,727 square feet in Downers Grove.</li></ul>&nbsp; <img class="thumb-image" alt="Suburban3Q2017.gif" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59de658f4c0dbfb7e56a8351/1507748031086/Suburban3Q2017.gif" data-image-dimensions="650x370" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59de658f4c0dbfb7e56a8351" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59de658f4c0dbfb7e56a8351/1507748031086/Suburban3Q2017.gif?format=1000w" /> &nbsp;<h3><strong>CBD</strong></h3><ul><li>The overall vacancy rate for the downtown office market measured 13.19 percent third quarter, a 74 basis point increase over the previous quarter. Companies remain attracted to recent trophy developments in the city, however, in many cases they are signing on for less space than previously occupied.<br /> </li><li>Notable leases signed third quarter included Northern Trust's consolidation to 462,000 square feet at 333 S Wabash Ave and McDonald's commitment to a 110,000 square foot expansion of its original 390,000 square foot lease in the Fulton Market District.</li></ul>&nbsp; <img class="thumb-image" alt="CBD3Q2017.gif" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59de65c4f43b55bb69efe589/1507748035119/CBD3Q2017.gif" data-image-dimensions="650x370" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59de65c4f43b55bb69efe589" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59de65c4f43b55bb69efe589/1507748035119/CBD3Q2017.gif?format=1000w" /> &nbsp; <a href="http://www.hiffman.net/CC/marketpeek/3Q2017/NAI-Hiffman-Office-3Q2017.pdf" class="sqs-block-button-element--small sqs-block-button-element" target="_blank">Download Office Market Peek</a> <h2>Learn More</h2><p>For further information on the market peek or if you are interested in attending a custom market overview presentation, please contact:</p><p class="text-align-center"><strong>AMANDA ORTIZ </strong><br />Director of Research<br />630-693-0645<br />aortiz@hiffman.com</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=84yizDlcECA:ZBEnkcykWE8:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Wed, 11 Oct 2017 18:56:37 Z NAI Hiffman Third Quarter 2017 Market Peek http://www.hiffmanblog.com/blog/2017/10/11 2017-10-11 18:56 +00:00 2017-10-11 13:56 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59cead70017db23fbaab762b http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/qnBy-Jx1c6g/the-future-of-chicago-pmd-zoning-2017 Industrial REfocus Who's Next? Examining the Future of PMD Rezoning in Chicago <iframe scrolling="no" allowfullscreen="" src="//www.youtube.com/embed/dpSyEMEGm1Q?wmode=opaque&amp;enablejsapi=1" width="854" frameborder="0" height="480"> </iframe><p>By Alex Sutterer<br />Associate, NAI Hiffman Industrial Services</p><p>Planned Manufacturing District (PMD) zoning has shaped development in the City of Chicago for the past thirty years, but explosive growth and changing demographics in several neighborhoods is leading to a reevaluation of the established zoning. Modification of a PMD can impact the dynamics and economics of these areas for years to come, as well as drastically change property values.</p><p>In the years prior to PMD zoning, developers seeking opportunistic land sites targeted industrial properties in order to convert the land to a more valuable residential or commercial use.&nbsp; Consequently, the displacement of manufacturing firms caused industrial jobs to leave the downtown area in droves, in some pockets depleting nearly 50 percent of blue-collar jobs. The first PMD was proposed in 1985 to shelter industrial firms from being pushed out of the city and to combat declining employment. Today, Chicago is home to 15 PMD’s, but the landscape is beginning to shift.</p> <img class="thumb-image" alt="PMDs.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab761f/1506620345709/PMDs.jpg" data-image-dimensions="1920x1080" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59cead70017db23fbaab761f" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab761f/1506620345709/PMDs.jpg?format=1000w" /> <p>Factors affecting potential PMD rezoning include:</p><ul><li><strong>Gentrification of neighborhoods </strong>- A prime example of this is the evolution of the West Loop in just the last five years</li><li><strong>Financial motivation from the local government</strong> – Upzoned areas are assessed at a higher property valuation for tax purposes</li><li><strong>Industrial users’ desire for more efficient space</strong> - typically large, one-story facilities with easy access for over-the-road trucks, buildings that are hard to find or expensive to create in an urban setting</li><li><strong>Potential litigation</strong> - Building owners and investors may seek to relax PMD restrictions in order to maximize the value of their existing property.</li></ul><p>An examination of conditions and responses to rezoning pressures in various PMDs provides insight into the future of the zoning in districts throughout Chicago.</p><p class="text-align-center"><strong>THE CLYBOURN CORRIDOR</strong></p><p>Perhaps the most remarkable changes to a PMD have occurred in the Clybourn Corridor on Chicago’s north side, including Lincoln Park, which has been a hotbed of development speculation in recent years. Developers have purchased sizeable properties with intent to repurpose or scrape and redevelop into more profitable uses. Key areas with upcoming development plans include the former Chicago Tribune distribution site and the former Finkl Steel property.</p><p>Mayor Rahm Emanuel and 2nd Ward Alderman Brian Hopkins have both advocated and negotiated for the removal of the PMD zoning in a large portion of the Corridor, allowing for residential, retail, office and mixed-use development. These negotiations have provided the blueprint for re-evaluation of other PMDs throughout the city.</p><p class="text-align-center"><strong>KINZIE CORRIDOR</strong></p> <img class="thumb-image" alt="The success of the Fulton Market District sparked a new Downtown Expansion Zone and led to reevaluation of the Kinzie Corridor PMD zoning." data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab7621/1506620551495/google-kinzie.jpg" data-image-dimensions="1920x1080" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59cead70017db23fbaab7621" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab7621/1506620551495/google-kinzie.jpg?format=1000w" /> <p>The success of the Fulton Market District sparked a new Downtown Expansion Zone and led to reevaluation of the Kinzie Corridor PMD zoning.</p> <p>Kinzie Corridor is home to Chicago’s Fulton Market District, West Loop and West Town neighborhoods. A handful of significant transactions have reshaped the landscape of the area and transformed the West Loop from a manufacturing-centric zone to a trendy spot for restaurant, retail, office and multifamily development.</p><p>Google’s conversion of the Fulton Market Cold Storage building into its Midwest headquarters is emblematic of the type of change that swept the Kinzie Corridor in the past few years. Additionally, McDonald’s Corporation’s announcement of their intention to redevelop the former Harpo Studios property into their new global headquarters was another sign of the market’s transformation.