Company News 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5a2ec1f98165f502b9eddec9 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/fpMBCVyYHF4/11 Press Release NAI Hiffman’s Whitehead, Fischer complete large industrial lease in Aurora <img class="thumb-image" alt="2176 Diehl.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2ec24c652dea07224a4090/1513013842745/2176+Diehl.jpg" data-image-dimensions="1429x784" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a2ec24c652dea07224a4090" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2ec24c652dea07224a4090/1513013842745/2176+Diehl.jpg?format=1000w" /> <p>AURORA, IL (December 11, 2017) NAI Hiffman is proud to announce that it has completed a 247,360-square-foot office and warehouse lease at 2176 Diehl Road in Aurora, Illinois.</p><p>The NAI Hiffman Industrial Services team of Executive Vice Presidents, John Whitehead and Jeff Fischer, represented the landlord, DCT Industrial Trust, in the transaction. Podolsky|Circle CORFAC International’s Steven Tick, SIOR, and Steven Podolsky, SIOR represented the tenant, a large, international third-party logistics provider.</p><p>Situated on 18.9 acres along I-88 and Eola Road, 2176 Diehl Road totals 363,375 square feet and features 32’ clear height, 204 parking spaces, 59 secured trailer stalls, ESFR sprinklers, 1 drive-in door and 34 exterior docks with levelators.</p><p>Featured in <a target="_blank" href="http://rejournals.com/articles/2017/12/12/nai-hiffman-closes-big-lease-in-aurora">Rejournals</a>; <a target="_blank" href="https://www.cpexecutive.com/post/nai-hiffman-brokers-250-ksf-warehouse-lease/">Commercial Property Executive</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=fpMBCVyYHF4:AZiYc5a70g4:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Mon, 11 Dec 2017 17:37:50 Z NAI Hiffman NAI Hiffman’s Whitehead, Fischer complete large industrial lease in Aurora http://www.hiffmanblog.com/blog/2017/12/11 2017-12-11 17:37 +00:00 2017-12-11 11:37 -06:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5a2da12424a69493b8315d88 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/gZlIGqZGK4E/maher-mcdonalds-oakbrook Emerging Leaders Office What's Ahead for McDonald's Former Oak Brook Headquarters? &nbsp;<p class="text-align-center">By Ryan Maher - Associate, NAI Hiffman Office Services</p><p>Almost everyone in Chicagoland has heard the news that McDonald's is leaving its Oak Brook headquarters in 2018 and migrating to Chicago’s Fulton Market District. What’s less talked about is what will happen to the 100 acres being left behind. This massive amount of Oak Brook real estate owned by the fast-food giant includes McDonald's Plaza, McDonald's Campus Office, Hamburger University, 711 Jorie (which was recently sold), and 20 acres of land currently being used as soccer fields by the Oak Brook Park District</p>&nbsp;<img src="//cdn.thinglink.me/api/image/994662410038018050/1024/10/scaletowidth#tl-994662410038018050;'" class="alwaysThinglink"/>&nbsp;<h3 class="text-align-center">MCDONALD'S PLAZA</h3> <img class="thumb-image" alt="image04.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2da12424a69493b8315d82/1512674223279/image04.jpg" data-image-dimensions="1000x707" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a2da12424a69493b8315d82" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2da12424a69493b8315d82/1512674223279/image04.jpg?format=1000w" /> <ul><li>This office building on the northeast corner of 22nd St and Spring Road is likely to be redeveloped into mixed use and may include office, retail, hotel, and possible multifamily.&nbsp;</li><li>The retail McDonald’s restaurant and Gibson’s Steak House were developed under a land lease and any change in ownership of the site will have to contemplate these establishments.</li><li>Should a party buy the property and intend to keep it as office space, there would need to be significant structural and interior modifications to the building in order to make it relevant in today’s marketplace. It is challenged by today's standards due to inefficient floorplates, the lack of modern amenities, a below market parking ratio, an obstructed window line, and possible code compliance issues.&nbsp;</li><li>Even though the likely decision will be to demolish McDonald's Plaza, there is a notion that a brave user or investor could redevelop it into a Class A office property. Such entities will need to keep in mind that while some large companies like McDonald's have been moving downtown; &nbsp;in order to compete with neighboring properties for the quality tenants that continue to embrace the Oak Brook marketplace the competition has &nbsp;been actively amenitizing &nbsp;their buildings in a similar fashion to the city.</li></ul><hr /><h3 class="text-align-center">711 JORIE BOULEVARD</h3> <img class="thumb-image" alt="image01.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2da12424a69493b8315d84/1512674314541/image01.jpg" data-image-dimensions="1000x707" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a2da12424a69493b8315d84" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2da12424a69493b8315d84/1512674314541/image01.jpg?format=1000w" /> <ul><li>Recently acquired by Exeter Property Group out of Philadelphia, 711 Jorie is a prime example of how investors can acquire Class B office buildings in the Oak Brook area with the intent to convert to Class A.&nbsp;</li><li>Oak Brook’s vacancy rates in true Class A buildings are at 8.3% (based off of 3.48M SF of Class A Oak Brook space), the lowest they have been since the Great Recession. Rental rates in these buildings are also at an all-time high.</li></ul><hr /><h3 class="text-align-center">Hamburger University &amp; McDonald's Campus Office</h3> <img class="thumb-image" alt="image02.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2da12424a69493b8315d86/1512674455925/image02.jpg" data-image-dimensions="1000x707" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a2da12424a69493b8315d86" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2da12424a69493b8315d86/1512674455925/image02.jpg?format=1000w" /> <ul><li>This campus spans across more than 70 acres and could be a redevelopment for residential, hospital/medical, multifamily, educational or a new headquarters site. The recently renovated Hyatt Lodge will come with the site and has confirmed bookings over the next 2 years. There are several parties who have expressed sincere interest in the site including medical users, local real estate developers (such as Inland Real Estate), and neighboring user groups.<ul><li>As depicted in the map below, there are a number of hospital groups in the area who may find a use for the site for related outpatient services or back office needs.</li></ul></li></ul><p><iframe src="https://batchgeo.com/map/5b7f7496e2f994ed23a49aed9c222245" width="100%" frameborder="0" height="550"></iframe></p><p><small>View <a href="https://batchgeo.com/map/5b7f7496e2f994ed23a49aed9c222245">McDonald's Oak Brook Site - Distance to Hospitals</a> in a full screen map</small></p><ul><li>While currently an active segment in most suburbs,&nbsp;multifamily apartments are not likely to be approved by The Village of Oak Brook.</li><li>Office buildings fronting on Jorie could be a viable option. NAI Hiffman’s leasing team has experienced 500,000 SF worth of leasing activity in nearby Oak Brook office space in the last few years</li><li>It is also interesting to note that this site, in conjunction with McDonald's Plaza, was included in the bid for Amazon's HQ2.</li></ul><hr /><h3 class="text-align-center">20-Acre Land Parcel</h3><p>Originally rumored to be donated to Oak Brook by McDonald's; the land is currently being used as soccer fields.</p><hr /><h3 class="text-align-center">MACRO IMPACT</h3><ul><li>With several suburban companies consolidating downtown, large blocks of space have become available over the last few years. Many of these large blocks of space have been released or acquired by new users or investors:<ul><li>As discussed above, when McDonald's released 711 Jorie to the market it was acquired by Exeter Property Group.&nbsp;</li><li>Sara Lee moved downtown and left 441,000 SF available at Esplanade II, a Class A building in Downers Grove. This large block was quickly backfilled by multiple tenants.&nbsp;</li><li>When Kraft Heinz decided to make the move southeast to the city, their 679,000 SF headquarters in Northfield was almost immediately backfilled by Medline Industries of Mundelein.