Data center firm buys Northlake site

July 30, 2010

A venture of data center developer Ascent Corp. paid $11.5 million for a 20-acre industrial site in Northlake, property records show, where the St. Louis firm plans a new, multi-tenant data center. The property is east of the massive Microsoft Corp. data center that Ascent recently helped develop. The seller of Ascent’s new site, at 505 N. Railroad Ave., was CenterPoint Properties. Ascent announced plans for the project in spring 2009 and had hoped to break ground last fall. But the firm recently secured the necessary funding to close on the purchase, according to NAI Hiffman, which represented Oak Brook-based CenterPoint. Calls to Ascent late Thursday weren’t returned. Related story: New data center planned for suburbs

Source: ChicagoBusiness.com

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

The Crossings in Oak Brook Sells for $20M

July 30, 2010

DIV Oak Brook LLC, a joint venture between The Davis Co. and Arthur Goldner & Associates, acquired The Crossings–twin, Class A, three-story office buildings at 1420 and 1520 Kensington Road in Oak Brook, IL, from Alliance Commercial Partners LLC for $20 million, or about $67 per square foot..

The two buildings, which total 303,510 square feet, are positioned in a campus setting on a 17-acre site. They are 66 percent leased. Amenities include three-story atrium lobbies, interior landscaping, fountains, an on-site day care facility, full service sundry shop and on-site cafe and a fitness center.

No brokers were mentioned in the sale. NAI Hiffman’s Daniel O’Neill, Jim Adler, Pat Kiefer and Garrett Schultz will spearhead the efforts to lease the remaining 105,000 square feet at The Crossings.

Please see CoStar COMPS #1927161 for more information.

Source: CoStar

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

NAI Hiffman Brokers 1.2 Million Square Foot Lease Extension for True Value Company

July 28, 2010

HARVARD, Ill., July 28 /PRNewswire/ — True Value Company has signed a 10 year lease renewal with Mirvac Industrial Trust (Mirvac) for 1,194,650 square feet at 308 S. Division Street in Harvard, Illinois. John Cash, SIOR and David Haigh of NAI Hiffman facilitated the negotiations between Chicago-based True Value Company and Mirvac, an Australian-based REIT. NAI Hiffman has been retained by Mirvac to lease the remaining 139,500 square feet of available warehouse space in the building.

Located on 60 acres, the 1.3 million square foot facility was originally owned by True Value Company and sold in 1998 as part of a sale-leaseback transaction. Mirvac purchased the facility in subsequent years as part of their expansion into the Chicago industrial market.

“This lease extension was a great opportunity for Mirvac to continue its mutually beneficial relationship with True Value,” says Richard LeBrun, vice president with NAI Hiffman’s Asset Management Group. ”This is one of several large renewals we have facilitated for Mirvac in their Chicago portfolio, and we are very happy to see the market continue to support these major transactions.”

One of 12 distribution centers across the country, the operation at 308 S. Division Street delivers products to True Value stores located throughout the Midwest.

True Value Company (www.truevaluecompany.com) is a retailer-owned hardware cooperative that serves 54 countries around the world. With more than 5,000 stores and 3,000 associates, the True Value Company enjoys a rich history as a trusted and recognized global brand.

Mirvac Industrial Trust (www.mirvac.com/mix) is an Australian Securities Exchange (“ASX”) listed Australian Real Estate Investment Trust which listed on the ASX on 20 May 2005. At 31 December 2009, the Trust had gross assets of approximately A$487.47 million, with 64 industrial assets located in or around the greater Chicago region (including Milwaukee and Indiana) and in Grand Rapids, Michigan.

NAI Hiffman (www.hiffman.com) is the Chicago area representative for NAI Global, the world’s largest managed network of real estate service providers, comprising 5,000 brokers in 325 offices serving over 50 countries throughout the world. NAI Hiffman’s professionals represent clients in all aspects of commercial real estate and currently manage a 53+ million SF portfolio of over 250 commercial properties throughout metropolitan Chicago and Northwest Indiana.

