Author Archives: Jeremy Barewin

Andretti Global Tops Out Phase I of New Headquarters Facility in Fishers, Indiana

FISHERS, IN – JUNE 28, 2024 – Andretti Global and Chicago-based developer Bradford Allen joined Clark Construction Group and their building crews on Thursday, June 27 to celebrate the topping out of Andretti Global’s new headquarters facility.

(From left) Andretti Global Vice President / Andretti Technologies Managing Director Marissa Andretti, Andretti Global Chairman & CEO Michael Andretti, Mayor of Fishers, Indiana Scott Fadness, and Bradford Allen Principal & Co-Founder Jeffrey Bernstein join Clark Construction in raising the final beam to top out the new Andretti Global headquarters in Fishers, IN.  

The nearly 400,000-square-foot facility is part of a larger 90-acre campus, and more than quadruples the size of Andretti’s current headquarters.

“We are so proud of the progress that has been made on our future home and we are honored to be a part of today’s topping out ceremonies,” said Michael Andretti, Chairman & CEO, Andretti Global. “It is no small feat to get to this point with a project of this magnitude and we could not have done it without our partners at Bradford Allen, Clark Construction, RATIO and Ridge. It’s been such a rewarding experience watching our new facility being built from the ground up and today is a true testament to the hard work and effort that’s been put into turning our vision into a reality.”

Crews set the last piece of steel atop the new racing and technology headquarters, marking a big step forward in the development of Andretti Global’s future base of operations. In a ceremony held on site, Andretti Global, Bradford Allen, and Clark representatives recognized the contributors involved in the project’s efforts thus far. To reach this milestone, crews worked 40,000 hours to place over 3,000 tons of steel, 2,755 steel members, 4,000 cubic yards of footings and grade beam concrete, and will complete over 9,000 cubic yards of slab on grade and slab on metal deck concrete by the end of July.

“This milestone would not be possible without the strong partnership between Andretti Global, Bradford Allen, Clark and the talented design and trade partners on this project,” said Dave Trolian, Northern Group CEO with Clark Construction. “The contributions to drive this project forward on schedule, while keeping safety and quality top-of-mind, is evident in the craftsmanship and progress of a facility that will be an impetus in the global racing community.”

In addition to housing day-to-day operations for the racing team, the building will be home to the advanced research and development of Andretti Technologies. The collaborative campus will also feature modern technologies and amenities that not only create a true employee-first culture, but also prioritize partners and the surrounding community.

“The topping-off of the new Andretti Global headquarters brings us one step closer to delivering this highly anticipated project to the Fishers community and motorsports fans everywhere,” said Jeffrey Bernstein, co-founder of Bradford Allen. “At a time when others are waiting on the sidelines, this team has gotten a world-class facility off the ground—one that prioritizes health, wellness and sustainability for the benefit of both employees and visitors.”

The structure focuses on cutting-edge design and race shop programming, expanding on existing goals for technologically advanced, sustainable practices. The final facility is set to include a state-of-the-art fitness center, walking trails with access to the Nickel Plate Trail and Ritchey Woods Nature Preserve, amphitheaters, employee gathering areas and expanded dining options. The development continues through a strategic phased approach.

The design was planned by UK based motorsport design consultants Ridge and Partners, and Indianapolis based international design firm RATIO. Clark Construction is the general contractor.

Editor’s Note: VNR footage of the Andretti Global Headquarters Topping Out Ceremony courtesy of Andretti Global: Topping Out Ceremony VNR: https://www.dropbox.com/s/yexelwkwo3do6m9/Andretti%20HQ%20-%20Topping%20Out%20Ceremony%20VNR%20%28v2%29.mp4?dl=0

ABOUT BRADFORD ALLEN DEVELOPMENT COMPANY
Formed in 2022, Bradford Allen Development Company (BADC) currently has approx. $1B in active developments across the country representing all major asset classes. BADC is a wholly-owned subsidiary of Bradford Allen—a vertically integrated real estate firm providing end-to-end real estate investment, transaction and management solutions for hospitality, multifamily, commercial office and mixed-use assets across the U.S. The firm’s roots are in brokerage and property operations, a lineage that traces back to 2003 when principals—Jeffrey Bernstein and Laurence Elbaum—founded Bradford Allen Realty Services. For more information, visit bradfordallen.com.

