CHICAGO—Brad Gries has begun his position as head of US acquisitions at LaSalle Investment Management. He will oversee a team of 20 professionals who source, underwrite, and execute the firm's new investments across the US. The company has completed $5.2 billion of acquisitions in the US over the past the six quarters, including $1.1 billion in the first quarter alone. Gries is also an active participant in the firm's capital raising efforts, and helps form joint ventures and execute large portfolio transactions. Prior to joining LaSalle, he held leadership positions over the course of a 16-year career with Deutsche Asset Management, Americas Real Assets, most recently serving as managing director, real estate transactions. Before RREEF, Gries held analyst and consultant positions at MB Real Estate and Arthur Anderson.

DEALTRACKER

CHICAGO, KANSAS CITY—Savills Studley recently represented Ryan Specialty Group in several transactions in Chicago and Kansas City. The company will expand at Two Prudential Plaza in Chicago and now occupy 32,495 square feet. And Ryan's subsidiary RT Specialty will expansion to 38,000 square feet at 500 W. Monroe in Chicago and extend its lease for 46,754 square feet at the Town Pavilion in Kansas City. Founded by Patrick Ryan in 2010, Ryan Specialty Group is an international specialty insurance organization for brokers, agents and insurance carriers. RT Specialty provides wholesale brokerage and other services to agents and brokers. Ryan established its headquarters at Two Prudential Plaza in 2013. The class A East Loop tower was renovated in 2016. “Despite persistent leasing activity in the East Loop, there has been limited availability of premium high-rise space in the submarket,” says Savills Studley executive vice president and Chicago co-head Robert Sevim, who represented Ryan.

CHANNAHON, IL—In one of the largest land transactions of the year, Cawley Chicago represented a joint venture partnership lead by Venture One Real Estate in its acquisition of a 143-acre land parcel along I-55 at Rte. 6, within the I-80 Corridor market, in southwest suburban Channahon, IL. Financial terms of the transaction were not disclosed. The purchase is part of a phased acquisition that ultimately will total 292 acres. Venture One has already broken ground on a one million square foot speculative warehouse facility on the site. Joshua Hearne, a senior executive vice president and principal at Cawley Chicago, represented the new owners in the acquisition. The seller was represented by Marquette Properties out of Morris, IL. “Chicago is a broker-dominated, relationship-driven real estate community,” Hearne says. “When we first learned of the availability of this significant and extremely well-located opportunity, we brought it to Venture One knowing they had the vision and expertise to take down the site and quickly move it through the various processes necessary to launch the development.”

LINCOLNSHIRE, IL—ML Realty Partners has just acquired a 70,957 square foot industrial building in Lincolnshire, IL. Located at 500 Bond St., the front load industrial facility is 100% leased by a single, long-term tenant. “The ability to purchase a high image facility within South Lake County, a market which is consistently strong due to abundant access to labor and executive housing, makes this acquisition a great complement to ML Realty Partners' portfolio,” says Craig Phillips, the company's vice president. The property is just west of the Milwaukee Ave. and Aptakisic Rd. intersection. Jeff Devine, Steve Disse and Matthew Stauber of Colliers International represented the seller in the transaction.

BUILDING BLOCKS

COLUMBUS—There are currently nine speculative warehouse projects under construction or close to completion in Central Ohio, totaling just under 3.2 million square feet, according to a new CBRE report. “Developers are still optimistic about the market because they continue to build,” says Kevin McGrath, first vice president at CBRE. The largest of these projects is the NorthPoint TradePort, currently under construction at 3780 TradePort Crt., Harrison Township, in Pickaway County. Once finished in late November, the building will total 1,020,255 square feet. directly adjacent to the Norfolk Southern Intermodal. And “smaller buildings are generally leasing before they're completed,” says Rick Trott, first vice president of CBRE. “That's the most active segment of the market right now.”