THE DEAL SHEET
| SALES | ||
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Aries Capital has sold 4,700 SF of vacant land adjacent to the Chicago Motor Club Building (68 E Wacker Pl) in downtown Chicago. An unidentified entity bought the property, but Aries says that it’s a “private hotel real estate company.” Aries Capital secured ownership of the vacant land and the building last year and now plans to market the Chicago Motor Club Building. As an Art Deco structure dating from the 1920s, it’s eligible for historic tax credits and the City of Chicago’s landmark Class L property tax reduction. *** Buffalo Grove-based Millbrook Real Estate Co has bought the 209k SF 5215 Old Orchard Rd in Skokie for $24.7M from TA Associates Realty, which bought it in 2006. The property is currently about 75% occupied. ***
*** The first-floor commercial condos on the ground floor of 600 S Dearborn in the South Loop have traded hands. Four tenants currently occupy space in the condos under long-term net leases, including a number of restaurants and a 7-Eleven. 600 S Dearborn is a 21-story building that has been converted into 294 residential condos. Millennium Properties repped the seller, whom it repped as a buyer of the same property in 2007. The 2012 buyer is a New York investment group. |
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| LEASING | ||
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Rock-Ola Jukebox Manufacturing Corp, the sole surviving US maker of juke boxes, has signed for a bit more than 3,000 SF at 550 Warrenville Rd in Lisle, part of the Corporetum Business Park. NAI Hiffman’s Patrick Kiefer and Jim Adler repped the landlord, Winthrop Realty Trust, in the deal, while Stony Creek Brokerage’s Chris Shanahan repped Rock-Ola. (Pictured from right: Rock-Ola CEO Glenn Streeter, one of the the company's dealers, and a row of brand-new Rock-Olas.) *** Catamaran Corp has inked a 12-year lease with Piedmont Office Realty Trust to occupy the entire 300k SF Windy Point II at 1600 McConnor Pkwy in Schaumburg. Catamara, a pharmacy benefits management specialist, will move its HQ from Lisle and consolidate another location into the new space in the spring of 2013. JLL’s Andrea Van Gelder and Diana Riekse repped the tenant, while JLL’s Rick Benoy, Norm Murdoch, and Doug Shehan, along with Piedmont’s Damian Miller, repped the owner. *** Three recent industrial deals in Elk Grove Village have involved the leasing of about 55k SF. In the largest of the transations, landlord Mirvac signed Rational Cooking to a lease renewal for 24k SF at 1645 Greenleaf Ave. Mirvac also signed Cristall Thread & Supply as a new tenant at the nearby 1485 Greenleaf. The company, which specializes in sewing threads and supplies, required a larger space and will move from its former location from 690 Lunt Ave. NAI Hiffman’s Joe Bronson repped Mirvac in both deals, while Cresa’s Rob Wheeler represented Rational Cooking, and Grubb & Ellis’ Tom Gath represented Cristall Thread & Supply. Also, Land Air Express renewed its lease of 19.4k SF at 2300 Estes Ave in Centex Industrial Park. Joe repped Land Air Express. ProLogis, the landlord, self-represented. *** Lucky’s Sandwich Co has leased the former Plan B Kitchen & Bar at 1635 North Milwaukee in Wicker Park. The sandwich shop, which opened in 2004 and has been featured on the Travel Channel’s Man vs. Food, will open its third location there. The company currently has locations in University Village and Wrigleyville. |
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| CONSTRUCTION & DEVELOPMENT | ||
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Work has started on the InLand Logistics Port at Kingsbury, an 800-acre dual rail served logistics facility in Northwest Indiana, near La Porte, that will provide rail and truck access to the Upper Midwest. It will be served by CSX, a Class 1 railroad, and by the Chicago South Shore and South Bend Railroad, a Class 2 railroad, and for now will specialize in perishable food transshipment. The site is being developed with $6M from LaPorte County, plus $3M each from CSX and the State of Indiana. Providence Logistics will manage the facility. *** |
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| FINANCE | ||
Centerline Capital Group has provided a $6.5M Fannie Mae loan to refi the Surrey Hill Apartment s in St. Charles. The borrower is a private company that owns the building. Built in 1970 and renovated more recently, the property includes 118 units in a single four-story building. The loan term is 10 years. *** Terrace Capital has arranged a Fannie Mae guaranty on an $8.8M first mortgage on a multifamily portfolio in Chicago. The proceeds were used by the sponsor, Leon Harris, for the repayment of existing debt and equity for future acquisitions. The mortgage had a 10-year fixed term, a 4.2% rate and a 30-year amortization schedule and was collateralized by five multifamily complexes. The portfolio totals 79 units, with a mix of one-, two- and three-bedroom apartments. Their locations include Lincoln Square, Wrigleyville and Wicker Park. |
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