ABOUT CLARK CONSTRUCTION GROUP
Clark Construction Group is one of the largest building and infrastructure companies in the United States. Our portfolio spans every major building market, from public to private, corporate to cultural, education to entertainment, and the infrastructure connecting it all – power, transit, water, and roadways. Since 1906, we’ve been delighting and delivering value to our clients and project partners, providing diverse opportunities for our team, and strengthening the communities where we live. With offices strategically located across the country, we pride ourselves on being a local builder with national reach. To learn more, visit Clarkconstruction.com.

ABOUT RATIO DESIGN
RATIO is a global design firm connecting people and place, shaping environments of purpose, beauty, and meaning. We design for impact with interdisciplinary teams, offering architecture, historic preservation, interior design, landscape architecture, urban design, and graphic design services.
Founded in 1982, its six collaborative studios bring together diverse perspectives to shape the future of Higher Education, K12 Education, Workplace, Civic & Cultural, Parks & Recreation, Hospitality, Sports & Venues, Residential, Mixed-Use, and Health & Lifesciences design.

RATIO has completed work in more than 41 states in the US and 15 countries around the world. Notable projects underway include the 5-star CairoHouse Hotel in Egypt, the high-rise Convention Center Hotel in Indianapolis, the Raleigh City Hall in Raleigh, the Elanco Global Headquarters in Indianapolis, and the IU Health new downtown hospital in Indianapolis. Learn more: https://ratiodesign.com/

Editors:
For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

 

Industry veterans Angela Burnett and Seán Kenny join management services

CHICAGO, IL — Bradford Allen, a national full-service real estate firm, today announced two additions to its growing management services business: Angela Burnett, LEED AP, as director, operations; and Sean P. Kenny as director, engineering. They will work out of the firm’s downtown Chicago headquarters. Both will report to Jennifer Murphy, president of management services, who joined Bradford Allen last fall and is responsible for ensuring the smooth operation of the firm’s growing office portfolio, which comprises 4.5 million square feet of owned and managed properties in Chicago and nationally.

In her new role, Burnett will work directly with on-site property management teams around the country on operational processes, efficiencies, delivery of high-level tenant experience and execution of capital projects. Kenny will work across the same portfolio, leading on-site property management, engineering and maintenance teams on building procedures, and overseeing operations and maintenance of all plumbing, electrical, mechanical, structural and life safety equipment and systems.

“Angela and Sean bring a wealth of leadership experience to their respective roles, having worked for and with some of the most prominent commercial real estate companies and properties in Chicago,” said Murphy. “Their knowledge of operations and the industry overall will be invaluable as we continue to look at opportunities to expand our portfolio of office assets in Chicago and other top-tier markets. Both have a proven track record of providing the best customer experience to tenants, which is critical in this competitive office landscape, where properties that are run efficiently and effectively stand above the rest.”

Burnett is a veteran commercial real estate professional with 20 years of experience in mixed-use asset management. She most recently served as senior property manager at Chicago’s Willis Tower for 16 years, overseeing an annual operating budget of approximately $115 million, 15 property management team members and nearly 200 security and maintenance personnel in the building.

Kenny has 25 years of experience overseeing building engineering and facilities management. He previously served as chief engineer with CBRE, where he managed the day-to-day duties and scheduling of a team of seven operators and two trainees. Prior to that, he was chief engineer with Chicago-based Sterling Bay. He was recognized with a Building Owners and Managers Association of Chicago 2023 Gold Circle Building Engineer of Year Award and BOMA International The Outstanding Building of the Year (TOBY) Award in 2021.

