NAI Hiffman Completes Lease with Major E-Commerce Company for 575,000 Square Feet of Last-Mile Warehouse Space in Chicago Suburb

BridgePoint 290 Buildings I and II, total 575,000 square feet and are located at 1400 South. Laramie Avenue, in Cicero, less than eight miles from downtown Chicago.

Mark Moran

OAKBROOK TERRACE, IL— NAI Hiffman, the largest independent commercial real estate services firm in the Midwest, announced it completed a lease for an undisclosed major e-commerce company for two new last-mile industrial buildings in Cicero, Ill., a western suburb of Chicago. 

The two buildings, known as BridgePoint 290 Buildings I and II, total 575,000 square feet and are located at 1400 S. Laramie Ave., less than eight miles from downtown Chicago.

NAI Hiffman’s Mark Moran and Steve Connolly, executive vice presidents, and Brett Tomfohrde, senior associate, represented owner Cabot Properties in the deal. 

Steve Connolly

Cabot originally bought the 33-acre site in 2018 from Bridge Development Partners, which managed the development and construction of the two buildings, completed at the end of 2019. 

The new tenant is making additional improvements to both buildings, which it plans to use for its last-mile e-commerce fulfillment needs.

 The tenant was represented locally by Jason West, vice chair of the Chicago office of Cushman & Wakefield.

“This is another example of the continued demand for infill industrial redevelopment, particularly when it is well-located,” said Moran. 

Jason West

“We saw the potential in this location six years ago, when we first did an analysis of it for an earlier owner. 

"It offers quick access to a Chicago customer base and a strong local labor pool, both of which are attractive to this tenant and other e-commerce players wanting proximity to major population centers.”

Building I comprises 343,090 square feet, including more than 4,000 square feet of office space, plus 49 exterior docks (expandable to 69) with 36-foot clear heights, 94 trailer positions and parking for 303 cars. 

Building II has 232,845 square feet, with space for build-to-suit offices, along with 37 exterior docks (expandable to 45), 36-foot clear heights, 62 trailer positions and parking for 198 cars.

Brett Tomfohrde

Both buildings are located less than a mile from I-290 and five miles from I-55. Midway International Airport is less than six miles from the site, and O’Hare International Airport less than 15 miles from the site.

CONTACTS: 

Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513 

Gretchen Muller, gmuller@taylorjohnson.com, (312) 267-4511

www.hiffman.com.

NAI Hiffman Completes Six Office Leases at 26TWENTYFIVE Butterfield in Chicago Suburb of Oak Brook, IL

 26TWENTYFIVE Butterfield, a 45-unit office building located at 2625 Butterfield Road in Oak Brook,IL, in suburban Chicago.

Ryan Maher

OAKBROOK TERRACE, IL, July 20, 2020 — NAI Hiffman, the largest independent commercial real estate services firm in the Midwest, today announced it has completed six office leases totaling almost 45,000 square feet at 26TWENTYFIVE Butterfield, a 45-unit office building located at 2625 Butterfield Road in Oak Brook, Ill., in suburban Chicago.

Ryan Maher, senior associate with NAI Hiffman’s Office Services Group, along with executive vice presidents Dan O’Neill and Adam Johnson, represented building owner Clear Height Properties in lease negotiations with six tenants.

Daniel (Dan) O'Neill

 They are Apple Recovery Services Corp., The Centers for Family Change, Quattro Business Services, Medulla, Re-Direct Financial Services, Inc., and MedOP Solutions.

“26TWENTYFIVE Butterfield has been completely renovated from top to bottom; the number one driver of new or extended leases has been the building’s new amenities, which offer a fresh look with a downtown feel,” said Maher.

 “These companies believe the new urban look will assist in attracting and retaining employees, and they favor the location’s proximity to Chicago and strong labor pools in Oak Brook, Elmhurst, Villa Park and Lombard.

"The fact that three of the leases were signed during the onset of the pandemic attests to the building’s increasing popularity and appeal.”

