CHICAGO—Jeremy Zednick has just joined Urban Innovations as its chief financial officer. He will handle the Chicago-based firm's overall financial direction and oversee the accounting, financial reporting and cash management for its commercial partnerships. As reported in GlobeSt.com, the firm, a pioneer in the development of loft-style offices, has made several recent moves to expand its portfolio. “As our business continues to grow, we need a chief financial officer with a track record of overseeing and improving accounting functions across the board,” says Howard R. Conant Jr., president of Urban Innovations. Zednick brings more than 20 years of experience in accounting and real estate, working for firms such as Equity Office, ORIX Real Estate Capital and the Inland Real Estate Group. He came to Urban Innovations from Senior Lifestyle Corp., where he oversaw the reorganization of corporate and property accounting functions.

DEALTRACKER

DETROIT—Marcus & Millichap recently completed the sale three medical office assets in MI: the 55,591-square-foot Bald Mountain Medical Complex in Lake Orion; Brookside Medical Center, which totals 46,194 square feet and is located in Battle Creek; and Orchard View Medical Complex, a 37,425-square-foot facility in Washington. The three assets sold in the first quarter of 2017 for a total sales price of nearly $30 million. Seth Haron, senior associate and Ashish Vakhariya, first vice president investments, both in the firm's Detroit office, had the exclusive listings to market the three properties on behalf of their respective sellers. At the time of the sales, all three properties were anchored by either a health system or an ambulatory surgery center.

PARK RIDGE, IL—Related Realty, the luxury brokerage division of Related Midwest, today announced that just three homes remain at the Sibley Residences, an enclave of 10 newly constructed single-family homes in northwest suburban Park Ridge. The remaining three homes include a finished model; a completed spec home; and one home currently under construction that the builders can customize with finish choices, upgrades and a built-out basement. Related Realty is brokering the community, co-developed by Park Ridge-based Rize Properties and Chicago-based L2 Properties. “The final homebuyers at Sibley Residences have three great homes to choose from, and the opportunity to be a part of a one-of-a-kind Park Ridge community,” says Ryan Lambesis, founder of L2 Properties and a broker with Related Realty. Inspired by the look of traditional homes in classic American towns, the remaining homes at Sibley which range in size from 2,550 to 3,450 square feet, are priced from $798,900 to $875,000.

BUILDING BLOCKS

CHICAGO—J.C. Anderson, Inc. has just completed a renovation for BSH Home Appliances Corp.'s experience and design center at the Merchandise Mart in Chicago. Located on the first floor, the new design center will present the entire BSH Home Appliance portfolio – Bosch, Thermador and Gaggenau products – for the premium, luxury and elite luxury markets. This is the firm's first design center to open in the Midwest. The Irvine, CA-based company manufacturers and markets its branded products throughout North America through distributors, independent appliance dealers, national and regional retailers, builders and large buying groups. J.C. Anderson renovated the showroom to include show areas for approximately 150 appliances, as well as a meeting room and training room. The new space also features high end finishes throughout. The construction team was led by project executive John Angelovich, project manager Matt Kantro and superintendent Glenn Panfil. Stantec provided the architectural services.

BY THE NUMBERS

DETROIT—The Detroit industrial market tightened even more in the second quarter of 2017 as the availability rate dropped from 4.8% to just 4.4% percent, according to CBRE's latest Industrial MarketView. As a result, developers see opportunities, and under construction square footage hit 4.2 million square feet, the most since 2002. Overall, the vacancy rate remained unchanged at 2.4%, one of the lowest rates in the nation, and the market experienced 43,630 square feet of positive absorption, marking the 25th consecutive quarter of such activity. Furthermore, the average asking lease rate rose from $5.66 to $5.95. “With vacancy historically low and availability decreasing, we expect to see more construction starts this year,” says Peter Rogers, vice president, CBRE. “It's a very tight market for tenants right now and as lease rates continue to increase, developers are poised to capitalize on new opportunities.”

NEWS & NOTABLES

CHICAGO—Jeremy Zednick has just joined Urban Innovations as its chief financial officer. He will handle the Chicago-based firm's overall financial direction and oversee the accounting, financial reporting and cash management for its commercial partnerships. As reported in GlobeSt.com, the firm, a pioneer in the development of loft-style offices, has made several recent moves to expand its portfolio. “As our business continues to grow, we need a chief financial officer with a track record of overseeing and improving accounting functions across the board,” says Howard R. Conant Jr., president of Urban Innovations. Zednick brings more than 20 years of experience in accounting and real estate, working for firms such as Equity Office, ORIX Real Estate Capital and the Inland Real Estate Group. He came to Urban Innovations from Senior Lifestyle Corp., where he oversaw the reorganization of corporate and property accounting functions.

DEALTRACKER

DETROIT—Marcus & Millichap recently completed the sale three medical office assets in MI: the 55,591-square-foot Bald Mountain Medical Complex in Lake Orion; Brookside Medical Center, which totals 46,194 square feet and is located in Battle Creek; and Orchard View Medical Complex, a 37,425-square-foot facility in Washington. The three assets sold in the first quarter of 2017 for a total sales price of nearly $30 million. Seth Haron, senior associate and Ashish Vakhariya, first vice president investments, both in the firm's Detroit office, had the exclusive listings to market the three properties on behalf of their respective sellers. At the time of the sales, all three properties were anchored by either a health system or an ambulatory surgery center.

PARK RIDGE, IL—Related Realty, the luxury brokerage division of Related Midwest, today announced that just three homes remain at the Sibley Residences, an enclave of 10 newly constructed single-family homes in northwest suburban Park Ridge. The remaining three homes include a finished model; a completed spec home; and one home currently under construction that the builders can customize with finish choices, upgrades and a built-out basement. Related Realty is brokering the community, co-developed by Park Ridge-based Rize Properties and Chicago-based L2 Properties. “The final homebuyers at Sibley Residences have three great homes to choose from, and the opportunity to be a part of a one-of-a-kind Park Ridge community,” says Ryan Lambesis, founder of L2 Properties and a broker with Related Realty. Inspired by the look of traditional homes in classic American towns, the remaining homes at Sibley which range in size from 2,550 to 3,450 square feet, are priced from $798,900 to $875,000.

BUILDING BLOCKS

CHICAGO—J.C. Anderson, Inc. has just completed a renovation for BSH Home Appliances Corp.'s experience and design center at the Merchandise Mart in Chicago. Located on the first floor, the new design center will present the entire BSH Home Appliance portfolio – Bosch, Thermador and Gaggenau products – for the premium, luxury and elite luxury markets. This is the firm's first design center to open in the Midwest. The Irvine, CA-based company manufacturers and markets its branded products throughout North America through distributors, independent appliance dealers, national and regional retailers, builders and large buying groups. J.C. Anderson renovated the showroom to include show areas for approximately 150 appliances, as well as a meeting room and training room. The new space also features high end finishes throughout. The construction team was led by project executive John Angelovich, project manager Matt Kantro and superintendent Glenn Panfil. Stantec provided the architectural services.