Breaking News: No More Viagra Triangle; The Deal Sheet
Bisnow received a hot tip this weekend that Chicago's popular Viagra Triangle will now be known as Cialis Circle. In the first deal of its kind, the neighborhood's naming rights changed hands for an undisclosed sum in a deal that was closed less than four hours after it was first discussed.
As we learned with Willis Tower and US Cellular Field, CRE naming rights can be sold in the blink of an eye. Ironically, a well-placed wink of an eye is what often leads to the need for Cialis. Cialis officials wouldn't comment on plans for the Gibsons and Hugo's loving patrons of Rush Street, but we expect its marketing plan to involve ads heavy on metaphor. Happy April Fools Day!
SALES
NAI Hiffman's Mark Moran and John Whitehead repped a private owner in the sale of an 80k SF multi-tenant industrial building (1701-1735 Armitage Ct in Addison) to SFP Group, a real estate investment company. The building was about 70% occupied at the time of sale and NAI HIffman will continue as leasing agent for new ownership.
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Marcus & Millichap Real Estate Investment Services completed the $4.1M sale of a 65-unit affordable multifamily property located at 6920 S Crandon Ave in South Shore. SVP investments Scott Harris and VP Investments Ryan Engle in Marcus & Millichap's Chicago Oak Brook office repped the seller, an LLC, and the buyer, a developer.
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The Boulder Group brokered the $3.5M sale of a net-leased Walgreens at 9290 Wicker Ave in St John, Ind. Walgreens has five years left on its 20-year lease of the 14k SF space. Boulder's Randy Blankstein and Jimmy Goodman repped the seller, a Midwest-based developer, and the buyer was a self-represented, private net-leased investment fund.
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Lee & Associates of Illinois principal Chris Nelson repped building ownership, Prologis, in the sale of a 30k SF warehouse at 900 Pratt Ave in Elk Grove Village.
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Cugino's Gourmet Foods purchased a 26k SF warehouse at 1100 Alexander Ct in Cary. Lee & Associates of Illinois principals John Cassidy and Ken Franzese repped the seller, a private trust, and CTK Chicago Partners' Mark Deady repped the buyer.
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Podolsky|Circle CORFAC International completed the sale of a 10k SF crane building at 358 Hollow HIll Rd in Wauconda. Principal Adam Tarantur repped the receiver in the transaction (Randy Podolsky was acting as court-appointed receiver). The buyer, a venture of Euro Machine Tool Co, will use the property for machinery repair and sales.
LEASING
JLL was hired as exclusive leasing agent for the Illinois Center office complex, two buildings totaling 2.1M SF at 111 E Wacker Dr and 233 N Michigan Ave. The property is owned by CommonWealth REIT and managed by Reit Management and Research Real Estate Services. JLL's Brian Atkinson, Monica Moore, and Brad Despot will lead leasing efforts.
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QLS renewed a 155k SF lease of warehouse space at 2220 Greenleaf Ave in Elk Grove. Lee & Associates of Illinois principals John Cassidy and Ken Franzese repped QLS. The building is owned by Prologis.
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Venture One Real Estate completed 36k SF of leasing and acquired two condos totaling 16k SF at its 140-162 Pinnacle Dr property in Romeoville. Venture One purchased the remaining unsold industrial condos at the property (64k SF out of 81k SF) in March 2012 and has since bought an 8k SF leased unit and completed a 9k SF sale/leaseback with Drytac Corp. Venture One also dissolved the condo association and converted the property to fee simple ownership. Grant Glattly repped Concept Communications in an 18k SF lease; Cawley Chicago Commercial Real Estate Co's Terry Grapenthin and Josh Hearne repped Pharmacy Automation in a 10k SF lease. Podolsky Northstar's Adam Tarantur and John Homsher repped Venture One in both transactions.
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Equip Solutions leased a 20k SF industrial building at 4525 Turnberry Dr in Hanover Park. Lee & Associates of Illinois principals John Cassidy and Ken Franzese repped ownership, Northern Builders.
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Child's Voice School, a listening and spoken language program for children with hearing loss, leased 2k SF for its second location at 1846 W Belmont in Roscoe Village. Jameson Commercial's Chris Irwin repped the landlord and Mark Levy repped Child's Voice.
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Sunset Healthcare Solutions inked a 17k Sf lease of manufacturing space at 990 Lunt Ave in Elk Grove Village. Lee & Associates of Illinois principal Chris Nelson repped ownership, Prologis, and Cushman & Wakefield's Al Caruana repped Sunset.
