Green Eggs and Zell; The Deal Sheet
| Yesterday, the Association of Foreign Investors in Real Estate welcomed Sam Zell to the Four Seasons in Chicago, where he gave investors a few Dr. Seuss-like mantras on how to see coming out of the recession as the opportunity of a lifetime. | |||
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| Sam, here with AFIRE's Jim Fetgetter, DLA Piper's Martin Polvey, and PGGM's Werner Sohier, told the audience to come clean by '13. He says unlike previous recessions, banks aren't letting out their properties all at once, meaning investors have to look for the opportunities to buy distressed property. Dilution is the solution, Sam says—private investors should pay down the first mortgage of the property in order to create a greater number of investors to share the risk. Lenders need to stop extending and pretending, or our recovery will continue slowly. Sam anticipates very little new inventory in the US over the next two to three years, but he's bullish on Brazil. | |||
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| We snapped Behringer Harvard's Ted Aisner and Kirkland and Ellis'Bruce Gelman, now both part of new landmark buildings in Chicago. Bruce is enjoying Kirkland's new office at 300 N. LaSalle, while Behringer Harvard recently closed on Burnham Pointe. | |||
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| Legal eagles Jeff Usow of Mayer Brown and Bradley Arant Boult Cummings' Greer Cummings say pockets of the country are already coming out of the recession. Jeff is working on representing hotels as well as reorganizing capital stacks for investors. | |||
| Sales KTR Capital Partners closed on the acquisition of 6006 West 73rd St. in Bedford Park. The 201k SF manufacturing facility is fully leased long term to Northstar Aerospace. The acquisition brings KTR's total portfolio in the Chicago market to approximately 5.5M SF. *** Zifkin Realty's Tyler Quast and Sarah Moberg represented the owner of 1023-1049 W. Main Street, Sleepy Hollow in the sale of a one-acre outlot to Aetna Development Corp. George Maniates represented the buyer. ***
*** HFF's Jaime Fink, Jeffrey Bramson, and Kenneth Glomb have closed the sale of The Atrium, an office building in Naperville, on behalf of the seller, a subsidiary of Prime Group Realty Trust.Farbman Acquisitions purchased the property for $3.6M free and clear of debt. The two-story property at 280 Shuman Blvd. has 69k SF of space. *** Titan Commercial's Dan Steinberg represented private investor AJK LLC in the purchase of a vacant restaurant building at 680 Mall Dr. in Schaumburg. The investor plans to open a to-be-named American cuisine restaurant at the property, in an all-cash purchase totaling $1.2M, closed Aug. 30. The building was previously owned by Darden Restaurants, represented by Cushman and Wakefield. Leasing *** Colliers International's Jeffrey Kapcheck and Brian Kling represented McCollister's Transportation Group in a 150k SF lease at 525 Shingle Oak Dr. in West Chicago, consolidating the company's four Carol Stream facilities. The landlord, KTR Capital Partners, was repped by Avison Young's Michael Fonda, Brendan Kelly, and Hugh Williams.
Zifkin Realty's Todd Cabanban, Marc Rubin, and Kyle Mayberry represented Dollar Tree in four transactions: 13k SF at Arlington Town Square in Arlington Heights (landlord repped by Baum Realty's Steve Schwartz); 25k SF at Rivercrest Shopping Center in Crestwood, and 11k SF at the Commons of Chicago Ridge in Chicago Ridge (landlord represented by Centro Properties' Bob Pionke), and for 10k SF at Springhill Mall Gateway in West Dundee (landlord repped by its principal, Stelios Aktpis). *** Lee & Associates' Jeff Janda and Mike Plumb represented ETI in its lease of 30k SF of industrial space located at 1325 Ardmore Ave. in Itasca. Regional Realty's Jeff Holmes repped building ownership. *** Best Transportation Services has leased 17k SF of industrial space at 1020 Davey Rd. in Woodridge. Lee & Associates' Jeff Galante and Brian Vanosky represented building owner Bridge Development, and Darwin Realty's Adam Haefner and Victor DeBoer repped the tenant. *** Lee & Associates' Sergio Chapa represented Legion Safety in their lease of 4k SF of warehouse space located at 608 S. Wheeling Rd. in Wheeling. Schnoll and Co.'s Jeff Meyer repped ownership. Construction *** Morgan / Harbour Construction was selected to complete a 32k SF warehouse expansion for Dik Drug Co. in Burr Ridge. Morgan/Harbour's Ben Warriner is the project executive and Chuck Panagakis is the project manager. Cornerstone Architects is providing the architectural services. The project is scheduled for completion in Q1 2011. *** ARCO/Murray National Construction Co. completed its second tenant improvement project for Delve in the past 24 months. Delve has occupied its current space since for 15 years. The building is managed by NAI Hiffman Asset Management. ARCO/Murray's Brad Dannegger is the project executive with Leonidas Stellakis as the PM.
ARCO/Murray National Construction Co. completed an 6,500 SF tenant build-out for Lincoln Investments at 500 Water's Edge. The firm was contracted to complete the interior build-out of interior office renovations, modern executive offices, and conference rooms. ARCO/Murray's Joe Pomerenke, was the project executive with Chris Niedhammer as the lead PM. *** Englewood Construction completed construction on the 3k SF Marcello's Market and Deli at 155 N. Wacker Dr. The 26-seat fast casual restaurant is located on the ground floor of the John Buck Co.'s 46-story commercial high-rise at the corner of Wacker Drive and Randolph Street The restaurant was designed by Barker Nestor, based in Skokie. |
