Overview of Avison Young

partnership.
performance.

Avison Young – Chicago, LLC May 2011

9700 W. Higgins Road, Suite 500
Rosemont, Illinois 60018
847.849.1900

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 Table of Contents

I. Overview of Avison Young

II. Biographies

II. Case Studies

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 Overview of Avison Young

Full Service Real Estate Firm Edmonton

 Founded 1978 Vancouver
Calgary Regina
 23 Canadian and U.S. Offices; Toronto HQ
Winnipeg
 Over 700 Real Estate Professionals Lethbridge
Quebec City
 1,400+ Annual Investment Sales and Leasing Toronto North Montreal Halifax
Ottawa
Transactions Mississauga
* Toronto Boston
 50 mm sq. ft. Property Under Management San Francisco Chicago New York
Washington DC
Los Angeles
Property Types
 Office
Atlanta
 Industrial * Headquarters
Future office
 Retail Houston
 Multi-Family
 Hotel
 Land  Canada Offices: Toronto, Vancouver, Calgary,
Edmonton, Lethbridge, Regina, Winnipeg,
Range of Services Mississauga, North Toronto, Ottawa, Montreal,
 Investment Advisory and Investment Sales Quebec City, Halifax
 Equity and Debt Private Placement
 Property Financing  U.S. Offices: Boston, Chicago (2), Atlanta (2),
 Leasing Representation: Tenant/Owner Houston, Washington, DC (2)
 Property Management
 Corporate Advisory/Consulting  Future U.S. Offices: Los Angeles, New York, San
 Research Francisco

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 Coverage Map

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 Vision & Culture

• North American Real Estate Company to Global Real Estate Company

Vision • Client Interests and Needs Align with Avison Young Experience and
Execution
• Utilize Our Intellectual Capital to Differentiate From Marketplace

• Principal Owned, North America Coverage

• Integrity, Highest Professionalism, Commitment, Focus
Culture • Organizational Investment in our Employees
• Compensated for Performance: Creating and Delivering Value

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 Michael Fonda, SIOR
Biography
Principal

Mike Fonda joined Avison Young – Chicago, LLC as Principal. Formerly, Mike was a Senior Director in the Chicago Suburban office of
Cushman & Wakefield. His main area of responsibility is the sale and leasing of industrial real estate. He began his industrial career in
Chicago in 1973. In February of 1981, Mike joined Cushman & Wakefield as an industrial broker. He was promoted to Vice President in
1984 and served as Manager of the Chicago suburban office from 1984 to 1987.

During his 32-year career in real estate, Mike has represented both buyers and sellers in all facets of real estate – tenant representation
on new requirements as well as lease renewals, marketing properties for developers and major corporations, sale/leasebacks,
investment sales, and build-to-suit transactions for both sale and lease.

Mike graduated from Colorado State University with a Bachelor of Arts and is a licensed real estate broker in the State of Illinois. He was
the 1992 President of the Chicago Chapter of the Society of Industrial and Office Realtors. Mike resides in Winnetka, Illinois.

CO RPO RATE CLI ENTS INST ITUTI O NAL CL IENTS EXPERI ENCE
Blyth, Inc CenterPoint Properties Acquisitions
General Electric First Industrial Build-to-Suits
Heidleberg IDI Corporate Services
Johnson & Johnson ProLogis Dispositions
Newell Rubbermaid Space Center Headquarters Relocation
Northfield Laboratories TA Associates Investment Sales
Rollex Corporation USAA Lease Negotiations
Tower Automotive

Awards:
1996 – Runner Up Metro Industrial Broker of the Year 2002 – Metro Industrial Broker of the Year
1997 – Runner Up Metro Industrial Broker of the Year 2004 – NAIOP Suburban Office Transaction of the Year
1997 – Build-To-Suit Transactions of the Year 2009 – NAIOP Suburban Office Transaction of the Year Finalist

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 Todd Heine
Biography
Director

Todd Heine recently joined Avison Young – Chicago, LLC as Director.  Formerly, Todd was an Associate Vice President at Newmark
Knight Frank (formerly Epic Realty Partners) in Rosemont, Illinois.  Over the past five years Todd has sourced in excess of $200 million
dollars in transactions and has completed more than 75 transactions in the O’Hare market. Todd has built his business on having a
comprehensive understanding about the O’Hare Industrial Market. His specialty is working with companies that have multiple facilities
and are in need of manufacturing/distribution optimization. Todd is a member of the Association of Industrial and Real Estate Brokers
(AIRE).
 