Built in 1972 and previously renovated in 1991, 26TWENTYFIVE Butterfield is a three-story, 214,767-square-foot building located on 10 park-like acres.

 Adam Johnson

Clear Height acquired the building in 2018 and has since been investing in many capital improvements.

 Its upgraded common areas include a conference room, lobby, deli and fitness center as well as an outdoor space with a lounge area and on-site property management.

Suites are still available ranging in size from 600 to 22,000 square feet.

26TWENTYFIVE Butterfield is located between Interstate 88 and Butterfield Road, about 20 miles west of Chicago. It offers proximity to Oak Brook Mall and abundant dining, shopping, business services and hotels.

 CONTACTS: 

Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513

Gretchen Muller, gmuller@taylorjohnson.com, (312) 267-4511

www.hiffman.com.

NAI Hiffman Brokers $7.5 Million Sale and Completes Lease of Cold Storage Building in Chicago’s Brighton Park Neighborhood

  

5115 S. Millard Avenue is a 42,000-square-foot modern freezer building in Chicago’s Brighton Park neighborhood

OAKBROOK TERRACE, IL — NAI Hiffman, the largest independent real estate services firm in the Midwest, announced it brokered the $7.5 million sale of 5115 S. Millard Ave., a 42,000-square-foot modern freezer building in Chicago’s Brighton Park neighborhood, less than 10 miles from downtown.

NAI Hiffman also announced the completion of a six-year lease with the sole tenant, Moesle Meat Co., a Chicago meat wholesaler.

John Basile, senior vice president of NAI Hiffman’s Industrial Property Group, represented the buyer, Chicago-based Karis Cold Storage.

Karis Cold Storage is a newly launched private investment and development company with deep expertise in the cold storage industry.

John Basile

The 5115 S. Millard Ave. purchase is Karis Cold’s first investment in the cold storage sector and the firm has a number of other projects in development and under contract nationally.

“Cold storage buildings are hot right now because the pandemic is driving more online food and grocery sales, increasing the need to keep inventory close at hand,” said Basile, who specializes in cold storage assets.

“Consumers were demanding more healthy, fresh foods even before the pandemic. 

"Despite the fact that cold storage properties are complex and require special due diligence, they’re increasingly popular with investors of all sizes who are seeking yield and a smart place to put their capital now.”

Basile said he has had more inquiries about cold storage properties since the pandemic began, particularly those in the city. He completed two other deals near 5115 S. Millard Ave. this spring: 5251 S. Millard Ave., a 67,000-square-foot refrigerated facility sold to an investor for $3.4 million in April, and 900 W. 40^th St., a 50,000-square-foot temperature-controlled facility leased in May to a multi-national food manufacturer.

“Newer, Class A cold storage facilities like 5115 S. Millard are the types of assets we are looking to build and buy,” said Jake Finley, managing partner at Karis Cold Storage.

Jake Finley

 “Food companies and logistics businesses are looking for top-tier facilities to help them efficiently serve customers, and we want to provide them with those types of buildings.

“We were attracted to this property’s plug-and-play new condition and proximity to downtown, a major labor base and transportation hubs, as well as Chicago’s strength as the top food-producing city in North America,” Finley continued.

 “With John’s help, we’ve been able to enter this market with confidence and look forward to acquiring similar properties in Chicago and other cities.”

Built in 2016, 5115 S. Millard Ave. provides approximately 42,000 square feet of storage including a 2,840-square-foot USDA-approved processing room. The building can store 3,700 pallets. It offers easy access to I-55, is less than three miles from Midway International Airport and is located near the Kedzie and Pulaski Orange Line stations.

 For more information and cold storage investment parameters, please contact Jake Finley (jake@kariscapital.com) or Michael Smith (msmith@kariscold.com).

CONTACTS: 

Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513

Gretchen Muller, gmuller@taylorjohnson.com, (312) 267-4511

www.hiffman.com.