</p><p>Recently, the Department of Planning and Development revised the zoning from Halsted to Ogden to allow for increased density, adding significant value to the land. Currently, the land west of Ogden is zoned PMD and land values - while still very high for a PMD - are roughly half the value of property located just across the street.&nbsp;</p> <img class="thumb-image" alt="Land-Values.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab7623/1506620245702/Land-Values.jpg" data-image-dimensions="1920x1080" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59cead70017db23fbaab7623" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab7623/1506620245702/Land-Values.jpg?format=1000w" /> <p>Hannah Jones, Director of Economic Development at Industrial Council of Nearwest Chicago, said that Kinzie Corridor is next on the list to be evaluated in the “Industrial Modernization” project by the Department of Planning and Development, an evaluation slated for completion before end of 2017. Jones noted that land close to the United Center is usable for developers considering mixed-use development and predicted that the PMD east of Ogden would be removed, while the PMD zoning designation would remain in place west of Ogden. Other developers believe that the area’s massive growth and success will also lead to the elimination of PMD zoning west of Ogden within the next three years, if not sooner.</p><p class="text-align-center"><strong>KINZIE CORRIDOR – LOOKING AHEAD</strong></p><p>The West Loop will continue to flourish as more companies seek trendy office space at a discount from Loop pricing.&nbsp; Randolph Street has proven itself as a destination for top-rated restaurants, and the Fulton Market area has attracted high-end galleries and ambitious start-ups.&nbsp; An abundance of high-end multifamily projects will continue to grow the population and perpetuate these trends.&nbsp; Because of this, the PMD east of Ogden will likely be lifted in the immediate future, allowing for additional commercial development.&nbsp; The PMD west of Ogden will likely remain for the short term, but prices will continue to rise and, eventually, this PMD will be vacated as well.&nbsp;</p><p>The Ashland Corridor west of Ogden will be interesting to watch as the fundamentals are present for redevelopment. In the short term, this will create an environment of specialized tenants and owner-users requiring immediate access to the Loop or quasi-industrial uses, such as breweries, coffee roasters and event spaces, displacing many of the existing tenants who will seek asylum from cost-prohibitive rent increases in other industrial pockets such as The Stockyards, Crawford Industrial Park or Bedford Park.&nbsp; &nbsp;</p><p class="text-align-center"><strong>PILSEN</strong></p> <img class="thumb-image" alt="The Pilsen PMD z" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab7625/1506622106212/pilsen.png" data-image-dimensions="951x420" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59cead70017db23fbaab7625" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab7625/1506622106212/pilsen.png?format=1000w" /> <p>The Pilsen PMD z</p> <p>While both Clybourn and Kinzie have attracted a lot of attention, the Pilsen PMD - located between Ashland and Damen north of I-55 - is on many city developers’ radar as one of the hottest submarkets to target for future growth. Pilsen’s proximity to the Loop, an abundant building stock for adaptive reuse, a strong sense of culture and proximity to transportation are some of the fundamentals that Pilsen has to offer that make it so attractive to the real estate community.&nbsp;</p><p>However, strong opposition from neighborhood advocacy groups, along with the Alderman Danny Solis’s hard stance on a 21% affordable housing requirement (versus a typical 10%) for all residential conversion projects will prove to be a hurdle for developers seeking new residential projects. Meanwhile, major industrial developments continue to flourish. Industrial food users, in particular, have targeted the area due to access to the Loop. They seek immediate proximity to other food users, especially those handling perishable goods. The “last mile” delivery access to I-55, I-90 and the Loop offered by the Pilsen PMD are attractive for logistics purposes, such as Amazon’s location at 28th and Western Avenue.</p> <img class="thumb-image" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab7627/1506622265497/" data-image-dimensions="1247x503" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59cead70017db23fbaab7627" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab7627/1506622265497/?format=1000w" /> <p class="text-align-center"><strong>PILSEN – LOOKING AHEAD</strong></p><p>As long as Alderman Solis retains leadership in the 25th Ward, Pilsen will remain a vibrant, culture-rich, affordable neighborhood.&nbsp; Residential projects will likely not come from conversions or buildings not already zoned for residential.&nbsp; A portion of the PMD zoning will remain enforced, but due to immediate access to the Stevenson &amp; the Loop, historically low vacancy rates and limited supply of functional warehouses, land values will continue to push to $20 PSF and beyond, even within the PMD.&nbsp; This situation will create an environment of continued freezer/cooler development, last-mile logistics and the proliferation of owner/user buildings due to rising industrial lease rates.&nbsp; Other traditional industrial tenants, such as manufacturing, will be priced out of the leasing market to either purchase their building in lieu of paying a premium rent, or most likely, will continue the trend of western and southern migration down I-90 and I-55.&nbsp; Loosening of the PMD for non-residential use should be anticipated shortly after the Kinzie Corridor PMD is amended.&nbsp; &nbsp;</p><p class="text-align-center"><strong>THE STOCKYARDS</strong></p><p>The Stockyards – a roughly square-mile area bordered by Halsted, Ashland, 47th and 39th streets - is an historically industrial area, dating back over 100 years when users in the market processed, packed and shipped meat to the rest of the world.&nbsp; Today, it remains home to many local manufacturers and warehousing companies, yet a few recent developments look to modify the periphery of this industrial pocket.</p> <img class="thumb-image" alt="stockyards.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab7629/1506622532134/stockyards.jpg" data-image-dimensions="951x420" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59cead70017db23fbaab7629" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59cead70017db23fbaab7629/1506622532134/stockyards.jpg?format=1000w" /> <p>At the corner of 35th and Ashland, for example, pushing south to Pershing, Alderman Pat Thompson is loosening restrictions on the existing PMD zoning to allow for commercial zoning. Alderman Thompson is not looking to break the PMD, but feels the best approach is a flexible, comprehensive assessment of the ward’s strengths and areas of growth. He is emphatic that retention of jobs is critical, and that a case-by-case examination of developments is in the best interest of the community.