Todd is a native Chicagoan, attended Fenwick Preparatory High School in Oak Park and received his Bachelors in Communications from
Loyola University.  Prior to becoming an industrial broker, Todd managed multimillion dollar index option positions.

CO RPO RATE CLI ENTS I NSTITUTI O NAL CLIENTS

Finn Power USA Cook Financial

Gold Medal Products First Industrial
Next End, LLC JP Morgan Chase
Poly-Tak, Inc. ML Realty Partners
Vertex Fasteners(Division of Leggett & Platt) DCT Inudstrial
Perfection Plating Cabot Properties
FNA Group CenterPoint Properties
Laird Plastics
Lighten the Load

Awards:
2007 – Rising Star
2008 – Scott Nelson Memorial Award for Ethics

 
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 Brendan Kelly, SIOR
Biography Principal
U.S. Supply Chain Group
Brendan Kelly joined Avison Young – Chicago, LLC as Principal in January 2009. Formerly, Brendan was a Senior Director, Global Supply Chain
Solutions, in the Chicago Suburban Branch of Cushman & Wakefield of Illinois, Inc. He joined the Industrial/Technology Group at Cushman &
Wakefield in August, 1990.

Brendan was employed as an Account Marketing Representative for International Business Machines Corporation from 1984-1990, specializing in
Mainframe applications for manufacturing, real estate, and health related companies. Brendan is a member of the Council of Supply Chain
Management Professionals and Society of Industrial and Office Realtors.

Brendan graduated from the University of Arizona, Tucson, Arizona, with a Bachelor Science in Finance. In the community, Brendan served on the
Board of Directors and Past President of the Chicago 20-30 Club, School Board Member of Saint Francis Xavier and is also a member of the Board of
Regents for the Mercy Home for Boys and Girls. Brendan and his wife Kristan and their five sons reside in Wilmette, Illinois.
CO RPO RATE CLI ENTS INST ITUTI O NAL CL IENTS EXPERI ENCE
Alcan/Pechiney Plastic Packaging CenterPoint Properties Acquisitions
Dow Chemical First Industrial Asset Repositioning/Redevelopment
Hyundai Motor of America Fritz Duda Companies Build-to-Suits
Kraft Foods Globe Corporation Buyer and Tenant Representation
Pep Boys Industrial Development International Dispositions
Rollex Corporation Northwestern Mutual Life Headquarters Relocation
Solo Cup Company Opus North Corporation Investment Sales
Yamaha Motor of America Pasquinelli Development Lease Negotiations
Pizzuti National Account Services
ProLogis
TA Realty
USAA Realty Company

Awards: 1996 – Runner Up Metro Industrial Broker of the Year 2002 – Metro Chicago Industrial Broker of the Year
1997 – Runner Up Metro Industrial Broker of the Year 2004 – NAIOP Suburban Office Transaction of the Year
1997 – Build-To-Suit Transactions of the Year 2009 – NAIOP Suburban Office Transaction of the Year Finalist

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 Hugh Williams
Biography
Principal

Hugh Williams joined Avison Young – Chicago, LLC as Principal. Formerly, Hugh was a Senior Director in the Chicago office of Cushman
& Wakefield. Hugh was a member of Cushman & Wakefield’s Industrial Technology Services Group and graduated from Cushman &
Wakefield’s yearlong Associates Development Program in 1998. During his tenure in the Associates Program he completed projects in
C&W’s core business groups including Project Management, Asset Management, Corporate Services, Financial Systems and Research
Services. He is a member of the Board of Directors for the Chicago Chapter of NAIOP, Advisory Board member for Project REAP, and
also Northwestern University’s representative on the Big 10 Advisory Commission. Hugh’s team was awarded the Sun Times Metro
Chicago Industrial Brokers of the Year Award in 2002.

