BY THE NUMBERS
CHICAGO—The national average rent in a high-end building is around $1,640 per month, about $490 more than an apartment in a low-end building, according to RentCafe. “However, these broad-based averages do not mean much, as prices can vary by thousands of dollars from one city to another.” In Chicago, the average rent in a high-end apartment is $2,465. The prices range from $1,747 for a studio to $4,905 for a three bedroom. In the last 3 years prices increased 4.8%, and the price difference compared to a low-end apartment was $1,078.
NEWS & NOTABLES
CHICAGO—JLL just reported diluted earnings per share of $0.88 and adjusted diluted earnings per share of $0.97 for the first quarter of 2018. Other highlights include: diversified organic revenue growth globally, highlighted by capital markets and annuity businesses; margin expansion in Americas, EMEA and LaSalle; Americas revenue growth coupled with productivity gains; EMEA improvement largely driven by UK, Germany and France; continued progress on digital agenda; strong cash flows contributed to a year-on-year net debt reduction of more than $470 million; dividend increase of 11% to $0.41 per share. “Broad organic revenue growth and margin expansion drove our strong first-quarter performance,” says Christian Ulbrich, JLL chief executive officer. “We achieved these results while continuing to invest in — and make significant progress on — our global digital agenda. With healthy economic and real estate fundamentals in most markets globally, and despite geopolitical challenges, we anticipate continued growth this year.”
DEALTRACKER
DETROIT—Officials from Develop Detroit, a mission-based, nonprofit real estate developer, have just launched a partnership with the Grandmont-Rosedale Development Corp. that will feature the first scaled, for-sale, new construction in the North End in decades. “After months of planning, we’re happy to announce this project and continue to make strides toward enhancing and reinforcing the urban vitality of the North End and Grandmont-Rosedale neighborhoods,” says Sonya Mays, Develop Detroit president and chief executive officer. “This project goes beyond creating affordable housing for Detroiters, particularly in the North End. It will add needed energy, increase neighborhood density and provide more opportunities for residents, existing and new.” Develop Detroit has had the support of multiple investors, including JPMorgan Chase & Co., The Ford Foundation and Kresge Foundation. JPMorgan invested in this project as part of its $150 million investment to support and advance Detroit’s economy and recovery. Part of that investment helped launch Develop Detroit and jumpstart their initial developments.
NAPERVILLE, IL—Holliday Fenoglio Fowler, LP recently helped complete the $38.725 million sale of Naperville Corporate Center, a four-building office portfolio totaling 420,540 square feet in Naperville, IL. The HFF team represented the seller, a joint venture between TriGate Capital, LLC and Pearlmark, and procured the buyer, Real Capital Solutions. The center comprises 1230, 1240, 1245 and 1250 E. Diehl Rd., which sit on 22.16 acres just south of I-88 in the northeastern portion of Naperville, the fifth largest city in IL. It was named to Money Magazine’s “Best Places to Live in America” list and offers picturesque public spaces, a wide range of housing options, prime connectivity to Chicago and plentiful retail amenities. The three-, four- and five-story buildings are 83.6% leased overall. The HFF investment advisory team representing the seller consisted of directors Patrick Shields and Bryan Rosenberg and senior managing directors Jaime Fink and Jeff Bramson.
MT. PROSPECT, IL—Colliers International I Chicago’s Tom Rodeno and Matthew Stauber represented Clarion Partners in a 78,700-square-foot lease to TEI Logistics LLC in Briarwood Business Park located at 1400 Algonquin Rd. in Mt. Prospect. The El Paso, TX-based company will make the move from Wood Dale where it currently occupies 61,780 square feet at 101 Mark St. in June 2018. TEI takes about a third of the 237,350-sqaure-foot warehouse/distribution facility that features 12 exterior docks, one drive-in door and 8,000 square feet of office space. Its location, near Algonquin and Elmhurst Rds., was a main driver for the move. Christopher Nelson with Lee & Associates represented the tenant in the transaction. This is Rodeno and Stauber’s second transaction in Mt. Prospect in as many months. The team recently completed a 77,911-square-foot lease renewal on behalf of 1-800-PACK-RAT at 1751 S. Linneman Rd.
BUILDING BLOCKS
CHICAGO—Developer Related Midwest and general contractor Lendlease recently marked the completion of structural steel work at One Bennett Park, Related’s luxury residential development at 451 E. Grand Ave. in Chicago’s Streeterville neighborhood. Designed by Robert A.M. Stern Architects, with an adjacent park by Michael Van Valkenburgh Associates, it will be Chicago’s tallest all-residential tower when completed in 2019. Senior executives, project managers and construction teams from each firm, along with union tradesmen and tradeswomen who labored on the project, gathered on April 30 to sign and hoist the final steel beam – a 28-foot, 2,856-pound girder topped by the American flag – before it was hoisted into its final position. The builders started construction in February 2016, and plan to deliver the first apartment residences in late 2018 and condominiums beginning in early 2019.
CHICAGO—Belgravia Group just celebrated the topping-off of Renelle on the River with a beam-signing ceremony on site at 403 N. Wabash Ave., along the Chicago River in the River North neighborhood. The developer plans to begin closing homes at the 18-story, 50-unit luxury condominium building in early 2019. Belgravia officials, project consultants and team members gathered at the base of the development to sign the final beam and view the lifting of the signed beam to its place at the top of the building. “Now that the building is topped off, everyone can see how it’s not only perfectly positioned to offer stunning city and river views but it is also just steps away from the vibrant Riverwalk and bustling Michigan Avenue,” says Alan Lev, chief executive officer of Belgravia. At 65% sold, the bKL Architects-designed Renelle on the River features five different floor plans, including a blend of three- and four-bedroom home designs, and a rare option for two-level living in three-bedroom, three-bath duplexes.