THE DEAL SHEET
| CONSTRUCTION & DEVELOPMENT | ||
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| Leopardo recently completed the renovation of the historic Noel State Bank building in Bucktown at the intersection of North, Milwaukee and Damen. The 30k SF, three-story structure was built in 1919 and is a registered Chicago Landmark. Walgreens is now in the building with a few twists: a sushi station, beautician bar, and vitamin vault—a conversion of the bank’s former vault. GC Leopardo worked with Camburas & Theodore Architects. | ||
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Flavorchem completed its new 50k SF liquid production facility in Downers Grove, which also included a 50k SF renovation of existing space, and the addition of a 5,000 SF link between the two buildings. The company specializes in making flavors and colors for the food and beverage industry. It tasked Krusinski Construction Co to build the new facility, with Heitman Architects providing design services. Downers Grove Mayor Martin Tully presided. *** Roosevelt University opened the new Lillian and Larry Goodman Center, a two-floor athletic facility at 501 S Wabash Ave. It’s the first standalone college athletics facility in the Loop. The 28k SF field house will host home games for the Roosevelt Lakers men’s and women’s basketball teams and women’s volleyball team, along with a variety of other events. Architect Solomon Cordwell Buenz designed the tan-colored complex as a companion to the University’s historic Auditorium Building and the Wabash Building, both of which are adjacent on Congress Parkway. Power Construction is the building contractor. |
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| LEASING | ||
| Waste Management expanded its lease at 700 E Butterfield Rd in Butterfield Centre in Lombard by 40k SF. NAI Hiffman’s Michael Van Zandt, Brian Edgerton, and Matt Novak repped the landlord, Travelers Insurance, while JLL’s John Musgjerd repped Waste Management. *** Specialty’s Café & Bakery leased the entire retail space (6,200 SF) on the ground level of the Inland Steel Building at 77 South Dearborn St downtown. HSA Commercial Real Estate’s Michael Havdala and Brenton Schrader repped the tenant, while Stone Real Estate’s John Vance repped the landlord, New York-based Capital Properties. San Francisco-based Specialty’s has two locations in the Chicago market, and plans to open about 15 all together, including at least three more in the Loop. |
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| SALES | ||
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| Newcastle Limited bought the 12.5k SF retail property 3300 N Broadway in Chicago for nearly $7M from First Development Corp. The building is 86% occupied, with tenants that include Caribou Coffee and Homemade Pizza. Building Equity Real Estate's Dan Rosenberg and Peter Lynn were the only brokers involved. *** Liberty Property Trust has acquired a 723k SF industrial building¸ 1070 Windham Parkway in Romeoville, from an institutional owner. This is the first acquisition in the submarket for the company, which owns and manages more than 7.7M SF of industrial space in greater Chicago-Milwaukee. The seller was repped by Colliers International’s Jeff Devine and Steve Disse. Home Depot, the current tenant, will occupy it until its lease expires in late 2013. The new owners plan to market the space through Colliers International as well, with David Bercu, Brian Kling, and Charles Canale handling leasing. *** John Poulos bought 5318 N Broadway in Andersonville, formerly The Burger Stop, from Jesal Patel of Broadway Festival Shopping Center. Kudan Group’s Juan Carlos Gomez and Scott Reinish repped the seller, while Dan Porter of Porter House Properties repped the buyer, who plans to open Yanni’s Dogs at the location. |
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| A 10-unit apartment property at 5401 W LeMoyne in Chicago’s Austin neighborhood has traded hands for $300k. According to Interra Realty’s Brad Feldman, who repped both parties in the deal, the buyer was a local private equity firm looking to expand its West Side portfolio, while the seller was a bank. The building is fully occupied. In two other recent transactions, Interra’s Ted Stratman repped both sides in the sale of 4771 S Colfax, a seven-unit apartment building in the South Shore neighborhood, and the company’s Justin Ross repped buyer and seller in the $260k trade of 2207 W Belmont in Roscoe Village, which has three apartments and one commercial unit. | ||
EXECS IN MOTION |
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CRE vet Andrea Miller has launched Miller Chicago, a commercial real estate brokerage firm. Andrea’s background includes real estate and mortgage finance, real estate investment and development, and commercial brokerage. |
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| DTZ, a UGL Company, promoted Andrew Strand to SVP. He joined the company in 2007 as an associate, and specializes in tenant rep both in Chicago and suburbs. Among his clients are PNC Bank, Keefe Bruyette & Woods, Zurich Insurance, and Duke Energy. |
