CHICAGO—This year, more than 145 Building Owners and Managers Association of Chicago member buildings throughout downtown and the surrounding area will partner with the Greater Chicago Food Depository to help provide meals to the food insecure in Cook County. The association has set a goal of collecting 85,000 pounds of food, officials say. The group's goal in 2015 was to collect 80,000 pounds, and it set records by collecting more than 127,000 pounds. Since 2008, BOMA/Chicago has provided more than 364,000 meals.

CHICAGO—Colliers International Group Inc. has just hired Gregg Healy to be its new executive managing director of supply chain and logistics consulting, effective immediately. Healy has nearly 20 years of industry expertise, and will provide consulting services in the areas of distribution network analysis, location, site selection and facility design. “Gregg will be an added differentiation to our already industry-leading industrial platform,” says Dwight Hotchkiss, national director, industrial services, for Colliers. Prior to joining Colliers, Healy was the founder and president of Smart Turn Logistics, a supply chain consulting firm and third-party logistics provider servicing clients in the medical, apparel, food and consumer good sectors for both B2B as well as e-commerce solutions.

DEALTRACKER

CHICAGO—The downtown office market here continues to tighten, and law firms are helping to lead the way. Barnes & Thornburg LLP, for example, has just signed a new, 11-year lease for 95,000 square feet of office space, including an 11,500 square foot expansion, at One North Wacker Dr. The firm moved into the building in 2002, and this marks its third expansion at the location. And with over 100 attorneys and nine new partners this year, this is the firm's second largest location next to Indianapolis. Along with the expansion and build-out on the 42nd floor, the new lease, which runs through 2030, includes significant improvements and upgrades to the firm's existing space on the 43rd, 44th and 45th floors. CBRE's David Tropp and Kyle Kamin, executive vice presidents, and Todd Lippman, vice chairman, represented Barnes & Thornburg in the transaction. Brad Despot of Avison Young represented the landlord, The Irvine Co. Barnes & Thornburg will occupy the new space on January 1, 2019.

LOCKPORT, IL—The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant US Bank property located at 1103 E. 9th St. in Lockport, IL, for $2,100,000. The property is at the signalized intersection of E. 9th St. and Read St. Walmart Supercenter and Jewel-Osco anchor the retail trade area. US Bank recently committed to this location by signing a new ten year lease extension. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; an institutional investment firm. The purchaser was a high net worth individual.

KANSAS CITY, KS—A partnership between L5 Investments and BH Equities has acquired Lenexa Pointe Apartments, a 289-unit apartment community in Lenexa, KS, a city about 12 miles south of Kansas City, MO, for $17.75 million. The property sits on 20.46 acres at 12000 W. 77^th Terrace. Built in 1972 and renovated in 1992, Lenexa Pointe is a garden-style apartment community that includes 145 one-bedroom units and 144 two-bedroom units. “We liked Lenexa Pointe as it presented some very attractive 'golden nuggets' for us from both a short and long term value-add standpoint which is what we typically seek on behalf of our investors,” Michael Flaherty, founder and managing partner of L5 Investments, a Northern CA-based multifamily investment firm, tells GlobeSt.com. “We specialize in the 'needle in the haystack' business. Simply put, these types of deals are hard to find. First, the property is located within one of the top school districts in the state. This is a key fundamental we take into account as top school districts create demand and competition for housing. Secondly, 60% of the units are under an affordable housing restriction.” This, however, “expires in six years and will ultimately add tremendous exit value as we begin to take those affordable rents to market.”

PALATINE, IL—Quantum Real Estate Advisors, Inc. has brokered the sale of a 42,588 square foot multi-tenant retail center located at 801-861 N. Quentin Rd. in Palatine, IL. The property was sold for $4,475,000. The site features national tenants Papa John's Pizza, H&R Block, and a newly signed long term lease with Anytime Fitness. The buyer was a commercial real estate fund based in Denver, CO. The seller was a Chicago based investment group. Chad Firsel, president of Quantum, represented the seller. “The buyer was able to take advantage of the new tenants has below-market rental rates,” says Firsel. “The property has excellent curb appeal and the seller was able to update the building so it will attract tenants for years to come.”

BY THE NUMBERS

CHICAGO—The US net lease market saw some momentum in the third quarter, with historic single-asset sales, increased sale leasebacks and expanding foreign investments, according to a new report from JLL. The Chicago-based company found that after increased financial market volatility in the first half of the year, the quality of assets brought to market and closed within the third quarter increased. There has been year-to-date $31.3 billion in investment sales with an average cap rate of 6.2%. The office sector accounted for $15.8 billion and had an average cap rate of 6.8%. Industrial purchases totaled $8.4 billion with an average rate of 6.3%. And retail came in at $7.1 billion with a rate of 5.6%. “As a result of enhanced product availability, buyers have increased their interest in net lease assets,” the firm says. “Cap rate movement varies across sectors and markets following these changes, remaining flat for office assets and compressing further for industrial and retail. Investor diversification continues as pricing creates challenges in identifying accretive acquisitions for certain buyers, notably in primary markets.”