&nbsp;</li><li>Caterpillar signed a lease for its new headquarters in Deerfield at a space that had been vacated by Beam Suntory.<br /> </li></ul></li><li>There has been a great deal of public attention focused on the suburban office market as of recently and the following properties are hoping to ride the wave of success:<ul><li>AT&amp;T’s 1.6M SF former headquarters in Hoffman Estates is expected to transact in the first half of 2018.</li><li>AON’s 400,000 SF Glenview headquarters has reportedly selected a buyer which plans a conversion to mixed-use residential.</li><li>Office Max vacated 354,000 SF in Naperville and their building is expected to hit the market the first half of 2018.&nbsp;<br /> </li></ul></li><li>Most real estate investors consider the Oak Brook market extremely attractive due to its low tax base, proximity to downtown Chicago, I-294 &amp; O’Hare Airport. Class A rents are at an all-time high in buildings around the mall. In the last three years alone, Oak Brook has seen more build-to-suit office activity than any other suburban Chicago marketplace. These build-to-suits include: Duchossois Group (225,000 SF), Rush Orthopedics (100,000 SF), Hub Group (130,000 SF) and Hub also acquired an eleven-acre parcel on York Road for additional growth. A strong market and a lack of land inventory in a prime, Oak Brook location should bode well for the future development of the McDonalds properties.</li></ul><hr /><h3 class="text-align-center"><strong>WANT TO LEARN MORE MORE? CONTACT:</strong></h3><p class="text-align-center">Ryan Maher<br />rmaher@hiffman.com<br />630-693-0677<br /><a target="_blank" href="https://www.linkedin.com/in/ryan-maher-70868586/">LinkedIn</a></p>&nbsp;<div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=gZlIGqZGK4E:RpIbZNADmDA:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Sun, 10 Dec 2017 21:06:33 Z NAI Hiffman What's Ahead for McDonald's Former Oak Brook Headquarters? http://www.hiffmanblog.com/blog/maher-mcdonalds-oakbrook 2017-12-10 21:06 +00:00 2017-12-10 15:06 -06:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5a29757e652dea8da4d97d42 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/y8pVHuWckCg/7-1 Events Awards & Honors NAI Hiffman wins two Property Management TOBY Awards <p>We are proud to announce that our Property Management Services Team was awarded two TOBY (The Outstanding Building of the Year) Awards by BOMA Suburban Chicago. NAI Hiffman's winning teams were honored for their exceptional work and building standards. Those included:&nbsp;</p><p><strong>Naperville Woods Office Center, Naperville</strong><br />Category: Suburban Office Park – Low-Rise<br />Team: John Willis, Building Engineer; Tom Murphy, Vice President/GM; JenniferLewand, Assistant Property Manager; Julie Lee, Senior Property Manager; Scott Wilson, Chief Engineer; Ed Justic, Building Engineer</p> <img class="thumb-image" alt="IMG_6682.JPG" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a29777624a6940bc4baf76b/1512667129755/IMG_6682.JPG" data-image-dimensions="2500x1267" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a29777624a6940bc4baf76b" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a29777624a6940bc4baf76b/1512667129755/IMG_6682.JPG?format=1000w" /> <p><strong>Edens, Northbrook</strong><br />Category: 100,000 to 249,999 SF<br />Team: Rudy Ricardo, Building Engineer; Elizabeth O’Connor, Property Manager; Isaac Martinez, Day Porter; Lynn Zbierski, Property Assistant; &amp; Tom Murphy, Vice President/General Manager</p> <img class="thumb-image" alt="Exterior 1.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2976cc0d92977bfdc0e11a/1512666850094/Exterior+1.jpg" data-image-dimensions="2500x1964" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a2976cc0d92977bfdc0e11a" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2976cc0d92977bfdc0e11a/1512666850094/Exterior+1.jpg?format=1000w" /> <p>The TOBY Award is the most prestigious and comprehensive program of its kind in property management. All facets of the building’s operations are thoroughly evaluated during the judging process, including tenant relations programs, preventative maintenance, community involvement, emergency preparedness, energy conservation and continuing education for building personnel.&nbsp;</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=y8pVHuWckCg:AcZO7pJVATQ:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Thu, 07 Dec 2017 17:20:33 Z NAI Hiffman NAI Hiffman wins two Property Management TOBY Awards http://www.hiffmanblog.com/blog/2017/12/7-1 2017-12-07 17:20 +00:00 2017-12-07 11:20 -06:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5a296935c8302561a0e68b9d http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/Q3ooMQrYFXY/7 Industrial NAI Hiffman represents Transwestern Investment Group in 161,740 SF Industrial building sale in Bridgeview <p>BRIDGEVIEW, IL (November 29, 2017) – NAI Hiffman is pleased to announce the recent sale of 7400-7420 Richards Road in Bridgeview, Illinois.</p><p>Rex Carton Company, a large manufacturer of corrugated boxes, POP displays and custom shipping containers, acquired the 161,740-square-foot property from Transwestern Investment Group in an effort to accommodate company growth.</p><p>The property is conveniently situated along the I-294 full interchange at 95th Street and features: 18 exterior docks, 1 drive-in door, 24’ clear height, wet sprinkler system, and 60 car parking spaces with ability to expand.</p><p>NAI Hiffman Executive Vice President, Chris Gary, and Vice President, Jay Maher, represented Transwestern Investment Group in its sale to Rex Carton Company. Darwin Realty &amp; Development Corp.'s Adam Haefner represented the buyer, Rex Carton Company, in its acquisition.</p><p> </p><p>Featured in <a target="_blank" href="https://www.cpexecutive.com/post/nai-hiffman-assists-transwestern-in-trading-il-warehouse/">Chicago Property Executive</a>; <a target="_blank" href="https://www.bisnow.com/chicago/news/deal-sheet/this-weeks-chicago-deal-sheet-82538">Bisnow</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=Q3ooMQrYFXY:x8qdkh4EFTg:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Thu, 07 Dec 2017 16:16:20 Z NAI Hiffman http://www.hiffmanblog.com/blog/2017/12/7 2017-12-07 16:16 +00:00 2017-12-07 10:16 -06:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5a2837a0652dea6f2791550f http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/N4g51KLh2vk/6 Industrial Office REmark Research REmark: Percentage of Functionally Obsolete Buildings in the Chicago Market &nbsp;<p>There’s been a lot of talk in recent years about how the shift of tenant requirements has rendered some vacant buildings as “functionally obsolete”. For industrial properties, these factors could be ceiling heights, car or trailer parking, dock doors, or column spacing, among others. For office space considerations include parking, amenities, modern finishes, car parking, and inefficient floor plans. We wondered, just how much space currently on the market could be considered functionally obsolete? Our criteria included completely vacant buildings, built prior to 2000, and that have been available for more than 4 years despite the recovering economy and a tightening of available space. Take a look at the numbers below:</p> <a href="http://www.hiffmanblog.com/s/REmark-Dec-2017.pdf" target="_blank"> <img class="thumb-image" alt="REmark-Dec-2017" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2837c353450aeceb4af6a4/1512585907623/REmark-Dec-2017" data-image-dimensions="2500x3236" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a2837c353450aeceb4af6a4" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a2837c353450aeceb4af6a4/1512585907623/REmark-Dec-2017?format=1000w" /> </a> <h3 class="text-align-center">WANT TO LEARN MORE? CONTACT:</h3><p class="text-align-center">Amanda Ortiz<br />Director of Research<br />630 693 0645<br />aortiz@hiffman.com</p>&nbsp;<div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=N4g51KLh2vk:MKlRYhh7HRc:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Wed, 06 Dec 2017 18:34:38 Z NAI Hiffman REmark: Percentage of Functionally Obsolete Buildings in the Chicago Market http://www.hiffmanblog.com/blog/2017/12/6 2017-12-06 18:34 +00:00 2017-12-06 12:34 -06:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5a0f50f424a6948968733e70 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/8QvIeuuifJw/17 NAI Hiffman’s Van Zandt, Edgerton represent owner in two lease transactions in Lombard <img class="thumb-image" alt="IMG_6758 edit.