Burnett holds a B.A. in political science from the University of Illinois Urbana-Champaign. She is currently serving a two-year term as president of the Chicago Real Estate Network.

Kenny graduated from DePaul University with a degree in psychology. His licenses and certifications include a City of Chicago Stationary Engineer License, EPA Section 608 Technician Universal Certification, CEAC Generator Operator’s License, CBRE Life Sciences Engineering Training Certification and OSHA 10 Certification. He is also a member of the IUOE Local 399 and Chief Engineers Association of Chicagoland.

About Bradford Allen
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.


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Editors:
For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

 

Q1 Chicago Office Report: CBD Rents Hold Steady as Vacancy Rate Continues to Rise

CHICAGO — Bradford Allen, a national full-service real estate firm, today released its Q1/24 Downtown Chicago Office Market Report showing that CBD average gross asking rents held steady at $43 per square foot. At the same time, the office vacancy rate continued to rise, surpassing 21%, and demand was soft, with negative absorption of 1.4 million square feet.

Leasing volume remained below historic levels, with only 1.3 million square feet leased in the first quarter versus 2.1 million square feet in first-quarter 2023 and 4.9 million square feet in first-quarter 2019, before the pandemic. Continuing a post-pandemic trend, many tenants are seeking prebuilt, move-in ready suites. Last quarter, 38% of leases signed in the CBD were for move-in-ready space. For all of 2023, approximately 33% of leases signed were for move-in-ready suites, compared with 15% in 2019, according to Bradford Allen research.

“The distress in Chicago’s CBD office market is likely to continue as owners, lenders and tenants navigate turbulent market conditions,” said Neil Bouhan, senior managing director, research and communications, for Bradford Allen. “Our data indicates more than half of all square footage leased prior to the pandemic has not yet expired, suggesting that many companies have yet to address their actual space needs in the CBD. This is likely to result in continued downsizing. But even in this environment, owners in the financial position to reinvest in their buildings and negotiate flexible lease terms with tenants have been able to keep their assets well occupied, outperforming the overall market.”

The benefit of financial strength in this market is exemplified by Ivanhoe Capital’s $75 million repositioning of 10 and 120 S. Riverside Plaza, a two-building, 1.4 million-square-foot office complex on the Chicago River in the West Loop. After renovations, Ivanhoe leased 156,000 square feet of office space in the property last year and an additional three leases totaling 75,000 square feet so far this year, with Attorneys’ Liability Assurance Society taking the largest lease at 37,000 square feet.

Other highlights of the Bradford Allen report include:

  • Bradford Allen researchers estimate there are 23 buildings in the CBD with distressed loans, almost half in the Central Loop. If interest rates remain high, the financial pressure on leveraged owners will mount as $2.8 billion of debt is set to expire by the end of 2025.
  • Investment sales remained at historic lows, with only $98 million trading last quarter, in line with first-quarter 2023 but still far below the average $750 million in sales in the first quarters of 2015 through 2019. Of the $98 million that has traded so far this year, $60 million was for the sale of 150 N. Michigan Ave., which was purchased by Chicago real estate firm R2.
  • The amount of sublease space on the market declined last quarter to 7 million square feet but remains at historically elevated levels. Most is large space; for example, a tenant seeking less than 10,000 square feet can only access about 9% of current sublease inventory. Meanwhile, 80% of leases signed in 2023 were for less than 10,000 square feet.


About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.

For immediate inquiries, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

 

Bradford Allen Acquires 100-Key Hotel at Westgate Entertainment District in Glendale, Ariz.

With Aloft Glendale at Westgate, firm expands national hospitality platform to 800 keys across six assets

CHICAGO/GLENDALE, Ariz. — Bradford Allen, a national full-service real estate firm, today announced its investment arm has acquired Aloft Glendale at Westgate, a 100-key hotel in Glendale, Ariz. Located at 6920 N. 93rd Ave., the hotel marks the firm’s second acquisition in the Westgate Entertainment District, joining nearby TownePlace Suites Glendale, an extended-stay hotel purchased in late 2022.

