Deal Sheet Extras
SALES
STREAM Capital Partners principals Jordan Shtulman and Jonathan Wolfe repped Hamilton Partners in the sale of a 14k SF medical office building (above) in Rolling Meadows to The Missner Group. The property is under a long-term lease to Northwest Suburban Physicians. Hamilton originally acquired the property and renovated it for the tenant.
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Next Realty acquired a 50k SF Best Buy net-leased retail property at 6502 Grape Rd in Mishawaka, Ind., on behalf of Next Realty Investment Fund VII. The building, located near Notre Dame and across the street from Simon Properties’ University Park Mall, was originally developed for Service Merchandise; Best Buy has ten years of lease term remaining.
LEASING
MB Real Estate completed a lease renewal and expansion for Dale & Gensburg PC at 200 W Adams. The firm renewed its existing 24th floor space and will expand to accommodate growing operations. MBRE EVP Andy Davidson and associate Christine Torres repped the tenant; ownership, Lincoln Property Co, was self-represented by Genny Emerson.
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Turkish fashion giant SARAR signed a 3,139 SF lease at 111 W Washington for its third Illinois location. Mid-America VP Michael Wexler repped SARAR. Stone Real Estate’s Danielle Rudas and John Vance repped the landlord. The new location is expected to open this fall.
FINANCING
NGKF executive managing director Joel Simmons arranged $40M of construction take-out financing for 124k SF Ravenswood Station, a Mariano’s-anchored multi-level retail building at 1800 W Lawrence Ave in Ravenswood. Joel repped the borrower, a JV between Taxman Corp and Barrett & Porto Real Estate, in securing the 20-year permanent fixed-rate loan, provided by a correspondent life insurance company lender.
CONSTRUCTION & DEVELOPMENT
Cabot Properties and Quadrangle Development kicked off construction of a 470k SF spec industrial facility (above) at 650 Commerce Parkway East Dr in Greenwood, Ind., within the Precedent South Industrial Park. The project is scheduled for Q1 2015 completion; McShane Construction and JRA Architecture will provide design/build services, and Cassidy Turley senior managing director Luke Wessel will market the property.
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Duke Realty will build a new spec 324k SF building at 1341 Enterprise Dr in Romeoville near Crossroads Business Park and Park 55, where the company owns and manages 11 other industrial buildings totaling 3.6M SF. Construction is slated to begin this month with delivery in February 2015.
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Clayco and Venture One Real Estate broke ground on the new Stella & Chewy’s HQ in Oak Creek, Wis. The 164k SF building will replace the company’s existing HQ in Milwaukee. The project includes: 20k SF of freezer space, 88k SF of cooler space (also production space), and a 24k SF office area; it will be complete early next year. Stella & Chewy’s will be the first tenant in Wispark’s 220-acre OakView Business Park.
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Hyatt The Loop Chicago, 100 W Monroe, will open in February 2015, after a renovation from a 22-story historic office building. It will feature 257 rooms, 2,540 SF of meeting space, a 24-hour fitness center, and French restaurant Cochon Volant. The hotel is owned by Integrated Clark Monroe LLC and operated by Interstate Hotels and Resorts.
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The Opus Group will build a 45k SF industrial and office facility for King Shan, next to its existing 35k SF space in West Dundee, for expanded distribution and production operations. Construction will begin this fall, with completion slated for January 2015. Darwin Realty and Development’s Noel Liston completed the deal.
EXECUTIVE MOVES
Essex Realty Group tapped Brian Kochendorfer as director, specializing in multifamily investment sales. Brian was previously a senior advisor at SVN | Chicago Commercial and closed more than 100 deals of various product types (multifamily, mixed-use, office, retail, land development).
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Molto Properties tapped Tony Cincinelli as director of construction and development. The 15-year industry vet has managed more than $100M in Midwest construction projects and joins Molto from McShane Construction Co. Tony holds a bachelor’s degree in civil engineering with a minor in construction management from U of I Champaign-Urbana.