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a0f51ea53450a3e59fa6548/1510953493444/IMG_6758+edit.jpg" data-image-dimensions="2500x1667" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a0f51ea53450a3e59fa6548" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a0f51ea53450a3e59fa6548/1510953493444/IMG_6758+edit.jpg?format=1000w" /> <p>LOMBARD, IL (November 17, 2017) – NAI Hiffman is proud to announce that Travelers Insurance has completed three lease transactions at its owned asset, Butterfield Centre, a 271,000 square-foot office complex located at 700 and 720 Butterfield Road in Lombard, Illinois.</p><p>In the first transaction, Strategic Capital Investment Advisors, Inc., plans to remain its space at 700 Butterfield Road and expand to a total of 4,822 square feet at the building. The investment advisory firm provides financial planning, portfolio structuring, and asset allocation services to high net worth families, individual family members, and trusts.</p><p>Also at Butterfield Centre, Explorer Market Research Corporation, a leading behavioral research firm, has signed a new lease at the 720 Butterfield building for 7,604 square feet. Jason Schultz with the J. Rich Company, represented Explorer Market Research Corporation in the transaction.</p><p>Finally, Performance Services, design and construction company, recently leased a 7,361-square-foot space in the 700 East Butterfield building. Performance Services was represented by David Ven Horst of Tenant Advisors. The completion of these transactions brings the building’s current occupancy to 98.8 percent.</p><p>Located in Eastern East West Corridor, Butterfield Centre features on-site food service and catering, fitness and conference rooms, multiple fiber providers, covered parking and property management.&nbsp;One 3,387-square-foot space remains available for lease.&nbsp;</p><p>NAI Hiffman Executive Vice President, Mike Van Zandt, and Vice President, Brian Edgerton, with the firm’s Office Services group represented the Travelers Insurance<strong> </strong>in the lease transactions.</p><hr /><p>Featured in <a target="_blank" href="http://www.dhbusinessledger.com/business/20171120/nai-hiffman-completes-lombard-leases">Daily Herald</a>; <a target="_blank" href="https://www.cpexecutive.com/post/nai-hiffman-negotiates-new-leases-at-il-office-building/">Commercial Property Executive</a></p><p> </p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=8QvIeuuifJw:N-AoHLZm4C0:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Fri, 17 Nov 2017 21:19:02 Z NAI Hiffman NAI Hiffman’s Van Zandt, Edgerton represent owner in two lease transactions in Lombard http://www.hiffmanblog.com/blog/2017/11/17 2017-11-17 21:19 +00:00 2017-11-17 15:19 -06:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5a0e5924419202f34490ac03 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/wbX80Prt-6o/naiop-chicago-2017-awards Awards & Honors NAI Hiffman takes home Suburban Broker Transaction of the Year & Property Management Firm of the Year at NAIOP Chicago's 2017 Award Ceremony <img class="thumb-image" alt="NAIOP17_Date-768x432.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a0f248bec212d1967157866/1510941844996/NAIOP17_Date-768x432.jpg" data-image-dimensions="768x432" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a0f248bec212d1967157866" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a0f248bec212d1967157866/1510941844996/NAIOP17_Date-768x432.jpg?format=1000w" /> <img class="thumb-image" alt="NAIOP-Flynn.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a0f24afe4966b768be50417/1510941911923/NAIOP-Flynn.jpg" data-image-dimensions="1875x1352" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a0f24afe4966b768be50417" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a0f24afe4966b768be50417/1510941911923/NAIOP-Flynn.jpg?format=1000w" /> <p>We are proud to share that NAI Hiffman took home Property Management Firm of the Year for the second consecutive year and Executive Vice Presidents Jim Adler &amp; Dan O'Neill won the Office Broker of the Year (Suburban Office)&nbsp;at last night's NAIOP Chicago 30th Annual Awards for Excellence ceremony.&nbsp;Congratulations to all award finalists and winners and a big thank you to all of our valued clients, partners, and employees - thanks for another incredible year! <a target="_blank" href="http://www.naiopchicago.org/awards/2017-awards-for-excellene-winners/">Click here</a>&nbsp;to see a full list of winners.</p><h3>Broker Transaction of the Year – Suburban Office</h3><p><a target="_blank" href="http://www.chicagobusiness.com/realestate/20160712/CRED03/160719956/wilton-brands-lease-is-icing-on-the-cake-for-naperville-building-owner"><strong>Wilton Brands at 535 E. Diehl Road, Naperville, IL</strong></a><br /><strong>Landlord Seller Brokers</strong>: James Adler and Dan O'Neill, NAI Hiffman<br /><strong>Tenant Buyer Broker</strong>: Gary Fazzio, CBRE<br /><strong>Total Transaction Value</strong>: $14,552,759<br /><strong>Total Project Square Footage</strong>: 86,111</p><p>One of the largest suburban office relocations of the year, Wilton Brands was a complex consolidation of four separate facilities into one location, which will provide the firm with enhanced office space and an elevated image in the market. After a detailed assessment of the company's current employee base, it was determined that Naperville offered the greatest convenience and right economics for Wilton. With the deal, the firm built out a new state-of the-art test kitchen for its products and made substantial space improvements with branded offices that will position the firm for strong recruitment and retention for years to come.</p><h3>Property Management Firm of the Year</h3><p><strong>Company Total Square Footage as of June 30, 2016</strong>: 54,400,000<br /><strong>Company Total Square Footage as of June 30, 2017</strong>: 77,800,000</p><p>NAI Hiffman is the largest third-party management services provider in the Chicagoland commercial real estate industry. With its integrated high-tech management and leasing platform and high-level expertise, NAI Hiffman's unique brand stands out with its differentiating approach for each market sector and consistency in delivering the best quality of services to its clientele. Its management portfolio continues to expand rapidly, from 6.4M s.f. in 2006 to now overseeing 77.8M s.f. of industrial, office and retail assets today. In the last year alone, NAI Hiffman has taken over management of more than 70 assets totaling over 13M s.f.</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=wbX80Prt-6o:-XX1ks8o8T0:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Fri, 17 Nov 2017 18:16:11 Z NAI Hiffman NAI Hiffman takes home Suburban Broker Transaction of the Year & Property Management Firm of the Year at NAIOP Chicago's 2017 Award Ceremony http://www.hiffmanblog.com/blog/naiop-chicago-2017-awards 2017-11-17 18:16 +00:00 2017-11-17 12:16 -06:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5a062f7ae2c483d6cb30cb00 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/KIAbRYn41m4/north-northwest-trophy-class-a-shane-murphy Office Emerging Leaders Trophy vs. Class A Office in the North & Northwest Suburban Markets: Where Are Tenants Going? <p class="text-align-center">By Shane Murphy - Associate, NAI Hiffman Office Services</p>&nbsp;<h2 class="text-align-center">OVERVIEW</h2><p>Office buildings can range from low to high-end, to even higher end, based on age of the building, technological capabilities, HVAC system quality, location, maintenance, and amenities.</p>&nbsp; <img class="thumb-image" alt="trophy.png" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a062f7ae2c483d6cb30caf8/1510093762385/trophy.png" data-image-dimensions="512x512" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a062f7ae2c483d6cb30caf8" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a062f7ae2c483d6cb30caf8/1510093762385/trophy.png?format=1000w" /> &nbsp; <img class="thumb-image" alt="offices.png" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a062f7ae2c483d6cb30cafa/1510093772734/offices.png" data-image-dimensions="512x513" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a062f7ae2c483d6cb30cafa" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a062f7ae2c483d6cb30cafa/1510093772734/offices.png?format=1000w" /> &nbsp;<p class="text-align-center"><strong>TROPHY</strong></p><p>Trophy buildings fall into a small, unofficial class of investment-grade properties that lead the industry in utilizing cutting-edge technology, high-end design, polished finishes, stand-out architecture and environmental sustainability.