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CHICAGO-Mirvac Industrial Trust has awarded Oakbrook, IL-based NAI Hiffman the assignment of managing its 68-building Chicago area portfolio. The Sydney, Australia-based REIT has retained the commercial real estate firm to manage and act as leasing agent for the 14.2 million square feet of its warehouse and flex office space.

Located in Chicago and the surrounding suburbs as well as Wisconsin, Michigan and Indiana, the properties range in size from 70,000 square feet to more than one million square feet.

“When you have an owner that’s not in this city, it’s important for Mirvac to have someone on the ground here who is living and breathing this market everyday,” says David Petersen, CEO of NAI Hiffman Asset Management. “We are well-versed on third party asset services, because that is all we do, and with a portfolio of this size, there’s always something to solve or an opportunity to bring value to the client. We’re in a place as a company that if there is a transaction happening in this market, we are going to know about it and be involved in it and make sure Mirvac’s assets are seen by that tenant prospect.”

Petersen characterizes the deal as the largest transfer of third part assets in Chicago history. He says the portfolio has the potential to grow, as Mirvac has the opportunity to acquire more properties in the future.

“Mirvac’s strategy is to have placement in major market locations and transportation hubs like Chicago,” he tells GlobeSt.com. “They’re clearly holding onto what they have, and their intent is to be strategic and take advantage of this market. Many investors in Chicago are sitting a bit on the sidelines, and while they’re there, there are going to be some good opportunities for acquisitions coming soon.”

NAI Hiffman will become Mirvac’s liaison to more than 100 tenants, which include True Value Company, APL Logistics, Nexus, and Prairie Packaging. The tenants occupy spaces ranging from 1,700 square feet to more than a million square feet. The firm assumed responsibilities for Mirvac’s portfolio last week.

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