REAL ESTATE

Suburban Real Estate Services awarded Freedom Commons contract

BY CSA STAFF

Naperville, Ill. Harp Krug Venture LLC announced it has awarded the exclusive leasing and management of Freedom Commons to Suburban Real Estate Services, based in Lisle, Ill.

The 160,000-sq.-ft. retail development is tenanted by Maggiano’s, Morton’s, The White Chocolate Grill and LA Fitness.

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REAL ESTATE

ULI report explores factors that will shape urban growth

BY CSA STAFF

Washington, D.C. A new report released Tuesday by the Urban Land Institute uncovered a series of factors that are expected to guide real estate investment and shape urban growth in the years ahead.

The report, Finding Certainty in Uncertain Times, found that even in economic uncertainty, there are still some elements of certainty, such as demographic shifts, financial industry restructuring, global competitiveness and sustainable building, that will guide real estate in the future.

The collection of commentaries from ULI’s five senior resident fellows — Stephen Blank, Edward McMahon, John McIlwain, Thomas Murphy and Michael Horst — examines trends in population growth, consumer housing preferences, employment, real estate finance, environmental conservation, energy efficiency, venture capital investment and public leadership. These factors, according to Finding Certainty, are converging to shape a new era of urban economics within which cities and urban regions will have to compete in order to be successful in the 21st century.

“These trends will continue regardless of location, of which political party is in power, and of how quickly we recover from the recession,” said the report. “Taken collectively, they will create the ‘new normal.’”

“As the housing markets recover, demand will increase significantly for smaller, greener homes, more rental than in the past, and more compact, walkable urban centers in the suburbs as well as in many, but not all, central cities. The biggest challenge (in center cities) will be finding suitable, affordable locations,” McIlwain wrote in the report. “There will be metro areas that will attract the brightest and best, and will continue to grow and provide opportunities for development. Within these metro areas, some local markets will thrive; these are the compact, walkable communities, which are finding increasing demand as people look to new ways to define livability.”

McMahon, ULI’s senior resident fellow for sustainable development, maintained that the push for more environmentally conscious development practices will be driven at the state and local levels of government, and by the private sector, rather than at the federal level. He cited a steady increase in the number of buildings entering into the U.S. EPA’s Energy Star program, and a surge in the number of Leadership in Energy and Environmental Design (LEED)-certified professionals as evidence that interest in green building has remained strong, despite the recession.

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Lucernex partners with Fell to expand lease admin services

BY CSA STAFF

Dallas Real estate solution-provider Lucernex Technologies said Tuesday it has partnered with Fell Lease Administration LLC, a Chicago-based lease portfolio management firm, on a deal that will provide both firm’s clients with more complete lease administration services.

Under the agreement, Fell Lease Administration staff will use Lucernex’s lease administration software tools as they manage real estate leases and sub-leases for their clients. The software tools, known as Lx Contracts and Lx LseMod, are designed to act as a single database to more efficiently and accurately manage the leasing process for organizations with portfolios consisting of multiple properties — both locally and internationally — as well as carefully manage all other related agreements involving at least two parties, contract terms and payments.

Lucernex clients who purchase Lx Contracts or Lx LseMod will have the option of having their leases abstracted by Fell Lease Administration’s expert team.

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