BY THE NUMBERS
CHICAGO—Apartment rental rates in Chicago rose in 2017, but at a slower pace than the nation as a whole. The average rate in Chicago went up to $1,782 by the end of the year, an increase of 1.8%, according to a new study from Rent Café. US renters are paying an average of $1,359 per month as of December 2017, $33 more than in December 2016, an increase of 2.5%. Another recovering housing market, Detroit, saw rent prices go up to $1,001 per month, a 5.6% increase, one of the highest in the nation.
NEWS & NOTABLES
DES PLAINES, IL—Real estate veteran Robert Dahlgren has joined Podolsky Circle CORFAC International senior director of property management. He has more than twenty-five years of industry experience and will oversee the property management and engineering teams, as well as developing and implementing growth opportunities for the management portfolio. Prior to joining Podolsky Circle, Dahlgren was employed as director of property management at Bridge Development Partners, where he handled a six million square foot portfolio of industrial, freezer cooler and office buildings in IL, FL, and NJ. His duties included negotiating vendor contracts, conducting property auditing, managing construction of tenant improvements, negotiating collection settlements, developing preventive maintenance programs, as well as maintaining ownership relationships.
DEALTRACKER
CHICAGO—Newmark Knight Frank recently represented Animal Supply Co. in a long-term, 220,000-square-foot lease at 1323 Brewster Creek Blvd. in Bartlett, IL, a northwest suburb of Chicago. Relocating from 6450 Muirfield Dr. in Hanover Park, IL, the supply company selected NKF to find it a more efficient space. Adam Marshall, NKF's senior managing director, Brian Carroll, executive managing director and Mark Deady, director, provided site selection services for the firm, along with lease negotiations and financial analyses. “Animal Supply Company wanted to consolidate two facilities into one to gain efficiencies and create expansion for its growing business,” says Marshall. 1323 Brewster Creek is a 421,401-square-foot, class A warehouse. Newly constructed in the summer of 2017, the property features 32' clear height. Jeffrey Janda and Steve Bass of Lee & Associates represented ownership in the lease negotiations.
ST. LOUIS—Jeremy McChesney, executive vice president of Hanley Investment Group Real Estate Advisors, a Corona Del Mar, CA-based brokerage and advisory firm specializing in retail property sales, recently completed the sale of three 7-Eleven properties in separate transactions for a combined value of $4.227 million. The properties are located in Valley Park, MO, a St. Louis suburb; Bradenton, FL; and Lakewood, OH, in the Cleveland metro area. McChesney has now completed the sale of 26 7-Eleven properties in over 2.5 years, the most 7-Elevens sold by one individual in the US during this same period. “These sales highlight the continued demand for single-tenant net-lease corporate-guaranteed 7-Eleven properties and investors' willingness to look outside of major metros to find them,” says McChesney. He currently has multiple 7-Eleven properties available for sale including single-tenant 7-Elevens in NJ, CO, MO, and CA.
DECATUR, IL—Marcus & Millichap recently helped complete the sale of Mutual of Omaha – Met Life | Modern Office Complex, a 19,330-square foot office property located in Decatur, IL, according to Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office. Tammy A. Saia, an investment specialist in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private client from CA was in a 1031 trade looking to replace income from the sale of a CA multi-family property. The buyer was secured and represented by Ismael Benhamida, an investment specialist in Marcus & Millichap's Palo Alto office. The building, located at 5130 Hickory Point Frontage Rd., is a three-story office complex and was originally a build-to-suite in 1983 for Metropolitan Life Insurance.
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