February 17, 2012

The Redevelopment Commission for the City of Valparaiso acquired the former Northcoast Distributors building at 705 Silhavy Rd. in Valparaiso, IN from Leetz Properties for $4 million, or about $33 per square foot.

The single-story, 123,000-square-foot industrial building was built in 1993 on 9.1 acres in the Porter County Industrial submarket.

Northcoast is currently building a new headquarters to total 215,630 square feet in Valparaiso. Expected completion of the new site is March 2012, which is when the company will move out of its current building, which it’s currently leasing from the city. Northcoast is staying in Valparaiso in part due to City tax abatement incentives.

Chris Gary from NAI Hiffman represented the seller.

Posted by NAI Hiffman | Filed Under Industrial 

People on the Move

February 17, 2012

As seen in RE Journals

NAI Hiffman has named Adam D. Roth, CCIM, SIOR, to executive vice president and shareholder from senior vice president.

Roth has been with the company’s industrial services group for more than seven years, and serves as a member of NAI Global Corporate Solutions and as a director with the NAI Global Logistics Group, specializing in providing real estate and supply chain solutions to distribution and warehouse companies throughout the world.

Roth’s areas of expertise include land assemblage and development, corporate relocation and site search analysis. He has assisted clients such as Walmart, Devicor Medical, USAA Realty, Mirvac Industrial Trust, Liberty Property Trust, Prologis, Northern Builders, TA Associates Realty, TIAA-CREF and CenterPoint Properties.

Prior to joining the firm, Roth worked in the logistics industry for nearly 10 years. Roth has served as a board member of the Council of Supply Chain Management Professionals, the Warehouse Education and Research Council and is actively involved locally in Chicago with the Society of Industrial and Office Realtors and the Will County Center for Economic Development.

Roth has been published in multiple real estate periodicals concerning logistics topics and has served as keynote speaker and expert witness for several organizations including the Will County Center for Economic Development, DePaul University, the University of St. Francis and the State of Illinois.

Posted by NAI Hiffman | Filed Under Industrial 

Spec industrial building under way in Elgin

February 2, 2012

As seen in Chicago Real Estate Daily

Pancor Construction & Development LLC has begun work on a 166,000-square-foot speculative industrial building at an Elgin business park. The facility, slated to be finished this summer, will be the fourth building in Elgin-based Pancor’s Randall Point Business Park near the intersection of Interstate 90 and Randall Road. The other buildings in the park are fully leased. Pancor is developing the building with Boston-based TA Associates Realty. Dan Leahy and Adam Marshall of Oakbrook Terrace-based NAI Hiffman are leasing the building. A lease is in the works for about a third of the space, Mr. Leahy says, declining to identify the prospective tenant. The park has room for another 1 million square feet, says Pancor Principal Richard Panichi.

Posted by NAI Hiffman | Filed Under Industrial 

Darwin Realty & Development Corp. Announces Deals

January 17, 2012

As seen in RE Journals

Darwin Realty & Development Corp. has announced more than 243,000 square feet in sale transactions. The transactions include:

  • 27,000 square feet at 601 Carboy Road, Mt. Prospect, to 601 Carboy LLC.  Richard Daly, SIOR, principal/president, and Dan Prendergast of Darwin Realty & Development represented the Buyer, 601 Carboy LLC, and Steve Sullivan of NAI Hiffman represented the seller. The building has two drive-in-doors and a 14-foot clear ceiling height.

 

  • 10,000 square feet at 278 Park Ave., Lake Villa, to SAI Infusion Technologies.  Dan Prendergast of Darwin Realty & Development represented the buyer, SAI Infusion, and Steve Sullivan of NAI Hiffman represented the seller. The building features one drive-in-door and one exterior dock.

