JV Nabs Old Town Construction Loan; The Deal Sheet
JDL Development and Harlem Irving--who'll develop aproposed 71-unit apartment building with 10k SF of retail at the corner of Wells and Scott--just secured a $25M construction loan from PrivateBank after purchasing the parcel for $6.7M from the owners of Grossinger Auto Group, according to public records.
As we'vewritten, the Clark/Division mini-neighborhood is abuzz with new multifamily projects. JDL president Jim Letchinger (with Hines) just completed a 250-unit project called 1225 Old Town--across the street--that opened in August and is already 92% leased, he told us. The Wells and Scott project is still going through permitting and he hopes to break ground by the end of March.
SALES
Mount Prospect-based general contractor and developer Nicholas & Associates bought a 21-acre land parcel at 750-800 E Northwest Hwy in Des Plaines (the former corporate HQ for Littelfuse). Nicholas acquired the property on a spec basis and construction on a new facility could start later this year. Entre Commercial Realty's Dan Benassi and Dan Jones repped Nicholas and have been retained to re-market the site and CBRE's Andy Sandquist and Chris Zubel repped Littelfuse.
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Chicago Coffees and Teas purchased a 42k SF industrial building located at 2155 S Carpenter to expand its operations from 3912 W McLean on the Northwest Side. NelsonHill's Mark and Michael Nelson repped the seller (Sitex Group) and Domain's Dan Steinberg repped the coffee and tea purveyor.
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Kharis Properties picked up the Orland Park Business Center, a 36k SF multi-tenant industrial building at 11411 W 183rd St in Orland Park. Paine/Wetzel/TCN Worldwide principals Gerald Sullivan and Ed Wabick repped the seller, and Kharis repped itself.
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Transwestern directors Janice Sellis and Paul Barile brokered the $2.5M sale of Huntley Crossings in Huntley, a 28-acre land development located at Route 47 and Powers Road, on behalf of a local developer. The buyer was ACG Equities.
LEASING
Molina Healthcare leased 37k SF of office space at the Crossings, a 304k SF corporate campus at 1520 Kensington Rd in Oak Brook. NAI Hiffman EVP Dan O'Neill, EVP Jim Adler, and senior associate Garrett Schultz repped the property owner, the Davis Cos, and McKinney Advisory Group's Charlie Copelan repped Molina.
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National Office Liquidators subleased a 20k SF facility from Staples Office Supplies at 711 W Jackson Blvd (formerly a Staples retail store) in the West Loop. Entre Commercial Realty's Brian Bocci and Nick Walby repped National Office and Metro Commercial Real Estate's Robert Melscher and Larry Kling repped Staples.
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IDI (repped by Jeff Smith) secured two new leases at its Rock Run Business Park, totaling 278k SF. Petco Animal Supplies Store (repped by Cushman & Wakefield's Britt Casey) extended an existing lease for 156k SF and A&R Logistics (repped by Colliers' Charles Canale and Dominic DeRose) will be the newest tenant in the Rock Run VI building (bringing it to 100% leased) with121k SF. Both companies are using the sites as regional distribution centers.
FINANCING
Grandbridge Real Estate Capital subsidiary BB&T Real Estate Funding (BBTREF) recently closed over $18M in acquisition and refinance bridge loans in Illinois. Paradise Park, an 80-unit senior housing property in New Lenox, was funded with a $7.4M acquisition/renovation bridge loan with a 36-month term. Iron Mountain, a 234k SF industrial building in Addison, was funded with an $11M non-recourse refi loan structured with an 18-month term.
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Cambridge Realty Capital closed on a $16M FHA-insured HUD Lean loan to refinance Glenview Terrace, a 314-bed skilled nursing facility in Glenview. The loan was fully amortized with a 40-year term.
CONSTRUCTION & DEVELOPMENT
Principle Construction broke ground on a 71k SF expansion (to an existing 58k SF facility) for Laser Precision at 2400 Commerce Dr in Libertyville. Principle's Mike Long will manage the project and Mark Frane will be superintendent. Partners In Design is providing architectural services.
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Reed Construction completed a six-floor, 184k SF renovation for the US Department of Health and Human Services at 233 N Michigan Ave. Mekus Tanager provided architectural services.
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The Missner Group completed a retrofit and 18k SF build-ou t for Illinois Bone & Joint Institute (IBJI) at the Wilmette Medical Office Building, 521 Green Bay Road in Wilmette. Debb/Kosich Healthcare Development was the developer and Stephen Rankin & Associates provided architectural services.
EXECUTIVES MOVES
Jones Lang LaSalle tapped Bradley Wood as VP in the firm's project & development services group. Previously head of construction for Northern Builders, Brad will oversee project management of all JLL clients' major industrial built-to-suit projects.
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Ruben, Firsel & Ross LLC hired James Henegan as partner. Prior to joining the firm, James was in-house counsel for Bridgestone/Firestone and an attorney with Schain Burney.
AWARDS
Newmark Grubb Knight Frank recently gave out its annual broker awards for 2012. David Friedland won Broker of the Year as the firm's top producer; Jeff Locascio won Deal of the Year (repping M. Block in a 915k SF lease along I-80); and Tom Boyle was named Game Changer for snagging high-profile build-to-suit assignments and increased market share in Lake County. Joe Karmin was named Newmark Grubb's Rising Star and Jeff brought home a second honor with the Scott Nelson Character Award. Pictured: Tom, John Coleman, and Joe enjoying specialty blended and branded wines from Cooper's Hawk (a client).
Send your deals to marissa.oberlander@bisnow.com.