</p><p>Thompson sees residential development as more concerning to existing businesses, but said that commercial and industrial properties coexist well, historically. He suggests seeking vacant land and industrial pockets further south to designate as a PMD to keep industrial jobs in Chicago.</p><p class="text-align-center"><strong>THE STOCKYARDS – LOOKING AHEAD</strong></p><p>The Stockyards will remain industrial for the foreseeable future.&nbsp; On a case-by-case basis, commercial may be introduced, especially on the northernmost area of the Stockyards and along Ashland and Halsted, which will push land values higher for these specific sites.&nbsp; Expect property owners within this defined area to seek to maximize their land value and convert industrial property into retail or mixed use, but don’t expect any new residential development anytime soon.&nbsp;</p><p class="text-align-center"><strong>CONCLUSION</strong></p><p>Real estate values are drastically altered based on zoning and permitted use.&nbsp; Opportunistic developers will continue to seek property located in the “path of progress,” pushing for rezoning of the site to maximize the return on their investment.&nbsp; Property owners must be prudent when evaluating their real estate and understand the consequences of potential zoning changes that affect their property.&nbsp; &nbsp;</p><p>The same concerns exist today that initiated PMDs in the 1980’s – namely, maintaining both employment opportunities and affordable real estate for industrial users. The allure of the massive success of development and consequent rezoning of some PMD areas has opened the door to similar ventures across the city, but so far the checks and balances of local government and community feedback are encouraging a measured approach.</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=qnBy-Jx1c6g:fHEELTUTYgQ:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Mon, 02 Oct 2017 13:00:00 Z NAI Hiffman Who's Next? Examining the Future of PMD Rezoning in Chicago http://www.hiffmanblog.com/blog/the-future-of-chicago-pmd-zoning-2017 2017-10-02 13:00 +00:00 2017-10-02 08:00 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59c41dba03596e1f65ae36e0 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/TRUw6PTLzPU/21 Property Management Article Feature NATURAL DISASTERS: What does the new 2018 Commercial Real Estate Budget look like? 10 things I’m thinking about... Wildfires, hurricanes, more hurricanes. Our entire company of real estate experts are together contemplating what does our revised 2018 property operating budget need to look like? Does it need to change? Thu, 21 Sep 2017 20:37:58 Z NAI Hiffman <img class="thumb-image" alt="AdobeStock_101587012.jpeg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59c421f018b27df4f293a36e/1506025991137/AdobeStock_101587012.jpeg" data-image-dimensions="2500x1250" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59c421f018b27df4f293a36e" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59c421f018b27df4f293a36e/1506025991137/AdobeStock_101587012.jpeg?format=1000w" /> <p>By Dave Petersen<br />CEO, NAI Hiffman</p><p>Wildfires, hurricanes, more hurricanes. Our entire company of real estate experts are together asking ourselves what does our revised 2018 property operating budget need to look like? Does it need to change?</p><p>We are full of questions that need to be answered with and for our valued clients and our vendor teams, all while leveraging our combined years of experience in our company and industry.</p><p>Questions include:</p><ul><li>Will building material demand in the south and southeast create shortages for us in the Midwest and other unaffected hurricane markets?</li><li>We know materials like drywall, studs, flooring, roofing materials, plywood and likely gas and oil resources will be under great pressure to deliver in the south. So what are our options? What is considered over-reaction? How shall we monitor increases and where do we push back?</li><li>Will bulk buying drywall, studs, masonry product, etc. be required to meet occupancy deadlines here?</li><li>Will new labor options of relocation for steady work in the affected areas which will likely pay premium and overtime rates cause our construction trades talent pool to have a gap in keeping skilled labor here? Will our costs increase in order to meet local demand?</li><li>What about the new insurance terms (that we will discover in the fine print) and how will they impact us cost-wise?</li><li>Could it be that what we will learn needs to be in the bold print of our policies that pertain to business disruption as one example?</li><li>We have continuously made sure our building insurance certificates are current. A crisis is not the time to realize it was not in place correctly. Who is on it?</li><li>Will our client’s multi-city portfolio performance be impacted by the disaster cities, which then cause them to rethink expenditures and services locally to create maximum returns?</li><li>We are reminded and watchful that hurricanes are not our only disaster stories in commercial real estate. Fire, flood, tornados, micro-bursts and the mistakes made by a tenant within our portfolio are always ours to consider. What do we need to relook at in our markets in preparation?</li><li>Where are we most exposed operationally, and when will we feel the impact from a timing standpoint on supply and costs? Are these predictions we need to make or at least anticipate?</li></ul><p>It’s been 35 years for me in the real estate business and I am surrounded by the best talent in the industry, which places me ahead on the knowledge curve. I don’t have all the answers but history and experience teaches us that it always gets easier to execute a plan when you ask lots of questions prior to executing it. What are your questions?</p><p><a href="http://www.hiffmanblog.com/blog/2017/9/21">Permalink</a><p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=TRUw6PTLzPU:vKwP9dBecIc:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> NATURAL DISASTERS: What does the new 2018 Commercial Real Estate Budget look like? 10 things I’m thinking about... http://www.hiffmanblog.com/blog/2017/9/21 2017-09-21 20:37 +00:00 2017-09-21 15:37 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59c3d74de3df283603df1287 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/Vj20B7nGNgs/bobassoian Events Press Release Property Management NAI Hiffman’s Bob Assoian addresses State of Property Management at the 13th Annual Property Management Conference <img class="thumb-image" alt="Pictured above, from left to right: Sam Delisi, NGKF; Neil Pendleton, CBRE; Daniel Hanson, Mid-America Asset Management, Inc.; Bob Assoian, NAI Hiffman; Bob Six, Zeller Realty Group; Niall Byrne, Inland Investment Real Estate Services." data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59c3d78649fc2bba91f792f0/1506007115777/Property+Management+Conference+9.19.17+-+edit+2.jpg" data-image-dimensions="2016x1512" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59c3d78649fc2bba91f792f0" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59c3d78649fc2bba91f792f0/1506007115777/Property+Management+Conference+9.19.17+-+edit+2.jpg?format=1000w" /> <p>Pictured above, from left to right: Sam Delisi, NGKF; Neil Pendleton, CBRE; Daniel Hanson, Mid-America Asset Management, Inc.; Bob Assoian, NAI Hiffman; Bob Six, Zeller Realty Group; Niall Byrne, Inland Investment Real Estate Services.