THE DEAL SHEET
| SALES | ||
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| C-III Capital Partners has sold the 64k SF 85 S Constitution Dr in Aurora, which is situated on more than nine acres, to St Paul Lutheran Church and School. NAI Hiffman’s Michael Meksto (pictured) and Jim Tsevis, who are in the company’s retail service group, repped C-III. Mary Anne Bargielski of Prime 1 Realty represented St. Paul Lutheran. | ||
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*** Separately, NAI Hiffman’s Jim Tsevis and Cornerstone Commercial Partners’ Spero Adamis repped Chicago Title Land Trust in the sale of a 3,200 SF building at 795 W Dundee Rd in Palatine. Cornerstone Commercial’s Tom Reboletti repped the buyer, Tom Coutretsis, a Long Grove restaurateur. *** Millennium Properties, serving as the sales advisor to the receiver, Daniel Hyman, completed the short sale of a 23.6k SF property in East Ukrainian Village, a three-story property near the intersection of Chicago and Ashland. The structure dates from 1925 and features high ceilings and large windows. A local developer purchased the building and is redeveloping it for residential and retail use. *** IRMCO Properties & Management Corp has completed the sale of a six-property, 1,292-unit multi-housing, seniors housing and hotel portfolio mostly in Chicago. The six properties were purchased in five separate transactions during 2011 and 2012, with the most recent just closing. The portfolio includes the 297-unit Belden-Stratford, the 167-unit Flamingo Apartments, the 264-unit Seneca, the 283-unit Sovereign Apartments, and the 96-unit Versailles Apartments, all in Chicago, as well as the 185-unit North Shore Retirement Hotel in Evanston. HFF repped IRMCO in all the deals. |
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| LEASING | ||
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EN Engineering has signed a lease for 84.4k SF at Cantera Meadows, a 203.8k SF, newly renovated office tower located at 28100 Torch Pkwy in Warrenville. The engineering consulting firm, currently based in Woodridge, will relocate its HQ to Cantera in January. JF McKinney’s Dru Shoemaker repped the building’s owner, CMJ/Cantera LLC, a JV partnership between M & J Wilkow and CarVal Investors. NewmarkGrubb Knight Frank’s Mike Fortuna and Brett Ratay represented the tenant. *** DraftFCB, an advertising agency, has inked a 15-year lease for 185k SF at the John Hancock Center (875 N Michigan Ave) downtown. The agency is consolidating two downtown locations into Big John in 2014. JLL repped DraftFCB; Golub & Co handles leasing for the building. *** STI Fleet Services leased a 10.9k SF building industrial building in Addison, where it will relocate from Bensenville. The company is a vehicle management, public relations support, and event production firm serving the US automobile industry. Paine/Wetzel/TCN Worldwide’s Phil Reiff repped STI Fleet Services, while Lee & Associates’ Nick Eboli repped the building owner. *** Creative Circle has inked a lease for 7,100 SF on the 14th floor of 330 N Wabash in downtown Chicago. The initial term of the lease is five and a half years, starting in early 2013. Allen Rogoway of Cresa Partners Chicago and Carlo Brignardello of Cresa Partners Los Angeles repped Creative Circle, while the building owner, Prime Group Realty Trust, was repped by company EVP Steven Baron. |
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| CONSTRUCTION & DEVLOPMENT | ||
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Clarius Partners and FCL Builders broke ground on Clarius Park Joliet Building No. 1, the first building in a new industrial business park located on Youngs Road in Joliet. Clarius Park Joliet will ultimately consist of four industrial facilities totaling 2.4M SF on a 185-acre infill site. The spec Building No. 1 will be a bit more than 1M SF and designed for light manufacturing, distribution, or warehousing. |
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| FINANCE | ||
CBRE Capital Markets Chicago Office’s Pete Marino, Bill Howe, and John Clifford have secured $7.8M in long-term financing with a correspondent life company lender for Bradley Business Center, a 151.8k SF office building in Chicago. |
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| EXECS IN MOTION | ||
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| John Gutman has been named investor sales manager for MACK Cos, an owner of single-family rental properties that specializes in selling them to investors. Currently MACK buys about 25 foreclosed houses per month that it then redevelops to new construction standards, rents out and/or sells to investors, with the company staying on as property manager for its investors. The firm is ramping up its acquisition department to handle 40 to 50 foreclosed buys per month. | ||
