NAI Hiffman Brokers 1.2 Million Square Foot Lease Extension for True Value Company
HARVARD, Ill., July 28 /PRNewswire/ — True Value Company has signed a 10 year lease renewal with Mirvac Industrial Trust (Mirvac) for 1,194,650 square feet at 308 S. Division Street in Harvard, Illinois. John Cash, SIOR and David Haigh of NAI Hiffman facilitated the negotiations between Chicago-based True Value Company and Mirvac, an Australian-based REIT. NAI Hiffman has been retained by Mirvac to lease the remaining 139,500 square feet of available warehouse space in the building.
Located on 60 acres, the 1.3 million square foot facility was originally owned by True Value Company and sold in 1998 as part of a sale-leaseback transaction. Mirvac purchased the facility in subsequent years as part of their expansion into the Chicago industrial market.
“This lease extension was a great opportunity for Mirvac to continue its mutually beneficial relationship with True Value,” says Richard LeBrun, vice president with NAI Hiffman’s Asset Management Group. “This is one of several large renewals we have facilitated for Mirvac in their Chicago portfolio, and we are very happy to see the market continue to support these major transactions.”
One of 12 distribution centers across the country, the operation at 308 S. Division Street delivers products to True Value stores located throughout the Midwest.
True Value Company (www.truevaluecompany.com) is a retailer-owned hardware cooperative that serves 54 countries around the world. With more than 5,000 stores and 3,000 associates, the True Value Company enjoys a rich history as a trusted and recognized global brand.
Mirvac Industrial Trust (www.mirvac.com/mix) is an Australian Securities Exchange (“ASX”) listed Australian Real Estate Investment Trust which listed on the ASX on 20 May 2005. At 31 December 2009, the Trust had gross assets of approximately A$487.47 million, with 64 industrial assets located in or around the greater Chicago region (including Milwaukee and Indiana) and in Grand Rapids, Michigan.
NAI Hiffman (www.hiffman.com) is the Chicago area representative for NAI Global, the world’s largest managed network of real estate service providers, comprising 5,000 brokers in 325 offices serving over 50 countries throughout the world. NAI Hiffman’s professionals represent clients in all aspects of commercial real estate and currently manage a 53+ million SF portfolio of over 250 commercial properties throughout metropolitan Chicago and Northwest Indiana.
Source: Yahoo Finance