“With the Phoenix metro continuing its growth trajectory and Glendale – which has hosted multiple Super Bowls and is the site of the NCAA Final Four in April – as an epicenter of commercial activity, this acquisition further bolsters the firm’s strategy to acquire high-quality hotels in experience-driven markets,” said Aghfar Arun, director, Bradford Allen. “The Aloft presents a unique opportunity to build on the success we’ve achieved at TownePlace Suites Glendale, complementing the extended-stay offering there with a distinctive select-service product and robust amenities package while leveraging Marriott’s industry-leading booking platform.”

Bill Murney of Cushman & Wakefield represented the seller, HCW Hospitality & Development, in the transaction.

Aloft Glendale’s on-site amenities include an outdoor splash pool, Re:charge? fitness center, gift shop, convenience store, meeting spaces, social lounge and the W XYZ® bar featuring a full menu, signature cocktails and live music. Residing in the Westgate Entertainment District, the hotel is close to numerous retail, restaurant and entertainment offerings, including State Farm Stadium, Desert Diamond Arena and Camelback Ranch.

Since launching its hospitality platform in 2022, Bradford Allen has acquired six hotels totaling 800 keys. In addition to Glendale, the firm currently owns hospitality assets in Riverside, N.Y., on Long Island and close to the Hamptons; Rosemont, Ill., in the O’Hare submarket outside Chicago; and Iowa City, Iowa, near the University of Iowa campus. The firm plans to significantly grow its portfolio this year.

About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.

For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

 

BA Development Company Names Michael Cannon as Senior Managing Director

Former Sterling Bay executive will oversee adaptive reuse, renovation, and new construction of residential and commercial real estate

CHICAGO, IL — BA Development Company today announced industry veteran Michael Cannon has joined the firm as senior managing director, overseeing adaptive reuse, renovation, and new construction of residential and commercial real estate. Before joining BA Development Company, Cannon was a vice president with Sterling Bay, where he managed the development of life science and other office properties as well as multifamily projects in Chicago and other major U.S. cities.

“Michael has vast knowledge of the construction industry and a proven track record of leadership and success building new developments in the U.S. and internationally,” said Jeff Bernstein, principal and co-founder of Bradford Allen. “As we identify more opportunities for ground-up construction or capital improvements in the office, retail, multifamily, and industrial sectors, Michael is a natural fit to help us accelerate our pipeline of large-scale projects in top-tier markets across the country.”

Cannon will manage design, construction, and consulting teams through every stage of the development process, from pre-construction to completion. He will play a pivotal role in several of BA Development Company’s current high-profile new construction and adaptive reuse projects in Illinois, Indiana, Florida, and Tennessee, including a mixed-use project in Arlington Heights, Ill., featuring 300 apartments, 25,000 square feet of retail and a 150,000-square-foot medical office complex known as ArlingtonMed.

Before Sterling Bay, Cannon served as senior development manager with Chicago-based Golub & Company, where his accomplishments included the successful adaptive reuse of Chicago’s Tribune Tower from office space to luxury condominiums and upscale retail on the Magnificent Mile. He also completed development of 1001 South State, a 40-story, 397-unit luxury apartment tower in Chicago’s South Loop.

His other roles included founding Viridios, Ltd., where he supervised the construction of a $225 million power plant in Kuwait, and project manager with ARCH Consultants, Ltd.

Cannon’s roots are in construction, having established his own firm in Chicago soon after finishing his undergraduate degree. After building a foundation in the industry, he pursued law school and transitioned for a time to a legal career, focusing on construction transactions and litigation.

