THE DEAL SHEET
Acquisitions?
Indianapolis-based Simon Properties has offered to buy General Growth Properties and its portfolio for more than $10 billion, pending a 30-day due diligence period. Chicago-based GGP has struggled to reorganize since filing for bankruptcy in '08. More on this tomorrow.
Construction
ARCO/Murray completed renovation of refrigeration controls for Cardinal Health in Aurora and 17 additional facilities throughout the country. ARCO/Murray designed the refrigeration controls and building temperature monitoring system. The installed systems include touch screen controls, wireless remote monitoring access, data archiving, security alarming, and temperature reporting. Arco/Murray's Joseph Pomerenke was the project executive;Leonidas Stellakis was project manager.
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ARCO/Murray completed a 10k-SF office and warehouse tenant improvement at 5 Earl Court in Woodridge for ELGA Lab Water, a division of Veolia Water Resources. ARCO/Murray was contracted to design and construct the expansion of existing office with new laboratory, IT, and workshop space. The existing warehouse lighting was retrofitted with new T5 fixtures with motion sensors to save energy cost and improve lighting. Arco/Murray's Joe Pomerenke was the project executive; Pat Aylward as the lead project manager. Nicolson Porter & List's Mark Barbato acted as landlord rep and CBRE's David Prell of CBRE represented ELGA.
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Reed Construction completed a build-out on behalf of the Silver Cross Women’s Health Center located within the Silver Cross Medical Office Building at 1870 Silver Cross Blvd in New Lenox. In addition to waiting rooms, office areas, and examination rooms, the Center also features the latest in women’s health technology. Reed Construction constructed two mammography rooms, two ultrasound rooms, and a bone density room. Reed's Scott Pickands and Christine Roche led the project team. RTKL provided architectural services, and the developer is HSA’s Primecare Division.
Leasing
Inland Real Estate Brokerage completed its leasing efforts for Michael Center, a 5k-SF retail center located at 249 South River Road in Des Plaines. After three new leases, the property is now 100% leased. Michael Center is a stand-alone retail center near the intersection of River Road and Rand Road. Inland's Paul Montes and Eric Spiess represented the landlord, a local family with a portfolio of diverse real estate assets.
The three leases are:
- 1k-SF three-year lease with Vanity Salon.
- 3k-SF five-year lease with Heath Care Associates Credit Union, co-brokered with Pro-Ten Realty's John Iglar.
- 1k-SF three-year lease with Pegasus Travel Agency.
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Champion Realty Advisors completed a lease for 37k-SF at 860 Devon Avenue in Bensenville. OHL, LLC, a diversified third-party logistics company will use this new location as an air freight and freight forwarding operation for its Barthco and Activair divisions. Champion's J.D. Salazar represented OHL, LLC and Lee & Associates' Chris Nelson worked on behalf of the landlord, Cabot.
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Cawley Chicago Commercial Real Estate secured a new lease deal with Arcon Associates, Inc. at Oak Creek Center in Lombard. Cawley's Cody Sundberg and Rawly Lantz exclusively represent KBS Realty Advisors at the park and negotiated the lease for 12k-SF. Arcon provides architectural and construction related services to school district, park districts, municipalities, and commercial clients.
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Interline Brands, Inc., a provider of maintenance, repair, and operations products, has leased 120k-SF in a Lombard distribution facility. Cushman & Wakefield's Britt Casey and Mike Hawryluk and Mohr Partners' John McDaniel completed the transaction on Interline’s behalf. The new facility is located near the Interstate-355/North Avenue interchange at 1100 Lombard Road. CB Richard Ellis' Michael Sedjo, Chris Zubel, and Patrick McCourt repped the owner, AMB Corp.
People
Andrew Kelly joined Advocate Commercial Real Estate Advisors as EVP. Andrew, a 15-year veteran and formerly a Corporate Managing Director at Studley, Inc., will be responsible for expanding the firm’s tenant rep platform. Andrew earned his BS in finance and real estate from the Indiana University School of Business.
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Richard Kehoe recently celebrated his 25-year anniversary at Inland Real Estate Brokerage. Richard joined Inland in January 1985 and has a total of over 30 years of brokerage experience in commercial real estate sales and management. He has overseen the disposition of more than $123 million in property in recent years, including retail centers, multifamily, office, industrial, and development land. His personal sales transactions total over $400 million. In addition to conventional real estate sales, Kehoe is president of Inland Auctions, Inc., and conducted Chicagoland’s largest single-day real estate auction for 18 years.
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Daniel Queenan has joined Trammell Crow Company as president of the firm’s Central Operations. Based in Chicago, Queenan will oversee TCC’s offices in Austin, Chicago, Dallas and Houston, as well as the firm’s Healthcare Initiative. Daniel previously served as President & CEO of Opus North , which was recently purchased by Opus Holding, Inc. He’s president of Chicago NAIOP and holds a law degree from William Mitchell College of Law and a BA from Marquette.
