353 N. Clark Sold? The Deal Sheet

Leasing News

CBRE's Bill Frain and Grant Glattly represented Innotrac in its 354k SF renewal and lease restructure at 605 Crossroads in Bolingbrook. Darwin Realty's Rick Daly repped the owner, TA Associates.

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IDI has signed five new leases totaling 562k SF at Rock Run Business Park, just east of I-80 and I-55, so far this year, bringing the park to  94% occupancy. New leases in 2010 are:

• Dot Transportation: 50k SF repped by Paine/Wetzel's Ed Wabick and Brandon Wright; 
  
• Menlo Worldwide Logistics: 50k SF expansion, repped by CBRE's John Suerth and Transportation Property Co.'s Steve Shields; 
  
• Touchpoint Logistics: 100k SF in Building 4, repped by Lee & Associates' Ken Franzese  and John Cassidy;
  
• Containerboard and corrugated packaging producer, 121k SF, both landlord and tenant repped by Grubb & Ellis' Jack Cozzie and Jim Cummings.
  
• WEL Cos: 148k SF repped by Cushman & Wakefield's Sean Henrick and Jason West. Avison Young's Mike Fonda,Brendan Kelly, Hugh Williams, and Suzanne Serino  were the listing agents.

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Illinois Tool Works' Brands Division has signed a long-term lease for 155k SF at 1452 Brewster Creek Blvd. in Bartlett. JLL's Dominic Carbonari, Frank Griffin, and Nick Esposito completed the transaction on behalf of the building owner, Cabot Properties. Nicholson Porter & List's Charlie Osweiler represented ITW.

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Gordmans has leased 48k SF at Algonquin Commons at South Randall Road  and North County Line Road in Algonquin. The store is Gordmans' first in the Chicagoland metro area and will fill the former Wickes Furniture space, as well as an addition of approximately 11k SF. It is scheduled to open in Fall 2011. Inland Real Estate Corp. owns the center.

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Advanced Technology Services  has leased 36k SF of office/warehouse space located at 450 Remington Rd. in Schaumburg. Grubb & Ellis' Craig Cassell and Max Chopovsky repped the tenant.

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Lee & Associates' Ellen Steinbrecher and CJ Kuehl repped Douglas Shaw & Associates in their 31k SF office lease at 1717 Park St. in Naperville. The value of the lease is approximately $6.5M. The landlord, Quarter Circle, was represented by NAI Hiffman's Patrick Kiefer.

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Boundas, Skarzynski, Walsh & Black has signed a five-year extension of its lease of 14k SF at the Aon Center. JLLs Mike Curran represented the owners, Piedmont Office Realty Trust, while JLL's  Bill Rogers represented BSWB.

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Five Guys Burgers & Fries signed a lease at  3219 N. Broadway in Lakeview. Titan Commercial's Paige Winkels and Dan Steinberg repped the landlord, Northside Management in the 4,100 SF deal;Mid-America repped the tenant.

Executive Moves

Jeffrey Hyman joined Grubb & Ellis Co. as SVP and a member of the company's senior housing practice group. Jeff will be responsible for representing owners and operators  of seniors housing facilities in the Chicago area and regionally. Most recently, he was VP of real estate acquisition for a privately held development firm. He also worked at Burnside Construction and Management. Jeff received his bachelor's degree from Northern Illinois University.

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Randel Waites has joined Cushman & Wakefield as managing director of client solutions for the company's Midwest region. Prior to joining Cushman & Wakefield, he served as chief operating officer of John Buck International where he helped establish a property management division based in Abu Dhabi, United Arab Emirates. Before that, he was an EVP in an asset management position with Prime Group Realty Trus t. Randel holds an MBA from Thunderbird School of Global Management, a BA from Illinois State University and the CPA credential.

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Krusinski Construction Co. has promoted three associates.Andrew Johnson is now senior project manager after 10 years at Krusinski. Joseph R. Krusinski III is senior project manager after 16 years. Stephen Moeller is senior project manager with six years on the job.

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HOK's Julie Havens has been selected to receive a  Herman Miller for Healthcare Intern Architect Scholarship to attend the 2010 Healthcare Design Conference. Julie was one of nine young professionals nationwide to receive the scholarship, which was awarded based on education, healthcare experience, and commitment to excellence in a healthcare architecture career. She has worked on several healthcare projects for the firm, including the Ohio State University Medical Center ProjectONE and the Northwestern Memorial Hospital Galter Inpatient Conversion project in Chicago.

Construction News

Development Solutions Inc. was selected to complete a 123k SF renovation and restack for Verizon Wireless Regional Headquarters at 1515 Woodfield Rd in Schaumburg. The property is managed by Manulife Real Estate. DSI's  Martin Moran is the Project Executive/Manager and Joe Mitch is the Project Superintendent. Nelson Architects is providing the architectural services.