He holds a B.A. from the University of Texas at Austin and a Juris Doctor from Loyola University Chicago. Cannon has been a LEED-accredited professional since 2004, is admitted to the Illinois State Bar and the United States District Court for the Northern District of Illinois and is president of the Old Irving Park Association.

About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.

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For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

 

Bradford Allen Hospitality Acquires Two Hotel Properties on Long Island

Marriott Residence Inn, Hilton Garden Inn located on adjacent sites in Riverhead, N.Y., 20 miles west of the Hamptons

NEW YORK, NY — Bradford Allen Hospitality today announced it has acquired two adjacent hotel properties in Riverhead, N.Y., on Long Island — a 131-suite Residence Inn by Marriott located at 2012 Old Country Road and a 114-key Hilton Garden Inn at 2038 Old Country Road. The hotels are the closest eastbound Hilton- and Marriott-branded properties to the Hamptons, located approximately 20 miles away.

Built in 2017, Residence Inn Long Island East End is highly amenitized with a 24-hour fitness center, indoor and outdoor pools, whirlpools, and expansive wedding and banquet facilities, far exceeding typical Residence Inn brand standards. The Hilton Garden Inn Riverhead, built in 2008, features a patio with whirlpool and fire pit, indoor pool and fitness center. The property is expected to undergo a transformative multimillion-dollar renovation over the next year.

The sale of the properties, by a local developer who was the original owner of both assets, was completed off-market. New Castle Hotels and Resorts will retain management of both hotels.

“While many firms have been sitting on the sidelines waiting to see what happens with interest rates, Bradford Allen is well capitalized and actively seeking out high-quality assets like these for our portfolio,” said Aghfar Arun, director, Bradford Allen Hospitality. “The Riverhead properties offered a unique opportunity with two adjacent core brands from the nation’s top two hoteliers, in a prime, high-density location, with an opportunity to add value through upgrades. As we continue to look at opportunities to expand our hospitality portfolio, we place a premium on similar types of assets that are institutional-quality hotels in experience-driven markets, catering to leisure and business travelers.”

Over the past 18 months, Bradford Allen Hospitality has acquired four hotels totaling nearly 550 keys, tripling its hotel portfolio. In addition to Long Island, the firm currently owns hotel assets in the Glendale Sports and Entertainment District in Glendale, Ariz., a suburb of Phoenix; Rosemont, Ill., in the O’Hare submarket outside Chicago; and Iowa City, Iowa, near the University of Iowa campus.

Launched in 2022, Bradford Allen Hospitality is a specialized hotel ownership platform, investing opportunistically in premium hotel product. It is a wholly owned subsidiary of Chicago-based Bradford Allen, a vertically integrated real estate firm providing end-to-end real estate investment, transaction and management solutions for hospitality, multifamily, commercial office and mixed-use assets across the U.S.

About Bradford Allen:
Bradford Allen (BA) is a commercial real estate and investment services firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.

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Editors:
For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

 

Industry Leader Gordon Ogden Named Exec Managing Director

Office market veteran will oversee firm’s New York-based tenant representation practice

NEW YORK CITY, NY — Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen, a national full-service real estate firm, today announced industry veteran Gordon Ogden has joined the brokerage as executive managing director. In this role, Ogden will lead Bradford Allen’s tenant representation practice in New York.

“Gordon has a proven track record of success across New York’s office sector, where he has negotiated hundreds of deals for top-tier local, national and international companies and corporations that call the city home,” said Elbaum. “Having had the privilege of working alongside him in the 1990s at the Edward S. Gordon Company, I know Gordon to be one of the finest in the business, and I am excited for him to expand our firm’s tenant representation practice across the New York metro region.”

In Manhattan, Ogden has transacted on behalf of firms such as The New York Times, Gannett, Nike and Publicis. His clientele extends to prominent law firms, including WilmerHale and Dewey & LeBoeuf, as well as financial institutions like Warburg Pincus LLC. Additionally, Ogden represented national food hall retailer Urban Space in both office and retail transactions. He has also facilitated major transactions globally, including deals in Tokyo, Sao Paolo, Paris and London.

