People on the Move

August 26, 2010

Bronson skaggsNAI HIFFMAN, Oakbrook Terrace: Joe Bronson, 37, pictured, to vice-president in the industrial services group, from vice-president at Darwin Realty & Development Corp. Also, Jon Skaggs, 30, to art director, from graphic designer, and Jonelle Ocwieja, 29, and Chris Zivalich, 34, to property manager, from assistant property manager.

Source: ChicagoBusiness.com

Posted by NAI Hiffman | Filed Under New Hires/Promotions 

Property managers set to shine

August 25, 2010

Property management may have been considered the least glamorous portion of commercial real estate in years past, but as traditional brokerage remains slow, property managers have risen to star status in firms nationwide.

Keeping up with the industry’s hottest trends, The Real Estate Conferences Group has netted some big names for its September 23 Property Management Conferencein Des Plaines.

Leading off the conference, The State of the Market Panel will include David Petersen, CEO NAI Hiffman Asset Management Group; Sam Delisi, senior managing director at CB Richard Ellis; Christopher Schneider, SVP of operations and CIO of First Industrial Realty Trust, Inc.; and Patrick Philbin, general manager at Hines.

Michael Cornicelli, executive vice president of BOMA/Chicago, will present the association’s plan for a commercialsmart grid in Chicago, the first of its kind in the world.

Other panels will include topics such as Technology, Security, and Energy and Environment.

Please join us in Des Plaines for what is sure to be an informative and insightful day.

Source: REJournals.com

Posted by NAI Hiffman | Filed Under Asset Management 

NAI Hiffman Negotiates 700,200 SF Deal with World Kitchen

August 19, 2010

In a continuing relationship with Rosemont-based World Kitchen, NAI Hiffman represented the tenant in a restructured and extended lease at 5800 Industrial Drive in Monee, Ill.

The new agreement provides flexibility for the tenant’s future expansion of the 700,200-square-foot distribution center, and a lease extension with more favorable economic terms reflective of today’s market conditions. This modern, high-cube industrial building, developed in 2000 as a build-to-suit, is owned by Griffin Capital.

The transaction team of Michael Flynn, Art Burrows, senior vice president and Tim Buss, have now completed nearly 2,000,000-square-feet of office and industrial space transactions with World Kitchen since 2003.

Source: REJournals.com

Posted by NAI Hiffman | Filed Under General Business 

Suburban office, industrial show signs of improvement

August 18, 2010

Suburban Office Market Summary

Quarter in review
The overall vacancy rate among the suburban office submarkets continued its climb for the 7th consecutive quarter, reaching 23.5 percent at the end of June, up slightly from 23.4 percent last quarter and up more than a full percentage point from the 22.4 percent recorded a year ago.

Suburban office vacancy rates are currently the highest they have been in well over a decade. Demand, as measured by net absorption, remains weak throughout the market. Cumulative net absorption for the first half of the year totaled negative 394,423 square-feet, despite increased leasing activity. While this is an ongoing negative trend, it is an improvement from last year, when net absorption for the first half of the year totaled negative 1.3 million square-feet.

Although vacancy rates continue to rise and demand remains limited, there have been positive signs in the market. The investment sales market, nonexistent during 2009, has picked up during the first half of the year. Similarly, increasingly confident large companies have started hiring again and are actively looking for additional space. These companies are taking their time, however, as options are plentiful, rental rates are low and leasing incentives remain attractive for tenants. Read more

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

Firm that tests NFL players moving to new field

August 17, 2010

(Crain’s) — Wonderlic Inc., the intelligence testing firm well known for its work with the National Football League, is moving its headquarters to Vernon Hills.

Wonderlic has leased 26,116 square feet at 400 N. Lakeview Parkway in the Continental Executive Parke in the north suburb and will move there early next year. The company is leaving its longtime home at 1795 Butterfield Road in Libertyville, where the firm occupies a slightly smaller space.

The family-owned firm, whose tests are also used by schools and by companies to assess job candidates and employees, moved because its current lease is expiring. Wonderlic wanted to stay in the northern suburbs but also sought to upgrade its surroundings without taking on much higher rent, says Corey Chase, a principal with Podolsky Northtar CORFAC Intl. who represented Wonderlic.

“This one (400 N. Lakeview) was kind of in the sweet spot of what they were looking for,” Mr. Chase says.

Wonderlic signed an eight-year lease. Financial terms weren’t disclosed, though net asking rent for the building is $14.50 a square foot, according to real estate data provider CoStar Group Inc.

The new space is in a two-story, 46,000-square-foot building built in 1999 as the headquarters of Baxter Credit Union. The credit union moved to a larger location about two years ago, and Wonderlic is the first new tenant. The company will take the entire second floor while an affiliated firm, Ameristar Financial Co., will occupy a small space on the first floor.

Originally, the building was marketed to single-tenant users. But owner Pacific Realty Associates L.P., changed course in the last year and started marketing the space as divisible, as long as the first tenant took at least one floor, says Michael Flynn, an executive vice-president with NAI Hiffman who represents the landlord.

Mr. Flynn says Portland, Ore.-based Pacific Realty, known as PacTrust, doesn’t have a mortgage on the property, putting it in a better position than many other office landlords these days. PacTrust also owns two other buildings in the Continental office park.

Wonderlic personnel tests were first distributed in 1937 by Eldon F. Wonderlic, and the U.S. Navy used his tests during World War II in the selection of candidates for pilot training. Today, the firm provides testing for Mensa International, a high-IQ society.

Legendary Dallas Cowboys football coach Tom Landry played a big role in the firm’s work with the NFL, as Mr. Landry found that Wonderlic scores helped reveal how well players could learn a playbook and adapt to changes, according to Wonderlic’s Web site.

Source: ChicagoBusiness.com

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

NAI Hiffman to manage 925k s.f. industrial portfolio

August 10, 2010

High Street Equity Advisors, LLC, a Boston, Massachusetts-based real estate investment firm, has awarded the exclusive leasing and management of its new Chicago industrial portfolio to NAI Hiffman, an Oakbrook Terrace, Ill.-based real estate services provider.

The 925,170-square-foot portfolio, consisting of eight buildings in Chicago’s Central DuPage, O’Hare and Northwest Cook submarkets, was recently purchased from TA Associates Realty (“TA Realty”), also of Boston. High Street currently owns three additional assets in the Chicago area.

NAI Hiffman’s leasing team includes Brian Colson, Mark Moran, Eric Tresslar and Irv Malik, all with the firm’s Industrial Services Group. The property management team will be led by Gail Vermejan, Doug Krahnke and Cori Bedford with NAI Hiffman’s Asset Management Group. The combined team will focus on the execution of a collaborative plan to retain tenants and continue cost-savings and tenant accommodations through the property management services.

“Being given the responsibility for a portfolio of this size is a tremendous opportunity and we are very pleased to start providing our integrated services to High Street,” said David Petersen, COO of NAI Hiffman, in  a released statement. “We are extremely pleased that High Street saw the value of our combined management and leasing platform, which creates a unified delivery of services.”

Source: REJournals.com

Posted by NAI Hiffman | Filed Under Asset Management, General Business, Industrial, Lease, Media Coverage