Tag Archives: Suburban Chicago

BA Assists American Blues Theater in Purchase of Near Northwest Property

CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum are pleased to announce that Managing Director Jonathan Seeley successfully assisted American Blues Theater with the purchase of their new location at 5627 N. Lincoln Avenue after vacating their former home at 4809 N. Ravenswood Avenue. Previous ownership was represented in the transaction by Mark Kishtow and Mark Jones of Jameson Commercial Real Estate.

Built in 1985, the 10,844-square-foot property sits on an 18,000-square-foot lot in a densely populated section of Chicago’s Near Northwest neighborhood. The all-masonry construction features a single-story open floorplan with 12-foot clear height, essential for accommodating the theater’s performances. Additionally, the property offers an attractive 168 feet of frontage along Lincoln Avenue, a main traffic artery serving the Lincoln Square and Andersonville neighborhoods.

“After performing a full search of the market to determine alternate options, it was clear that 5627 N. Lincoln was the best fit for the unique use case of American Blues Theater. We pursued the purchase of the building with earnest and closed within 90 days of going under contract,” said Seeley.

Winner of American Theatre Wing’s prestigious National Theatre Company Award, American Blues Theater is a premier arts organization exploring the American identity through the plays it produces and communities it serves. American Blues Theater follows three guiding values both on and off its stages–to be accessible, responsible, and true. Chicago’s second-oldest AEA Ensemble theater, the American Blues Theater and its artists have received 221 Joseph Jefferson Awards and nominations that celebrate excellence in Chicago theater and 40 Black Theater Alliance Awards.


About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.

 

Over 38,000 SF at Edens Corporate Center 6 Months After Purchase

CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Senior Managing Director Joel Berger and Associate Jake Blesi have leased over 38,000 SF at Edens Corporate Center, 630 & 650 Dundee Road in Northbrook, IL, just six months after being named the exclusive leasing agent.

In addition to the prime location and best-in-class amenities, Berger attributes the robust leasing momentum to a dedicated focus on tenant needs, creative thinking, and deep knowledge of the North Suburban market.

“We have only represented Edens Corporate Center since the fall of 2021, and our goal was to be known as the nicest, most responsive, and most creative building in the market. Most of the I-94 North Suburban market is institutional landlords who are slow to respond to changing tenant needs and tend to think linearly. We listen, are highly responsive to tenants, and like to think creatively to find solutions. Our immediate success shows our approach works. There is certainly a tenant need in the area for responsive and dynamic landlords and landlords’ agents.”

Bradford Allen’s successful leasing program has meant growing economic opportunities and job creation for the North Suburban market. In addition to an 18,000-SF renewal for marketing firm Blue Chip Marketing Worldwide, and a 3,700-SF renewal for law firm Mason, Wenk & Berman, L.L.C., there were three new leases at the property: RHM Staffing Solutions, 7,800 SF; Velos Wealth Management, 2,600 SF; and Phase3 Capital Management, 3,500 SF. Additionally, existing tenant TriGran Investments, Inc., 2,800 SF, extended and expanded its lease.

About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.

 

Year-End 2021 Suburban Chicago Office Market Report

Bradford Allen is pleased to share with you our Year-End 2021 Suburban Chicago Office Market Report.

This quarter in the suburban office market:

  • The overall sublet availability rate increased from 3.9% to 4.5%.
  • Overall direct vacancy and availability rates were 27.4% and 32.7%.
  • The market posted a $24.58 p.s.f. gross asking rate.
  • There was 1.1 million s.f. of negative absorption.

 

 

CRE Office Pulse 004: Chicago’s Suburban Office Market — More Competitive Than You Think

Suburban Chicago’s office vacancy rates may seem historically high, but the headline numbers overlook key details about the marketplace. Large, low-quality properties are having an outsized effect on the averages. Removing these “zombies” from the data shows the market is more competitive than you think.

Read on to find out more

 

Bradford Allen Investment Advisors acquires Edens Corporate Center in Northbrook, IL

CHICAGO, IL — John Butler, Executive Managing Director of BAIA, is pleased to announce the acquisition of Edens Corporate Center at 630 & 650 Dundee Road in Northbrook, IL. Bradford Allen Realty Services will be the leasing agent, and Bradford Allen Management Services will be the property manager.

Built in 1988, the recently renovated property is a Class A, 187,509-square-foot suburban office building located immediately right off of the Edens Expressway/Interstate 94, the main highway north from the city of Chicago. Joel Berger, Senior Managing Director, and Jake Blesi, Associate, will lease the four-floor property, which currently offers 56,000 square feet of vacancies and an underway spec suite, as well as move-in ready options for tenants. The complex features a 122-car, below-ground, heated, executive parking garage; a one-of-a-kind outdoor meeting facility; recently modernized lobbies, lavatories, and common areas, along with a fitness center and yoga studio.

“The property is unique within the Skokie Boulevard submarket. It is easily the best option for the smaller and mid-sized tenants, with each floor having two wings that offer flexible space designs with a great window line. The proximity to walkable amenities coupled with the underground garage, the renovated common areas, indoor and outdoor conference facilities, fitness center, and Once Upon a Bagel as the on-site food service, make Edens Corporate Center the best value in the submarket,” said Berger.

“We just signed our first new lease with Phase 3 Capital Management for 3,500 RSF last week and have another lease out for signature. The North suburbs have continued to perform well this year, and we were so excited to have had the opportunity to acquire one of the best buildings in the North Market. Our planned upgrades to the tenant amenities—along with the engaged, flexible, and local ownership—will help the property attract dynamic new tenants in the area,” added Butler.


About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.