THE DEAL SHEET
| LEASING | ||
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Financial services giant Citadel renewed its lease at the Citadel Center in downtown Chicago, inking 222k SF in the namesake building, or the top six floors. The Telos Group’s Brian Whiting repped the landlord, Dearborn Capital Group, along with Mark Bâby of J.F. McKinney & Associates. CBRE’s Todd Lippman, of the company’s Chicago office, repped Citadel, along with John Nugent and Andrew Sussman of CBRE’s New York office. The 1.4M SF Citadel Center opened in 2003 with Citadel as its anchor tenant. In addition to the Citadel HQ, building tenants also include J.P. Morgan Chase and three major law firms, Seyfarth Shaw, Holland & Knight, and Perkins Coie. *** |
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Hendrick Midwest leased a 53k SF manufacturing building at 1320 Gateway Dr in Elgin. Lowenbaum REP’s Jason Talanian repped the tenant, while Lee & Associates of Illinois’ Nick Eboli and Steve Bass repped the landlord, Exeter Property Group. In a separate deal, Steve repped Helukabel USA in its lease of a 40k SF warehouse at 1490 Crispin Dr in Elgin. Steve and Nick again repped the landlord, Exeter Property Group. ***
Three new tenants inked leases at 6400 Shafer Court in Rosemont, which is owned by Crossroads Development Partners. Haemonetics Corp, repped by Studley’s Jon Azulay, leased 14.6k SF, the American Society of Plumbing Engineers, repped by CBRE’s Gregg Witt and James Otto, took 7,000 SF, and Quatrro FPO Solutions signed for 3,100 SF and was repped by Lincoln Property Commercial’s Peter Kelly. NAI Hiffman’s Jack Reardon repped the landlord in all the transactions. Separately, NAI Hiffman’s Michael Meksto and Jim Tsevis repped landlord Supervalu in a 1,500 SF lease by the Bedding Experts at 1103-1155 S State St in Chicago. |
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| SALES | ||
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Midwest Industrial Funds purchased the 79k SF light industrial building at 1600 Downs Dr in West Chicago. The property is 30% leased and is undergoing a substantial renovation; a new roof, new parking lot, and new concrete aprons are complete, and work on the new sprinkler system, new lighting (interior and exterior), and renovated office/warehouse units is under way. Lee & Associates of Illinois’ Justin Fierz and Mike Androwich repped the buyer, while Foresite Realty Partners repped the seller. Mike and his colleague Nick Eboli will undertake leasing of the building for the new owners. *** Retail Properties of America sold the 818.6k SF Aon Hewitt Property in Lincolnshire to an undisclosed buyer for $148M. According to the seller, poceeds from the deal are being used to repay $117.7M of mortgage debt and interest encumbering the entire Aon Hewitt Campus. The property is fully leased to Aon Corp. Retail Properties of America continues to own the remaining 343k SF Aon Hewitt East Campus, which is fully leased to Aon Hewitt. *** High Street Equity Advisors bought the 101k SF 1675 Holmes Rd in Elgin. At the time of the sale, the property was about two-thirds occupied by LG Hausys Corp, and simultaneous with the sale, CLS Inc leased the rest of the building, bringing it to full occupancy. Darwin Realty’s Noel Liston repped the buyer as well as CLS in the lease, while Entre Commercial repped the seller, Manulife Financial. |
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| Hedge fund manager Richard Cooper sold the 66th-floor penthouse condo at Park Tower (800 N Michigan Ave), which measures about 8,000 SF, for $15M to an undisclosed buyer. The residence occupies all of the building’s second-highest floor, and the sale is thought to be the highest price ever paid for a condo in Chicago. | ||
| CONSTRUCTION & DEVELOPMENT | ||
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| The Chicago Bulls unveiled plans for a basketball practice facility next to the United Center, on a site currently used as a parking lot. The new facility, which will be completely funded by the Bulls, is slated for completion in time for the 2014-15 season. 360 Architects will be the lead project architect, while McHugh Construction will be its general contractor. | ||
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| The 1.6M SF 2550 CenterPoint Way Stocking Distribution Center in Joliet, the newest addition to the 6,500-acre CenterPoint Intermodal Center, was named NAIOP Chicago’s Industrial Development of the Year. When complete in June 2013, the facility will be Home Depot’s second distribution center in the intermodal center, adjacent to the retailer’s current 657k SF rapid deployment center. The new development is equidistant between the UP’s Joliet Intermodal Terminal and BNSF’s Logistics Park Chicago Intermodal Yard. Developed by CenterPoint Properties, the project’s architect is MacGregor and Associates Architects, while the general contractor is FCL Builders. | ||