</p><p class="text-align-center"><strong>CLASS A</strong></p><p>Class A properties are the second tier of spaces competing for premier office tenants, in central locations, with top notch characteristics. These are well-capitalized or institutionally owned properties that are not quite the profile and total package of trophy buildings, but have enhanced tenant experiences, putting them into the Class A category.</p><p>While demand for trophy office buildings has historically led the market out of market dips, with the maturity of the economic recovery we are seeing an increase in companies leasing and renewing big blocks of Class A space instead. With the addition of new and unique tenant amenities, programs, and events, <strong>Class A office activity has begun to outpace Trophy absorption in Chicago's North and Northwest Suburban office markets.&nbsp;&nbsp;</strong></p><hr /><h2 class="text-align-center">RESEARCH</h2> <img class="thumb-image" alt="north trophy stats.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a062f7ae2c483d6cb30cafc/1510354631251/north+trophy+stats.jpg" data-image-dimensions="500x376" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a062f7ae2c483d6cb30cafc" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a062f7ae2c483d6cb30cafc/1510354631251/north+trophy+stats.jpg?format=1000w" /> <img class="thumb-image" alt="northwest trophy stats.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a062f7ae2c483d6cb30cafe/1510354625734/northwest+trophy+stats.jpg" data-image-dimensions="500x376" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a062f7ae2c483d6cb30cafe" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a062f7ae2c483d6cb30cafe/1510354625734/northwest+trophy+stats.jpg?format=1000w" /> <p>The North Suburban office market is made up of nearly 17.5 million SF of Class A office buildings with the Northwest Suburban market adding an additional 18.4 million square feet of Class A office buildings.&nbsp; Looking at the most recent 15,000 + SF lease transactions in the North and Northwest markets, only 28.4% have transacted at Trophy buildings.&nbsp; &nbsp;</p><p>Some of these recent major Trophy and Class A transactions include:</p> <img class="thumb-image" alt="Caterpillar, Inc. " data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a00909a652dea49c0cbb982/1510764256795/2+corporate+500.jpg" data-image-dimensions="2500x1629" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a00909a652dea49c0cbb982" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a00909a652dea49c0cbb982/1510764256795/2+corporate+500.jpg?format=1000w" /><br> Caterpillar, Inc. <p>116,071 SF new lease</p><p>Corporate 500<br />510 Lake Cook Rd, Deerfield<br />North Suburban Submarket</p> <img class="thumb-image" alt="Hospira" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a6df9619a1bb0be0f19/1510354078706/1+600+n+field+-+hospira.jpg" data-image-dimensions="2500x1390" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a062a6df9619a1bb0be0f19" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a6df9619a1bb0be0f19/1510354078706/1+600+n+field+-+hospira.jpg?format=1000w" /><br> Hospira <p>137,498 SF lease renewal</p><p>Lake Forest Corporate Center<br />600 N Field Dr, Lake Forest<br />North Suburban Submarket</p> <img class="thumb-image" alt="Vyaire Medical" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a6d8165f51550051dde/1510354087858/2+26125+n+riverwods+-+vyaire+med.jpg" data-image-dimensions="2500x1894" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a062a6d8165f51550051dde" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a6d8165f51550051dde/1510354087858/2+26125+n+riverwods+-+vyaire+med.jpg?format=1000w" /><br> Vyaire Medical <p>96,360 SF new lease</p><p>Woodland Falls Corporate Center<br />26125 N Riverwoods Blvd, Mettawa<br />North Suburban Submarket</p> <img class="thumb-image" alt="ISACA" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a7f41920291502edf3b/1510354708913/3+-+1700+e+golf+-+ISACA.jpg" data-image-dimensions="2500x1740" data-image-focal-point="0.49740932642487046,0.6864583333333333" data-load="false" data-image-id="5a062a7f41920291502edf3b" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a7f41920291502edf3b/1510354708913/3+-+1700+e+golf+-+ISACA.jpg?format=1000w" /><br> ISACA <p>45,245 SF new lease</p><p>Two Century Centre<br />1700 E Golf Rd, Schaumburg <br />Northwest Suburban Submarket &nbsp;<br /> </p> <img class="thumb-image" alt="Swiss Re" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a83ec212d11314644c5/1510354713650/4+-+1450+american+-+swiss+re.jpg" data-image-dimensions="1178x844" data-image-focal-point="0.49740932642487046,0.5369829136690647" data-load="false" data-image-id="5a062a83ec212d11314644c5" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a83ec212d11314644c5/1510354713650/4+-+1450+american+-+swiss+re.jpg?format=1000w" /><br> Swiss Re <p>33,757 SF new lease</p><p>Zurich Towers II<br />1450 American Ln, Schaumburg<br />Northwest Suburban Submarket</p> <img class="thumb-image" alt="STMicroelectronics" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a84e4966b7f02574e8e/1510354121358/5++200+N.+Martingale+-+STMicroelectronics.jpg" data-image-dimensions="2500x1674" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a062a84e4966b7f02574e8e" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a84e4966b7f02574e8e/1510354121358/5++200+N.+Martingale+-+STMicroelectronics.jpg?format=1000w" /><br> STMicroelectronics <p>15,028 SF new lease</p><p>200 N Martingale Rd, Schaumburg<br />Northwest Suburban Submarket</p><p> </p> <img class="thumb-image" alt="Jewel Osco, Inc." data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a87f9619a1bb0be16f4/1510354144977/6++150+E.+Pierce+-+Jewel.jpg" data-image-dimensions="2500x2051" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a062a87f9619a1bb0be16f4" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a87f9619a1bb0be16f4/1510354144977/6++150+E.+Pierce+-+Jewel.jpg?format=1000w" /><br> Jewel Osco, Inc. <p>68,500 SF lease renewal</p><p>150 E Pierce Rd, Itasca<br />Northwest Suburban Submarket</p> <img class="thumb-image" alt="Old World Industries, LLC" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a8a53450af07c6a0af7/1510353956691/7+-+3100+sanders+-+old+world+industries.jpg" data-image-dimensions="2500x1667" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a062a8a53450af07c6a0af7" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a8a53450af07c6a0af7/1510353956691/7+-+3100+sanders+-+old+world+industries.jpg?format=1000w" /><br> Old World Industries, LLC <p>163,982 SF new lease</p><p>3100 Sanders Rd,&nbsp;Northbrook<br />North Suburban Submarket</p> <img class="thumb-image" alt="ZS Associates, Inc." data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a90652deab98d0ce2b8/1510354717155/8+-+1560+sherman+-+ZA+Associates.jpg" data-image-dimensions="2500x2094" data-image-focal-point="0.49740932642487046,0.8779114906832298" data-load="false" data-image-id="5a062a90652deab98d0ce2b8" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a90652deab98d0ce2b8/1510354717155/8+-+1560+sherman+-+ZA+Associates.jpg?format=1000w" /><br> ZS Associates, Inc. <p>47,000 SF new lease</p><p>One Rotary Center<br />1560 Sherman Ave, Evanston<br />North Suburban Submarket</p> <img class="thumb-image" alt="Paylocity" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a97e2c483d6cb2fde1a/1510354048277/9+-+1400+american+-+paylocity.jpg" data-image-dimensions="2500x1840" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a062a97e2c483d6cb2fde1a" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a00907d8e7b0f296f01ab47/5a062a97e2c483d6cb2fde1a/1510354048277/9+-+1400+american+-+paylocity.jpg?format=1000w" /><br> Paylocity <p>309,559 SF new lease</p><p>1400 American Ln, Schaumburg<br />Northwest Suburban Submarket</p> <a href="#" class="previous"></a> <a href="#" class="next"></a> <hr /><h2 class="text-align-center">THE TENANT EXPERIENCE</h2><p>Beyond the standard amenities like food courts and fitness facilities, well-capitalized or institutionally-owned Class A buildings in the suburbs have started to win tenants over with experiences that have not been provided in the past. Some new and unique tenant programs being provided include:</p><ul><li>bike share programs</li><li>rotating pop-up lunch vendors like Fooda</li><li>high-tech conference facilities</li></ul><ul><li>transportation services to and from public transit</li><li>on-site daycare</li><li>interactive tenant events promoting community</li><li>valet car detailing &amp; washing</li></ul><hr /><h2 class="text-align-center">SUMMARY</h2><p>In the past, large tenants may have been drawn to North and Northwest Suburban Trophy offices for the high-profile image the property provided their company along with the high-end tenant experience for employee satisfaction. With Class A office activity outpacing trophy property absorption, we are witnessing premier tenants becoming drawn to well-capitalized Class A buildings as they are providing a new and unique tenant environment,&nbsp;just like Trophy buildings have done for years, but at a more competitive price point.