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Leopardo recently began work on the new 61k SF headquarters for the Scottish Rite Cathedral Association's Valley of Chicago, one of the appendant bodies of Freemasonry that a Master Mason may join for further exposure to the principles of Freemasonry. The new two-story building is at the corner of Lake Street and Medinah Road, will feature a museum and library, traditional lodge hall, kitchen facilities, dining room for 290 people, bar and game room, grand hall, administrative offices, and theater with seating for 270. tvs design is the architect and Core Project Management Group is the owner's representative. The Scottish Rite Valley of Chicago will be finished by the end of 2011.

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J.C. Anderson was selected to complete a 60k SF build-out on behalf of Dental Networks of America at 701 E. 22nd St. in Lombard by the construction manager, JLL. The project which will utilize a portion of existing space while incorporating new design features includes the construction of multiple offices, conference rooms, and a kitchen area. JC Anderson's Steve Boulukos is the project manager and will lead the project through its February 2011 completion. Partners by Design is providing the architectural services and OWPP is the project engineer.

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JCF Real Estate leased 2k SF and completed $10M in site improvements at The Corporate Reserve of St. Charles, a 50-acre, mixed-use development located at 300 Cardinal Drive in St. Charles. MDC Construction is the new tenant, and was self represented. JCF's Steve Chrastka repped ownership. Phase I of the project, which includes two 15k SF office buildings for the small to mid-size user, is now complete and ready for immediate occupancy.

Sales News

Harrison Street Real Estate Capital has disposed of its interests in three student housing communities, totaling a combined  528 units and 1,488 beds, in connection with the initial public offering of Campus Crest Communities. All of the properties sold were formerly held in a joint venture between Harrison Street Real Estate Partners II, L.P., an HSRE sponsored fund launched in 2008, and a predecessor of Campus Crest. The properties included a 192-unit buiding Texas and two 168-unit buildings in Georgia.

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The John Buck Co. sold Triangle Plaza to Commonwealth REIT. Triangle Plaza is a two-building office complex consisting of 631k SF located in Chicago's O'Hare submarket. It's currently more than  90% leased to 30 tenants. JBC was represented by Eastdil Realty.

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Nitto Americas has sold its 169k SF office/manufacturing facility in the LakeView Corporate Park in Pleasant Prairie, WI. Located at 7201 108th Street, the facility was purchased by Mondi Akrosil. Mondi purchased the property for an undisclosed price. CBRE's Keith Puritz, Brett Kroner, Ryan Bain, and Zach Graham were the sole brokers.

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HFF has been named to market for sale Deer Valley Apartments, a 224-unit, Class A multi-housing community at 30011 N. Waukegan Road in Lake Bluff. HFF's Matthew Lawton, Sean Fogarty  and Marty O'Connell are marketing the property on behalf of the seller,Stockbridge Capital Group. The property is listed for sale without a formal asking price.

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CBRE recently completed the sale and lease of a 31k SF building at 2900 Highland in Downers Grove. The building was previously occupied by Circuit City. A subsidiary of Aegon USA RealtyAdvisors sold the property to  Learsi & Co. CBRE's Joe Parrott represented the seller, while CBRE's Jim Sakanich negotiated on behalf of the purchaser. Sale price was undisclosed. Before the sale, Jim represented Savers in a 10-year lease of the entire building.

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Millennium Properties' Daniel Hyman and Susan Silver  sold the 25k SF office building 181 Waukegan Rd.  in Northfield. In March 2009, Daniel was appointed receiver of the asset. MPI was hired to secure new tenants and reposition the property as many of the long-standing tenants vacated the property after their leases expired. The property was purchased for  $1.8M by Guardian Home Health & Hospice. Attorney  Mort Rubin represented the buyer while Garfield & Merrill's Greg McCormick represented the seller. The building was sold on behalf of a consortium of banks that held the loan.

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Kelmscott Press purchased a 15k SF building in Aurora to relocate its printing operations to the new larger facility. Newmark Knight Frank Epic's Justin Lerner  represented the buyer, Kelmscott Press and Newmark Knight Frank Epic's David Friedland represented the seller, Carpetville.

Auctions

Inland Real Estate Auctions announced the properties that will be sold during an auction on Dec. 8, including a multi-tenant office building in  Rolling Meadows with existing tenants and income in place. Appraised at $3M, the 50k SF property with parking for more than 100 cars will be auctioned with an opening bid of $975,000. Also up for auction is a 6k SF tri-level building located in northwest suburban Inverness. The well-maintained property, which is currently 91% occupied and producing income, is being offered with an opening bid of $375,000.

Awards

RMK Management Corp. was the recipient of nine Chicagoland Apartment Marketing and Management Excellence, awards at the 18th annual CAMME award s ceremony. The firm was recognized in multiple categories including maintenance, managemen t, leasing center, and overall property excellence.