THE DEAL SHEET
LEASING |
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SGJ Property Management leased 3,000 SF at 700 N Sacramento (the Universal Building) in Chicago. Caravette and Associates’ Catherine Caravette repped building ownership, while Avison Young’s Mike Nolan repped SGJ Property Management. The Universal Building is a 150k SF office loft property that features on-site management and engineering services, gated parking, and on-site security. *** Flo-Rite Products Co leased 128k SF of industrial space at 2701 Busse Rd in Elk Grove Village. Steve Goode of Venture One repped Flo-Rite, while Colliers International’s Matthew Stauber, Tom Rodeno, and Jonathan Kohn repped the landlord, ML Realty Partners. In a separate deal at 2701 Busse, IMS Cos leased 107.5k SF. CBRE's David Prioletti and Chris Zubel repped IMS, while the Colliers team repped ML Realty. *** The upscale retailer Saint Laurent inked a lease at 11 E Walton St, on the ground level of the Waldorf Astoria Chicago. The boutique will occupy 2,365 SF adjacent to Marc Jacobs, with neighboring retailers including Barneys New York, Hermes, Lululemon, and others. The landlord overseeing the property is First Elysian Hotel Co. Baum Realty Group’s Janika Brenner and Adam Secher repped Saint Laurent. |
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| SALES | ||
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AmericanEagle.com bought 2600 River Rd in Des Plaines for $3.8M. Lee & Associates’ Ellen Steinbrecher and CJ Kuehl repped the seller, Property Casualty Insurers, while Grubb & Ellis repped the buyer. Built in 1972 and remodeled in 1993, the 60k SF building will be fully occupied by AmericanEagle.com, which is relocating from Park Ridge. *** MedProperties Group and HIG Realty Partners acquired two buildings in Hinsdale, 12 Salt Creek Ln and 907 N Elm St, as well as an adjacent parcel for development. The new owners plan to upgrade the buildings to be MOBs exclusively. *** JDP Kitchen Depot bought 4600 W Roosevelt Rd in Hillside to consolidate and expand its operations. Cawley Chicago’s Tim Gallagher and CTK Chicago Partners' Nick Saraceno repped the seller, while Lee & Associates’ Chris Nelsen repped the buyer. The building is mostly industrial space, but the office space at the front of the building is leased on a long-term basis to a medical school. |
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Topline Furniture has purchased a 252k SF industrial building at 1455 Thorndale Ave in Itasca. Jeff Janda, Jeff Galante, and Mike Plumb of Lee & Associates repped the seller. TA Associates Realty, and NAI Hiffman’s Adam Marshall and Eric Tresslar, repped the buyer. *** A 67.6k SF multitenant Butera Market shopping center in Naperville traded hands. Inland Real Estate Corp sold it for $5.7M to the independent owner-operator of the property’s anchoring supermarket. According to Inland, the sale of its non-strategic properties, such as this one, is part of the company's capital recycling plan. |
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| FINANCE | ||
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Cambridge Realty Capital Cos underwrote a $5.1M FHA-approved HUD Lean loan to refinance Grosse Pointe Manor, a 99-bed skilled-care nursing home in Niles. The fully amortized, 35-year term loan was refinanced for the borrower, an Illinois LLC, using the HUD Section 232 pursuant to the Section 223(7) funding program. *** S.L. van der Zanden of Re/Solutions is now the receiver of the 267k SF Glen Town Center, the retail component of The Glen, a mixed-use development on the site of the Glenview Naval Air Station. Re/Solutions is a specialist in providing receivership services to lenders, special servicers, and buyers of non-performing CRE loans. |
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| EXECS IN MOTION | ||
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| Transwestern named Michael Lirtzman as EVP and leader of office agency leasing in the Chicago office. Michael’s other experience includes stints with US Equities Realty, the John Buck Co, and Trammell Crow Co. He has completed transactions totaling over 2.5M SF with a value exceeding $25M. |