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Jameson Commercial's Chris Irwin and Ari Topper repped the landlord in a 4k SF lease at 2255 W Lawrence in Lincoln Square to Ladybug & Friends Daycare and Preschool.
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Podolsky|Circle CORFAC International principal Corey Chase repped Perl Mortgage in leases in Deerfield and Oak Brook totaling more than 10k SF and cumulatively valued just under $1M. Colliers' Chris Cummings repped the landlord, Arden GE Capital, in Perl's 5k SF renewal at 500 Corporate Centre in Deerfield. JLL's Ben Erskine repped Interactive Business Systems, the sublessor, in Perl's 5k SF renewal at 2625 Butterfield Rd in Oak Brook.
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Howard Ecker + Co secured a 15k SF lease for UNITE HERE Local 1 hospitality labor union and an 8k SF lease for UNITE HERE HEALTH labor management trust fund at the McClurg Building, 218 S Wabash. Howard Ecker VP Kevin O'Reilly repped both units and negotiated an agreement to get them out of a previous long-term lease at 55 W Van Buren.
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Jameson Commercial's Chris Irwin leased 1k SF of retail space at 2722 Lincoln in Lincoln Park to Kevin Greco, who will open a State Farm Insurance office.
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Washington DC-based Ebert & Baumann Consulting Engineers opened its second US location at 36 S Wabash Ave. The experts for building energy efficiency will begin with two employees and a sublease, with plans for a staff of 12-15 and 3,500 to 4,000 SF of office space in the next two to three years.
FINANCING
SomerCor 504 VP Bill Kornit completed SBA financing exceeding a combined $7M for two businesses: Metalmaster Sheet Metal refinanced its 120k SF HQ at 4800 Metalmaster Way in McHenry and Wildberry Pancakes & Cafe financed its acquisition of a 6k SF restaurant at 1783 N Milwaukee in Libertyville.
CONSTRUCTION & DEVELOPMENT
PREMIER Design + Build Group was selected to build a 124k SF warehouse distribution facility at 2475 Touhy Ave in Elk Grove Village on behalf of project developer Bridge Development Partners. Cornerstone Architects will provide architectural services, Spaceco is civil engineer, and the estimated project completion date is Q4 2013.
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Ryan Cos US is finishing construction of Thomas Place Orland Park, a $22M, 80-unit senior apartment community in Orland Park (15415 S Harlem Ave). Move-ins to the affordable, age-restricted facility began in mid-March. Ryan's development partners include Providence Life Services and Jim Bergman. Ryan A+E, a Ryan subsidiary, provided architectural services.
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JC Anderson completed a 65k SF interior renovation for the Attorney's Liability Assurance Society at 311 S Wacker Dr. PGAI Design Partners provided architectural services.
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Summit Design + Build completed a 32 k SF corporate HQ, retail showroom, and distribution center for PCNation at 500 N Central Rd in Northfield (a relocation from Northbrook). Stuart Cohen & Julie Hacker Architects provided architectural services.
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Morgan/Harbour Construction has been selected to build-out a 15k SF space within Yorktown Mall (106 Yorktown Center, Lombard) for the UP Academy of Hair Design. The space will serve as the new Paul Mitchell The School. Bradford J Dudley is providing architectural services and the school is slated for completion in May.
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ARCO/Murray completed two projects at Corporetum Campus VI, 650 Warrenville Rd in Lisle: a 7k SF renovation for the National Personal Training Institute and a 3k SF tenant improvement for Rock-Ola (classic jukebox manufacturer that relocated its HQ from the Hancock).
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EXECUTIVE MOVES
Sperry Van Ness Chicago Commercial has added associate advisor Craig Franzen, who specializes in landlord and tenant representation as well as retail investment sales. In January 2000, Craig co-founded GTC Investments, an investment and development firm specializing in retail and residential mixed-use revitalization projects in suburban Chicago.
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Tricia Van Horn joined Related Midwest as VP of marketing. She was VP of marketing with Magellan Development and affiliated property management company NNP Residential for six years after working in marketing management at Archstone-Smith. Tricia holds a degree in speech communications from U of I Urbana-Champaign.
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Method Construction, a provider of design-build services owned and operated by Cedar Street Co, tapped Mark Heffron as managing director. Previously, Mark served as VP of Summit Design + Build. He is LEED accredited and received a certificate of business and BS in industrial engineering from the University of Wisconsin in Madison.
Any good April Fools' pranks around your office? Share with marissa.oberlander@bisnow.com.
