THE DEAL SHEET
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Venture One Real Estate, through its acquisition fund, VK Industrial I LP, closed on an 18.7k SF building on 4.7 acres at 11351 West 183rd St in Orland Park. The building had been vacant, and simultaneous to closing, Venture One executed a long-term lease for the entire facility with Insituform Technologies USA, a subsidiary of Aegion Corp. Cawley Chicago’s Terry Grapenthin and Josh Hearne repped the seller, while Colliers International’s Jim Estus and Lee and Associates of St. Louis’ Daniel Wessel repped Insituform. *** The Cogsville Group picked FirstService Residential Realty to manage the renovation, maintenance, and rental management of its acquisition of 94 single-family homes in Chicago, representing a third-party value of $13.7M. It's offered by Fannie Mae as part of the Federal Housing Finance Agency’s REO pilot initiative. *** |
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The California Public Employees' Retirement System, the pension fund giant that owns half of the regional Woodfield Mall in Schaumburg, is reportedly on a verge of buying the other half from General Motors Co. No price has been confirmed, but if the mall is indeed a $1B property, then the deal might represent a $500M sale, give or take a few million. |
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| LEASING | ||
Brightstar Corp, a wireless tech specialist, leased 48.7k SF of office space at 850 Technology Way in Libertyville, representing a significant expansion for Brightstar. Newmark Grubb Knight Frank’s John Clark, Rob Lundin, and John Norris repped RCG Management, which acquired the single-story building in January through an REO sale. Mitchell Loveman and Daniel Katcher, also with Newmark Grubb Knight Frank, repped Brightstar. *** Autotrol America inked a new lease for nearly 7,000 SF of flex space at 2521 Technology Dr in Rogers Business Parke-Elgin. The company is a manufacturer of customized electric sub-fractional horsepower gear motors, and its new space will feature office and warehouse areas as well as a shared, covered dock. Arthur J. Rogers & Co.’s Chris Zannis repped ownership in the lease, while Autotrol was self-represented. |
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CONSTRUCTION & DEVELOPMENT |
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Ground has been broken on INland Logistics Port within Kingsbury Industrial Park in La Porte, Ind. The groundbreaking begins Phase 1 of the Park’s infrastructure, including rail connectivity to the CSX main line and rail improvements within the facility to make it qualify for the CSX Select Site designation. A $6M rail funding agreement by the La Porte County Council, La Porte County Commissioners, and La Porte County Redevelopment Commission is paying for the rail connection. *** Ground has also broken on 73 East Lake (previously known as Summit on Lake), a 42-story apartment building located at 73 E Lake Street in the Loop. When completed, the property will include 332 units with 178 indoor parking spaces. The building is a project of M&R Development, with McShane Construction as general contractor and RMK Management Corp managing the property. The first units will be ready in April 2014 . *** Developer GlenStar Properties selected the Missner Group to construct a new, three-story 41k SF MOB in Chicago for the Illinois Bone & Joint Institute. The building will rise at 2923 N California Ave once an existing industrial warehouse on the site has been demolished, with completion slated for the summer of 2013. The new MOB will include private offices, meeting and conference rooms, medical exam rooms, an MRI, CT scanning and X-ray suites, and medical storage space. |
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FINANCE |
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Chicago-based Aries Capital has secured and closed a $5.3M loan for the Four Points by Sheraton Hotel in Punta Gorda, Fla. Aries Capital’s Leonard Smith and Eric Jones arranged the loan for the 106-room hotel in Charlotte County. The loan features an additional $500k from the original request, a 10-year term with prepayments through the first nine years, a 5.01% interest rate, and 25-year amortization. |
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| EXECUTIVE MOVES | ||
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Clarius Partners tapped Eric Johnson as its new development manager. Eric will work in the company’s Chicago HQ, where he will coordinate key aspects of Clarius Partners’ developments. Previously, he was a project architect with Ware Malcomb. *** Lend Lease has named Kelly Benedict regional director of business development for the Americas region. Kelly will remain in the company’s Chicago office. In her new role, she will bring together business developers from the Americas region into a peer group and ensure consistency of sales efforts, that lessons are shared, and that there’s a renewed focus, where appropriate, on regional clients. |
