Friday, March 13, 2020

NAI Hiffman Brokers $5.4 Million Sale of 75,000-Square-Foot Warehouse Building in Elmhurst, IL, Western Suburb of Chicago

 This 75,000-SF industrial building at 776 N. Oaklawn Avenue in Elmhurst, IL, a western suburb of Chicago, was sold for $5.4 million.

OAKBROOK TERRACE, IL — NAI Hiffman, the largest independent real estate services firm in the Midwest, announced it brokered the $5.4 million sale of a 75,000-square-foot industrial building at 776 N. Oaklawn Ave. in Elmhurst, Ill., a western suburb of Chicago.

Vickie C. Soupos
 The NAI Hiffman team of Executive Vice President Joe Bronson, Senior Associate Josh Will and Associate Aimee Goudas represented the buyer, Elk Grove Village, Ill.-based Haskris Co., a manufacturer of refrigeration and heating equipment.

Vickie C. Soupos, of the Colovos/Soupos Group at RE/MAX Destiny in Elk Grove Village, Ill. represented the seller, Dorothy Stojka.

                 Aimee Goudas
“This is one of the largest industrial-user sales ever to take place in Elmhurst, demonstrating that demand remains strong for warehouse properties in this optimally located submarket,” said Bronson. 

“Over the past 15 years, there have only been three other industrial-user sales that took place with larger square footage.”

Joe Bronson
 Located just off W. Lake St., the building has ceiling heights of 18 feet and includes approximately 10,000 square feet of two-story office space with private offices, conference rooms, a kitchenette area and access to the warehouse, which totals 65,000 square feet of fully air-conditioned space. 

 “The Elmhurst industrial market is benefiting due to the lower occupancy costs and tax savings industrial users realize throughout DuPage County,” said Bronson. “This sale shows that the price per square foot in both Elmhurst and DuPage County remain competitive and of high value, even in second-generation, lower-clear buildings.

Josh Will 
"I believe that the greater Chicago industrial market will continue to record strong activity for the balance of 2020.”

 According to NAI Hiffman research, Chicago’s overall industrial vacancy rate ended the fourth quarter at 5.79%, with 20.6 million square feet of warehouse space under construction at year-end 2019.

Despite the surge in supply, industry demand remains strong, according to the NAI Hiffman data, with new leasing activity totaling 10.58 million square feet in the fourth quarter.

O’Hare International Airport, Chicago, ILL
The Central DuPage submarket was one of the more active submarkets in the Chicago metro area during the fourth quarter, with 1.2 million square feet in new leasing activity and weighted average net rental rates of $6.79 per square foot. 

 Built in 1983 and situated on 3.49 acres, 776 N. Oaklawn Ave. provides two exterior docks (expandable to six docks) and two drive-in doors, along with 100 parking spaces.

It is centrally located in DuPage County near I-290 and I-294. In addition to its ideal proximity to a highly skilled labor force, the building also provides easy access for distributing goods to Chicago’s MSA of 9.5 million people.

It is one mile from the I-290/Route 83 interchange, 2.5 miles from the Elmhurst Station commuter rail and 10.7 miles from O’Hare International Airport.


Patty Cronin,, (312) 267-4513
Gretchen Muller,, (312) 952-4802

JLL secures $545 million loan to finance historic 711 Fifth Avenue in New York

711 Fifth Avenue, New York, NY
Photo by Taylor Crothers with CTC Studio) 

NEW YORK, NY,  March 13, 2020 — JLL Capital Markets secured a $545 million loan to finance 711 Fifth Avenue in New York on behalf of the development group led by SHVO, including Deutsche Finance America and BLG Capital. Goldman Sachs led the financing.

Bethlehem Engineering Corp. designed the 18-story building that was constructed in 1927 as the original headquarters of NBC. The historic building features 340,024 square feet of space, with 284,061 square feet of office space and 55,963 square feet of retail.

Kristen Knapp
The property is located just steps away from Central Park and the world-renowned 57th Street luxury residential corridor, also known as Billionaire’s Row. 

The prime corner location offers more than 124 feet frontage along the Upper Fifth Avenue Corridor, the second most expensive retail corridor in the world, and 154 feet of frontage along East 55th Street.

Sophie Gaylor
SHVO, Deutsche Finance America and BLG plan to increase the tenant experience at 711 Fifth Avenue through several value-add strategies. The owners are planning on building upgrades that include lobby renovations, mechanical repairs, and expansion of terraces and outdoor space.

Michael Tepedino
The SHVO-led development team has acquired seven properties during the past 18 months, including 685 Fifth Avenue, 711 Fifth Avenue and 530 Broadway in New York; the Raleigh, Richmond and South Seas hotels on Miami Beach and 9200 Wilshire Boulevard in Beverly Hills, Calif.
 David Sitt
SHVO and its partners were represented by a JLL team led by Michael Tepedino, David Sitt, Robert Tonnessen, Kristen Knapp and Sophie Gaylor. Morris Missry of law firm Wachtel Missry LLP served as legal advisor for this investment, as well as for the seven other acquisitions by SHVO and its partners.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Robert Tonnessen
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Morris Missry
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About SHVO:

SHVO is a residential, commercial, and hospitality real estate owner and developer known for acquiring, developing, and operating unique properties in iconic locations. 

Michael Shvo

SHVO’s more than $7 billion portfolio includes revitalized landmarks, new ground-up developments, and mixed-use properties in the world’s most sought-after locations, including Fifth Avenue in Midtown Manhattan, Collins Avenue in Miami Beach, Wilshire Boulevard in Beverly Hills, Chicago’s Loop, and San Francisco’s Financial District. 

Michael Shvo, Chairman and CEO, founded the firm in 2004 and is renowned as one of the real estate industry’s most visionary leaders.


Kristen Murphy
Senior Manager, Public Relations
JLL Capital Markets
One Post Office Square, Suite 3500
Boston, MA 02109
T +1 617 848 1572
M +1 617 543 4873

George Shea, Mark Faris
Company: Shea Communications
Phone: +1 212 627 5766