</p><hr /><h3 class="text-align-center"><strong>WANT TO LEARN MORE? CONTACT:</strong></h3><p class="text-align-center">Shane Murphy<br /><a href="mailto:smurphy@hiffman.com">smurphy@hiffman.com</a><br />630-317-0724<br /><a href="https://www.linkedin.com/in/shane-murphy-b8574526/">LinkedIn</a></p>&nbsp;<div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=KIAbRYn41m4:OtYQQhqV0sE:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Fri, 10 Nov 2017 23:02:56 Z NAI Hiffman Trophy vs. Class A Office in the North & Northwest Suburban Markets: Where Are Tenants Going? http://www.hiffmanblog.com/blog/north-northwest-trophy-class-a-shane-murphy 2017-11-10 23:02 +00:00 2017-11-10 17:02 -06:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5a05d19e0d9297cba28362f9 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/1JlwcfJixMM/10 Awards & Honors Culture 5 Years Strong: NAI Hiffman Recognized Again as a Top Workplace by Chicago Tribune <img class="thumb-image" alt="TWP_Chicago_2017_AW.png" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a05d303085229e932f5a862/1510331142619/TWP_Chicago_2017_AW.png" data-image-dimensions="814x415" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a05d303085229e932f5a862" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a05d303085229e932f5a862/1510331142619/TWP_Chicago_2017_AW.png?format=1000w" /> <p>We are excited and extremely proud to share that we have been named one of the Chicago Tribune's Top Workplaces of 2017, making this our fifth consecutive year on this list. This special report and award ceremony publicly recognizes the most dynamic and supportive local companies to work for in the area.</p><p>For the past eight years, Energage, formerly WorkplaceDynamics, has been ranking workplaces in the Chicago area and the nation through employee surveys, assessing everything from work-life balance to confidence in company leadership. In total, 2,510 companies were invited to participate. Of those, 219 companies completed the survey, allowing Energage to identify the top organizations, divided into three categories: small (fewer than 250 employees), midsize (250-999) and large (1,000 and more).</p><p>“Thank you to all employees for your survey input, meaningful suggestions and passion conveyed for our firm,” said Dave Petersen, Chief Executive Officer of NAI Hiffman. “Your positive input, diligence in the parts you each play and trust in the direction of the firm are all part of what make us up. It’s good to be us!”</p><p><a href="http://www.chicagotribune.com/business/careers/topworkplaces/ct-top-workplaces-2017-htmlstory.html">Click here</a> to see the complete list of winners.</p> <a data-title="" data-description="" data-lightbox-theme="dark" href="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a05d4bd0d9297cba2841494/5a05d4bef9619ac5586d1459/1510331582883/ig10.jpg" class="image-slide-anchor content-fill" > <img class="thumb-image" alt="ig10.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a05d4bd0d9297cba2841494/5a05d4bef9619ac5586d1459/1510331582883/ig10.jpg" data-image-dimensions="1080x1080" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a05d4bef9619ac5586d1459" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a05d4bd0d9297cba2841494/5a05d4bef9619ac5586d1459/1510331582883/ig10.jpg?format=1000w" /><br> </a> <a data-title="" data-description="" 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data-load="false" data-image-id="5a05d4d053450aa7b97e3e54" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a05d4bd0d9297cba2841494/5a05d4d053450aa7b97e3e54/1510331615954/ig3.jpg?format=1000w" /><br> </a> <a data-title="" data-description="" data-lightbox-theme="dark" href="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a05d4bd0d9297cba2841494/5a05d4d9e2c48388cba59eb1/1510331613545/ig2.jpg" class="image-slide-anchor content-fill" > <img class="thumb-image" alt="ig2.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a05d4bd0d9297cba2841494/5a05d4d9e2c48388cba59eb1/1510331613545/ig2.jpg" data-image-dimensions="1080x810" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a05d4d9e2c48388cba59eb1" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/5a05d4bd0d9297cba2841494/5a05d4d9e2c48388cba59eb1/1510331613545/ig2.jpg?format=1000w" /><br> </a><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=1JlwcfJixMM:7eCO_53WnNk:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Fri, 10 Nov 2017 16:39:25 Z NAI Hiffman 5 Years Strong: NAI Hiffman Recognized Again as a Top Workplace by Chicago Tribune http://www.hiffmanblog.com/blog/2017/11/10 2017-11-10 16:39 +00:00 2017-11-10 10:39 -06:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:5a04b0a30d92974694db961d http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/iLDFuqM58vk/nai-fitbit-challenge-2017 Culture NAI Hiffman Fitbit Challenge Recap &nbsp;<p>Over the past three months, NAI Hiffman hosted our first-ever Fitbit Challenge in partnership with our insurance provider, Cigna. Participants in the three-month contest racked up some impressive numbers. Here’s a recap with some key comparisons and infographics:</p><p>We had 48 participants, roughly 1/3rd of the company. Of those participants, 23 people took more than 1 million steps over the course of the 91-day contest.</p> <img class="thumb-image" alt="Fitbit-Recap-1.png" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a04be940d92979d34e89044/1510330377045/Fitbit-Recap-1.png" data-image-dimensions="2005x244" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a04be940d92979d34e89044" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a04be940d92979d34e89044/1510330377045/Fitbit-Recap-1.png?format=1000w" /> <p>According to an international 2003 study, the average American takes about 5,117 steps per day, well below other countries in the study. Our company average represented well, however, outdistancing even the most ambulatory international challenger (Australia, 9,695 steps per day).</p>&nbsp;&nbsp; <img class="thumb-image" alt="fb4.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a04bce94192023f87d9442f/1510330377048/fb4.jpg" data-image-dimensions="1448x548" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a04bce94192023f87d9442f" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a04bce94192023f87d9442f/1510330377048/fb4.jpg?format=1000w" /> <p>Accounting is our most prolific walking department, boasting a 12,256 per-day average, followed by management with 11,676 per day, brokerage with 10,131 per day and corporate (marketing, IT, senior leadership) with 9,080 per day. More than half of our participants exceeded the 10,000 step per day average recommended by the American Heart Association.</p>&nbsp;&nbsp; <img class="thumb-image" alt="fb5.png" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a04bd3971c10be42f611ec5/1510330377050/fb5.png" data-image-dimensions="1435x650" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a04bd3971c10be42f611ec5" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a04bd3971c10be42f611ec5/1510330377050/fb5.png?format=1000w" /> <p>Much has been written and said about the differences between generations, but a quick study of our sample group found very little difference between our avocado-toast-fueled Millenials (10,742 per day) and our old folks (10,989 per day). Apparently, it takes about 247 steps a day to walk to the porch and yell at Millennials to get off the lawn.</p><h3 class="text-align-center">SOME COMPARISONS</h3><p>Assuming an average stride length of 2.5 feet for men and 2.2 feet for women, our participants walked a total of 21,051 miles over the course of the challenge.</p><ul><li>At an average walking pace of 3.1 miles per hour, it would take a person walking 12 hours a day 566 days to match that distance.