Giving Thanks; The Deal Sheet
|One thing we should be thankful for is minimal increase in food prices, says Grubb & Ellis economist Bob Bach. Rising commodity prices have yet to impact the cost of Thanksgiving dinner, he says. The American Farm Bureau pegs the average cost of ingredients for a turkey dinner with all the trimmings large enough to feed 10 people this holiday season at $43.47, a slender 1.3% increase from Thanksgiving 2009. Our waistlines grew more than that.
|Farmers are doing better than office and industrial landlords(probably because corn and soybeans don't ask for concessions), who have been unable to push through any rent increases this year. The average asking rental rate for a square foot of office space in the US fell from $26.60 full service gross in Q3 '09 to $26.10 in Q3 '10, a decline of 1.8%, while a square foot of industrial space fell from $5.38 to $5.35 triple net, down 60 basis points. Nevertheless, sales prices of the associated real estate have risen sharply during this period. Irrigated cropland in the territory served by the Federal Reserve Bank of Kansas City rose in value by 9.6% while the average per-square-foot sales price of office and industrial properties increased by 13.2% and 8.2%, respectively, according to Real Capital Analytics.
Hyatt Center has become the largest LEED Platinum certified building in the city of Chicago. The building at 77 S. Wacker is managed by Jones Lang LaSalle and owned in part by Pritzker Realty Group. To gain LEED-EB Platinum certification, the JLL team, under the direction of General Manager Betty Casties, retrofitted the HVAC system, implemented standard temperature settings throughout the building, and reduced hours of operations of the lobby fans and HVAC systems on weekends. The building achieved an Energy Star rating of 86.
Bridge Development Partners' 555 Aptakisic Dr in Lincolnshire has been awarded LEED Gold certification. Colliers International's Steven Kling and Peter Kelly are leasing agents for the property. Architectural services were provided by Archideas.
The Midwest Division of Ryan Cos US has relocated its offices to 20k SF at 111 Shuman Blvd in Naperville, a building Ryan designed and built for Delta Dental of Illinois. Since 2003 Ryan has been a tenant next door at 55 Shuman Blvd. The new HQ is a four-story, 85k SF building. It was built according to LEED Silver criteria and is currently being reviewed for certification. Ryan has leased and will occupy the entire fourth floor of the building.
Podolsky Northstar CORFAC International's Steven Podolsky and Corey Chase negotiated a lease termination agreement for Supervalu in Wood Dale. Supervalu's Osco Drug subsidiary occupied a single-user, 440k SF facility located at 855 North Wood Dale Rd for 14 years. Podolsky ID'd potential sublease candidates that could complete a direct deal with building ownership, AMB Property Corp. Third-party logistics provider CEVA Group executed a lease for more than 230k SF in the building, represented by CB Richard Ellis.
ARCO/Murray National Construction Co. completed a 64k SF warehouse renovation project in Fort Wayne, Ind. The building improvements included demolition and expansion of the existing docks, new dock equipment and construction of H2 and H3 hazardous materials rooms. The building will become the new manufacturing and distribution center for Stonhard. The building was purchased and redeveloped by Towne Investments. Towne's Mike Powers oversaw the project and the construction team was led by ARCO/ Murray's Anthony Lovero and Joe Pomerenke.
Summit Design + Build completed construction on Benchmark, Chicago's first retractable rooftop beer garden, at 1510 N. Wells in Old Town. The project required the complete gut and renovation of an existing office building and new two-story basement addition to accommodate a total building size of 11k SF. The bar features a soaring atrium and custom 70 ft. long by 20 ft. wide retractable roof which spans the entire south wall and southern roof of the second floor. Summit Design + Build's Mark Heffron and Alan Walters were responsible for the on-site construction of Benchmark. Space Architects and Planners provided architectural services.
ARCO/Murray National Construction Co. has completed the new process and building improvements for Nealanders at 2425 Alft Rd in Elgin. ARCO/Murray was contracted to complete the rigging of the bulk and process tanks, stainless steel process piping, automated controls, tote wash room, hot water piping system and mezzanine construction. ARCO/Murray's Brad Dannegger was the project executive with Chris Niedhammer as the lead Project Manager.
Englewood Construction completed the exterior renovation of two Sears stores in Chicago and Niles. The remodeling included new windows, lighting, exterior wall cladding system and paint. The stores are located at 1601 N. Harlem Ave in Chicago and in the Golf Mill Shopping Center at 239 Golf Mill Center Rd in Niles. The exteriors were designed by in-house architects at the Sears Holding Co.
Millenium Properties' Brad Thompson sold the 10k SF lot at 3104 W. Warren Blvd. The lot was bought by Northside Community Bank's John O'Malley. Brad represented the seller in the deal while the buyer represented himself. The site is designated in RM5 zoning which permits the construction of a multi-unit building with three and a half to four stories. The new owner can build up to 20k SF with 24 units.