WeekLEE News for March 23 - 27, 2015
LEE IN THE NEWS! (Week Review)
Maines Paper Signs for 234K in NW Suburbs: GlobeSt.com
Lee Asset Management Group awarded 172,000 SF Class A office assignment in Northbrook: Illinois Real Estate Journal
Mike Plumb, Featured Broker: Lee Illinois Press Releases
IPMS Promotes Its Global Standard for Office Measurement: WASHINGTON, DC—Is that internal column counted as part of a building's overall square footage? What about the parking lot? Let's talk about the floor area. Is it measured to the wall-floor junction or to the walls' midpoint? GlobeSt.com
ALM Releases Guide to Zoning Issues: NEW YORK CITY—Developers and land use attorneys alike have a new guide to zoning issues. ALM's Law Journal Press, sister organization to GlobeSt.com, on Thursday released Land Use Law: Zoning in the 21st Century, a practical guide to modern zoning issues for land use attorneys, planners and developers. GlobeSt.com
Suburban sprawl is stifling the US economy: As the nation's metro areas grow ever larger, the sprawling suburbs can come with all sorts of problems: endless commutes, growing pollution, and unwalkable neighborhoods, to name a few. Now, a pair of studies released this week suggests that America's evolving cities are also bad for the economy. Vox.com
At No. 9 Walton, developer turns luxury up to 11: The developer of a $275 million ultra-luxury condominium tower in the Gold Coast has lined up a Chinese financial partner and plans to break ground in June as he continues to court wealthy buyers for the project. Chicago Real Estate Daily
Illinois lawmakers OK state budget fix that raids special funds: With a minimum of fuss or discussion, the Illinois Senate this afternoon gave final approval to a bill to fill a $1.6 billion hole in this year's state budget but shifting funds from special accounts and imposing a 2.25 percent across-the-board cut in most state programs, including aid to grade and high schools. Crain's Chicago Business
Ind. Deals Getting Scarce in Seller’s Market: CHICAGO—As reported in GlobeSt.com, Brennan Investment Group, LLC, one of the most active buyers of industrial properties in the metro area, recently bought the 70,196 square-foot 13970 Laurel Dr. in suburban Lake Forest in a joint venture with Goldman Sachs. Although the building is on the small side and the tenant has a relatively short lease, Podolsky|Circle principal Corey B. Chase tells GlobeSt.com that the purchase was not surprising. GlobeSt.com
People on the Move: Crain's Chicago Business
Recent LEE Transactions
FRANKLIN PARK, Ill.— Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has completed a lease renewal and expansion for a 26,433-square-foot industrial space located at 11222 Melrose Ave. in Franklin Park. John Sharpe, principal of Lee & Associates of Illinois represented the tenant, Safeworks, a conglomerate of companies that provide safe, total access equipment solutions to a wide variety of construction related markets.
BURR RIDGE, Ill.— Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $4.15 million investment sales transaction for a 52,000-square-foot truck terminal industrial building located at 7545 S. Madison in Burr Ridge. Justin Fierz, principal, Brian Vanosky, principal and Tim McCahill, associate of Lee & Associates’ Illinois office, represented the seller, RAB Properties. Kip Hennelly of Patrick Commercial Real Estate represented the buyer.
ADDISON, Ill. —Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has completed a lease of 11,800-square-foot industrial space located at 310 La Londe Ave., Addison. Jay Farnam, senior associate of Lee & Associates of Illinois represented the landlord, Kurt Flinker. The tenant, Pedro’s Recycling, was represented by George Medina of GMS Realty Group, LLC.
Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with 52 locations across the nation including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, 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. Additional information can be found at http://www.lee-associates.com/illinois. You can also follow us on Twitter, Facebook, LinkedIn, Google+ and YouTube.