Molto Awards 3M SF to NAI Hiffman

CHICAGO-Molto Capital Inc. has awarded its 3.1-million-square-foot Chicago-area portfolio to NAI Hiffman Asset Management Group. The Chicago-based real estate investment company has retained NAI to oversee both management and leasing for its six area industrial buildings. Ranging in size from 15,000 square feet to 825,000 square feet, the properties are currently 100% occupied.

“It started out as a relationship with one of our leasing brokers and over the past year, we’ve spoken with the principals of that firm about getting to the point where they would need to outsource the business as a portfolio,” says David A. Petersen, CEO of NAI Hiffman Asset Management, tells GlobeSt.com. “Over that period of time, they were acquiring more assets and came to the decision to outsource and selected us. The fact that we could provide them full accounting, leasing, asset management and likewise investment sales services was attractive to them.”

Properties currently in Molto’s portfolio are the 15,000-square-foot 295 Spring Lake in Itasca; the 698,200-square-foot 2400 Haven in New Lenox; the 691,200-square-foot 1125 Taylor Road in Romeoville; the 825,000-square-foot 1010 Taylor Road in Romeoville; the 658,100-square-foot 1375-85 Weber Road in Romeoville; and the 187,400-square-foot 2240 W. 75th St. in Woodridge.

“We have grown our investment portfolio rapidly and will continue to take advantage of this changing market to continue that expansion,” Vincent Naccarato, Molto chairman, says. “NAI Hiffman was the logical choice as a firm to partner with who has demonstrated they can absorb client expansion, based on the roster of investors who have chosen their firm to date.” Molto has plans to invest as much as $400 million in real estate in the next few years.

“Molto felt comfortable that we brought the portfolio management and record keeping experience and that our platform aligned with theirs,” Petersen says.Our two companies are similar in the sense that they both are based in Chicago and having a Chicago focus bodes well. I think the ability for our reporting and systems to adapt in line with theirs gave them comfort when they were handing off their portfolio for the first time.”