THE DEAL SHEET
| Hines' US Core Office Fund sold Three First National Plaza for $347.8M to Downtown Properties (the US associate of Hong Kong-based Gaw Capital Partners) along with a South Korean consortium. Hines will continue as property and leasing manager for the 57-story office tower, which it developed in 1981. | ||
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| Designed by SOM, the 1.4M SF tower features a nine-story glass atrium and is 92% leased. Wells Fargo Securities Asia represented the buyer, while Eastdil repped Hines, which owns and manages 10M SF in Chicago. | ||
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EXECUTIVE MOVES James McHugh Construction Co has promoted six individuals to executive level positions: Randy Bullard will be the new head of McHugh's team for construction on the Coast, a high-rise apartment development that broke ground in June. Peter Campagnolo will manage multiple rail projects including the $45M CN/EJ&E Lift Bridge reconstruction in Morris. Brian Fish will manage construction at Kinzie Station. John Kelly is leading the $160M in expansion to the Stickney Sludge Factory in Stickney. The four have been promoted to VP. Being promoted to SVP are Michael Gould and Robert Mortimer. *** Steven Shapiro has joined Pircher, Nichols & Meeks as a corporate partner in its Chicago office. His practice will focus on corporate governance, securities law, M&A, and financings. Previously, Steve was the general counsel and corporate secretary for Taylor Capital Group and Cole Taylor Bank. *** Michael Yazbec has joined JC Anderson as EVP from JLL where he was the managing director of Midwest construction services and secured more than $30M in projects. He has a master's in architecture and a bachelor's in urban planning from the University of Illinois at Urbana-Champaign. SALES NEWS *** Paine/Wetzel • ONCOR International's Brad Weiner, completed the sale of a 168k SF industrial building to Key Foods Services repped the seller, Morse Automotive. C&W's Sally Macoicz repped the buyer. *** Cawley Commercial Real Estate's Dan O'Neill sold two investment properties, Brynwood Square Shopping Center in Rockford and 1614 W Central in Arlington Heights. Total deal volume in excess of $11M. Brynwood Square Shopping Center is a 100% occupied with 122k SF of space. The second sale at 1614 W Central in Arlington Heights is a 30k SF MOB. Cawley's Cody Sundberg assisted in the Rockford transaction. *** Venture One Real Estate has purchased the Plainfield Polymer Building at 24035 W Riverwalk Court in Plainfield. NAI Hiffman's Mike Tenteris represented the seller, PMI Venture, in the sale of the 97k SF industrial building. The building features 17k SF of office space, five exterior docks, and a 24-foot clear height. *** Millennium Properties' Daniel Hyman and Greg Block closed the sale of 4959 W Belmont Ave for an undisclosed sum, in which they repped both the buyer and the seller. NR Building Corp purchased the Belmont-Craigin office in all cash deal from an institutional seller. NRBC plans to utilize the single-story office as a medical facility. *** |
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Hendricks & Partners has been named the exclusive marketing agent for River 595, a new luxury apartment building in downtown Des Plaines that includes five one-bedroom and 55 two-bedroom apartments. The asset is currently 100% occupied. *** Strauss Realty's Dale Strauss represented an undisclosed buyer in the $3.1M purchase of 500 Central Ave in Northfield. The 30k SF is scheduled to house the corporate HQ of a technology distribution firm. *** Millennium Properties' Daniel Hyman has been appointed receiver of 14 properties throughout Chicagoland. The properties are located in Chicago, Waukegan, and Oak Brook bringing Dan's total receivership portfolio to more than 85 properties, from net-leased retail to office complexes, and industrial and residential buildings. *** Millenium Properties' Daniel Hyman and Susan Silver represented the sellers in the sale of 4959 W Golf Rd in Skokie for an undisclosed sum. Inna and Lev Elterman purchased the medical office from the former dentist office and were represented by Sergio