A new owner has acquired 833,000 SF in office space at the Sullivan Center in Chicago. According to the article on REBusiness Online, JLL Capital Markets have sold a portion of the building for $176 million to New York-based 601W Companies. In this competitive market, the creative office space and loft ceilings only increased JLL’s chances of finding the right buyer. Bruce Miller of JLL is quoted, “This asset received significant investor interest because of its excellent location and strong tenant base…catering to the progressive tenants driving demand in this market.” Click here to read the full article on REBusiness Online.
Ever-changing economic factors have left a handful of available office buildings vacant in the suburbs of Chicago. However, Franklin Partners recently purchased the former OfficeMax HQ located in Naperville and plan to redevelop the property. Noted in the article from Bisnow.com is the transformation Franklin Partners hope to achieve, which includes converting the building to a multi-tenant property. Capturing this Chicago style workplace and introducing it in the suburbs should attract more businesses to make the move out of the city. Click here to read the full article at Bisnow.com.
By now, as the commercial real estate community knows well, Amazon and the likes have sought after large Class A warehouse space as the e-commerce demand continues to grow. We live in the time of larger spaces and shorter delivery times. The perfect solution to address this challenge is found in last-mile distribution facilities. This article from Bisnow.com addresses the hidden value in these 30,000 to 65,000 SF facilities often overlooked by major corporations, but are now seeing the limelight as sought after property along major transportation ways. Click here to read the full article at Bisnow.com.
The Chicago industrial real estate market is shows no signs of slowing down, and attracting investors from other sectors. In this article from Crain's Chicago, the ongoing e-commerce boom plays a large role in the recent success of the industrial real estate market. The article takes a look at financial statistics to support the reasoning behind the industrial sectors' success, while the other sectors sink to an under performing status. Read the full article at ChicagoBusiness.com
With the rise in online shopping and demand for faster delivery times, there is a need and change in big box industrial development. The Chicago area saw a 13.76% increase in development in response to the booming e-commerce industry. Can vacancy rates keep up with the extra warehouse and distribution centers and how is e-commerce impacting some firms' distribution infastructure? Read more in this article from GlobeSt.com
Although early predictions for the commercial real estate market look slump, it is still considered a viable investment according a 2018 finding. This REJournals.com article features an interview exploring what exactly makes commercial real estate an attractive investment and the political implications facing the industry. Click here to read the original article on REJournals.com.
This article from GlobeSt.com discusses financials and the future of industrial real estate with a commercial real estate expert. "Even with rising interest rates, there is still room for cap-rate compression driven by projected NOI growth at the property level and the appetite for institutional investors to increase their allocation to industrial," Aaron Hill of Bixby Land Co tells GlobeSt.com. Read the full article at GlobeSt.com.
Suburban landlords are following along with a national trend of spending some big money on office redevelopment. According to this article in GlobeSt.com, a local company in the Northwest suburban submarket of Chicago is redeveloping an A- asset, to an upgraded A+ asset. The article explores the success some submarkets have found through these renovations, despite the elevated vancy rate plaguing the suburbs. Click here to read the original article on GlobeSt.com.
This article from REJournals.com is about the new development plans in the works for Northwest Indiana. The development site is about one hour southeast of Chicago, it already boasts a waterfront, economical housing prices, and miles of greenery. Despite the potential,the article explores the challenges this area faces, such as the lack of business owners and how the city officials and community plan to address it to become an economic success story. Read the original article at REJournals.com.