THE DEAL SHEET
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Kimco Realty Corp has bought the 193k SF Hawthorne Hills Square shopping center in Vernon Hills for $37.5M, including the assumption of a $21.6M mortgage. Among the tenants: PetSmart, Dick’s Sporting Goods, Ulta Beauty, and Potbelly. The acquisition is part of the company’s asset recycling initiative, which has seen it acquire four wholly owned shopping centers (including Hawthorne) totaling 581k SF for $118.8M since Q2, including $42.5M of mortgage debt, in its primary core markets (the other deals were in Southern California, Charlotte, and Connecticut). *** |
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Dynomax, a maker of high-precision machined components, has bought a 44k SF industrial building 1543 Abbot Dr in Wheeling for an unspecified price from Boston-based Cabot Properties. Locally based Darwin Realty repped Dynomax, while Jones Lang LaSalle’s Robin Stolberg and Kurt Sarbaugh repped Cabot Properties. |
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| International Transload Logistics has acquired the 8,271 SF 3675 Darlene Court in Meadow Lakes Corporate Park in Aurora from TCF National Bank and will be using part of it for corporate offices. NAI Hiffman’s Jim Adler and Adam Johnson repped the bank, while NAI Hiffman’s John Cash and David Haigh repped the buyer. | ||
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| LEASING | ||
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Peace Hospice has signed a lease for 4,391 SF at 1717 North Naper Blvd in Naperville. The deal represents the third new tenant at the 60k SF property in 2012 and brings it to 86% occupancy. NAI Hiffman’s Brian Edgerton repped the building’s owner, Butterfield Properties. *** Document storage company Veritas has extended a 96k SF warehouse lease at 951 Commerce Ct in Buffalo Grove, a building owned by Colony Realty Partners. Jones Lang LaSalle’s Mike Nelligan, Kurt Sarbaugh, and Robin Stolberg, as well as Colliers International’s Tim Hart, repped the tenant. Separately, Kurt, Robin and colleague Dan McCarthy repped bar code and RFID maker Zebra Technologies in the long-term lease of a 68k SF of industrial space in 1700 Leider Lane in the Aptakisic Creek Corporate Park, which is owned by Chicago-based Bridge Development Partners. *** Intellisource, a graphic production and promotional company specializing in marketing and printing services, has leased 17.7k SF at 2531 Technology Dr in the Rogers Business Parke-Elgin in Elgin. The flex space will feature office, warehouse, and production areas. Arthur J. Rogers & Co’s Chris Zannis repped his company, which owns the property, in the deal, while Intellisource represented itself. |
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| Frozen confection purveyor Suzy’s Swirl has opened a new location in space it leased at an outlot (6310 Grand Ave) of Gurnee Mills Shopping Center in Gurnee. The store occupies 1,200 SF in the 9,000 SF outlot, which is now completely leased. The outlot, which is the near the site of an under-construction Macy’s, was developed (and is owned) by Smith Capital Management; Gurnee Mills Shopping Center is owned and managed by Simon Properties. | ||
| CONSTRUCTION & DEVELOPMENT | ||
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| Oxford Hotel Group unveiled plans for a 221-room upper-upscale hotel at 127 W Huron St in River North, the Godfrey Hotel Chicago. The property will include 194 studios and 27 one-bedroom suites, a chef-driven restaurant and lobby bar, plus a 12k SF indoor/outdoor rooftop lounge and conference space accented with water elements, fire pits, and greenery. Chicago-based Valerio Dewalt Train is designing the structure. *** The GSA, on behalf of the US Military Entrance Processing Command, has selected J.C. Anderson for a 31k SF build-out for the command’s new space at 8700 W Bryn Mawr Ave in Chicago. The command, which is relocating from its previous HQ in Des Plaines, is responsible for determining the physical and mental qualifications of every new member of the armed forces. The project will include a new cooling system and medical exam rooms, as well as new offices, locker rooms, and briefing/ceremony rooms. |
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| FINANCE | ||
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| Thor Equities has obtained $365M in financing for the Palmer House Hilton in downtown Chicago, with JP Morgan providing the floating-rate finance. The 24-story main building is comprised of a 1,639-room hotel sitting atop a 57k SF retail arcade and a 177-space underground valet parking garage. Thor, which has owned the property since 2005, completed a $131M renovation in 2008. Jones Lang LaSalle’s Matt Comfort and Keith Largay, along with Dave Hendrickson and John Nugent, secured the financing for Thor. |
