Cushman & Wakefield

Cushman & Wakefield Represents Landlord and Tenant in Large Edens Corridor Industrial Lease

CHICAGO, Sept. 3, 2019 – Cushman & Wakefield represented the landlord, Hillwood, and tenant, an undisclosed e-commerce company, in the long-term lease of Skokie Commerce Center, a newly constructed 236,912 square feet (sf) industrial building at 3609 - 3639 Howard St., in Skokie, Ill. The transaction is one of the largest leasing deals in the Edens Corridor this year, topping the lease of 202,259 sf at 7080 N. McCormick Blvd. in Lincolnwood to CubeWork in June. The 15.18 acre site is conveniently located off the I-94 expressway and is accessible from both Howard St. and Touhy Ave. Jason West, Vice Chair, and Steve Stone, Director, of Cushman & Wakefield represented Hillwood in the transaction. “The property provides the new tenant with a modern facility, ample car and trailer parking, and excellent access to the near north suburbs and city of Chicago,” said West.  About Cushman & Wakefield Cushman & Wakefield [...]

Why Chicago Stands to Benefit from Last Mile Logistics Growth

Market’s central location, comparatively low costs, deep labor pool and diversified economy make it ideal for eCommerce and logistics companies CHICAGO, Aug. 7, 2019 – As eCommerce continues to grow, companies that make, sell, store and transport goods are increasingly focused on the “last mile,” or the final leg of delivery to the end user. Already accustomed to two-day deliveries, today’s consumers are demanding shorter delivery times – including same-day and next-hour services – making Chicago a key market for last mile expansion due to a confluence of factors, including low costs relative to coastal markets, the availability of skilled labor, an extensive transportation network and centralized location, with more than 48 million potential consumers within a six-hour drive of downtown. Cushman & Wakefield, the top industrial agency leasing firm in Chicago based on data from CoStar Analytics, has released “Go the Last Mile,” an infographic report with key stats [...]

2019-08-07T17:12:21-05:00August 7th, 2019|Tags: , , , , , , |

C&W Brokers Sale of LUXE on Chicago, 59-unit Mixed Use Multifamily Property in West Town/Wicker Park

CHICAGO, Aug. 5, 2019 – Cushman & Wakefield’s Midwest Multifamily Advisory Group has brokered the sale of LUXE on Chicago located at 1838 W. Chicago in the trendy West Town/Wicker Park neighborhood. The recently developed mixed-use multifamily property is home to 59 apartments and 13,979 square feet of ground-floor retail space. Jason Stevens and Todd Stofflet of Cushman & Wakefield represented Fifield Companies in their sale to a private, international investor. The fully amenitized asset, which includes studios, one-, two-, and three-bedroom units, was 92 percent occupied at the time of sale. The building was completed by Fifield Companies in 2016 and is one of the few Class A assets in West Town. “We were very excited to represent such an iconic developer in Chicago,” said Stofflet. “The unique execution included an international buyer and an assumption of Agency financing.” “Although we cannot comment to specific pricing, the price per [...]

Chicago Among Top U.S. Metros for Walkable Urbanism

City ranks No. 6 based on percentage of office, retail and multifamily located in “WalkUPs” CHICAGO, Aug. 1, 2019 – Fueled by an influx of jobs and people to the downtown core, Chicago has claimed the No. 6 spot on a newly released list that ranks the country’s top 30 metropolitan areas based on walkable urbanism. The 2019 Foot Traffic Ahead report, released by the Center for Real Estate and Urban Analysis (CREUA) at the George Washington University School of Business and produced in partnership with Cushman & Wakefield, Smart Growth America/LOCUS and Yardi Matrix, placed Chicago in the top tier of walkable cities, behind only New York City, Denver, Boston, Washington and San Francisco. The report ranks the 30 largest U.S. metros based on the percentage of office, retail and rental multifamily space in walkable urban places, or “WalkUPs.” There are a total of 761 “regionally significant” walkable urban [...]

Industry Leader Mike Nelligan Joins C&W Industrial Team

CHICAGO, July 29, 2019 – Cushman & Wakefield has announced the addition of Mike Nelligan, an industry veteran of over 25 years, as senior director on the Chicago industrial brokerage team. Nelligan will work on both tenant representation and agency leasing out of the company’s Rosemont office, and will focus on the O’Hare and Central DuPage submarkets. Nelligan most recently served as leasing and acquisitions officer with Exeter Property Group, where he was responsible for leasing, acquisitions and development of industrial and office properties in the Midwest, with a focus on the Chicago market. He was previously executive vice president at JLL on their industrial group for more than 12 years, representing tenants and owners throughout the Chicago area, including clients such as Newell Brands, Spectrum Brands and Kellogg Company. Vicki Noonan, Chicago Managing Principal at Cushman & Wakefield: “The industrial sector continues to evolve, with high demand and record-low [...]

