(For more retail coverage, click GlobeSt.com/RETAIL.)
CHICAGO-Cushman & Wakefield is forming a strategic alliance with Northern Realty Group to pursue the company's growing retail platform. Under the exclusive alliance, Northern Realty Group will provide leasing representation and consulting for retail clients in the Chicago metropolitan area.
"This new alliance with Northern Realty Group is a move to bolster our operations in retail markets where our clients have shown increased interest," Tony Marano, Cushman & Wakefield's CEO of the Americas, said in a statement. "The partnership will expand the quality and quantity of services and professionals our clients require to seamlessly execute their retail real estate strategies."
Northern Realty Group, formed in 1987, provides owner representation, consulting, tenant representation and development services for retail and mixed-use properties. The company has represented building ownership for Sears Tower and Navy Pier, and in 1990, Northern expanded its practice to provide national and regional tenant representation and consulting for 110 Starbucks Coffee stores, 75 H20 Plus stores and 42 Panera Bread stores.
In April, a joint venture that included Northern Realty Group sold the retail portion the 61,796-sf Shops at State Place and a 156-space garage at the base of a 243-unit condominium building. BlackRock Realty paid $25 million for of the project, which was 85% leased at the time.
In May, Mesirow Stein and Northern Realty sold their Deerfield Village Centre mixed-use property at Deerfield and Waukegan roads for nearly $35 million. Rreef bought the 124,423-sf property with retail and office space as well as multifamily rental units on behalf of an institutional client.
Cushman & Wakefield most recently made headlines after it purchased the London-based investment and development firm, Andrew Mayer Tyser. The deal, for an undisclosed sum, delivers into the growing C&W network one of London's leading investment specialists.
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