Source: Yahoo Finance

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

NAI Hiffman Mid-Year Market Reports

July 27, 2010

NAI Hiffman is pleased to present its mid-year 2010 industrial and office market reports detailing recent trends, significant transactions and the outlook for the Chicago Metropolitan office and industrial real estate markets. Click on the images to download the reports.

If you have any questions about the market or have any commercial real estate needs, please call us at 630 932 1234.

Posted by NAI Hiffman | Filed Under Industrial, Market Reports, Office

Doing the Deals

July 21, 2010

A partnership of Boston-based Davis Cos. and Northbrook-based Arthur Goldner & Associates completed a purchase of twin office buildings at 1420 and 1520 Kensington, Oak Brook. The 303,000-square-foot complex sold for $17.1 million. NAI Hiffman was hired to lease the property, which is about a third vacant. . . . The Lake Forest Graduate School of Management leased 14,000 square feet at 1300 E. Woodfield Road, Schaumburg, tripling its space from its prior northwest suburban outpost in the Motorola Galvin Center, 1295 E. Algonquin Road, Schaumburg. Studley Inc. represented the school. . . . Chicago Brass-Chicago Bath leased 7,200 square feet at 220 W. Kinzie.

Source: Suntimes.com

Posted by NAI Hiffman | Filed Under General Business, Lease

Davis Companies and Arthur Goldner tap NAI Hiffman for leasing assignment

July 16, 2010

The Davis Companies, in a joint venture with Arthur Goldner & Associates, is pleased to announce the acquisition of The Crossings, located at 1420 and 1520 Kensington Road in Oak Brook, Illinois. The 17-acre property features twin, Class A, three-story office buildings consisting of 303,510 square feet.

In addition to the highly appointed grounds and institutional quality interior finishes, the buildings are designed with three-story atrium lobbies, interior landscaping, fountains, an on-site day care facility, full service sundry shop and on-site café and fitness center. Situated just south of Interstate 88 and Jorie Boulevard, near the McDonald’s campus and the Oakbrook Center Mall. The Crossings is presently 66 percent leased.

The new ownership, DIV Oak Brook LLC, is a joint venture between The Davis Companies, a Boston-based private real estate investment firm, and Arthur Goldner & Associates, a fully integrated real estate operating company with headquarters in Northbrook, Ill. Having initially acquired the discounted first mortgage loan on the property from CW Capital in January 2010, the new ownership has recapitalized the asset since taking title in May, making available ample funds for tenant improvements, leasing commissions and significant base building improvements.

Additionally, the ownership has established an on-site property management office, which will continue to be headed up by Debi Turner, a 14-year management professional who has been managing The Crossings for the last four years. “With deep tenant relationships and seasoned property management skills, Debi is a key member of our team as we reposition The Crossings to become the recognized choice for quality, value and service,” said Arthur Goldner, president of Arthur Goldner & Associates, which is now providing the management services for the property.

As part of its efforts to reposition The Crossings, DIV Oak Brook has selected NAI Hiffman to provide landlord leasing services. “With over 105,000 square feet available, our near term goal is to assist in efforts to polish up the asset, convert the available suites into ‘market ready’ spaces and to effectively communicate our message to the tenant community that we are the best value alternative in Oak Brook. We have an above average window line and a flexible floor plate, making us a strong candidate for tenants ranging in size from 1,500 to 50,000 square feet. We also have highway visible exterior signage on Route 83, with its 65,000 cars per day traffic count, to offer larger tenants. The new owners are well capitalized, nimble, creative and ready to make an impact. We have all the tools we need to be successful.” said Daniel O’Neill, executive vice president of NAI Hiffman. The NAI Hiffman team also includes Jim Adler, Pat Kiefer and Garrett Schultz.

Source: REJournals.com

Posted by NAI Hiffman | Filed Under Media Coverage, Office