</p> <p>Property Management today has never been busier. Those are the words experts used to describe the current state of property management at the 13th Annual Property Management Conference held Monday, September 19, at The Drake Hotel in Oak Brook, Illinois.</p><p>Bob Six, Principal and COO of Zeller Realty Group and moderator of the five-person State of Property Management panel, touched on the various topics industry professionals are wondering today: How has property management changed in the last 10 years?; How is technology utilized in the business?; What is the new trend with concierge services?; and what’s­­ going on with the last mile?</p><p>NAI Hiffman Managing Director of Property Management Services and panelist, Bob Assoian, said one major thing that’s changed over the years is the rise in property management at industrial assets. At NAI Hiffman, property managers collaborate with the firm’s marketing team to come up with creative ways in which to raise tenant satisfaction at industrial buildings. Whatever asset type it may be -- whether industrial or office -- NAI Hiffman is changing up property management with its variety of ­­­tenant programs and events.</p> <img class="thumb-image" alt="6 - edit.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59c3ede36f4ca31a6a58e4fe/1506012649568/6+-+edit.jpg" data-image-dimensions="1374x960" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59c3ede36f4ca31a6a58e4fe" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59c3ede36f4ca31a6a58e4fe/1506012649568/6+-+edit.jpg?format=1000w" /> <p>Another common trend is the addition of concierge services at suburban buildings. When asked if it’s becoming more common, Assoian said it depends on the size of the building and if owners can afford more staff.</p><p>“Due to the advanced security technology we use at our assets today, some of our suburban buildings are seeing a shift in guards being replaced with concierge services, which is also helpful when it comes to amenities,” he explained. “Tenants are able to contact the front desk to help them locate services nearby, for example.”</p><p>Similarly, the ever-changing technology in today’s world continues to keep everyone connected – including teams. Niall Byrne, panelist and president of property management at Inland Investment Real Estate Services, said his firm connects everyone with an iPad so they can easily connect back to the office at any time.</p><p>Assoian agreed and said that tech has great value for managers on the road that are managing industrial or other non-site office or retail assets, where being able to conduct business on the smart phones or tablets can be done. But as far as the one challenge with technology?</p><p>“It should not be the substitution for interaction with tenants,” he said. “It’s important to see the value in face-to-face interaction or over the phone, and we should continue to train the new millennials and professionals entering the business about the old-fashioned way of interacting, rather than always keeping it mobile.”</p><p>Following the panel discussion on the State of Property Management, an audience member directed a question to Assoian during the Q&amp;A. In response to the question, which asked if Assoian could elaborate on how the marketing team works collectively with brokerage and property management, Assoian said it all comes down to being “one team.”</p><p>“Every service firm’s dream is to do both [brokerage and property management] services,” he said. “In a firm like ours, brokers are always there for property management. We have a great marketing team that is engaged throughout the entire process, whether it’s promoting the company on the proposal side or marketing the property. Marketing is a big piece and we are doing a lot of things differently than we used to. We’re constantly changing it up and that’s what you have to do in Property Management today.”</p><p>Assoian and Byrne were joined by fellow panelists Sam Delisi of Newmark Grubb Knight Frank; Daniel Hanson of Mid-America Asset Management, Inc.; and Neil Pendleton of CBRE, on the State of Property Management panel.</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=Vj20B7nGNgs:Fi_LTeUc_xw:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Thu, 21 Sep 2017 15:19:49 Z Stephanie Aguilar NAI Hiffman’s Bob Assoian addresses State of Property Management at the 13th Annual Property Management Conference http://www.hiffmanblog.com/blog/13thannualstateofpropertymanagement/bobassoian 2017-09-21 15:19 +00:00 2017-09-21 10:19 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59c183c918b27dc70e16f0c8 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/kfyy8ebyZYE/19 Press Release NAI Hiffman’s Office Services team secures two leases at 750 & 770 Pasquinelli Drive <img class="thumb-image" alt="DSC01976.JPG" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59c184950abd04d0de8f2332/1505854658654/DSC01976.JPG" data-image-dimensions="2500x1875" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59c184950abd04d0de8f2332" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59c184950abd04d0de8f2332/1505854658654/DSC01976.JPG?format=1000w" /> <p>WESTMONT, IL (September 19, 2017) NAI Hiffman has announced the recent completion of two office leases at 750 and 770 Pasquinelli Drive in Westmont, Illinois.</p><p>NAI Hiffman Executive Vice President, Dan O’Neill, represented the landlord, JSQ Brush Hill, LLC, in its 5,256-square-foot lease with Hummingbird Pediatric Therapies at 750 Pasquinelli Drive, and in its 2,630-square-foot lease with Softband at 770 Pasquinelli Drive.</p><p>750 and 770 Pasquinelli Drive are located within Brush Hill Office Courte — a 4-building office complex totaling 110,294 square feet in Westmont, Illinois. The complex is conveniently located near Route 83, between I-88 and Ogden Avenue, just five minutes south of Oak Brook shopping center and near various dining, hotel and entertainment locations.</p><p>Featured in <a target="_blank" href="http://www.dailyherald.com/business/20170920/nai-hiffman-secures-two-leases-in-westmont">Daily Herald</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=kfyy8ebyZYE:ZxbYfazNCEI:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Tue, 19 Sep 2017 20:59:15 Z NAI Hiffman NAI Hiffman’s Office Services team secures two leases at 750 & 770 Pasquinelli Drive http://www.hiffmanblog.com/blog/2017/9/19 2017-09-19 20:59 +00:00 2017-09-19 15:59 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59b6932a4c0dbf8dc8c4573a http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/znDoQx5kHVw/11 Industrial Josh Will & Brian Chandler: What companies need to know about the West Cook industrial submarket <p>The West Cook submarket draws companies from the City of Chicago looking for more functional buildings and additional amenities compared to the aging--often obsolete--inventory in Chicago. Companies also migrate to the area from the neighboring O’Hare submarket where interstate and airport access is comparable, but rental rates tend to be higher. West Cook benefits from convenient access to the City of Chicago, close proximity to area interstates &amp; rail providers, and relatively low rental rates. It is primarily an owner/user market, but leasing opportunities have increased as institutional and private owners have entered into the submarket.