Posted by NAI Hiffman | Filed Under Industrial 

The Globe St Deal Wrap

January 8, 2012

As seen in Globe St

SCHAUMBURG, IL- KBS Real Estate Investment Trust, based in Newport Beach, CA, has finalized two lease agreements for 32,207 square feet at its Woodfield Preserve Office Center complex here. KBS acquired the 647,216-square-foot property in 2007. Hitachi High Technologies America, a developer of electron microscopy solutions, renewed its 26,595-square-foot lease on the fifth floor of Woodfield Preserve I. Chad Freese and Victor Toft with CBRE in Chicago represented Hitachi in the transaction. Nippon Life Insurance of America, a subsidiary of Japan-based Nippon Life Insurance Co., signed a new lease for 5,612 square feet at Woodfield Preserve II. Nippon Life was represented by Dan O’Neill with NAI Hiffman and Tak O’Hara with White Cube. Mark Smith, Rob Graham and Allison Reynolds with CBRE’s Schaumburg’s office represented KBS in the two transactions.

WHEELING, IL- Ellen Steinbrecher and CJ Kuehl, both principals with Lee & Associates of Illinois LLC represented National Louis University in its lease of 11,199 square feet of office space in the Capitol Commerce Center here. Jason Streepy with NAI Hiffman represented building ownership in the transaction.

ROMEOVILLE, IL- Distribution 2000 Inc., a third-party public warehouse and distribution firm offering food grade storage, has leased 236,000 square feet at 1165 Crossroads Parkway here. The new lease is a relocation and consolidation from two locations, with an increase in total square footage by 61,000 square feet. Sally Macoicz, a senior director with Cushman & Wakefield of Illinois Inc., represented the tenant in the five-year lease. Dan Leahy and Adam Roth with NAI Hiffman represented the landlord, TA Associates. The 471,500-square-foot industrial warehouse building was built in 2004.

Posted by NAI Hiffman | Filed Under Industrial, Office 

U.S. Cellular leases space at former HSBC complex

January 6, 2012

As seen in Chicago Real Estate Daily

By: Dave Matthews January 06, 2012

(Crain’s) — U.S. Cellular Corp. leased 40,000 square feet in a vacant former HSBC PLC complex, a small boost for the office market near O’Hare International Airport that is still hurting from the recession.

The cell phone service provider signed a four-year lease in the Oakwood Commerce Centre, a 238,202-square-foot development fully occupied by HSBC until June, when the North American unit of the financial services giant vacated the property.

Built in 1985, the complex is along North Wood Dale Road between Thorndale and Foster avenues in Wood Dale, just west of O’Hare.

“We want to do what HSBC did before: We’re going to be a high-density, processing, call center-type building,” says Jack Reardon, a senior vice-president with real estate firm NAI Hiffman, which handles Oakwood’s leasing. “In a challenging market, we just got our first deal done.”

In the slow suburban office market, even small deals are coveted.

“There has not been a lot of velocity in the market . . . although we’re starting to see that change,” says Mark Hamilton, a partner in Itasca-based developer Hamilton Partners, which attempted to lure U.S. Cellular to its Meadows Office Park in west suburban Addison.

“With big companies, there’s always kind of a chance they stay longer than they say they will,” Mr. Hamilton notes.

The four-building Oakwood complex is owned by Hartford, Conn.-based UBS Realty Investors LLC, which paid about $51.5 million for the buildings in 2001, property records show.

UBS had no debt on Oakwood and can afford to be patient as it leases up the property, Mr. Reardon says.

“There’s no clock ticking,” he says.

In a cost-cutting move, London-based HSBC in 2008 consolidated five suburban offices into a 540,000-square-foot complex in north suburban Mettawa developed by Hamilton Partners.

U.S. Cellular plans to use the complex to house vendors working on a “long-term project” that the Chicago-based company declines to identify, a spokesman says in an email.

“We made the strategic business decision to relocate some of their associates to be closer to our (information systems center in Bensenville) and (Chicago) regional headquarters,” he says.

Posted by NAI Hiffman | Filed Under Industrial 

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