</li><li>In the 1994 movie Forrest Gump, Forrest ran for 3 years, 2 months, 14 days and 16 hours, covering an estimated 19,024 miles. We beat him by more than 1,000 miles.</li><li>21,051 miles is only 3,850 miles shy of the entire circumference of the earth. It’s the equivalent of walking from New York to Los Angeles 7 1/2 times.</li><li>Check this out - the circumference of the earth is 24,901 miles, and the diameter is 7,917 miles. That means if we had a drill and some heat resistant shoes and a helmet, we could have (roughly) walked through the center of the earth, come out on the other side, then walk around half the earth back to where we started.</li></ul> <img class="thumb-image" alt="Fitbit-Recap.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a04bdba4192023f87d98c31/1510330377052/Fitbit-Recap.jpg" data-image-dimensions="749x245" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a04bdba4192023f87d98c31" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a04bdba4192023f87d98c31/1510330377052/Fitbit-Recap.jpg?format=1000w" /> <p>The world record for toe-tapping is 1,163 taps in a minute. It was set by Anthony Morigerato at Eleanor’s School of Dance in Albany, New York on June 23, 2011. It would take Anthony 16 straight days of furious, world-record pace toe-tapping to reach our step total. And his heart would probably explode.</p><p>Humans burn approximately 1 calorie for every 20 steps we take. There are 3,500 calories in every pound. By that metric, our steps burned a total of 2.38 million calories, which equates to 681 total pounds. That is roughly the weight of:</p><ul><li>three panda bears stacked on top of one another</li><li>a kangaroo in a golf cart, or</li><li>681 guinea pigs.</li></ul> <img class="thumb-image" alt="fitbit2.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a04bde1085229bb2bee74c1/1510330377054/fitbit2.jpg" data-image-dimensions="975x296" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="5a04bde1085229bb2bee74c1" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/5a04bde1085229bb2bee74c1/1510330377054/fitbit2.jpg?format=1000w" /> <p>681 pounds is about 25 times the weight of a gold bar. Gold is currently valued at $1,280.10 per ounce, meaning that if the amount of calories we burned were worth their weight in gold, we’d have made $13.94 million.</p><p>By any measure, the 2017 NAI Hiffman Fitbit Challenge was a success. Thanks to Cigna Insurance and to everyone who participated.</p>&nbsp;<div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=iLDFuqM58vk:oNQ0h_yaHr4:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Fri, 10 Nov 2017 13:00:00 Z NAI Hiffman NAI Hiffman Fitbit Challenge Recap http://www.hiffmanblog.com/blog/nai-fitbit-challenge-2017 2017-11-10 13:00 +00:00 2017-11-10 07:00 -06:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59fa1f7c652dea55353ca859 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/pNCgrwFe7GY/global-leahy-meet-the-pros Article Feature NAI Global Industrial Meet the Pros | Dan Leahy <img class="thumb-image" alt="Leahy, Dan.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59fa2267652dea55353d0d60/1509565035904/Leahy%2C+Dan.jpg" data-image-dimensions="1680x2240" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59fa2267652dea55353d0d60" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59fa2267652dea55353d0d60/1509565035904/Leahy%2C+Dan.jpg?format=1000w" /> <p><em>Originally featured by <a target="_blank" href="http://www.naiglobalnewslink.com/meet-the-pros/top-producer-profile-dan-leahy">NAI Global</a></em></p><h3>Meet the Pros</h3><p>NAI Global's <a target="_blank" href="http://www.naiglobalnewslink.com/meet-the-pros/?author=55af96a8e4b077e580664203">Meet the Pros</a> is a collection of interviews with a professional from an NAI office. Dan Leahy, Executive Vice President with our Industrial Brokerage group was recently featured in the Q&amp;A.</p><h3>Top Producer Profile |&nbsp;Dan Leahy</h3><p><strong>Specialty</strong>: Logistics/Industrial Services</p><p><strong>How long have you been in Commercial Real Estate?</strong>&nbsp;20 years</p><p><strong>What made you go into the field?</strong> I cold called our Chairman, Dennis Hiffman, and asked if he would mind telling me about the industry. He guided me to industrial real estate where I was a Junior Broker for one of the top producers in the firm.</p><p><strong>If you are a broker, why did you choose to join an NAI office?</strong> The NAI platform is the best of all worlds as it gives me the best local knowledge on an international scale.</p><p><strong>How has being part of NAI Global impacted your business and your ability to become a top-producer?</strong>&nbsp;It has allowed me to be a single source service provider to continually deliver top service to my clients.</p><p><strong>Do you make it an annual goal to become one of the top 10 producers in a global company? If yes, why? If no, what are your goals?</strong>&nbsp;YES – this is a very competitive industry that allows you to be well compensated based on how smart, strategic and hard you work.</p><p><strong>What is the biggest commercial real estate challenge you’re currently seeing in your local market?</strong>&nbsp;We see absorption slowing down with the capital providers still wanting to allocate dollars to construct new speculative product.</p><p><strong>How is your brokerage setting itself apart from its competitors? Or, how is being part of NAI setting yourself apart from your competitors?</strong>&nbsp;For the last 20 years I have focused on being a resource to the transportation &amp; logistics industry.</p><p><strong>What is the most enjoyable part of your job?</strong>&nbsp; Every transaction is different with its own set of challenges.</p><p><strong>If you had one piece of advice that you could give to aspiring brokers, what would it be?</strong>&nbsp;All you have in this business is your time and reputation. Take a long-term approach and work smart.</p><p><strong>Rapid-fire Questions:</strong></p><p><strong>Mac or PC?</strong> Both<br /><strong>iPhone or Android?</strong>&nbsp;iPhone<br /><strong>Coffee or Tea?</strong> Neither<br /><strong>Pizza or Quinoa?</strong> Pizza</p><hr /><h3>Contact</h3><p dir="ltr">Dan Leahy<br />Executive Vice President, Industrial Brokerage<br /><a href="mailto:dleahy@hiffman.com">dleahy@hiffman.com</a><br />630-691-0604</p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=pNCgrwFe7GY:8fSpSiXTq2c:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Wed, 01 Nov 2017 19:43:46 Z NAI Hiffman Meet the Pros | Dan Leahy http://www.hiffmanblog.com/blog/global-leahy-meet-the-pros 2017-11-01 19:43 +00:00 2017-11-01 14:43 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59f896d32774d153caf29ce5 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/B-tb9auW5uw/31 Industrial Office Awards & Honors 2017 List of Crain's Most Influential Commercial Real Estate Brokers in Chicago <img class="thumb-image" alt="NAI-Most-Influential-FINAL.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59f8987de2c48368e55a4672/1509466705229/NAI-Most-Influential-FINAL.jpg" data-image-dimensions="2451x1884" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59f8987de2c48368e55a4672" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59f8987de2c48368e55a4672/1509466705229/NAI-Most-Influential-FINAL.jpg?format=1000w" /> <p><em>Originally featured in <a target="_blank" href="http://www.chicagobusiness.com/most-influential/commercial-real-estate-brokers/">Crain's Chicago Business</a></em></p><p>Congratulations to Jim Adler,&nbsp;Pat Kiefer, Dan O'Neill, Dan Leahy and Adam Roth on being named to the inaugural edition of The Most Influential Commercial Real Estate Brokers in Chicago, a special custom content section from Crain’s Custom Media.</p><p>The 60 entries featured alphabetically in these pages (with teams grouped together on the last three) represent an impressive cross-section of the Chicago-area commercial real estate sales community, many of whom have practiced with distinction for decades.</p><p>Every one of the profiles in this section is drawn from the nomination materials submitted, no broker paid to be featured, and the Crain's Chicago Business newsroom was not involved in the creation of this content.</p><p>Because this honor is bestowed only upon brokers for whom nominations were submitted, this year's list is not comprehensive. But we trust that as this Most Influential list becomes a new tradition in the Chicago real estate community, the pool of potential honorees will continue to grow. Meanwhile, enjoy reading about the achievements of what is a truly impressive first class, and please join us in congratulating them.