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 Commercial Market - Winter 2014 |
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In This Issue Yardi News Yardi Acquires Enerliance YASC Highlights, Santa Barbara, Client News Denholtz Associates Upgrades to Yardi Voyager 7S and the Yardi Commercial Suite Read More» Client in Focus Product & Technology News Yardi Unveils Yardi Marketplace Industry Trends Investment Drivers Medical Mart EventsSpring YASC 2015 ContactYardi Systems Sales: 800-866-1144
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Focus on Urban InnovationsUrban Innovations, an owner/manager of commercial real estate in Chicago, takes a unique viewpoint of their portfolio. The company thinks of the 770,000 square feet of space under their management – most of which is located in Chicago's River North – as one big building. "We like to focus on geographic synergies where we can use our resources across buildings in ways that keep costs down for ownership and for tenants," said Mike Scilingo, President. Owned by Howard R. Conant Jr., the company also holds a 3,700 unit portfolio of affordable housing and has a construction division. With office space in Chicago a hot commodity thanks to an influx of small to mid-size tech companies, Urban Innovations, a Yardi client, continues to look to acquire new space. In the last two years, the company reacquired two buildings on the City's near West Side that it had sold off in 2005. They haven't added other properties to their portfolio, mainly because the kind of properties they would like – usually those needing slight improvements — are not available. "Typically, there is some kind of physical redevelopment that needs to happen to improve the property and make it more appealing for tenants (for us to be interested). Those opportunities in River North have been harder to find at the price point we can make work," Scilingo said. The near West Side is more promising, however, and they are in talks with owners there. Scilingo said that robust occupancy – around 98 percent – and rents that are up as much as 20 percent over the last five years have been indicators that the company's hands-on management style is effective. Read on for more insight from our interview with Mike Scilingo. |
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