THE DEAL SHEET
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Simon Property Group has bought out Mills JV partner Farallon Capital Management, relieving it of its stake in 26 Mills shopping centers that Simon has also been managing. The $1.5B deal includes a 50% stake in the 1.8M SF Gurnee Mills, giving Simon full ownership of that property. *** Sims Metal Management sold nine acres at 320 Railroad in Joliet to wholesale fertilizer company Prairie Creek Terminal Services for moving its product from barge to rail. Paine/Wetzel/TCN Worldwide's Gerald Sullivan, Edward Wabick, and Brandon Wright repped the seller, and Coldwell Banker Commercial NRT's Gene Briscoe repped the buyer. |
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*** The Boulder Group has completed the sale of the 1,400 SF White Castle at 211 West Roosevelt Rd across from Loyola University Medical Center in Maywood. The stoner-movie-inspiring fast food joint has 10 years remaining on its triple-net lease. Boulder's Randy Blankstein and Jimmy Goodman repped the seller, a local investment firm, in the $839k sale to a London-based private investor. *** Former Rockit Bar & Grill executive chef James Gottwald and wife Jennifer Monti have opened a neighborhood bar called Monti's in the former Cinners space in Lincoln Square (4757 N Talman). The pair bought the 1,200 SF spot in a deal arranged by Kudan Group's Marcus Sullivan. |
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| LEASING | ||
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Italian widget manufacturer (fasteners, screws, nuts, studs, wheel bolts) V.AR.VIT SpA (loses something in the translation) has leased 55k SF in Aurora's 1455 Sequoia Dr for its first North American locale. Paine/Wetzel/TCN Worldwide's Terence Lynch repped the tenant, and Lee & Associates' Jeff Janda and Mike Androwich repped landlord IDI. *** CYL-TEC (compressed gas and cryogenic cylinders) leased 46k SF at 971 Industrial Dr in Aurora, next to its existing facility. The new space includes 4,000 SF of office. Paine/Wetzel's Elise Couston and William Kerrins repped the landlord, Filtration Group Holdings. |
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| FINANCING | ||
| The Shodeen family has refinanced the 48-unit Residence at Mill Creek in Geneva with a $5.7M 223(f) HUD loan (35 years), arranged by Love Funding's Jon Wagenknect. Jon also closed a $12.5M refinancing for Shodeen's 208-unit Covington Court Apartments in St. Charles. | ||
| CONSTRUCTION | ||
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| The 25k SF interior build-out of Thermos’ HQ in Schaumburg's 475 N Martingale Rd
is ready for the firm's relocation from Rolling Meadows. Leopardo was
general contractor and Torchia Associates the architect. JLL repped
Thermos, and Ken Soltis Associates was project manager.
*** Morgan/Harbour Construction will be the general contractor for a 265k SF build-to-suit warehouse/distribution facility in Elwood for CenterPoint Properties, including 3,000 SF of office. The property will have rail access via a new spur. Ben Warriner will be project executive and Scott Staros the senior project manager. Cornerstone Architects, Grivas Krause Associates (structural engineer), and Cowhey Manhard (civil engineering) were also involved. It will deliver in August. *** Reed Construction has completed the build-out of the 18k SF ninth floor of Equity Office's Two N Riverside Plaza for Miller Cooper's relocation. Jack Hennessy and Matt McCriff worked on the project for Reed, and TVS Interioirs pitched in architectural work. *** Gensler and Skender Construction have completed a 12-week build-out of JMC Steel's HQ (a relocation from Beachwood, Ohio) at 227 W Monroe. |
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| EXECUTIVE MOVES & NEWS | ||
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| Skender Construction prez Joe Skender and EVP Mark Skender have been inducted into the 2012 UIC Chicago Area Entrepreneurship Hall of Fame. The University of Illinois at Chicago award recognizes the city’s finest entrepreneurs and will be presented Thursday. | ||
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| Kevin Callahan has joined Duff & Phelps Investment Management as SCP and director for institutional clients. He'll lead sales and marketing for institutional fixed-income, domestic and international equity, global infrastructure, and REIT clients. Previously, the Northwestern alum worked for ING Investments, Riversource Investments, Invesco Capital Management, and AON Hewitt. | ||
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| Phil Palmer has joined Avison Young as principal (from Grubb & Ellis), focusing on tenant advisory. He has also worked at Tanguay-Burke-Stratton/Staubach Company, TRC/Palmer Publishing Co, Shlaes, and Continental Illinois Mortgage. He went to Lake Forest College and did graduate work at Northwestern. | ||
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| Jonathan Azulay has been promoted to managing director of Studley's Chicago office. His clients have included Middough, NEC Display Solutions of America, and Dover Corp, and he manages Sterigenics International's international portfolio. He's done 2.5M SF of deals worth $400M, including Lawson Products' recent 86k SF HQ lease at 8770 Bryn Mawr Ave in Triangle Plaza. | ||
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Beth Forstneger has joined Cushman & Wakefield (from Grubb & Ellis) as director in its global business consulting group and will be based in Chicago. She's also worked for FPL Associates. She went to undergrad at Marquette and earned an MBA from DePaul University's Kellstadt Graduate School of Business. *** Nick Legatos has joined Hinshaw & Culbertson's 70-person real estate and construction group in the Chicago office. He is particularly experienced in retail and graduated magna cum laude from University of Illinois College of Law. |