For more than 26 years, Ogden led Byrnam Wood LLC, the firm he co-founded alongside Joseph Thanhauser in 1997. He previously served as a managing director in the tenant representation division at the Edward S. Gordon Company (ESG) from 1992–1995 and at CBRE from 1995–1997.

Ogden’s philanthropic work has included service on the boards of the Collegiate School, the Boys’ Club of New York and Job Path. He has also chaired the annual fund at Marymount School and served as a member of Episcopal High School’s development committee.

He holds a B.A. in political science from Washington and Lee University and is a member of the Counselors of Real Estate and the Real Estate Board of New York, where he was the recipient of the prestigious Robert T. Lawrence Memorial Award.

Bradford Allen maintains a full-service brokerage platform in both New York and Chicago, where the company is headquartered.

About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.

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Editors:
For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

 

Bradford Allen Names Jennifer Murphy as President of Management Services

20-year veteran of property and construction management will oversee firm’s national office portfolio

CHICAGO, IL — Bradford Allen, a national full-service real estate firm, today announced Jennifer Murphy has joined the firm as president of management services. In this role, Murphy will be responsible for managing Bradford Allen’s growing portfolio of office properties in Chicago and nationally. She will report to Brian Dovalovsky, senior managing director of Bradford Allen, and be based in the firm’s downtown Chicago headquarters.

“Jennifer’s appointment is strategically timed with the growth of our national office platform as we continue to acquire, improve and lease up high-quality assets in desirable markets across the country,” said Dovalovsky. “In today’s ever-evolving workplace landscape, she will be instrumental in helping us meet demand for modern, experiential office environments that are highly functional for occupiers and profitable for ownership.”

A 20-year veteran of property and construction management, Murphy has helped launch and reposition large-scale office properties, leveraging state-of-the-art technologies, lifestyle-oriented amenities and best-in-class services to enhance marketability and drive operational performance. She previously spent 16 years at Hines Interests Limited Partnership, most recently serving as senior construction manager for Salesforce Tower Chicago, the 1.2 million-square-foot high-rise at 333 W. Wolf Point Drive in downtown Chicago. In that role, Murphy oversaw the base building construction and managed the construction, FF&E and transition to operations for the tower’s 20,000-square-foot amenity suite, which includes conference facilities, a full-service fitness center, tenant lounges and more.

Prior to her work on Salesforce Tower, she was general manager for 333 W. Wacker Drive (890,000 square feet), which followed successful management roles at 1 S. Dearborn St. (870,000 square feet), 101 N. Wacker Drive (600,000 square feet) and other properties owned by Hines. She also was property operations manager for Northwestern Memorial Hospital.

Murphy holds an MBA with distinction from DePaul University’s Kellstadt Graduate School of Business, with a focus on real estate finance and investment. She earned her bachelor’s degree with honors in civil engineering, with a specialty in structural engineering and a minor in urban and regional planning, from the University of California, Irvine. She is a licensed real estate broker in Illinois and holds an EIT license in California.

About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.

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Editors:
For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

 

Bradford Allen Submits Plan for 300-Unit Mixed-Use Development in Arlington Heights, Ill.

Along with new medical office building, project to help revitalize neighborhood with apartments and retail

CHICAGO, IL — The development arm of Bradford Allen, a Chicago-based national real estate investment advisory, has formally submitted plans for a mixed-use development in Arlington Heights, Ill., to village officials. Located just north of Interstate 90, at the southeast corner of Arlington Heights and Algonquin roads, the project comprises 300 apartments and approximately 25,000 square feet of ground-floor retail.

A joint venture between Bradford Allen and Chicago-based Moceri+Roszak, which is also serving as architect, presented the plans to neighbors during a recent community meeting. As proposed, the eight-story development would include a mix of 68 studios, 143 one-bedrooms, 79 two-bedrooms and 10 three-bedrooms, with 55% of units having balconies. Approximately 30 of the units will be designated as affordable housing.