</p> <a href="https://spark.adobe.com/page/ytzEAlRLNxVd2/" class="sqs-block-button-element--medium sqs-block-button-element" target="_blank">Read our full report</a><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=znDoQx5kHVw:pbiebgfxcvU:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Mon, 11 Sep 2017 13:47:41 Z NAI Hiffman Josh Will & Brian Chandler: What companies need to know about the West Cook industrial submarket http://www.hiffmanblog.com/blog/2017/9/11 2017-09-11 13:47 +00:00 2017-09-11 08:47 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59b2b3452278e7557eaca83a http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/UvaxTm0zIjE/8-1 Press Release NAI Hiffman represents Millennia Professional Services in renewal/expansion <p>DOWNERS GROVE, IL (September 6, 2017) – NAI Hiffman is proud to announce that Millennia Professional Services of Illinois, Ltd has signed a renewal and expansion at 2600 Warrenville Road in Downers Grove, Illinois.</p><p>NAI Hiffman Vice President, Aubrey Van Reken, represented Millennia Professional Services of Illinois, Ltd, a consulting and construction firm serving private and public sector clients across Illinois, in its 7,463-square-foot lease. The expansion will allow Millenia Professional Services to expand its lab area to accommodate additional testing services.</p><p>“Aubrey helped us secure the initial lease for our current space; when it came time to renew, we asked Aubrey to help us look for alternatives as we were outgrowing our space,” said the President &amp; Owner of Millennia Professional Services. “The additional space she secured was contiguous to our existing space, included favorable terms and saved us significant moving costs. We are excited to stay here, grow and further our business in this market."&nbsp;</p><p>Located in Downers Grove, 2600 Warrenville Road features 44,466 square-foot, single-story office complex located along I-88 and I-355 near Ogden Avenue.</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=UvaxTm0zIjE:7SG1h93ZpXw:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Wed, 06 Sep 2017 15:12:00 Z NAI Hiffman http://www.hiffmanblog.com/blog/2017/9/8-1 2017-09-06 15:12 +00:00 2017-09-06 10:12 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59b2b24c3e00be04ab945b32 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/9dU-cecomJE/8 Press Release NAI Hiffman completes two office leases at Westbrook Corporate Center <img class="thumb-image" alt="1.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59b2b27a4c0dbf34e928beb8/1504883333295/1.jpg" data-image-dimensions="1429x717" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59b2b27a4c0dbf34e928beb8" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59b2b27a4c0dbf34e928beb8/1504883333295/1.jpg?format=1000w" /> <p>WESTCHESTER, IL (August 10, 2017) NAI Hiffman is pleased to announce the completion of two new offices leases at 4 Westbrook Corporate Center in Westchester, Illinois.</p><p>In the first lease, Legacy Professionals, a certified public accounting firm, is relocating from 311 South Wacker and will occupy 20,673 square feet at Westbrook Corporate Center. Additionally, Regent Surgical Health recently leased 5,669 square feet of space to accommodate its business services in bringing together surgery center partnerships with hospitals and physicians.</p><p>Westbrook Corporate Center is a five-building, 10-story, state-of-the-art office park conveniently located within minutes from I-294, I-88, I-290, and suburban Oak Brook.</p><p>NAI Hiffman Executive Vice Presidents, James Adler, Dan O’Neill, represented the landlord, Blackstone, in the transactions. Cushman &amp; Wakefield’s Jeffrey Skender represented Legacy Professionals and JLL’s Andrea Van Gelder represented Regent Surgical Health.</p><hr /><p>Featured in <a target="_blank" href="https://www.cpexecutive.com/post/nai-hiffman-brings-two-new-tenants-to-il-office-campus/">Commercial Property Executive</a>; <a target="_blank" href="http://www.rejournals.com/NAI-Hiffman-completes-three-offi?feed=articles">REjournals</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=9dU-cecomJE:x6jEGDCLNyI:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Wed, 06 Sep 2017 15:09:00 Z NAI Hiffman NAI Hiffman completes two office leases at Westbrook Corporate Center http://www.hiffmanblog.com/blog/2017/9/8 2017-09-06 15:09 +00:00 2017-09-06 10:09 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59a7104d37c5810de9fdb8d5 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/V3_VqXAiXvg/30 REmark Office REmark: Transaction Activity in Chicago's CBD & Suburban Office Markets &nbsp;&nbsp;<p>The total square footage in the Chicago suburban (128.1 M SF) and CBD (136.1 M SF) office markets are roughly equivalent. There is a misperception that suburban office is the less active market of the two, largely due to the movement of several large corporations from the suburbs to the city over the past three years. Our analyses of leasing activity and net absorption contradict this perception. The suburbs consistently see a higher volume of lease transactions, however the average downtown transaction tends to be about twice the size of an average suburban transaction. Meanwhile, the quarterly difference in net absorption between the two markets has vacillated, but it remains comparable over time.</p> <a href="http://www.hiffmanblog.com/s/REmark-Office-082817.pdf" target="_blank"> <img class="thumb-image" alt="REmark-Office-082817.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59a71075bebafb8b3f431cca/1504122178307/REmark-Office-082817.jpg" data-image-dimensions="1530x1980" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59a71075bebafb8b3f431cca" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59a71075bebafb8b3f431cca/1504122178307/REmark-Office-082817.jpg?format=1000w" /> </a> <h3>Want to learn more? Contact:</h3><p><strong>Amanda Ortiz</strong><br />Director of Research<br />630 693 0645<br /><a href="mailto:aortiz@hiffman.com">aortiz@hiffman.com</a></p><p><strong>Michael Flynn</strong><br />Chief Operating Officer<br />630 690 0600<br /><a target="_blank" href="mailto:mflynn@hiffman.com">mflynn@hiffman.com</a></p>&nbsp;<div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=V3_VqXAiXvg:y6_TtP544VE:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Wed, 30 Aug 2017 19:34:33 Z NAI Hiffman REmark: Transaction Activity in Chicago's CBD & Suburban Office Markets http://www.hiffmanblog.com/blog/2017/8/30 2017-08-30 19:34 +00:00 2017-08-30 14:34 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:599ecdf0be659497eb2a9db4 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/cWkih6z3AAU/24 Press Release NAI Hiffman represents ownership in 410,400-square-foot renewal <img class="thumb-image" alt="IMG_5809.JPG" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/599ed73c893fc0bc9edbbfcd/1503582053481/IMG_5809.JPG" data-image-dimensions="2448x2022" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="599ed73c893fc0bc9edbbfcd" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/599ed73c893fc0bc9edbbfcd/1503582053481/IMG_5809.JPG?format=1000w" /> <p>DEKALB, IL (August 24, 2017) – NAI Hiffman is proud to announce that its Industrial Services team recently completed a 410,400-square-foot lease renewal at 1211 Fairview Drive in Dekalb, Illinois, on behalf of a private ownership entity.