THE DEAL SHEET
| SALES | ||
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| Midwest Industrial Funds, repped by Lee & Associates' Jeff Galante, bought the 72k SF, multi-tenant industrial/flex building at Bolingbrook's 1000 W Crossroads. Lagestee-Mulder Realty's Lori Saulters repped the seller, Synergy Property Holdings. | ||
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| Newcastle Limited, repped by Jameson Commercial Real Estate's Mark Kishtow and Mark Jones, acquired 115 courtyard apartments at 718 and 725 W Irving Park Rd in Lakeview for $16.5M. | ||
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| Edward Felsenthal, Jim Felsenthal, and Gary Lange, repped by Lee & Associates’ Walter Murphy, sold the 62k SF, Class-A 4251 W 129th St industrial facility in Alsip. Coldwell Banker’s Oscar Zamudio repped the buyer, which will use it for a Spanish food biz.
*** Lee & Associates' Jeffrey Janda and James Planey repped Futuro Zuccher in the purchase of the 148 SF 1145 101st St in Woodridge. Transwestern's Randall Koch, Fred Freeman, and Mitch Rothstein
repped the owners. Jeffrey and James also repped CenterPoint Properties
in the sale of the 103k SF 2600 E 107th St in Woodbridge to Press-On,
repped by Grubb & Ellis' Brian Carroll. *** Phillips Edison — ARC Shopping Center REIT, via its PECO-ARC Institutional Joint Venture I, acquired the 126k SF Brentwood Commons, a Dominick’s grocery-anchored shopping center in DuPage County, for $15M. |
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| LEASING | ||
| Manifest Digital, repped by Howard Ecker + Co's Howard Ecker, leased 23k SF in the Jewelers Building at 35 E Wacker Dr with expansion options. Gensler worked on the interior design. | ||
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Coyote Logistics, which relocated from Lake Forest to 65k SF at Baum Development’s 2545 Diversey last year, has leased another 80k SF. MB Real Estate’s David Burkards repped the tenant, and Baum Realty’s David Baum repped the owner. Ledcor did the initial construction phases. Reed Construction was the general contractor. *** The GSA, on behalf of the Secret Service, renewed 76k SF at 525 W Van Buren in the West Loop. MB Real Estate's Sara Spicklemire repped the landlord. *** Kaufman Hall, repped by Studley's Jonathan Metzl and John Goodman,
expanded from 37k SF to 51k SF at Skokie's 5202 Old Orchard Rd. It
occupies the seventh floor and will swap its current half of the second
floor for the entire fifth with National Louis University. Janine O'Brien repped the landlord, Zeller Realty, internally. *** Accel Entertainment, repped by NelsonHill’s Doug Hayes, leased 14k SF of industrial at 101 Corporate Corporate Center at 20W267 101st St in Lemont. Paine/Wetzel/TCN Worldwide’s Gerald Sullivan repped the landlord, Manulife Financial. *** Stanley Access Technologies, repped by CBRE’s John Gledhill, renewed 6,900 SF at 925 N State St in Elgin. Paine/Wetzel/TCN Worldwide’s Elise Couston and Les Spinner repped the landlord, Chicago Properties. Elise also repped Chicago Properties in a 2,700 SF industrial renewal for Mac Cleens Auto Wash in Wheeling’s 600 Northgate Pkwy. |
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| CONSTRUCTION & DEVELOPMENT | ||
| M&R Development began construction on the 322-unit Summit on Lake apartments at 73 E Lake St in the Loop and Central Station at 1700-1722 Central St in Evanston. McShane Construction is general contractor for both, and RMK Management Corp will manage both. Summit on Lake's first units will be ready in April 2014. The four-story Central Station will have 80 units and 11k SF of street-level retail. First occupancies there will be in a year. | ||
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| Meridian Design Build broke ground on a 100k SF (82k SF of plant/ warehouse space and 18k SF for office) design/build expansion for Kubota Engine America in Lincolnshire. Peter Schmidt and Ryan Moore are project engineers and Greg Suther is superintendent. Timothy Morgan Associates did the architecture, and Manhard Consulting provided civil engineering services. |
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McShane Construction broke ground on Daveri Development's 39-unit Myers Place supportive housing facility at 1585 W Dempster St in Mount Prospect. The 42k SF building, going up on four acres, will deliver in April 2013.
UnitedHealthcare and Enterprise Community Investment provided $8.1M in
LIHTC equity. The Illinois Housing Development Authority also provided
funds. Cordogan Clark & Associates provided architectural services. *** Morgan / Harbour Construction will work on a 22k SF expansion at the 62k SF Great Lakes Volleyball Center at 579 N Oakhurst Dr in Aurora,
home to the Sports Performance Volleyball Club. The new Great Lakes
Center Youth Volleyball Academy will use the four new courts and enhance
event capacity. 1,500 teams attended events there last
year. The expansion also includes viewing areas, offices, and 300 more
parking spaces, to be completed this fall. George Olmos is project executive, John Becker is project manager, and Robert Papineau is superintendent. Cornerstone Architects is also involved. *** Reed Construction completed a 6,000 SF fitness center, designed by Design Organization, on the second floor of Tishman Speyer's 222 N LaSalle and a 7,000 SF buildout for Near North National Title’s ground-floor storefront there. Jeremy Raridon was project manager. FEAA did the architecture for Near North National Title. *** JC Anderson will renovate the The School of the Art Institute of Chicago's 10k SF photography lab and media room at 280 S Columbus Dr in time for the fall school session. Tom Bean is project executive, and Joe Maguire is project manager. Juan Gabriel Moreno Architects is also working on the project. *** Morningside Wheaton breaks ground today on the 306-unit (400 parking space) luxury apartments at 121 N Cross St on a 2.6-acre vacant lot in Downtown Wheaton. |
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| PERSONNEL NEWS | ||
| Marcus & Millichap promoted Steven Weinstock to VP. He joined the Detroit office as a multifamily and self-storage investment specialist in '01, became Columbus and Cincinnati sales manager in '08, and became Oak Brook regional manager in '09. | ||
| MB Real Estate promoted David Burkards to SVP in the corporate services and tenant advisory group. He joined in '02. | ||
Reed Construction hired Kyle Fread as project manager. He has also worked for Power Construction and is a Purdue alum.
*** Ares Commercial Real Estate Corp hired Tae-Sik Yoon as CFO, replacing Richard Davis, who has been interim CFO since the company launched in September. Tae-Sik has also worked for Akridge, JE Robert Co, Morgan Stanley, and law firm Williams & Connolly. Richard will continue to work for Ares Commercial Real Estate Management.
*** Quantum Real Estate Advisors named Tim Franz SVP. He has also worked at Zifkin Real Estate Group. |