and Banks Real Estate's Melissa Gobedarcia. The new owner will continue to use the space as a dentist's office. CONSTRUCTION NEWS *** Englewood Construction has begun construction on the new HQ for Local 17 International Association of Heat and Frost Insulators at 18590 Spring Creek Dr in Tinley Park. Local 17's new 34k SF HQ is a design-build project with architectural firm BVM Associates to retrofit the site's existing building. It will feature union offices and a member union hall; a health and welfare department; and the apprenticeship training program, including a training facility classroom and hands-on training area and offices. The project is slated to be completed in November. *** Morgan / Harbour Construction has completed numerous renovations to The Crossings of Oak Brook at 1520 Kensington Rd in Oak Brook. The remodel project included a complete overhaul of the facility's restrooms and common corridors. The Davis Co is the owner and developer of the of the 300k SF office facility. Morgan / Harbour's Ben Warriner was the project executive and Andy MacMillan was the project manager. *** Tandem Construction and Antunovich Associates are breaking ground on a new 17k SF addition of the 18k SF Union League Boys and Girls Club of Chicago. The new and updated spaces will house three new gymnasiums and one rehabbed gymnasium, weight rooms, locker rooms, classrooms, a library, a technology center, a dance room, and a craft room. |
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| LEASING NEWS |
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| Electrolux signed a lease for a 500k SF distribution center at 801 Midpoint Rd (Minooka Ridge Building 2) in Minooka. The building was developed and constructed by Opus Development Corp in 2008. UGL Services' Chris Wood, Anthony Burns, and Jordan Decker repped the tenant. Colliers International's James Estus and Opus's Greg Terwilliger and Mike Yungerman repped the landlord, Opus.
*** Millenia Metals completed a consolidation of its Addison and South Elgin facilities at 1345 Norwood, Itasca with a long-term lease of the 113k SF industrial building. Lee & Associates' Jeff Janda, and Mike Plumb represented the owner, RREEF, and A Jules Milten Industrial Realtors repped the tenant. *** Taphandles has leased a 52k SF industrial building located at 7420 S Meade Ave in Bedford Park. Lee & Associates' Brian Vanosky represented the owner, Cobalt Capital Partners, and CBRE's Mike Mangan repped the tenant. *** TM Transport has leased 43k SF of industrial space at 5003 W 122nd St in Alsip. Lee & Associates' Brian Vanosky represented the owner, Cobalt Industrial REIT, and CBRE's Kip Hennelly repped the tenant. *** Oak Brook Promenade has signed several leases with new tenants, totaling 35k SF. Select Comfort signed a lease for 3,570 SF and will open in Q4. Thomasville Furniture, which will open in the next few weeks, took the largest space in the center with a 12k SF lease. Totopo Mexican Grill opened their 3,314 SF. TricorBraun has taken 9,038 SF of office space above Thomasville, and will open its doors in Q4. NAI Hiffman's Brian Edgerton provides leasing and management for the office portion of the center. NAI Hiffman's Clair Bitautas and Anne Callard will lease the retail portion. There were two lease renewals including Wet Nose for 1,514 SF and LasikPlus for 5,054 SF. *** MB Real Estate has secured 75k SF of lease transactions at its three-building portfolio along Wacker Drive, which includes 55 W Wacker, 205 W Wacker, and The LaSalle Wacker (221 N LaSalle) during the first three quarters of 2011 including:
*** Nippon Life Benefits has signed a lease for 5,612 SF at 10 N Martingale Rd in the Woodfield Preserve office tower in Schaumburg. NAI Hiffman's Dan O'Neill and WHITE CUBE's Tak O'Haru, represented Nippon Life. CBRE's Mark Smith represented the landlord, KBS Realty Advisors. *** NAI Hiffman completed more than 50k in leases on behalf of The Hayman Co, court-appointed receiver for Roosevelt Glen Corporate Center in Glen Ellyn. The property, a 233k SF, seven-building complex went into receivership just over a year ago. NAI Hiffman's Adam Johnson and Leslie Yurek are representing Hayman. |