</p><p>3M Company (3M) is a technology company that operates through five segments: Industrial; Safety and Graphics; Health Care; Electronics and Energy, and Consumer. The company is a manufacturer and marketer of a range of products and services.</p><p>3M originally occupied the asset in 2007 as a build-to-suit for lease with a term of 10 years. In early 2016, Executive Vice President, John Cash, SIOR; and Vice Presidents, Adam Naparsteck and David Haigh, CCIM, were retained to negotiate the renewal, and thus obtained a favorable agreement, extending the lease an additional five years.</p><p>Located in DeKalb County, 1211 Fairview Drive is a Class A industrial asset is a precast building featuring a 32’ clear height, T-5 light fixtures, ESFR sprinklers and 178 trailer parking spaces.</p><p>NAI Hiffman’s Cash, Naparsteck and Haigh, represented ownership in the lease transaction; CRESA's Mike Gordon represented 3M Company.</p><hr /><p>Featured in <a target="_blank" href="http://www.rejournals.com/Articles/2017/08/28/3M-Company-renews-industrial-lea">REjournals</a>; <a target="_blank" href="https://www.cpexecutive.com/post/nai-hiffman-negotiates-lease-renewal-for-3m/">Commercial Property Executive</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=cWkih6z3AAU:VsUToqrKgME:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Thu, 24 Aug 2017 13:38:32 Z NAI Hiffman NAI Hiffman represents ownership in 410,400-square-foot renewal http://www.hiffmanblog.com/blog/2017/8/24 2017-08-24 13:38 +00:00 2017-08-24 08:38 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:599aeb48f9a61eee6b3e883e http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/Z_j1Ccrr-XY/21 Awards & Honors NAI Hiffman Wins American Inhouse Design Award From Graphic Design USA <img class="thumb-image" alt="aria.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/599aec191e5b6cc138dff02b/1503432753485/aria.jpg" data-image-dimensions="845x612" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="599aec191e5b6cc138dff02b" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/599aec191e5b6cc138dff02b/1503432753485/aria.jpg?format=1000w" /> <p>We are proud to announce that our in-house marketing department has been named a winner of GDUSA’s American Inhouse Design Awards! Every year, <a target="_blank" href="http://gdusa.com/">Graphic Design USA</a> publication recognizes a select number of creatives from in-house departments at corporations, non-profits, associations, media + publishing, and universities. This year, we were part of 15% chosen out of 5,000+ entries.&nbsp;</p><p>This showcase reflects the increasingly expansive ways in which graphic design shapes business and society, products and services, commerce and culture. Winning projects run the gamut from traditional print and packaging to non-traditional internet and interactive, from large creative departments to independent design studios and freelancers, from established stars to rising newcomers, across the country.</p><p>We have been recognized specifically in the Brochures + Collateral category for the marketing materials created for Aria Park Innovation Center, one of the many projects that showcases our creativity in rebranding a property. Congrats to our team for their work creating compelling, creative and innovative materials on behalf of the buildings we represent!</p><p><a target="_blank" href="http://contests.gdusa.com/competitions/2017-american-inhouse-design-awards">Click here to see the full list of winners.</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=Z_j1Ccrr-XY:MaIDYf0bPWU:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Mon, 21 Aug 2017 14:16:35 Z NAI Hiffman NAI Hiffman Wins American Inhouse Design Award From Graphic Design USA http://www.hiffmanblog.com/blog/2017/8/21 2017-08-21 14:16 +00:00 2017-08-21 09:16 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5995a412e6f2e1633ad65271 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/eLh_DKHvCwg/17 Press Release NAI Hiffman’s Higa and Burrows represent Griffith LLC in office building sale <img class="thumb-image" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5995a73c2994ca4285200b16/1502979938417/" data-image-dimensions="2500x1250" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5995a73c2994ca4285200b16" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5995a73c2994ca4285200b16/1502979938417/?format=1000w" /> <p>GRIFFITH, IN (August 17, 2017) -- NAI Hiffman is proud to announce the completion of a building sale on behalf of its client, Griffith LLC. &nbsp;&nbsp;</p><p>A San Marcos, California-based LLC purchased the 25,017 square-foot, single-story office building located at 211 West Ridge Road in Griffith, Indiana, from Griffith LLC in a 1031 exchange and investment transaction. Constructed in 2008, the single-tenant net-leased building is occupied by Chicago-based Valdes Engineering.&nbsp;</p><p>Perry Higa, executive vice president with NAI Hiffman’s Office Services Group, represented Valdes Engineering in the build-to-suit transaction with the developer, Four Columns LTD. Higa, along with Art Burrows, senior vice president with NAI Hiffman’s Investment Services Group, then represented the seller.</p><p>Featured in <a target="_blank" href="https://www.bisnow.com/chicago/news/deal-sheet/this-weeks-chicago-deal-sheet-78058">Bisnow</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=eLh_DKHvCwg:O3EkcWNtxvo:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Thu, 17 Aug 2017 14:26:07 Z NAI Hiffman NAI Hiffman’s Higa and Burrows represent Griffith LLC in office building sale http://www.hiffmanblog.com/blog/2017/8/17 2017-08-17 14:26 +00:00 2017-08-17 09:26 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5992fe207131a54716588983 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/-RnD5NrXlrQ/15-1 Press Release NAI Hiffman represents Old Second National Bank in building sale <img class="thumb-image" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5992fe62a5790acfd0599acb/1502805623299/" data-image-dimensions="2500x1667" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5992fe62a5790acfd0599acb" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5992fe62a5790acfd0599acb/1502805623299/?format=1000w" /> <p>OSWEGO, IL (August 15, 2017) – NAI Hiffman is pleased to announce the recent sale of 1008 Douglas Road in Oswego, Illinois.</p><p>Board of Education of Community Unit School District No. 308 purchased the 4,800-square-foot property from Old Second National Bank in an effort to expand its local services.