KANSAS CITY—With $5.3 billion in residential sales volume, ReeceNichols just had its most successful year in 16 years. In 2016 it helped 20,278 Kansas City families buy and sell their homes. The company grew to more than 2,300 real estate sales professionals operating out of 18 offices throughout Kansas City and its surrounding counties — making it the largest real estate company in the metropolitan area. Its home lending service helped more than 1,200 families purchase homes, and its insurance arm provided policies for about 400 households. The firm also helped more than 8,000 people navigate the home closing process.

CHICAGO—CBRE Group, Inc. has just promoted Andrew Sandquist to executive vice president with its corporate capital markets division. Sandquist consistently ranks as one of the top producers within the firm and handles some of its most important corporate clients. He has closed more than $10 billion in total transactions across North America, Europe and Asia. “Andy attained the promotion to executive vice president through his impressive track record of executing complex capital markets transactions, particularly on behalf of corporate occupiers and private equity companies,” says Will Pike, managing director of CBRE's net lease property group. “He is the consummate professional that always produces excellent outcomes for CBRE's clients and represents our RISE values at the highest level.”

DEALTRACKER

CHICAGO—Marcus & Millichap has just completed the sale of a 6,512-square foot net-leased property occupied by a Chili's in New Lenox, IL. The asset sold for $2,625,000, according to Steven D. Weinstock, first vice president/regional manager/managing broker of the firm's Chicago-Oak Brook office. Dominic Sulo and Chad Lieber, investment specialists in the Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private investor, was secured and represented by Drew Wetherholt and Kevin Struve, investment specialists in Marcus & Millichap's Ontario office. The property is located at 2390 E. Lincoln Hwy. in New Lenox, an affluent suburb southwest of Chicago. Several new projects have risen nearby over the past 18 months.

CHICAGO—Millennium Properties R/E just announced that it brokered the sale of 14 commercial and residential properties through three recent sealed bid auctions. One of the auctions sold four commercial condos in Bartlett, IL for more than $500,000. These condos included a 5,100 square foot turn-key office space with frontage on Bartlett Rd. and three units with potential for retail or office use. A nine-property portfolio was also successfully auctioned off in December. This portfolio included four residential rental properties, including a six-unit mixed-use building, a two-flat apartment building and a duplex three-bedroom condo. Also included in the portfolio were residential land sites, and the final auction was the sale of a home in Yorkville. “Auctions are a great strategy to sell value-add properties, such as these properties, attracting a wide range of investors with an accelerated but thorough process that sellers appreciate,” says Greg Block, executive vice president of Millennium.

BUILDING BLOCKS

CHICAGO—MB Real Estate has just opened The Landmark, a new, full-service amenity floor at One North LaSalle. Construction began last fall, and the recently delivered space is now available for tenant use. Located on the 25th floor, it features a state-of-the-art fitness center, fully-equipped conference facilities, lounge areas, and a rooftop top deck and terrace. Tenants also have access to on-site personal training and bike storage. “We wanted to give tenants a space that would improve the overall quality of their workday and experience at One LaSalle,” says Kevin Purcell, president of MBRE's leasing and management services. “Whether they're looking to get away from the office for a while or need extra space for business purposes, The Landmark affords tenants those resources without having to leave the building.”

BY THE NUMBERS

LOUISVILLE— According to recent national rankings by CBRE Research, the office markets of both downtown Louisville and its suburbs ranked in the top ten markets with the lowest asking rental rates in the nation. Among the top 50 downtown markets studied by CBRE, Louisville at $16.71 per square foot was ranked as the third overall most affordable in the nation, just behind Albuquerque and St. Louis. And at $17.96 per square foot the Louisville suburban office market was ranked as the 6th overall most affordable market among the 58 suburban markets tracked by CBRE. Markets of a similar size cost much more. For example, Salt Lake City's downtown has a $23.86 per square foot asking rate, and downtown San Jose stands at $58.34 per square foot.

NEWS & NOTABLES

KANSAS CITY—With $5.3 billion in residential sales volume, ReeceNichols just had its most successful year in 16 years. In 2016 it helped 20,278 Kansas City families buy and sell their homes. The company grew to more than 2,300 real estate sales professionals operating out of 18 offices throughout Kansas City and its surrounding counties — making it the largest real estate company in the metropolitan area. Its home lending service helped more than 1,200 families purchase homes, and its insurance arm provided policies for about 400 households. The firm also helped more than 8,000 people navigate the home closing process.

CHICAGO— CBRE Group, Inc . has just promoted Andrew Sandquist to executive vice president with its corporate capital markets division. Sandquist consistently ranks as one of the top producers within the firm and handles some of its most important corporate clients. He has closed more than $10 billion in total transactions across North America, Europe and Asia. “Andy attained the promotion to executive vice president through his impressive track record of executing complex capital markets transactions, particularly on behalf of corporate occupiers and private equity companies,” says Will Pike, managing director of CBRE's net lease property group. “He is the consummate professional that always produces excellent outcomes for CBRE's clients and represents our RISE values at the highest level.”

DEALTRACKER

CHICAGO—Marcus & Millichap has just completed the sale of a 6,512-square foot net-leased property occupied by a Chili's in New Lenox, IL. The asset sold for $2,625,000, according to Steven D. Weinstock, first vice president/regional manager/managing broker of the firm's Chicago-Oak Brook office. Dominic Sulo and Chad Lieber, investment specialists in the Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private investor, was secured and represented by Drew Wetherholt and Kevin Struve, investment specialists in Marcus & Millichap's Ontario office. The property is located at 2390 E. Lincoln Hwy. in New Lenox, an affluent suburb southwest of Chicago. Several new projects have risen nearby over the past 18 months.

CHICAGO—Millennium Properties R/E just announced that it brokered the sale of 14 commercial and residential properties through three recent sealed bid auctions. One of the auctions sold four commercial condos in Bartlett, IL for more than $500,000. These condos included a 5,100 square foot turn-key office space with frontage on Bartlett Rd. and three units with potential for retail or office use. A nine-property portfolio was also successfully auctioned off in December. This portfolio included four residential rental properties, including a six-unit mixed-use building, a two-flat apartment building and a duplex three-bedroom condo. Also included in the portfolio were residential land sites, and the final auction was the sale of a home in Yorkville. “Auctions are a great strategy to sell value-add properties, such as these properties, attracting a wide range of investors with an accelerated but thorough process that sellers appreciate,” says Greg Block, executive vice president of Millennium.

BUILDING BLOCKS

CHICAGO—MB Real Estate has just opened The Landmark, a new, full-service amenity floor at One North LaSalle. Construction began last fall, and the recently delivered space is now available for tenant use. Located on the 25th floor, it features a state-of-the-art fitness center, fully-equipped conference facilities, lounge areas, and a rooftop top deck and terrace. Tenants also have access to on-site personal training and bike storage. “We wanted to give tenants a space that would improve the overall quality of their workday and experience at One LaSalle,” says Kevin Purcell, president of MBRE's leasing and management services. “Whether they're looking to get away from the office for a while or need extra space for business purposes, The Landmark affords tenants those resources without having to leave the building.”