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CRE Future Leaders: Jon Connor of Colliers International Chicago

CRE Future Leaders: Jon Connor of Colliers International Chicago
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Colliers brokers sale of industrial property in O'Hare submarket

May 14, 2021
Colliers International Chicago’s Jeff Devine and Steve Disse represented CA Ventures in the sale of 500 E. Devon Ave. to a fund managed by Goldman Sachs for an undisclosed price.
Completed in 2020, 500 E. Devon Ave. is a 146,029-square-foot distribution center with 32’ clear ceiling height and generous loading accommodations. The multi-tenant, small bay facility provides immediate access to the U.S. interstate network and O’Hare International Airport. It attracts a wide pool of industrial users who, in turn, draw from the broad local labor market.
The building was 71% leased to three tenants at closing. Colliers International will continue to represent the new owner on the remaining 42,000 square feet. ....

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Goosehead Insurance inks nearly 18,000-square-foot lease in Rosemont

Goosehead Insurance inks nearly 18,000-square-foot lease in Rosemont
May 10, 2021
Colliers International Chicago’s Jonathon Connor and Jason Simon represented a joint venture between Farpoint Development and Greco/DeRosa Investment Group in a 17,887-square-foot lease at 6300 N. River Rd. in Rosemont, IL, to Goosehead Insurance. The Dallas based insurance company more than triples its space with the lease.
6300 N. River Rd. is a 130,000-square-foot, seven story boutique loft office redevelopment that brings an urban, modern feel to the suburbs. It offers tenants and visitors unparalleled amenities such as a fitness center, Zen garden, golf simulator, on-site café, lounge and conference center. ....

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Global Logistical Connections signs lease expansion in Des Plaines

Global Logistical Connections signs lease expansion in Des Plaines
April 30, 2021
Colliers International Chicago’s Ned Frank represented Global Logistical Connections, LLC, in its 100,000-square-foot lease at Route 6 Business Center located at 23647 W. Eames St. in Channahon, IL. The lease represents a significant expansion from its current location, 60 Rawls Rd. in Des Plaines, IL, where the company has 17,000 square feet. The new lease commences in June 2021.
Route 6 is a new, 442,000-square-foot, Class A, cross-dock warehouse facility that features 36’ clear ceiling height, 75 exterior docks (expandable), 88 trailer spots, 50’ x 53’ column bays, 60’ loading bays, two drive-in doors and a 7” reinforced concrete slab system. The building has immediate access to the full interchange at I-55. ....

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This Week's Chicago Deal Sheet (April 4, 2021)

One year after the start of the coronavirus pandemic, the Chicago-area industrial market’s vacancy and rental rates have nearly returned to pre-pandemic levels, according to a new report from Newmark.
Although the industrial sector took a hit in the first few weeks of the crisis, it began climbing back once the shock wore off and tenants saw increased demand from homebound consumers purchasing goods online. Many resumed signing leases, sending vacancy down to 6.2% in Q1 2021, a decade low, and recently have shown a willingness to pay more for space.
Courtesy of Newmark
“This sentiment of only a slight dip in the market as opposed to a full long-term stop is reflected in the rental rates on transactions completed during the pandemic,” according to the Newmark report. ....

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