“There is a great opportunity to revitalize this end of Arlington Heights, where there’s high population density and a strong demand for modern rental housing with easy access to nearby retail and entertainment offerings, as well as I-90 and O’Hare International Airport,” said Brian Carley, senior managing director at Bradford Allen. “We have had productive conversations and received positive feedback from village officials to this point and look forward to hearing back on final approval.”

The building is expected to include 17,500 square feet of indoor and outdoor amenities including an outdoor pool and spa with sun deck, fitness area for yoga and other classes, social and media rooms, business center, library, work-from-home conference rooms, golf simulator, dog walk and spa, grill stations and pickleball court. The development will include indoor parking for 484 vehicles as well as 86 outdoor spaces for the retail component. In addition, the project is seeking ENERGY STAR certification for its environmental sustainability.

The proposed mixed-use development is adjacent to the former Daily Herald building, which Bradford Allen is converting into a 150,000-square-foot medical office complex known as ArlingtonMed. Together, the buildings are part of a potential 16-acre master-planned community that includes additional apartment buildings and retail.

Bradford Allen officially kicked off pre-leasing efforts for ArlingtonMed in September. The existing structure is available for tours by appointment and will be fully renovated to Class A medical office standards upon securing an anchor tenant.

“ArlingtonMed represents a unique opportunity for healthcare tenants seeking high accessibility and visibility along the expressway,” said Joel Berger, senior managing director at Bradford Allen and lead leasing agent for the property. “ArlingtonMed also offers large floor plates that give tenants complete control over how their space is designed, maximizing efficiency while improving the patient experience.”

About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.

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Editors:
For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

 

Bradford Allen Acquires The Henry in Chicago’s Ravenswood Neighborhood

Mixed-use property completed in 2019 includes Culver’s restaurant and 38 luxury rental apartments

CHICAGO – August 8, 2023 – Bradford Allen Investment Advisors (BAIA) today announced it has closed on the purchase of The Henry, a mixed-use property at 4346 N. Honore St. in Chicago’s Ravenswood neighborhood. The five-story elevator building, completed in 2019 and located just steps away from the Montrose Brown Line CTA stop, includes 38 one- and two-bedroom luxury rental apartments and a ground-level Culver’s restaurant.

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John Butler, executive managing director, and Danielle Morse, senior managing director, negotiated the purchase on behalf of new ownership. The seller of the property was represented by Tyler Hague and Lauren Stoliar of Colliers.

Common resident amenities in the pet-friendly building include an indoor/outdoor rooftop lounge and terrace with built-in grills, a lobby lounge and bike storage room. Individual apartments feature in-unit laundry, custom cabinetry, subway tiling, quartz countertops and walk-in closets. At the time of purchase, the building was 97% occupied. Rents range from $1,751 to $3,000.

“The Henry’s Ravenswood location offers a neighborhood vibe and checks many of the boxes today’s renters desire, including modern amenities and easy access to bars, restaurants, shops and entertainment all located within a mile radius of the building,” said Morse. “We are excited to add this high-quality, newer construction, urban, transit-oriented property to our expanding Chicago-area multifamily portfolio.”


About Bradford Allen Investment Advisors
Founded in 2013, currently with over $4bn in assets under management and over 3 million square feet of real estate, Bradford Allen Investment Advisors (BAIA) is an alternative asset manager specializing in commercial real estate and private placements. A wholly owned subsidiary of Bradford Allen—a vertically integrated real estate firm—BAIA provides end-to-end real estate transaction and management solutions for multifamily, commercial office, and mixed-use development across the US. The firm’s roots are in brokerage and property operations, a lineage that traces back to 2003 when the firm’s principals—Jeffrey Bernstein and Laurence Elbaum—founded Bradford Allen Realty Services.