BY THE NUMBERS
CHICAGO—US industrial market rents now sit at an all-time high, inching up to $5.35 per square foot in the second quarter, according to a new report from Chicago-based JLL. “Given historically low vacancy in most markets, rents continue to accelerate nationwide,” JLL says. “Locations like Northern California's North Bay, Central Valley and East Bay have seen double-digit rent growth as tenants fight for limited space.” The overall construction pipeline increased seven percent from the first quarter, and grew in more than half of the US markets. Pre-leasing rates also jumped, rising by 370 bps. And with overall pre-leasing now nearing 50% landlords continue to be encouraged by market conditions.
NEWS & NOTABLES
MILWAUKEE—HGA Architects and Engineers has just named Kate Mullaney and Katie Smith as its new business developers in the healthcare market sector. Milwaukee-based Mullaney (pictured) has been named national healthcare business developer and will work with leadership, principals, designers and specialists across eight offices to develop and implement business opportunities. She has more than 15 years of marketing and business development experience in the architecture industry, including prior experience with a global firm. Most recently, she led business development for HGA's arts, community and education practice in the Great Lakes Region. Smith has been named regional healthcare business developer for the Great Lakes Region. She will collaborate with principals, designers and marketing staff to identify new business opportunities, build client relations and coordinate marketing strategies, also from HGA's Milwaukee office.
CHICAGO—Newmark Knight Frank has brought Samuel Delisi into its Chicago office as regional director of management services. A 36-year veteran of the commercial real estate industry, both in Chicago and nationally, Delisi will oversee property management operations and help grow the firm's management portfolio in Chicago and throughout the Midwest. “He is renowned for his expert knowledge in management and operations, as well as his forward-thinking strategies for business development and operational growth,” says Michael Gerard, executive vice president and regional managing director for the Midwest. Prior to joining NKF, Delisi served as executive managing director at CBRE, where he led the national asset services office practice group and the premier services practice. He has also worked for US Equities Realty and Strobeck Reis as a leasing broker.
DEALTRACKER
ST. LOUIS—GBT Realty Corp., a Brentwood, TN-based commercial development company, recently completed more than a half-million square feet of retail across the heartland region. The Shoppes at Mid Rivers in St. Louis, The Shoppes of Benton in Little Rock, AR, and Silver Lake Village in Oklahoma City, are already a combined 90% leased with national, regional and local retailers and service providers along with popular restaurants. “These three quality shopping centers allow GBT to push west of the Mississippi River and bring our brand of retail to America's heartland,” says Jeff Pape, managing director, shopping center division, GBT. “Just these three centers add over $100 million of retail to these booming markets —a testament to our confidence in this region and the demand for value-oriented retailers.” Located immediately north of I-70 in St. Peters, the 270,000-square foot Shoppes at Mid Rivers is the largest retail development in the St. Louis MSA in nearly a decade.
BUILDING BLOCKS
CHAMPAIGN, IL—XFD Real Estate Partners and its partner Lewis & Clark Real Estate, a St. Louis-based real estate investment firm, have just finished construction on 212 East, the University of Illinois' newest, pedestrian-oriented student housing community. Fall residents have begun moving in. The 428-bed, six-story mixed-use community also has 11,000 square feet of retail space at street level, and an array of amenities. “When we were designing 212 East, we wanted a really textural, fresh and visually stunning experience for our residents that would stand out from anything else they have seen in the market,” says Elizabeth Larson, partner and design lead at Chicago-based XFD. “The intention was to raise the bar of what we're seeing and give the property a distinct identity. All aspects of the property were created with the goal of enhancing the resident experience with a really functional and creative space.”
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