Hugh graduated from Northwestern University in 1994, with a Bachelor of Arts in Psychology. He went on to receive his Masters of
Science in database marketing from Northwestern University in 1996. Prior to joining Cushman & Wakefield, Hugh played professional
football in Europe.

PAST AND PRESENT

CORPORATE CLIENTS INSTITUTIONAL CLIENTS EXPERIENCE
BOARD LEADERSHIP
Abrasive Form Abbott Land and Development Acquisitions Big 10 Advisory Commission
Alcan/Pechiney Plastic Packaging AMB Build-to-Suits The Hope Institute Advisory
Dow Chemicals Cal East Corporate Services NAIOP Chicago
Goya Foods Globe Corporation Dispositions Posse Foundation Leadership Council
Heidelberg USA IDI Headquarters Relocation Project REAP Advisory
ITT Space Center Investment Sales
Pon North America USAA Realty Company Land Acquisition/Disposition
Rollex RREEFF Lease Negotiations
SuperValu Sale-Leaseback

Awards:
2002 – Metro Chicago Industrial Broker of the Year
2004 – NAIOP Suburban Office Transaction of the Year
2006 – CoStar Power Broker
2009 – NAIOP Suburban Office Transaction of the Year Finalist

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 Suzanne Serino
Biography
Principal

Suzanne Serino joined Avison Young – Chicago, LLC as Principal. She has spent the last 10 years in industrial real estate and was
formerly a Director in the Chicago office of Cushman & Wakefield. Suzanne works with owners and corporations in the leasing and sales
of industrial properties and has completed many national and international transactions.

Prior to becoming an industrial broker, Suzanne worked in retail management and worked in various international countries in operational
and management capacities. Prior to working at Cushman & Wakefield, Suzanne also worked in the commercial real estate industry in
Phoenix, Arizona. Suzanne graduated from Arizona State University with a Bachelor of Science and is a licensed real estate broker.
Suzanne resides in South Barrington, Illinois.

CO RPO RATE CLI ENTS INST ITUTI O NAL CL IENTS EXPERI ENCE
Abrasive Forms CenterPoint Properties Acquisitions
Equipment Depot Globe Corporation Build-to-Suits
Heidelberg IDI Corporate Services
Mail Express Opus North Dispositions
Solo Cup ProLogis Headquarters Relocation
Pitney Bowes TCB Development Land Acquisition/Disposition
SCE Unlimited USAA Real Estate Company Leaseback

Awards
2002 – Metro Chicago Industrial Broker of the Year
2004 – NAIOP Suburban Office Transaction of the Year
2009 – NAIOP Suburban Office Transaction of the Year Finalist

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 Christine Choi
Biography
Associate Director

Christine Choi joined Avison Young – Chicago, LLC as Associate Director. Formerly, Christine worked on the institutional side at First
Industrial Realty Trust, where she was integrally involved in the company’s expansion into the European market. At First Industrial, she
also developed and executed marketing strategies, activities, budgeting and deliverables for the U.S. and European real estate markets.
 
Prior to becoming an industrial broker, Christine gained extensive reporting and data management experience while managing the direct
marketing programs for a database of over 200,000 prospects. She also worked in the corporate sector in merchandise planning and
optimizing new product launches for Fortune 100 companies.
 
Christine serves as a board officer for the Council of Supply Chain Management Professionals (CSCMP) Chicago Roundtable. She is a
member of the Developing Leaders Committee for the Chicago Chapter of the National Association of Office and Industrial Properties
(NAIOP), Young Professionals of Chicago (YPC), and is active with the Association of Industrial and Real Estate Brokers (AIRE), National
Association of Asian American Professionals (NAAAP), and the Chicago Korean American Chamber of Commerce (CKACC).

