Mart NOT For Sale; The Deal Sheet
| Merchadise Mart Properties issued a statement today denying rumors that Vornado Realty Trust was selling The Merchandise Mart. Reports Saturday indicated that Vornado was making plans to sell the property for $1B. | |||
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| An MMPI spokeswoman says Chris Kennedy's quote that Vornado would sell the property if they could reinvest for a higher yield should apply to any publicly traded entity and does not mean that the Mart is for sale. In MMPI's case . . . there is no book prepared, no retained counsel, no investment banker, no broker, no process being pursued—all things that would indicate a property described as being "up for sale," according to the statement by MMPI. | |||
| Sales CB Richard Ellis' Keith Puritz and Brett Kroner repped Midwest Air Technologies in its purchase of 821 Bluff Rd. in Romeoville. The 507k SF new industrial building was sold by Land and Lakes Development for an undisclosed amount. Midwest Air Technologies will take occupancy of the building this fall. Colliers International's Lynn Reich and Jeffrey Kapcheck repped Land and Lakes Development. US Asia Group acted as a consultant for Midwest Air Technologies. *** Paine/Wetzel · ONCOR International has completed four sales in the Chicagoland area totaling more than 30k SF:
*** Inland Real Estate Brokerage's Paul Montes and Eric Spiess represented the purchaser and the seller in the sale of 1 S 210 Summit Ave., a two-story, 17k SF office building in Oakbrook Terrace. The property also features a 9k SF basement, an exterior truck dock and elevator access on all three levels. The seller was North American Baptist Conference. The buyers, two practicing physicians, plan to convert the property to medical use. The Law Offices of Vincent M. Cannon represented the buyers. *** Marcus & Millichap's Demetrie Livaditis represented the seller in the sale of the 6k SF Swanson Corners Retail Center, a 100% occupied retail center located in Grayslake. The asset sold at a price of $1.25M, which represents a cap rate on current NOI of 8.34%. Leasing *** Paine/Wetzel · ONCOR International completed three industrial lease transactions totaling 62k SF.
*** CB Richard Ellis' Keith Puritz, Brett Kroner, Ryan Bain, and Zach Graham represented CenterPoint Properties in a 60k SF lease at 1175 Lakeside Dr., Gurnee to Select Marketing Solutions. The company will take occupancy of the entire building this fall. HSA Commercial Real Estate's Doug Reed repped Select Marketing Solutions. *** HDG Mansur awarded Transwestern the leasing assignment for Arlington Pointe, 95 West Algonquin Rd. in Arlington Heights. Built in 1983, the 137k SF Class B office building has two contiguous floors, totaling 50k SF, available for lease. Transwestern's Joe Stevens,Fred Ishler, and Zach Fox are the exclusive leasing agents on the assignment. *** Paine/Wetzel · ONCOR International has completed three industrial lease transactions totaling 50k SF.
TreeHouse Foods will move its corporate HQ to a 48k SF space at 2021 Spring Rd. within the Commerce Plaza office complex in Oak Brook. In addition, MetLife Bank has signed a lease for 14k SF at 2015 Spring Rd. in the same complex. The two leases bring the overall occupancy rate of the 556k SF Commerce Plaza to more than 84%. JLL's Karla Harmon represented the property owner, Arden Realty, Inc., in both transactions. TreeHouse Foods was represented by CBRE's David Lind while MetLife Bank was represented by Jones Lang LaSalle. *** Garrett McKenzie Environmental signed a five-year lease for 34k SF at 921 Sherwood Dr. in Lake Bluff. CB Richard Ellis' Keith Puritz, Brett Kroner, Ryan Bain, and Zach Graham were the sole brokers in the transaction. The building is owned by CPIA LLC. *** Inland Real Estate Corp. signed 21k SF of new leases at three far north and northwest suburban shopping centers. The new leasing activity includes a 15k SF lease with Discovery Clothing at the Rivertree Court shopping center, located at 701 N. Milwaukee Ave. in Vernon Hills. At Hawthorn Village Commons in Vernon Hills,Salon GC signed a 1,609 SF lease. European Gourmet Restaurant also leased 2k SF at Hawthorn Village Commons. At Woodland Commons in Buffalo Grove, Stilettos Inc. signed a 1,653 SF lease.Papa John's Pizza also recently leased 1,244 SF lease at Woodland Commons. *** Gyu-Kaku, a Tokyo-based restaurant chain, has leased 12k SF at 210 E. Ohio St. for a new restaurant. Gyu-Kaku features a Japanese barbecue concept. @properties Lee Ffrench and Nancy Simon Cooper repped the building owner, a partnership known as CORU 210 LLC. Redac's Yoshi Nakaoka repped the tenant, Reins International, USA, a subsidiary of Tokyo-based Rex Holdings Co. *** Cawley Chicago Commercial Real Estate's Tom Gath secured eight leases on behalf of his clients in the O'Hare market. Seven of the eight deals were done direct, totaling 25k SF. On behalf of his client AMB Property Corp., Tom leased four units in the AMB O'Hare Center at 9755 Farragut in Chicago and 9812, 9818, & 9848 Farragut in Rosemont. At 605 Country Club Lane and 854 Eagle Dr., both in Bensenville, Tom secured leases for his client RREEF. Finance Construction *** Development Solutions was retained by Career Education Corp. to renovate an existing building for their new medical education school Sanford Brown College. During construction, DSI removed and replaced all of the buildings mechanical and electrical equipment to upgrade them to CEC's strict usage requirements. *** Summit Design + Build has been selected as GC for an extensive remodel to an existing 26k SF facility for Daily Meat Supply Co. in at 2323 W. Fulton in the West Loop. The renovations include a new 10k SF-10 degree freezer, 13k SF of refrigerated cooler space, processing and loading dock area, and 2k SF of office space with mezzanine. The entire MEP system is being completely redone from new HVAC units, to all new refrigeration units, and new incoming electrical service. The construction also includes resurfacing of the parking lot and a new roof. Completion is scheduled for Fall 2010. Executive Moves *** Meghan Marschall joined JLL to oversee business development for the Project & Development Services group in the Midwest. Meghan comes to JLL from HOK, where she served as director of business development in the firm's Chicago office. She is a graduate of Purdue and a board member for CoreNet Chicago, where she chairs the Emerging Leaders committee. *** Lou Jacobsohn has been promoted from associate to senior associate at Transwestern's Tenant Advisory Services Group. Most recently, he completed include a 29k Sf long-term lease at 350 West Mart Center on behalf of TCS Education System; a 22k SF lease at 222 N. LaSalle on behalf of TCS. He is a graduate of Indiana University. |
