Retail Recovery; The Deal Sheet
|Let's hope Christmas in July comes early this year: first-quarter Chicago retail stats are mixed , with 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.|
|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.|
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.
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.
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.
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
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.