In the community, Christine has served as an auxiliary board member and tutor for the Sue Duncan Center’s Center, an after-school
educational and recreational program for inner-city children, for the past five years. She is actively involved in her alma mater’s alumni
association.

 Education
Northwestern University, Bachelor of Science

SPECIALI ZATI O NS INSTIT UTIO NAL CLI ENT S BO ARD L EADERSHI P

Acquisitions IDI CSCMP Chicago Roundtable
Dispositions ProLogis NAIOP Chicago
Lease and Sale Negotiations Globe Corporation Sue Duncan Children’s Center
Buyer/Tenant Representation
Renewal Negotiations
Sale Leaseback
Multi Market Negotiation
Build-to-Suit
Investment Sales
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 Mike Nolan
Biography
Director

Mike Nolan recently joined Avison Young – Chicago, LLC as Director.  Mike began his career working for Newmark Knight Frank
(formerly Epic Realty Partners) in November of 2005. 
 
In just under four years Mike has sourced and participated in more than $50 million in transactions. He works with tenants, owners,
developers and institutions in the sale, leasing and build-to-suits of industrial and office projects. He has negotiated lease agreements
and purchase/sale contracts for manufacturing plants, warehouses, freight forwarding facilities, multi-tenant developments and vacant
land throughout the Chicago Metropolitan area. Mike specializes in industrial real estate and has completed more than 40 transactions in
the O’Hare market in the past three years.

As a native of the Chicago area, Michael received his degree from Arizona State University in Business and Marketing.

CO RPO RATE CLIENTS INSTIT UT IO NAL CLI ENT

Finn Power USA Cook Financial

Gold Medal Products First Industrial
Next End, LLC JP Morgan Chase
Poly-Tak, Inc. ML Realty Partners
Vertex Fasteners(Division of Leggett & Platt)

Awards:
2007 – Rising Star
2008 – Scott Nelson Memorial Award for Ethics

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 Solo Cup
Case Study Corporate Headquarter Relocation
Lake Forest, Illinois

150 S. Saunders Road, Lake Forest, Illinois Tenant Representation

133,218 Square Feet

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 Solo Cup
Case Study Corporate Headquarter Relocation
Lake Forest, Illinois

Tenant Representation

Location • 150 S. Saunders Road, Lake Forest, Illinois. 133,218 square feet.

• Solo Cup engaged our team to assist in the relocation of their corporate headquarters from an office and
Background
manufacturing facility in Highland Park, Illinois to a high image office building.

Challenges • Solo Cup required a location that would maintain existing employees, provide access to commuter rail service,
offer high image while maintaining a tight budget.

Results • Provided employee scattergram documenting employee residential locations

• Provided detailed survey of 15 buildings that could meet Solo’s requirement in North Suburban Chicago
• Assisted in interviewing and hiring project manager / space programmer
• Provided in depth GAAP financial analysis and impact on balance sheet and EBITDA for both purchase and
lease options
• Provided leadership for lease negotiation in coordination with outside legal counsel

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 Alcan Packaging
Case Study Corporate Headquarter Relocation
Chicago, Illinois

8770 W. Bryn Mawr Ave, Chicago, Illinois Tenant Representation

82,169 Square Feet
Packaging

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 Alcan Packaging
Case Study Corporate Headquarter Relocation
Chicago, Illinois

Tenant Representation

Location
• 8770 W. Bryn Mawr, Chicago, Illinois

Background
• Alcan Packaging’s executive leadership engaged our team to evaluate its options to relocate the Alcan Packaging
headquarters in North and Northwest suburban Chicago from the O’Hare market versus renewing at its current
location.