</p><p>NAI Hiffman Vice President, Adam Johnson, represented the Old Second National Bank, in the sale; Club Group LLC's Karl Kalas represented the Board of Education of Community Unit School District No. 308 in the acquisition.</p><p>Featured in <a target="_blank" href="http://www.dailyherald.com/business/20170815/old-second-national-sells-oswego-site-to-school-district">Daily Herald</a>; <a target="_blank" href="https://www.bisnow.com/chicago/news/deal-sheet/this-weeks-chicago-deal-sheet-77803">Bisnow</a>; <a target="_blank" href="http://rejournals.com/Articles/2017/08/21/NAI-Hiffman-representes-Old-Seco">REjournals</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=-RnD5NrXlrQ:oh5ihtLHXf8:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Tue, 15 Aug 2017 14:00:50 Z NAI Hiffman NAI Hiffman represents Old Second National Bank in building sale http://www.hiffmanblog.com/blog/2017/8/15-1 2017-08-15 14:00 +00:00 2017-08-15 09:00 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5992fd2fbe42d61afe113e96 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/kds_B70s5HE/15 Press Release NAI Hiffman represents furniture distributor in new Chicago lease <p>CHICAGO, IL (August 15, 2017) – NAI Hiffman is proud to announce that G Furniture, Inc. has signed a new lease at 5420 W Roosevelt Road in Chicago.</p><p>NAI Hiffman Executive Vice President, Joe Bronson, SIOR and Associate, Alex Sutterer, represented G Furniture, Inc., a regional furniture distributor of Beverly Furniture.</p><p>Established in 2005 in City of Industry, CA, Beverly Furniture is one of the largest furniture wholesalers in Southern California, with five locations in the U.S. including this Chicago distribution center. The company relocated to its 35,550-square-foot location to improve its access to Chicago and leverage the proximity to I-290.</p><p>Featured in <a target="_blank" href="http://rejournals.com/Articles/2017/08/21/NAI-Hiffman-represents-G-Furnitu">REjournals</a>;&nbsp;<a target="_blank" href="https://www.cpexecutive.com/post/furniture-distribution-company-inks-new-chicago-lease/">Commercial Property Executive</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=kds_B70s5HE:YHU1TmmWJTM:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Tue, 15 Aug 2017 13:58:47 Z NAI Hiffman http://www.hiffmanblog.com/blog/2017/8/15 2017-08-15 13:58 +00:00 2017-08-15 08:58 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:598c8b854c0dbf4ef53dd131 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/xdqasbweQD4/10 Industrial REmark REmark: Spread Between Vacant & Available Space in Chicago's Industrial Market &nbsp;<p>In our latest REmark, we examined the gap between the vacancy and availability rate for each submarket in Chicago. “Vacant space” is unoccupied, while “available space” reflects speculative construction underway, including anticipated inventory due to departing tenants. If this gap is increasing, then supply is outpacing demand. If the rate is decreasing, then demand is outpacing supply.</p><p>We surveyed each Chicago industrial submarket from 2012 to today. During that time period, the average spread was 2.9%, representing the 5-year equilibrium between vacant and available space.</p><p>Leasing activity picked up dramatically at the end of 2012, which caused the spread to drop significantly. As overall vacancy continued to drop, developers recognized a need for new space and construction activity began to increase in 2014 and 2015.</p> <img class="thumb-image" alt="REmark-Industrial-081017-main.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598c8bd837c5811742924519/1502383506973/REmark-Industrial-081017-main.jpg" data-image-dimensions="1173x1518" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="598c8bd837c5811742924519" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598c8bd837c5811742924519/1502383506973/REmark-Industrial-081017-main.jpg?format=1000w" /> <hr /><p>Below,&nbsp;we take a closer look at the performance of the 5 submarkets that have received the most post-recession new construction.</p> <img class="thumb-image" alt="Southeast Wisconsin – Demand began to outpace supply in mid-2012 and developers realized the need for new construction. Deliveries picked up in 2015-2016 and, since the drastic drop, the spread has hovered near the market average for the past 18 months." data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598cd15f03596eaa1065d589/1502401154715/" data-image-dimensions="2500x2500" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="598cd15f03596eaa1065d589" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598cd15f03596eaa1065d589/1502401154715/?format=1000w" /> <p><strong>Southeast Wisconsin</strong> – Demand began to outpace supply in mid-2012 and developers realized the need for new construction. Deliveries picked up in 2015-2016 and, since the drastic drop, the spread has hovered near the market average for the past 18 months.</p> <img class="thumb-image" alt="I-55 Corridor – Of the 5 submarkets listed, the I-55 corridor recorded the highest spread in 2012, but has gradually dropped and continued to hover around the market average since 2014." data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598cd193cf81e025b9e22477/1502401205059/" data-image-dimensions="2500x2500" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="598cd193cf81e025b9e22477" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598cd193cf81e025b9e22477/1502401205059/?format=1000w" /> <p><strong>I-55 Corridor </strong>– Of the 5 submarkets listed, the I-55 corridor recorded the highest spread in 2012, but has gradually dropped and continued to hover around the market average since 2014.</p> <img class="thumb-image" alt="O'Hare - The O’Hare submarket spread has remained above the market average since the beginning of 2012. Even with strong leasing activity, the amount of functionally obsolete space in the submarket keeps the availability rate high." data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598cd1b7db29d6de930fdd77/1502401213914/" data-image-dimensions="2500x2500" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="598cd1b7db29d6de930fdd77" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598cd1b7db29d6de930fdd77/1502401213914/?format=1000w" /> <p><strong>O'Hare </strong>- The O’Hare submarket spread has remained above the market average since the beginning of 2012. Even with strong leasing activity, the amount of functionally obsolete space in the submarket keeps the availability rate high.</p> <img class="thumb-image" alt="I-80/Joliet Corridor – Construction deliveries picked up in the I-80/Joliet corridor at the beginning of 2015 and, since then, the demand has drastically outpaced supply with strong leasing activity for the past 6 quarters. " data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598cd185d2b8579179e96528/1502400908422/" data-image-dimensions="2500x2500" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="598cd185d2b8579179e96528" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598cd185d2b8579179e96528/1502400908422/?format=1000w" /> <p><strong>I-80/Joliet Corridor</strong> – Construction deliveries picked up in the I-80/Joliet corridor at the beginning of 2015 and, since then, the demand has drastically outpaced supply with strong leasing activity for the past 6 quarters.