NAI Hiffman leases 341k s.f. industrial facility

October 13, 2010

Larry Much, Steve Connolly, and Kelly Disser, with NAI Hiffman’s Industrial Services Group represented Principal Real Estate Investors in leasing its industrial facility in Bedford Park, Ill. to M. Block & Sons, a leading provider of end-to-end supply chain solutions. The 341,114-square-foot industrial facility is located at 6755 W. 65th Street and includes 2,500 square feet of office space, 30 foot clear height, 141 parking spaces with 50 trailer spaces, 36 exterior docks and 3 drive-in doors.

The 341,000 square feet represents the largest transaction in the Bedford Park submarket this year. Missner Construction is completing work to the building and finishing tenant improvements. Jeff Locascio with Newmark Knight Frank represented M. Block & Sons.

Source: REJournals.com

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

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 

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 

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 

Grocer to expand in move to Old Navy space

July 6, 2010

A grocery and fruit store plans to almost double the size of its Morton Grove location by moving a short distance to an Old Navy store whose lease is expiring. Produce World signed a long-term lease for the 25,000-square-foot space at Village Plaza, at the Harlem Avenue and Dempster Street in Morton Grove, according to NAI Hiffman, which represented the grocer. Produce World, which also has a location in west suburban Norridge, plans to open the new store early next year, moving from 13,000 square feet at 8800 Waukegan Road, according to Oakbrook Terrace-based NAI Hiffman. CB Richard Ellis Inc. represented Village Plaza.

Source: ChicagoBusiness.com

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

« Previous Page — Next Page »