Sitex Realty acquires 54,060 SF industrial

May 24, 2010

ELK GROVE VILLAGE, ILL. — Sitex Realty Group has acquired 850 Lunt Avenue in Elk Grove Village for an undisclosed price. The 54,060-square-foot industrial property features four interior truck docks, 18-foot clear heights and 44 parking spaces. The seller was Woodstock, Ill.-based Timpe Limited Partnership. Larry Goldwasser and Jay Maher of NAI Hiffman represented the seller in the transaction.

Source: REBusinessOnline.com

Posted by NAI Hiffman | Filed Under General Business, Industrial, Sale

NAI Hiffman’s Dave Petersen discusses retail property management in Retail Facility Business.

May 21, 2010

Bigger & Better

By Katie Lee

NAI Hiffman Asset Management, LLC did not set out to be the biggest – but it did strive to be the best. Becoming the Chicago area’s largest property manager (according to a new 2010 ranking by Crain ‘s Chicago Business) was simply icing on the cake. Based in Oakbrook Terrace, Illinois, this global commercial real estate firm has a managed portfolio topping 53 million square feet, with 31 of those assets being retail product. Yet to David Petersen, CEO of NAI Hiffman Asset Management, LLC, the Number 1 ranking on Crain’s list means only one thing: “We have a group of clients that have trusted us with their real estate,” he says. “That’s probably the Number 1 sense of achievement there.”

To NAI Hiffman Asset Management, size is not the only thing that matters. “It’s never been about how much square footage we have,” Petersen continues. “It’s really about broadening our third-party/ownership relationship for our third-party business. While it’s gratifying to be Number 1, what’s most important is that our clients keep renewing business with us.”

Take Care of the Client

NAI Hiffman Asset Management, LLC represents the largest privately owned and nationally affiliated firm in Chicago. As a strictly third-party manager, the company manages 285 buildings for a total square footage of 53.3 million. Its affiliation with NAI Global allows the company broad access to market insights and corporate or tenant connections; the firm also boasts international scope and reach. With such impressive size, how does each individual property remain a priority? Read more

Posted by NAI Hiffman | Filed Under Asset Management, Media Coverage

NAI Hiffman back in Loop office management

May 18, 2010

By Todd J. Behme, May 18, 2010

(Crain’s) — After paying $13.4 million for 29 N. Wacker Drive, Sun Life Assurance Co. of Canada has hired NAI Hiffman to manage the small office building, an assignment that brings the Chicago area’s largest property manager back to the Loop after an absence for couple of years.

In a deal that closed earlier this month, Toronto-based financial services company paid slightly less than sources initially indicated. The seller, Boston-based investment firm Intercontinental Real Estate Corp., paid $18.2 million for the 10-story building in 2001.

NAI Hiffman, which helped Sun Life in the purchase, hopes to use the assignment to win more management work of Class B and C buildings downtown, says Dave Petersen, NAI Hiffman’s CEO of asset management.

The Oakbrook Terrace-based firm manages more than 1 million square feet of suburban office and industrial properties for Sun Life. But the Wacker Drive building is NAI Hiffman’s first downtown office building since late 2007, when it lost the Wrigley Building on North Michigan Avenue.

Bradford Allen Realty Services will lease 29 N. Wacker after NAI Hiffman recommended the firm to Sun Life and invited it to seek the assignment together. The two firms haven’t established a formal alliance but are working on several opportunities similar to 29 N. Wacker, according to Mr. Petersen and Jeffrey Bernstein, principal at Chicago-based Bradford Allen.

The vacancy rate in the 130,000-square-foot building could jump to 30% when the Internal Revenue Service leaves later this year, compared to 17% currently. (Read the full story at chicagorealestatedaily.com)

Posted by NAI Hiffman | Filed Under Asset Management, Media Coverage

Electronics distributor subleases Vernon Hills building

May 14, 2010

Hyper Microsystems Inc. subleased a 132,851-square-foot industrial building in north suburban Vernon Hills that also is its new headquarters. The company, which had been based in nearby Buffalo Grove, has the building, 100-130 Lakeview Parkway, under a long-term deal, according to NAI Hiffman, which represented the distributor of new and used electronics. Focus Products Group LLC, which is currently in the building, will keep its offices there until later this year, when it will move its headquarters elsewhere in Lake County, says Eric Fischer, senior associate at Oakbrook Terrace-based NAI Hiffman who worked on the deal with Executive Vice-president Brian Colson. Focus, which distributes kitchen and bath products, has already moved its warehouse operation from Vernon Hills to southern Wisconsin. CB Richard Ellis Inc. represented Focus; Wrightwood Capital owns the building, which is in the Continental Executive Parke.

Source: ChicagoRealEstateDaily.com

Posted by NAI Hiffman | Filed Under General Business, Industrial, Lease

“NAI Hiffman completes multiple transactions”

May 13, 2010

Source: REJournals.com

NAI Hiffman has completed two offices leases and brokered the sale of a former auto dealership in the Chicago suburbs.

Mercury Insurance Services, LLC has signed a long-term lease for 23,654 square feet of office space in Continental Executive Parke in Vernon Hills. The single-story, 73,129-square-foot property is located at 560 E. Bunker. Mercury will move from 850 N. Milwaukee in Vernon Hills to their new location in September, after the build-out for their space is complete.

Michael Flynn, executive vice president and Jason Wurtz, senior associate, with NAI Hiffman’s Office Services Group, represented the property owner, PacTrust. Victor Sanmiguel with Chicagoland Commercial represented Mercury Insurance Services, LLC.

NAI Hiffman also represented PacTrust in leasing 9,038 square feet in the same building to Pearson Packaging Systems in late 2009, which, combined with the Mercury lease, brings the property to 100 percent occupancy.

NAI Hiffman has the exclusive leasing and management for a 300,000 square foot Chicago portfolio for PacTrust, which is comprised of four suburban office properties in Vernon Hills totaling 300,000 square feet and includes the headquarters for Baxter Credit Union and CDW. Read more

Posted by NAI Hiffman | Filed Under Lease, Media Coverage, Office, Sale

David Petersen speaks at DuPage Regional Business Outlook and Executive Briefing

May 10, 2010

“DuPage business leaders optimistic after difficult times”

“I’m a half glass full kind of guy,” said Petersen. “I have to be because I’m in commercial real estate. But I do believe there is good news for real estate [in this area].”

Petersen said according to statistics compiled by Choose DuPage, there are a total of 1,765 office buildings in the county that have a total of about 66 million square feet. The vacancy rate is about 17.2 percent for office buildings right now.

Petersen said there are 3,301 industrial buildings in the county with 168 million square feet in this market. The vacancy for industrial buildings is at 13.6 percent.

Petersen said the good news is there have been 160 real-estate transactions for office space this year compared to a total of 142 transitions in all of 2009. He said there have already been 94 real-estate transactions for industrial buildings this year, compared to 96 for all of 2009.

“We are trending up,” said Petersen. “What that says to me is business is being done.”

Read the full article at chicagotribune.com

Posted by NAI Hiffman | Filed Under Asset Management, Media Coverage