The Deal Sheet
Architecture & Construction
Horn Design completed an 8k-SF build-out for CSG at 180 N. Stetson. The construction was completed in two phases and included an innovation lab for conferencing and special project development groups. The contractor was Clune Construction and the broker for CSG was Advocate Advisors' Craig Braham.
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Summit Design + Build completed a new parking lot and canopy for Charter One Bank at 1357 W. 103rd St. The firm designed and constructed a new parking lot and canopy in order to improve Charter One Bank’s drive-up ATM, night deposit, and pneumatic tube stations, in addition to creating more parking. Summit's David Brown, project engineer II, was responsible for the on-site construction. W-T Civil Engineering provided design services.
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ARCO/Murray National Construction Co. completed a 3k-SF office build-out at 1 S. 450 Summit Ave. for AMI Entertainment. It consisted of private offices, break room, supply room, reception area and an electronics lab. ARCO's Joseph Pomerenke served as the project executive, with Dan Bick as the lead project manager.Featherstone Consulting provided the architectural services. NAI Hiffman's Dan O’Neil and Doug Krahnke repped the owner.
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ARCO/Murray National Construction Co. completed an office build-out for Innovative Benefits at 1 S. 450 Summit Ave. on behalf of TA Associates, which is repped by NAI Hiffman Property Management. The build-out included private offices, coffee bar, data room and conference center. ARCO's Joseph Pomerenke served as the project executive, with Dan Bick as the lead project manager.Featherstone Consulting provided the architectural design services.
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Leopardo began construction on a 73k-SF community center on a 19.3-acre site in Matteson. The $24M facility will include an indoor competition pool, gymnasium, locker rooms, spa rooms, salon, pre-school, childcare rooms, youth dance studio, multi-purpose and meeting rooms. The community center also will feature a spray pool, track, football stadium, two baseball fields, soccer field, three tennis courts, two basketball courts, among other amenities. Leopardo is serving as the construction manager, with William E. Brazley and Associates as the architect, and Greenwood Management Partners as the owner’s rep and community liaison. The community center will be completed by the end of 2010.
Company News
Stan Johnson Co. opened a new regional office in Chicago at 111 East Wacker Dr. Brandon Duff and Brad Feller have joined the company. Brandon, formerly with Marcus & Millichap's downtown Chicago office, will serve as lead broker and associate director. Brad, previously with IBT Group will work with Brandon as an associate. The company's expansion strategy kicked off in late 2008 with the launch of an office in Houston. The company also has a Capital Markets office in Oklahoma City.
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JLL has increased the number of Energy Star buildings it manages by 25% to 106 US commercial properties nationwide. Energy Star buildings are among the top 25% in the nation in energy use. In the Chicagoland area, the firm manages 15 Energy Star-certified buildings totaling more than 9M-SF. This is the first year Chicago ranked in the top five cities with the most Energy Star buildings.
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The Village of Mount Prospect, SRBL Architects, and Leopardo were awarded Project of the Year in the projects under $5 million category at the Best of the Best in Public Works awards luncheon of the American Public Works Association Chicago Metro Chapter. The award recognizes the Mount Prospect Emergency Operations Center, which was one of three projects Leopardo built simultaneously on three different sites in Mount Prospect. Combined, the three projects total 35k-SF and cost $11.85M. Leopardo served as construction manager, with SRBL as the architect.
Sales
Marcus & Millichap sold 3259 West Crystal St, an 8k-SF mixed-use property. The building sold for $170,000. Marcus & Millichap's Nicholas Kanich and Michael H. Wernke had the exclusive listing to market the property on behalf of the seller, a financial institution. The buyer, a partnership, was secured and represented by Nicholas. The property consists of five apartments above a storefront in the Humboldt Park neighborhood.
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METRO Commercial Real Estate's Steven Baer recently represented Central Ave. in the sale of 595 Central Ave. The 30k-SF in downtown Highland Park at the intersection of Central & 2nd Ave., is 100% occupied by Borders Books.
Leasing
A new Ashley Furniture opened in the Schaumburg Promenade, located adjacent to the Woodfield Mall. The new 32k-SF is replacing Linens ‘N Things, which vacated the space last year after filing for bankruptcy in 2008. The center, now 97% leased, is owned by Inland Real Estate Corp.
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Regal Showplace shopping center, a 97k-SF complex at 912-5016 Northwest Highway in Crystal Lake, is now 100% leased as a result of the recent 3k-SF signing and store opening of Back to Bed, a Chicago-based mattress store. Inland Real Estate's Don Gill is the leasing agent for the center. In addition to Back to Bed, tenants include Regal Cinemas, 2nd Wind Exercise Equipment, Jameson's Charhouse, Noodles & Company and T-Mobile.
Finance
Cohen Financial has secured a loan totaling $6M in refinancing for two cross-collateralized industrial properties. The properties are located at 425 West 151st St and 4407 Railroad Ave in East Chicago, IN. off Interstate 90. The properties consist of 860k-SF and several buildings with cranes and rail access. Both are leased primarily by tenants in the steel industry for warehousing, distribution, manufacturing and mechanical engineering. Cohen's Don Trossman secured the $6 million, fixed rate, 45% LTV loan. Imperial Capital's Andrew Nemeroff was a co-operating broker. The lender is TCF Bank, a Chicago area and Midwest regional bank. The borrower is Duke 4407 Land Holdings.
People
Carolyn McMullen has joined Walker & Dunlop as VP in the company’s Chicago office. Carolyn will focus on multifamily loan originations in the FHA Finance group. Previously, she was a regional manager at Prudential Huntoon Paige where she was responsible for staffing and managing the Midwest mortgage banking office specializing in FHA mortgage banking originations and originating loans. Carolyn has a PhD and MA from Princeton and an MBA from the University of Chicago.