&nbsp;</p> <img class="thumb-image" alt="I-88 Corridor - Historically the I-88 Corridor has remained below the market average, but with new construction deliveries in 2016 it peaked above the market average as it took a couple of quarters for leasing activity to catch up. With no new deliveries in 2017, the spread is now trending downwards again." data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598cd1a615d5db9fd428418c/1502401209149/" data-image-dimensions="2500x2500" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="598cd1a615d5db9fd428418c" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598cd1a615d5db9fd428418c/1502401209149/?format=1000w" /> <p><strong>I-88 Corridor</strong> - Historically the I-88 Corridor has remained below the market average, but with new construction deliveries in 2016 it peaked above the market average as it took a couple of quarters for leasing activity to catch up. With no new deliveries in 2017, the spread is now trending downwards again.</p> <hr /><h3>To learn more, contact:</h3><p><strong>Amanda Ortiz</strong><br />Director of Research<br />630 693 0645<br /><a href="mailto:aortiz@hiffman.com">aortiz@hiffman.com</a></p><p><strong>Michael Flynn</strong><br />Chief Operating Officer<br />630 690 0600<br /><a href="mailto:mflynn@hiffman.com">mflynn@hiffman.com</a><br /> </p>&nbsp;<div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=xdqasbweQD4:EUWgnQaWV4A:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Fri, 11 Aug 2017 19:15:22 Z NAI Hiffman REmark: Spread Between Vacant & Available Space in Chicago's Industrial Market http://www.hiffmanblog.com/blog/2017/8/10 2017-08-11 19:15 +00:00 2017-08-11 14:15 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:598323b92994ca751a29e3d0 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/qsNxiZ1F6Tw/3 Press Release New Hires & Promotions NAI Hiffman promotes John Whitehead to Executive Vice President <img class="thumb-image" alt="John Whitehead" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598323edd2b857863ef3b34d/1502123315440/whitehead_john.jpg" data-image-dimensions="1680x2240" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="598323edd2b857863ef3b34d" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/598323edd2b857863ef3b34d/1502123315440/whitehead_john.jpg?format=1000w" /> <p>John Whitehead</p> <p>OAKBROOK TERRACE, IL (August 3, 2017) – NAI Hiffman is pleased to announce the promotion of John Whitehead from Senior Vice President to Executive Vice President; he has also been named as the newest shareholder for the firm. John joined NAI Hiffman’s Industrial Services group in 2005.</p><p>“We are pleased to honor John’s hard work and success with a promotion to Executive Vice President and shareholder status,” said Michael Flynn, COO of NAI Hiffman. “His energy and passion are evident every day, both to the firm and his clients.”</p><p>John represents property owners, tenants and buyers in the greater Chicagoland area, helping to create real estate solutions and supporting business strategies. His primary areas of focus include west and southwest suburban industrial markets. In his career, John has completed more than 130 transactions, totaling more than 5 million square feet and nearly $150 million in value.</p><p>Companies that John has represented in sale and lease transactions include ML Realty, DCT, Silgan, COM2 Recycling Solutions, and Cadence Premier Logistics, among others. Recent success highlights include Heritage Crossing, a 228- acre business park in Lockport, where John completed more than 1,170,000 square feet in transactions in 2016, leading the developer to build an additional 845,000 square feet of new product, which is scheduled to come online Q3 2017.</p><p>John gained exposure to the field of real estate working as an Associate in the industrial real estate division for The Staubach Company for three years, prior to joining NAI Hiffman.</p><p>John is a graduate of Regis University and is a member of the Association of Industrial Real Estate Brokers (AIRE).</p><hr /><p>Featured in <a target="_blank" href="http://www.rejournals.com/Articles/2017/08/03/NAI-Hiffman-promotes-John-Whiteh">REjournals</a>; <a target="_blank" href="http://www.dailyherald.com/business/20170803/nai-hiffman-promotes-whitehead-to-executive-vice-president">DailyHerald</a>; <a target="_blank" href="https://www.bisnow.com/chicago/news/deal-sheet/this-weeks-chicago-deal-sheet-77500">Bisnow</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=qsNxiZ1F6Tw:NJX3fMQERB0:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Thu, 03 Aug 2017 13:25:28 Z NAI Hiffman NAI Hiffman promotes John Whitehead to Executive Vice President http://www.hiffmanblog.com/blog/2017/8/3 2017-08-03 13:25 +00:00 2017-08-03 08:25 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:596e23b1db29d6567ab2e7ff http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/UWgk7zMDvWw/18 Press Release NAI Hiffman’s Disser, Freitag represent Reliable Mobile Service in sale <img class="thumb-image" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59df910903596ee71325a6b0/1507823915316/" data-image-dimensions="1240x546" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59df910903596ee71325a6b0" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59df910903596ee71325a6b0/1507823915316/?format=1000w" /> <p>ADDISON, IL (July 18, 2017) NAI Hiffman is pleased to announce the recent sale of 1698 Cortland Court in Addison, Illinois.</p><p>Dickinson Fleet Service (DFS) purchased the 7,000-square-foot property from a private business/real estate owner as part of its acquisition of the Reliable Mobile Service (RMS) operating company.</p><p>The real estate asset is strategic for the ongoing business and continued operations of DFS.&nbsp; Prior to discussions between RMS’ ownership and DFS, the NAI Hiffman team of Kelly Disser and Mike Freitag had been hired to market the sale of the real estate and had generated significant interest from a variety of third-party prospects.</p><p>With the potential for the sale of the business and real estate to DFS, it was clear that leveraging the interest by these other parties would drive value for the asset. Numerous offers had been received which created an opportunity for RMS to better identify the value of the real estate being sold as part of a larger sale.&nbsp;</p><p>“This outcome is a great success for our organization and the role that NAI Hiffman played in adding value to the disposition strategy is commendable,” said RMS owner, Walt Kobs.&nbsp;</p><p>Dickinson Fleet Service will continue to the operate the facility and benefit from the unique factors that 1698 Cortland possesses, including: approved repair-related use, a large land site, tripe catch basins under roof, and immediate proximity to I-355.</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=UWgk7zMDvWw:ZLJ6uXjyULk:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Tue, 18 Jul 2017 15:06:10 Z NAI Hiffman NAI Hiffman’s Disser, Freitag represent Reliable Mobile Service in sale http://www.hiffmanblog.com/blog/2017/7/18 2017-07-18 15:06 +00:00 2017-07-18 10:06 -05:00