MILWAUKEE—Newmark Grubb Knight Frank has just been appointed as the exclusive broker in the sale of 7601 Durand Ave. a 378,800-square-foot distribution warehouse located in Sturtevant, WI. 7601 Durand Ave. consists of approximately 23 acres and is the largest warehouse currently available in Racine County. Senior managing directors Sergio Chapa and Michael Prost, in cooperation with senior managing director Corey Chase, will lead the effort. Located 35 minutes south of Milwaukee, and 55 minutes north of Chicago O'Hare International Airport, 7601 Durand Ave. was originally built in 1972, with additions in 1995 and 1997. It also has 48,000 square feet of office space, 25' ceiling height, 20 exterior dock doors, 10 interior dock doors, one drive in door as well as trailer storage.

CHICAGO—Avison Young has been awarded the exclusive sale listing for a 538,236-square-foot, three-building industrial portfolio near the western entrance of Chicago's O'Hare International Airport, a coveted location in one of the nation's top industrial markets. The buildings at 1900-2020 Pratt Blvd. in Elk Grove Village, IL, are 100% leased on a long-term basis. The tenants, Clear Lam and D&W Fine Pack, are national food industry businesses with specialized needs for the buildings they occupy. Avison Young principals Erik Foster and Mike Wilson, both based in the company's Chicago office, will represent the owner, Mirvac, a Sydney, Australia-based real estate company. The portfolio includes three properties: 1900 Pratt Blvd., a 111,338-square-foot building, 1950 Pratt Blvd., a 165,212-square-foot building, and 2000-2020 Pratt Blvd., a 261,686-square-foot building.

DEALTRACKER

CHICAGO—A 17-unit, two-building, mixed-use portfolio on the northeast corner of 18^th and Carpenter St. was just sold. It was one of the largest portfolio deals to close in the Pilsen neighborhood, which consists primarily of buildings with 3-8 units. Angelo Labriola and Paul Cawthon of SVN | Chicago Commercial were the sole commercial real estate advisors in this off-market transaction. The portfolio sold for $1,825,000. “The sale marks one of the highest prices per unit for a property over six units in need of extensive rehab in Pilsen,” says Labriola. “This shows the bullish future market of the neighborhood. We obtained multiple offers over $125K per unit on the property. The sellers decided to accept a lower offer with superior terms.”

BUILDING BLOCKS

MILWAUKEE—Officials from Southfield, MI-based Farbman Group, say that its Chase Tower parking garage, located at 525 N. Water St. in downtown Milwaukee, has undergone a multi-million dollar revitalization and is now under the management of Secure Parking USA, a leading car park operator. “We view this as a tremendous opportunity to reintroduce one of the best parking locations with affordable pricing in the Milwaukee Downtown,” says Ryan Hawken, managing partner of Secure Parking. Directly connected to the parking garage, Chase Tower is currently undergoing renovations, as well, to its common areas on the first and second floor, which will include all new seating areas.

BY THE NUMBERS

CHICAGO—Chicago has become a top three market in the US for data center absorption, according to a new report from CBRE Group, Inc. The company attributes the region's success to its central location and prominence as a critical hub network. Net absorption totaled 36.2 megawatts in 2016, a near record-high for the market and outpacing the previous year's absorption of 28 MW. “There is an incredible amount of mission critical infrastructure is in place in the market and demand continues to grow at an ever-increasing pace,” says Todd Bateman, CBRE's North American agency practice leader for data centers. Northern Virginia led the US with 84.4 MW and Dallas/Ft. Worth was second with 37.6 MW.

MILWAUKEE—According to NGKF Research, the industrial market in Southeast WI experienced a fourth consecutive quarter of improving conditions and closed a third year of robust growth. Since peaking at 10% in mid-2010, vacancy in the Southeast WI market has improved significantly to 6.6%.

NEWS & NOTABLES

MILWAUKEE—Newmark Grubb Knight Frank has just been appointed as the exclusive broker in the sale of 7601 Durand Ave. a 378,800-square-foot distribution warehouse located in Sturtevant, WI. 7601 Durand Ave. consists of approximately 23 acres and is the largest warehouse currently available in Racine County. Senior managing directors Sergio Chapa and Michael Prost, in cooperation with senior managing director Corey Chase, will lead the effort. Located 35 minutes south of Milwaukee, and 55 minutes north of Chicago O'Hare International Airport, 7601 Durand Ave. was originally built in 1972, with additions in 1995 and 1997. It also has 48,000 square feet of office space, 25' ceiling height, 20 exterior dock doors, 10 interior dock doors, one drive in door as well as trailer storage.

CHICAGO—Avison Young has been awarded the exclusive sale listing for a 538,236-square-foot, three-building industrial portfolio near the western entrance of Chicago's O'Hare International Airport, a coveted location in one of the nation's top industrial markets. The buildings at 1900-2020 Pratt Blvd. in Elk Grove Village, IL, are 100% leased on a long-term basis. The tenants, Clear Lam and D&W Fine Pack, are national food industry businesses with specialized needs for the buildings they occupy. Avison Young principals Erik Foster and Mike Wilson, both based in the company's Chicago office, will represent the owner, Mirvac, a Sydney, Australia-based real estate company. The portfolio includes three properties: 1900 Pratt Blvd., a 111,338-square-foot building, 1950 Pratt Blvd., a 165,212-square-foot building, and 2000-2020 Pratt Blvd., a 261,686-square-foot building.

DEALTRACKER

CHICAGO—A 17-unit, two-building, mixed-use portfolio on the northeast corner of 18^th and Carpenter St. was just sold. It was one of the largest portfolio deals to close in the Pilsen neighborhood, which consists primarily of buildings with 3-8 units. Angelo Labriola and Paul Cawthon of SVN | Chicago Commercial were the sole commercial real estate advisors in this off-market transaction. The portfolio sold for $1,825,000. “The sale marks one of the highest prices per unit for a property over six units in need of extensive rehab in Pilsen,” says Labriola. “This shows the bullish future market of the neighborhood. We obtained multiple offers over $125K per unit on the property. The sellers decided to accept a lower offer with superior terms.”

BUILDING BLOCKS

MILWAUKEE—Officials from Southfield, MI-based Farbman Group, say that its Chase Tower parking garage, located at 525 N. Water St. in downtown Milwaukee, has undergone a multi-million dollar revitalization and is now under the management of Secure Parking USA, a leading car park operator. “We view this as a tremendous opportunity to reintroduce one of the best parking locations with affordable pricing in the Milwaukee Downtown,” says Ryan Hawken, managing partner of Secure Parking. Directly connected to the parking garage, Chase Tower is currently undergoing renovations, as well, to its common areas on the first and second floor, which will include all new seating areas.