2019-07-29T14:13:59-05:00July 29th, 2019|Tags: , , , |

Fueled by E-Commerce, Chicago Industrial Market Still Poised for Growth at Mid-Year

CHICAGO, July 12, 2019 – Chicago’s industrial market continued to gain momentum in the first half of 2019, with a record-low vacancy rate, historically strong rental rates and a robust construction pipeline, according to the newly released “Chicago Q2 Industrial Market Snapshot” from Cushman & Wakefield, the top industrial agency leasing firm in Chicago over the past three years, based on data from CoStar Analytics. “Coming off a huge year in 2018 for new leasing activity and building completions, we were cautiously optimistic about 2019, which has already exceeded expectations at mid-year,” said David Friedland, executive director and Chicago Industrial Group leader for Cushman & Wakefield. “E-commerce, logistics, food and beverage and other industries continue to drive development, sales and leasing activity.” The local vacancy rate dropped to a record 19-year low of 5.0% in the second quarter, down from 5.5% in the first quarter and 6.3% a year earlier, [...]

2019-07-12T15:24:05-05:00July 12th, 2019|Tags: , , |

Cushman & Wakefield Represents LTD Commodities in Long-Term Renewal of 694,367 SF Distribution Facility in Aurora

CHICAGO, July 11, 2019 – Cushman & Wakefield represented LTD Commodities, one of the country's premier catalog and online merchandisers, on a long-term, 10-year renewal of its 694,367 square feet (sf) distribution facility, located at 1000 Bilter Road in Aurora, Ill. Jason West, Vice Chair and Chris Cummins, Executive Director, of Cushman & Wakefield represented LTD Commodities. The landlord, Liberty Property Trust, was represented by Matt Neumann. “The long-term lease extension resulted from a mutually beneficial relationship between the landlord and LTD Commodities at this key distribution facility, which is the ideal location to accommodate their employees and the delivery of product,” said West. “The facility works well for their current needs and the landlord’s willingness to upgrade the existing infrastructure of the warehouse will help to address any changing needs in the future.” About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global real estate services [...]

C&W Represents KBS in Major Lease of 500 W. Madison to Accenture

CHICAGO – July 10, 2019 -- Cushman & Wakefield and KBS, one of the largest owners of commercial real estate, announced today that 500 West Madison in Chicago will become Accenture Tower, pending city approval. Accenture PLC, a leading global professional services company that provides a broad range of services and solutions in strategy, consulting, digital, technology and operations around the world, expanded its lease at the property by 152,454 square feet and now leases a total of 226,486 square feet, making it the anchor tenant of the building. The property is owned by KBS Real Estate Investment Trust III. Wendy Katz, Executive Director, and Matt Lerner, Senior Director, of Cushman & Wakefield represented KBS in the transaction. Accenture Tower is a 40-story, 1.47-million-square-foot asset located in Chicago’s West Loop. The post-modern styled building sits above Ogilvie Transportation Center, one of the main suburban train stations connecting downtown Chicago to [...]

Short-Term Rentals: The Next Evolving Asset Class

CHICAGO, July 9, 2019 – The multifamily sector has become increasingly diversified over the past decade, with niche asset classes such as student housing, senior housing, coliving and micro-units garnering major investor interest. Short-term rentals appear to be the next wave according to a report released today by Cushman & Wakefield, Short-Term Rentals: The Next Evolving Asset Class, as new players in the homeshare marketplace have scaled the concept in recent years to institutional investment-grade multifamily assets. While the short-term rental concept has existed in a limited format for decades—with small local operations and corporate housing outfits dotting the nation—homeshare platforms like Airbnb and VRBO have revolutionized the market, steadily becoming a primary means of travel lodging for the common consumer—attaining over 500,000 average stays per night by 2018. At the same time, the 2010s real estate cycle saw a wave of new Class-A apartment buildings delivered largely around downtown [...]

C&W’s Debra Moritz Named to International Women’s Forum Chicago 2019-20 Board

CHICAGO, July 2, 2019 – Cushman & Wakefield is pleased to announce that Debra Moritz, executive managing director, strategic consulting, has been elected to serve on the International Women’s Forum Chicago (IWF Chicago) 2019-20 Board of Directors. Moritz oversees an integrated delivery platform designed to improve client business performance by reducing cost, increasing revenue, and mitigating risk.  With more than 25 years of experience and a successful track record of advising business clients on the strategic management of their assets and portfolios, Moritz has developed an in-depth understanding of the complex and unique challenges businesses face in ensuring that major real estate decisions are aligned with and support core business objectives. Throughout her career, Moritz has represented many Fortune 1000 clients in business transformation, portfolio analysis, workplace solutions, M&A (and divestitures), and HQIQ (Headquarters evaluation and repositioning).  Moritz holds an M.B.A. in Finance from DePaul University and a B.S. in Finance [...]