Challenges
• Alcan had several years of an existing sublease at 8770 W. Bryn Mawr
• Alcan also would have to live in existing conditions while renovations took place of its existing space
• Alcan had a significant employee population living near the Loop, northwest suburban and west suburban
Chicago.
• Alcan had no signage and a competitor’s name was on the building

Results • Retained Environments Group to model clients current and future needs
• Completed an employee scattergram documenting the employee living density by zip code
• After extensive market study of 20 plus properties determined the O’Hare market was the optimal solution to
retain current employees and optimize real estate costs
• Negotiated over multiple years a new 15 year lease that assumed its existing multi-year sublease obligation,
generous refurbishment allowance, signage on 3 sides of the building and in the lobby

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 Newell Rubbermaid
Case Study Corporate Headquarter Relocation
Atlanta, Georgia
Two Glenlake, Fulton County Tenant Representation
Atlanta, Georgia
356,000 Square Feet

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 Newell Rubbermaid
Case Study Corporate Headquarter Relocation
Atlanta, Georgia
Tenant Representation

Location
• Two Glenlake, Fulton County, Atlanta, Georgia

Background
• In 2001, Newell Rubbermaid (NR) wanted to build a new headquarters and asked our team to assist them in
determining the best city and state

Challenges • In 2001, we conducted a multi-state search for a new corporate headquarters

• Ultimately, NR chose Atlanta, Georgia although the project was put on hold in 2002
• In 2003, NR asked us to provide an in-depth search of parks and campus settings that could accommodate NR
requirement in Atlanta
• NR decided not to build a campus but to look for smaller space instead
• Our team identified a 75,000 SF sublease and achieved below market rent
• In June 2006, under the direction of a new CEO, NR was prepared to move forward with a 350,000 SF build-to-suit
and NR wanted the lease signed by September 2006
• NR wanted to be in the northern perimeter or further north along Georgia 400 and identify a site quickly

Results • Our team prepared in-depth analysis of four possible sites

• Prepared financial analysis
• Lease signed in October 2006 with occupancy scheduled for October 2008

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 Sportsman’s Park
Case Study
Cicero, Illinois

National Jockey Club 80 Acre Commercial Redevelopment of Asset Reposition & Disposition
Auto and Horse Racing Complex

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 Sportsman’s Park
Case Study
Cicero, Illinois

National Jockey Club Asset Reposition & Disposition

Property • Sportsman’s Park, a horse and race car track situated on 80 acres and located in Cicero, IL
• Existing improvements consist of 60,000 seat stadium and extensive underground infrastructure

Background • Owned and operated by the National Jockey Club (Bidwill family) since 1932
• Due to changing gaming industry climate, the Bidwill family combined their business with the owners of
Hawthorne Race Track next door (Carey Family)

Challenges
• Needed to be sold to non-competitive operator in six to nine months
• Accelerated marketing process due to negative cash flows
• Complex ownership and infrastructure

Solution
• Created a pre-development package with extensive due diligence information to mitigate development risk.
Assembled demolition bids, civil engineering study and plans, architectural site plans and TIF analysis
• Qualified five bidders based upon financial qualifications, development expertise and their development plan
• Sold to City of Cicero at 110% of projected sales price ($15 million)

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 Busse Corporate Center
Case Study
Elk Grove Village, Illinois

727,000 Square Feet on 25 Acres Asset Reposition & Disposition

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 Busse Corporate Center
Case Study
Elk Grove Village, Illinois

Asset Reposition & Disposition

Property • Busse Corporate Center, a 727,000 square foot manufacturing facility located in Elk Grove Village, IL

Background
• Repositioned empty manufacturing building as a state-of-the-art, multi-tenant distribution/warehouse
• Previously occupied by Cooper Lighting, which remains and releases 180,000 sq. ft.
• Provided strategic plan, redevelopment expertise, leasing and management

Challenges • Outdated single-tenant manufacturing facility (built in 1970) and non-conforming to modern
distribution/warehouse specifications
– Antiquated boilers; HVAC
– Dated exterior look
– Unused surface acreage
• Asbestos and soil contamination