</p> <a href="http://www.chicagobusiness.com/most-influential/commercial-real-estate-brokers/most-influential-commercial-real-estate-brokers-2017.pdf" class="sqs-block-button-element--small sqs-block-button-element" target="_blank">Download PDF version of list</a> <hr />&nbsp; <img class="thumb-image" alt="ew team.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59f899ed71c10b6b85a189c5/1509466705231/ew+team.jpg" data-image-dimensions="1347x1500" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59f899ed71c10b6b85a189c5" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59f899ed71c10b6b85a189c5/1509466705231/ew+team.jpg?format=1000w" /> <h3>Jim Adler, Patrick Kiefer and Dan O'Neill</h3><p>Jim Adler, Patrick Kiefer and Dan O'Neill have a combined 65 years of experience in the industry, and have worked as a team for more than 10 years representing institutional clients, owners and tenants of all sizes. Based at NAI Hiffman's Oakbrook Terrace corporate office, the trio has established their mark in the East-West Corridor, where they've closed deal after deal with some of Chicago's largest corporations. Over the last 36 months, they've completed more than 300 transactions involving nearly 4 million square feet with an overall value exceeding $420 million. They've recently represented building ownerships in leases with Wilton Brands, SKF and SIRVA at Washington Point; a build-to-suit in Naperville; and at Parkview Plaza in Oakbrook Terrace.</p><hr /> <img class="thumb-image" alt="leahy-roth.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59f899d071c10b6b85a18589/1509466705233/leahy-roth.jpg" data-image-dimensions="1221x1500" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59f899d071c10b6b85a18589" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59f899d071c10b6b85a18589/1509466705233/leahy-roth.jpg?format=1000w" /> <h3>Dan Leahy &amp; Adam Roth</h3><p>Dan Leahy and Adam Roth have combined to complete more than 600 industrial transactions, totaling more than $1.5 billion in transaction value on behalf of landlords, owners and tenants throughout the Chicago industrial real estate market. In the last 36 months, the pair completed 114 industrial transactions spanning 14 million square feet with a transaction value of $545 million, including more than 1,500 acres of land. They have completed transactions on behalf of tenants and private and institutional owners including CenterPoint Properties, TA Realty and UBS. One of their most distinguished accomplishments is as exclusive marketing agents on CenterPoint Properties' largest capital investment, CenterPoint Intermodal Center (CIC) in Joliet / Elwood. At 6,500 acres, CIC is on pace to become the third-largest maritime operation in North America, averaging more than 1 million square feet of absorption annually.</p>&nbsp;<div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=B-tb9auW5uw:tQ1xbr9IxBQ:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Tue, 31 Oct 2017 15:46:51 Z NAI Hiffman 2017 List of Crain's Most Influential Commercial Real Estate Brokers in Chicago http://www.hiffmanblog.com/blog/2017/10/31 2017-10-31 15:46 +00:00 2017-10-31 10:46 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59f39eace2c483d0a1560fdf http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/qaSUTw-Dys4/27 Press Release NAI Hiffman secures four new suburban leases at Naperville Woods Office Center <img class="thumb-image" alt="Naperville Woods Corporate Center.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59f39ee9e4966bf1b2937157/1509138163910/Naperville+Woods+Corporate+Center.jpg" data-image-dimensions="1197x798" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59f39ee9e4966bf1b2937157" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59f39ee9e4966bf1b2937157/1509138163910/Naperville+Woods+Corporate+Center.jpg?format=1000w" /> <p>NAPERVILLE, IL (October 27, 2017) NAI Hiffman is pleased to announce the recent addition of four new tenants at Naperville Woods Office Center, 1000 &amp; 1100 E Warrenville Road in Naperville, Illinois.</p><p>Equian, a financial healthcare solutions firm, signed a 19,585-square-foot lease on the second floor of the 1000 Warrenville Road building. Commercial insurance and risk management services provider, Gallagher Benefit Services, Inc., also finalized a new lease at the property on the second floor of the building and now occupies 14,150 square feet.</p><p>With the recent addition of True North Consultants, Inc. and Kreamer Law Group, LLC leasing 4,445 square feet and 1,654 square feet, respectively, the occupancy level at Naperville Woods Office Center has reached 96 percent.</p><p>The NAI Hiffman Office Services team consisting of Executive Vice Presidents, James Adler, Dan O’Neill, and Patrick Kiefer, represented the landlord, Agellan Capital Partners, Inc. in all four leases.</p><p>Mark McDermott of McDermott Commercial represented Equian; Jon Springer and Trevor Jeske of CBRE represented Gallagher Benefit Services Inc.; and Jeff Possin was the sole broker on behalf of True North Consultants, Inc.</p><p>Naperville Woods is a two-building, 490,265-square-foot, Class A office center located in the heart of suburban Naperville, just minutes away from Interstate 88. The building, which is currently leased and managed by NAI Hiffman, offers the latest amenities unique to the suburbs, including: a full-service café; deli service; fully-equipped fitness center; The Grand, an open lounge and seating area; conference rooms; electric car charging stations; outdoor seating; Zagster bike sharing program; and more.</p><p>Naperville Woods tenants also benefit from the many services provided for their convenience. These include a dry-cleaning valet service, food truck lunches, car wash and detail, mobile spas, and complimentary gift-wrapping services during the holidays.</p><p>Featured in <a target="_blank" href="http://www.dailyherald.com/business/20171030/tenants-move-into-naperville-woods-office-center">Daily Herald</a>; <a target="_blank" href="http://www.rejournals.com/getdoc/89c1f634-6acc-484c-a9f6-7deb2f50f055/NAI-Hiffman-secures-four-new-suburban-leases-at-Na.aspx">REjournals</a></p><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=qaSUTw-Dys4:vGSLp4P-J3s:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Fri, 27 Oct 2017 21:03:19 Z NAI Hiffman NAI Hiffman secures four new suburban leases at Naperville Woods Office Center http://www.hiffmanblog.com/blog/2017/10/27 2017-10-27 21:03 +00:00 2017-10-27 16:03 -05:00 50b4f61de4b0699441ebf315:51754a18e4b0280270e59fdd:59f0ea67cd39c3b8a6bd62d5 http://feedproxy.google.com/~r/NaiHiffmanBlog/~3/XGyJGDtgDt0/25 Article Feature Meet David Petersen of NAI Hiffman in Oakbrook Terrace <p><em>Originally featured in <a target="_blank" href="http://voyagechicago.com/interview/meet-david-petersen-nai-hiffman-oakbrook-terrace/">Voyage Chicago</a></em></p>&nbsp; <img class="thumb-image" alt="personal_photo-184.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59f0eb750100275424cd5a74/1508961192160/personal_photo-184.jpg" data-image-dimensions="750x422" data-image-focal-point="0.5,0.5" data-load="false" data-image-id="59f0eb750100275424cd5a74" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/t/59f0eb750100275424cd5a74/1508961192160/personal_photo-184.jpg?format=1000w" /> &nbsp;<p>Today we’d like to introduce you to David Petersen.</p><p><strong>David, let’s start with your story. We’d love to hear how you got started and how the journey has been so far.