WeekLEE News August 10 - 14, 2015
LEE IN THE NEWS! (Week Review)
Lee & Associates Arranges 35,791 SF Industrial Lease in Elk Grove, Ill.: Heartland Real Estate Business
Lee & Associates of Illinois announce recent industrial transactions: Chicago Industrial Properties
15 OF CHINA’S TOP US TROPHY BUYS THIS YEAR: Since 2012, Chinese investors have been on a US real estate spending frenzy, piling up trophy assets across the country and quickly becoming the No. 1 foreign buyer of US properties. Bisnow.com
THE TOP 20 HIGHEST-GROSSING RETAILERS AND THEIR REAL ESTATE POWER: The retail industry reported its highest inventory levels relative to sales since the end of 2013, according to a UBS analyst note this week. Bisnow.com
CRE Market Plateauing? New Sentiment Survey Shows This May Be the Case: A third quarter Sentiment Index just released by The Real Estate Roundtable, a public policy organization, shows that senior CRE executives’ expectations for the commercial real estate market over the next 12 months are becoming more moderate than they were a year ago. National Real Estate Investor
Bill Gates Makes a Play To Acquire Strategic Hotels & Resorts: Tech Billionaire Ups Stake in Lux Hotel REIT to 9.8%; Interested in Discussing Any Potential Sale Costar News
Construction Not Keeping Up with Demand In Light Industrial Market: While Developers Focus On Building 'Big Box' Logistics Space, Smaller Light Industrial Buildings Remain In Short Supply Costar News
Consumer Sentiment in U.S. Decreased in August for Second Month: Confidence among U.S. consumers eased for a second month in August as households braced for an increase in interest rates that could slow growth. Bloomberg Business
JLL to Acquire Oak Grove Capital: CHICAGO—JLL officials said yesterday that the company will acquire Oak Grove Commercial Mortgage, LLC, which does business as Oak Grove Capital, to help grow its capital markets capability in the Americas. GlobeSt.com
Inland Puts Down $75M for 4 Properties: CHICAGO—Inland Real Estate Acquisitions, Inc. acquired four additional properties in July on behalf of an Inland affiliate. The acquisitions total more than 476,000 square feet across four states and had a total purchase price of more than $75 million. GlobeSt.com
New Distribution Facilities Coming to Chicago: CHICAGO—Officials from Dayton Street Partners, a Chicago-based commercial real estate investment and development firm, say they are ready to break ground for a 40,000-square-foot warehouse/distribution facility on a vacant 1.61-acre parcel located at 4150 N. Knox Ave. in Chicago. GlobeSt.com
How bad are Chicago pensions? The worst in the nation: The city of Chicago is the local government most burdened by unfunded retirement plans in the nation, with a pension debt that's more than eight times annual revenues, according to a new study by Moody's Investors Service. Crain's Chicago Business
EVERYTHING YOU NEED TO KNOW ABOUT RAHM'S PROPOSED TOD ORDINANCE CHANGES: Bisnow.com
Whirlpool to employ 60 at new Joliet facility: Whirlpool is investing $21 million into a Joliet regional distribution center the appliance maker will soon occupy, the Benton Harbor, Mich.-based company announced today. Crain's Chicago Business
Recent LEE Transactions
ELK GROVE VILLAGE, Ill.—August 10, 2015— Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed an industrial sales transaction for a 5,560-square-foot industrial building located at 925 Tonne Road in Elk Grove Village. Mike Plumb and Jeff Janda, SIOR, both principals at the Lee & Associates’ Illinois office, represented the seller, a private investor. Moe Berrettini of Berco Realty represented the buyer, Palo Albums, Inc., a premier
designer of stamp albums for stamp collectors.
ELK GROVE VILLAGE, Ill. —August 10, 2015—Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has negotiated a lease for a 35,791-square-foot industrial space located at 1601 Lunt Ave. in Elk Grove Village. Chris Nelson, principal at Lee Illinois represented the landlord, Colony Capital. The tenant, Oakley Industrial Machinery Inc., was represented by Phil Reif of Paine Wetzel.
Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with locations across the nation including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, and Wisconsin. With almost 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level.