Results • Upon completing tenant-ready space, leased 146,000 sq. ft. to Kuehne & Nagel (6 months ahead of pro forma)
• Converted unused surface acreage into 90 spot trailer parking and tenant parking
• Completed 43 new loading docks
• $12.3 million of capital improvements including new entries, ribbon windows, new canopy
• Sold to Prologis 80% leased for $38 million

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 500-520 North Avenue
Case Study
Carol Stream, Illinois

Asset Reposition and Disposition

1,300,000 square feet on 164 acres

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 500-520 North Avenue
Case Study
Carol Stream, Illinois

Asset Reposition and Disposition

Property • 500 – 520 North Avenue, Carol Stream, Illinois

Background • A 314,574 sf warehouse facility on 27 acres fully leased to McKesson. The building was constructed in 1965
and was the former home of the FoxMeyer Drug Company. The building’s ownership was a national
developer/owner of retail assets.
• The north end of the site contained a 3 story, 80,000 sf office building that McKesson was not using and had sat
vacant for years in-spite of ownership’s effort to lease it.

Challenges • The building is located in a submarket, Central DuPage County, where most buildings feature modern
construction, 28’ to 30’ ceiling clear heights, and ample loading. The subject property had interior docks and 22’
clear heights.
• Office users had shown no interest in leasing the separate office building.
• The building only had one year of term left on the lease and a likelihood of vacancy afterward.

Results • Advised ownership to demolish vacant office building and to re-subdivide and re-zone surplus land to retail use.
• Renegotiated the lease to a four year term for current tenant, McKesson Corporation.
• Sold the building with separate 8 acre retail parcel for several million dollars above ownership’s expectation.

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Case Study San Bernadino, California

Tenant Representation
1,300,000 square feet on 164 acres Build to Suit Lease

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Case Study San Bernadino, California

Tenant Representation
Build to Suit Lease

Property • San Bernardino, California

Background
• Conducted a multi-year search to relocate PepBoys west coast distribution center
• Consolidation from three buildings in Vernon, California and Northern California
• Considered Arizona, Nevada, and Southern California

Challenges • Our team of real estate professionals, analyzed the transportation, labor, real estate costs and economic
incentives including a free trade zone.

Results
• Negotiated build to suit with a 15 year lease with Hillwood Development
• Developed a detailed construction specification to compare five developer bids and managed construction
schedule and budge on behalf of PepBoys
• Negotiated economic incentive package including free trade zone resulting in multiple millions of dollars savings
• Validated labor quality and quantity to reduce the risk of a sixty mile relocation
• Negotiated expansion option of 200,000 square feet to provide flexibility
• Our team has represented PepBoys for build to suits in Indianapolis, New York, and California totaling 1.4
million square feet.

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 Commerce Center
Case Study
University Park, Illinois

Landlord Representation &

907,000 Square Feet Tenant Representation
1,300,000 square feet on 164 acres
Built-to-Suit

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 Commerce Center
Case Study
University Park, Illinois

Landlord Representation &

Tenant Representation
Built-to-Suit

Property • University Park, Illinois

Background • Our team was engaged by USAA to procure large users for occupancy in University Park, a new business
campus located in the unproven I-57 corridor. Separately, our team worked with Sweethart Cup to help secure
a new distribution center, relocating from the southside of Chicago.

Challenges • Conducted labor study to establish the Park’s viability

• Reviewed current list of tenant clients for potential opportunities
• Identified Sweetheart Cup as a likely candidate for relocation to the Park
• Emphasized the viability of a third airport to demonstrate the Park’s appreciation potential

• Successfully negotiated a 907,000 SF, 20-year lease on 60 acres with Sweetheart Cup
Results
• Transaction marks 2002’s largest build to suit project in the Midwest
• Negotiated and secured government incentives including a 23-year Tax Increment Financing plan
($.30 psf tax bill)
• In Q4 of 2004, assisted in the 635,000 SF expansion of the original building

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