NEWS & NOTABLES

CHICAGO—Draper and Kramer, Inc., was recently honored with two awards at the annual Chicagoland Apartment Marketing and Management Excellence awards ceremony, which took place Nov. 3. Presented by the Chicagoland Apartment Association and the Chicago Tribune, the CAMME Awards celebrate excellence in the multifamily housing industry. Both awards recognized the firm's Wheaton Center community, a six-building, 758-unit rental development in downtown Wheaton, IL, a Chicago suburb. The property was honored in the category of Community Amenities Package and Assistant to Property Manager. The former award highlights innovation in use of space, functional layout of amenities, marketing appeal and design. “Wheaton Center is a special development for us because we not only took over as the property management firm, but also fully redeveloped the property,” says Julie F. Johnson, senior vice president and director of management services for Draper and Kramer. “Based on our experience and knowing what amenities resonate the most with renters, it was the perfect opportunity to reimagine the amenity mix. It's extremely gratifying to have our strategic thinking around this property's amenity offerings recognized by the CAMMEs.”

CHICAGO—This year, more than 145 Building Owners and Managers Association of Chicago member buildings throughout downtown and the surrounding area will partner with the Greater Chicago Food Depository to help provide meals to the food insecure in Cook County. The association has set a goal of collecting 85,000 pounds of food, officials say. The group's goal in 2015 was to collect 80,000 pounds, and it set records by collecting more than 127,000 pounds. Since 2008, BOMA/Chicago has provided more than 364,000 meals.

CHICAGO—Colliers International Group Inc. has just hired Gregg Healy to be its new executive managing director of supply chain and logistics consulting, effective immediately. Healy has nearly 20 years of industry expertise, and will provide consulting services in the areas of distribution network analysis, location, site selection and facility design. “Gregg will be an added differentiation to our already industry-leading industrial platform,” says Dwight Hotchkiss, national director, industrial services, for Colliers. Prior to joining Colliers, Healy was the founder and president of Smart Turn Logistics, a supply chain consulting firm and third-party logistics provider servicing clients in the medical, apparel, food and consumer good sectors for both B2B as well as e-commerce solutions.

DEALTRACKER

CHICAGO—The downtown office market here continues to tighten, and law firms are helping to lead the way. Barnes & Thornburg LLP, for example, has just signed a new, 11-year lease for 95,000 square feet of office space, including an 11,500 square foot expansion, at One North Wacker Dr. The firm moved into the building in 2002, and this marks its third expansion at the location. And with over 100 attorneys and nine new partners this year, this is the firm's second largest location next to Indianapolis. Along with the expansion and build-out on the 42nd floor, the new lease, which runs through 2030, includes significant improvements and upgrades to the firm's existing space on the 43rd, 44th and 45th floors. CBRE's David Tropp and Kyle Kamin, executive vice presidents, and Todd Lippman, vice chairman, represented Barnes & Thornburg in the transaction. Brad Despot of Avison Young represented the landlord, The Irvine Co. Barnes & Thornburg will occupy the new space on January 1, 2019.

LOCKPORT, IL—The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant US Bank property located at 1103 E. 9th St. in Lockport, IL, for $2,100,000. The property is at the signalized intersection of E. 9th St. and Read St. Walmart Supercenter and Jewel-Osco anchor the retail trade area. US Bank recently committed to this location by signing a new ten year lease extension. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; an institutional investment firm. The purchaser was a high net worth individual.

KANSAS CITY, KS—A partnership between L5 Investments and BH Equities has acquired Lenexa Pointe Apartments, a 289-unit apartment community in Lenexa, KS, a city about 12 miles south of Kansas City, MO, for $17.75 million. The property sits on 20.46 acres at 12000 W. 77^th Terrace. Built in 1972 and renovated in 1992, Lenexa Pointe is a garden-style apartment community that includes 145 one-bedroom units and 144 two-bedroom units. “We liked Lenexa Pointe as it presented some very attractive 'golden nuggets' for us from both a short and long term value-add standpoint which is what we typically seek on behalf of our investors,” Michael Flaherty, founder and managing partner of L5 Investments, a Northern CA-based multifamily investment firm, tells GlobeSt.com. “We specialize in the 'needle in the haystack' business. Simply put, these types of deals are hard to find. First, the property is located within one of the top school districts in the state. This is a key fundamental we take into account as top school districts create demand and competition for housing. Secondly, 60% of the units are under an affordable housing restriction.” This, however, “expires in six years and will ultimately add tremendous exit value as we begin to take those affordable rents to market.”

PALATINE, IL—Quantum Real Estate Advisors, Inc. has brokered the sale of a 42,588 square foot multi-tenant retail center located at 801-861 N. Quentin Rd. in Palatine, IL. The property was sold for $4,475,000. The site features national tenants Papa John's Pizza, H&R Block, and a newly signed long term lease with Anytime Fitness. The buyer was a commercial real estate fund based in Denver, CO. The seller was a Chicago based investment group. Chad Firsel, president of Quantum, represented the seller. “The buyer was able to take advantage of the new tenants has below-market rental rates,” says Firsel. “The property has excellent curb appeal and the seller was able to update the building so it will attract tenants for years to come.”