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 

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 

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 

Financial firm in deal to buy 29 N. Wacker

April 21, 2010

(Crain’s) — A financial services company that has tried to raise its profile with KC and the Sunshine Band is getting into the downtown office market with the purchase of a boutique building on Wacker Drive.

Toronto-based Sun Life Financial Inc., which has featured the ’70s disco band in television ads, has agreed to buy 29 N. Wacker Drive from Boston-based investment firm Intercontinental Real Estate Corp., according to people familiar with the transaction.

The price is about $130 a square foot, or $16.9 million, for the 129,792-square-foot building, those sources say. That’s 7% less than the $18.2 million Intercontinental paid for the 10-story structure in 2001, a sign of how property values have fallen as vacancy rates have risen since the recession.

A spokeswoman for the Wellesley Hills, Mass.-based U.S. subsidiary of Sun Life declines to comment.

Oakbrook Terrace-based real estate firm NAI Hiffman has been advising Sun Life on the purchase of the building and is expected to take over management once the sale is completed. Hiffman already manages for Sun Life the Oakmont Corporate Center I and II in west suburban Westmont, which total 192,120 square feet, and a small flex manufacturing building in Schaumburg. (Read the full story on ChicagoRealEstateDaily.com)

Posted by NAI Hiffman | Filed Under Asset Management, Office, Sale 

NAI Hiffman Represents TA Associates in Office Build-out

March 30, 2010

ARCO/Murray National Construction Co. completed a 3k-SF office build-out at 1 S. 450 Summit Ave. for AMI Entertainment. It consisted of private offices, break room, supply room, reception area and an electronics lab. ARCO’s Joseph Pomerenke served as the project executive, with Dan Bick as the lead project manager. Featherstone Consulting provided the architectural services. NAI Hiffman’s Dan O’Neil and Doug Krahnke repped the owner.

Source: Bisnow

Posted by NAI Hiffman | Filed Under Asset Management, General Business, Office 

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