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Retail Recovery; The Deal Sheet

Chicago

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Retail Recovery;  The Deal Sheet
Let's hope Christmas in July comes early this year: first-quarter Chicago retail stats are mixedwith the slight increase in job growth contributing to a slow recovery for single-tenant  and urban marketplaces, according to a Marcus & Millichap report. It predicts that vacancy will moderate this year, staying high in the south and southwest suburbs.
 
Retail Recovery;  The Deal Sheet
Vacancy rates in the city inched down by 20 basis points to 6.6%, but are expected to lose 20 basis points by year-end. Asking rents increased to  $23.24/SF, but are also expected to decline to $23.01 over the same period. In the 'burbs, vacancy is up 130 basis points from a year ago, to 11.8% and may rise as high as 12.2%. Asking rents declined to $18.20/SF and are expected to fall to $17.91.

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Leasing

Alion Science & Technology signed a long-term lease for 12k SF at 1000 Burr Ridge Pkwy. in Burr Ridge. Cawley Chicago Commercial Real Estate's Cody Sundberg repped landlord The Teamsters Local 731.

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Lincoln Investment Planning  signed a 6k SF lease at 500 Waters Edge in Lombard. Cawley Chicago Commercial Real Estate's Cody Sundberg and Rawly Lantz  repped landlord KBS Realty Advisors.

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RehabTECH has signed a long-term lease for a 30k SF building at 335 Eisenhower Lane South in Lombard. Cushman & Wakefield's Sean Henrick repped the owner, TA Associates Realty. Lee & Associates' Jeffrey Janda repped the tenant.

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Grubb & Ellis Co.'s Matt Mulvihill, Tom Tunnicliff, and Sam Durkin represented Door Systems, a division of KONE, in the long-term lease renewal of 63k SF at 751 Expressway Dr. in Itasca.

Companies

The Ross Group has been awarded a  2010 Gibson Safety Award in recognition of its safety, loss control, and accident prevention programs in the workplace. The Portage, Ind.- based construction company was one of six companies selected among 3,400 for its efforts to achieve a safe work environment.

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Chicago real estate broker @properties celebrated its 10th anniversary this week. Co-founders Michael Golden and Thaddeus Wong started @properties in 2000 after a multi-year run as the top-producing agents among the  Chicago Association of Realtors' 15k members. Today, the firm has more than 900 licensed agents, 60 employees and seven Chicago-area offices. Over the past decade the firm has brokered more than  4,400 real estate transactions totaling approximately $1.8 billion

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HOK
 was honored with two awards for environmental leadership. The first award was for the  King Abdullah University of Science and Technology in Thuwal, Saudi Arabia, which was selected as a 2010 "Top Ten Green Project" by the AIA Committee on the Environment. The second was the 2010 â€œEnvironmotion” Award, given by the Illinois chapter of the USGBC. KAUST was Saudi Arabia's first LEED-certified project and the world's largest LEED-NC Platinum project.

People

Podolsky Northstar CORFAC International has added Joshua Altman as an associate in the firm's brokerage division. Before joining Podolsky Northstar, he was sales manager for Avatech Solutions, which develops software programs for the architecture and design community. He was also a broker with the former Epic Savage Realty Partners.

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Bradford Allen Realty Services/TCN Worldwide co-founder Laurence Elbaum has been elected chairman of the TCN Worldwide Board of Directors for 2010-2011. He co-founded Bradford Allen Realty Services with Jeffrey Bernstein in October 2003. 

Construction

ARCO/Murray has completed construction on an 8k SF office expansion at 1 S. 450 Summit Ave. for NEBO Systems. The firm expanded the existing 5k SF of office into multiple adjacent vacant spaces to finish upgrades for the entire space, and for a UPS relocation for a new central IT room. ARCO/ Murray's Joseph Pomerenke  was the project exec with Dan Bick as the lead project manager. Featherstone Consulting provided architectural services.

Sales

Inland Real Estate Brokerage sold a 9k SF retail building at 610 South Dundee Ave. in East Dundee. The property was sold by Trend Carpet and Tile store and was purchased by Laundry King, which will convert it into a laundromat. This will be Laundry King's fifth location. Inland's Paul Montes and Eric Spiess repped Trend Carpet.