</strong></p><p>As a 22-year-old fresh-out-of-the-military kid, I started my own remodeling and construction company, which led to renovating large turn-of-the-century homes into updated and newly decorated single-family homes. My wife and I completed 22 of those homes physically living in the homes during the process, which proved to not be the perfect strategy for a new marriage and a new daughter. The time came to shift direction to commercial buildouts; I started doing quite a lot of work for a developer/owner who was in banking, insurance, industrial and management of those facilities. I basically morphed my construction skills into serving this single ownership on all things real estate. After several years of this dynamic I had the desire to go back on my own, I bought some office buildings, renovated where needed and went into the restaurant and bar business. Soon after that adventure completed I found myself cash poor and out of business. While a bit of a cliché, that brought me to Chicago with about $300 to my name trying to sell my services as a Property Manager in 1986. I have either worked for or had equity ownership in Podolsky (who gave me my chance to shine) Vantage Companies, a merchant developer that I and another employee bought forming Midstates Bradford, which we then sold to Koll Companies. I then ran the management company for FC&amp;C, which we sold to Insignia, and later joined the Trammell Crow Company leaving before they sold to CBRE. These experiences brought me to NAI Hiffman Commercial Real Estate as a Shareholder in 2006. I came to build up the Property Management company; we have had some success and I have been CEO for a number of years. I was an overnight success that took only 31 years to make happen!</p><p><strong>Has it been a smooth road?</strong></p><p>As I look back on a 35-year commercial real estate career, the struggles are not unlike everyone’s journey in a career and in the building of a family. WORK: It is trying to figure out the profession not as defined in a job description but as it really is: attempt to honestly identify your own strengths/weaknesses; be willing to take some decision-making risks, which seem above your pay grade: recognize that working with good and honest people is a must for success and be willing to take on work, responsibility and invest inordinate amounts of time/energy/effort that may not have any payoff initially. It is that extra effort that builds your experiences, gets you noticed as unique and builds your professional resume for the thing that does payoff — if by chance you have bet on the wrong team, leader, or company. FAMILY: Balancing work and home is always a challenge. Having balance of who does what in the home and in revenue generation is critical. By the way, you don’t set those boundaries once and live that out. That’s just another life negotiation ongoing for your whole career. The challenge of finding time with your significant other and children, which is on their terms vs your own is a huge roadblock often fraught with errors in judgement on my part. I have realized in my situation there are very few examples of those who have become masters of their craft that have not invested time, money and taken risks in decision making by grabbing responsibility that no one else will take. You must be willing to make decisions with 75% of the data needed based on instinct and experience knowing that most decisions can be modified as more data becomes clear. If you can’t do that, the competition will come and do it for you. Finally, I have become comfortable with the failures I have had and those that are no doubt coming. They have been the greatest source of learning and growth I could have ever hoped for. Since I am not sending people to the moon, I have a greater tolerance for error in the commercial real estate business decision making without taking any lives in the process.</p><p><strong>S</strong><strong>o, as you know, we’re impressed with NAI Hiffman – tell our readers more, for example what you’re most proud of as a company and what sets you apart from others.</strong></p><p>I am the CEO of NAI Hiffman, a leading commercial real estate company, which includes leasing, property management, investment sales, construction management, tenant representation, accounting and marketing for investors, owners, and occupiers of real estate. We primarily serve these clients in office, industrial and retail sectors. We cover northern Indiana, all of Chicagoland and southern Wisconsin. We are part of an international network known as NAI Global but are independently owned, managed and operated. We are known for the quality and the integrity of our people from receptionist to Executive Vice President or Building Engineer. We are known for “doing what we say we will do” and always, always placing the client first to reach their goals and objectives via our talent, information and platform. We are set separated from our competition because while we have an international reach we focus, live in and conduct the bulk of our services in this marketplace. We are an independent firm who can mix and adjust our services and our talent pool as it best fits each client whether our largest or our owner of one building in the market.</p><p><strong>Let’s touch on your thoughts about our city – what do you like the most and least?</strong></p><p>Chicagoland market is a 1st tier International city. We are not dependent on a single industry or employer, ever. The suburban schools for K-12 are excellent in the suburbs and we have great options for colleges that rival east and west coast education.</p> <a data-title="" data-description="" data-lightbox-theme="dark" href="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2ef09ca4d676955ea3/1508961192167/06-1+%281%29.jpg" class="image-slide-anchor content-fill" > <img class="thumb-image" alt="06-1 (1).jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2ef09ca4d676955ea3/1508961192167/06-1+%281%29.jpg" data-image-dimensions="2500x1667" data-image-focal-point="0.2765957446808511,0.24753289473684212" data-load="false" data-image-id="59f0eb2ef09ca4d676955ea3" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2ef09ca4d676955ea3/1508961192167/06-1+%281%29.jpg?format=1000w" /><br> </a> <a data-title="" data-description="" data-lightbox-theme="dark" href="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2ffe54efc487ec9649/1508961192172/IMG_5976.jpg" class="image-slide-anchor content-fill" > <img class="thumb-image" alt="IMG_5976.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2ffe54efc487ec9649/1508961192172/IMG_5976.jpg" data-image-dimensions="1024x683" data-image-focal-point="0.6808510638297872,0.30032894736842103" data-load="false" data-image-id="59f0eb2ffe54efc487ec9649" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2ffe54efc487ec9649/1508961192172/IMG_5976.jpg?format=1000w" /><br> </a> <a data-title="" data-description="" data-lightbox-theme="dark" href="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2fcd39c3b8a6bd7387/1508961192170/IMG_6710.jpg" class="image-slide-anchor content-fill" > <img class="thumb-image" alt="IMG_6710.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2fcd39c3b8a6bd7387/1508961192170/IMG_6710.jpg" data-image-dimensions="2500x1667" data-image-focal-point="0.48936170212765956,0.3317434210526316" data-load="false" data-image-id="59f0eb2fcd39c3b8a6bd7387" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2fcd39c3b8a6bd7387/1508961192170/IMG_6710.jpg?format=1000w" /><br> </a> <a data-title="" data-description="" data-lightbox-theme="dark" href="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2e51a584d3bb9892cc/1508961192164/NW-002.jpg" class="image-slide-anchor content-fill" > <img class="thumb-image" alt="NW-002.jpg" data-image="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2e51a584d3bb9892cc/1508961192164/NW-002.jpg" data-image-dimensions="1024x683" data-image-focal-point="0.3191489361702128,0.2792763157894737" data-load="false" data-image-id="59f0eb2e51a584d3bb9892cc" data-type="image" src="https://static1.squarespace.com/static/50b4f61de4b0699441ebf315/59f0eb2e017db29fc31ca947/59f0eb2e51a584d3bb9892cc/1508961192164/NW-002.jpg?format=1000w" /><br> </a><div class="feedflare"> <a href="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?a=XGyJGDtgDt0:sVBNFw9VkA8:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/NaiHiffmanBlog?d=yIl2AUoC8zA" border="0"></img></a> </div> Wed, 25 Oct 2017 19:52:54 Z NAI Hiffman Meet David Petersen of NAI Hiffman in Oakbrook Terrace http://www.hiffmanblog.com/blog/2017/10/25 2017-10-25 19:52 +00:00 2017-10-25 14:52 -05:00 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><p> </p><p>Featured in <a target="_blank" href="http://www.rejournals.com/getdoc/b815ced9-7c1c-4874-b532-3a7573605ffb/Ketone-Partners-sells-36-acre-site-in-Joliet,-IL.aspx">REjournals</a></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><p>Featured in <a target="_blank" href="http://www.rejournals.com/getdoc/4b3b1c91-9f89-4017-a060-9b3ab1163a66/NAI-Hiffman-represents-Rodzina-in-retail-site-acqu.aspx">REjournals</a></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 Emerging Leaders 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 Emerging Leaders 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