THE DEAL SHEET
| SALES | |
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| A CMBS servicer that had acquired the 300-unit Schaumburg Villas Apartments via foreclosure has sold the 30-acre community with the help of Foresite Realty Partners' Jamie Hadac, Donald Shapiro, Greg Nieder, and Ryan Moore. The buyer, a private value-add multifamily investor, plans a $3.5M renovation. | |
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Sovran Acquisition bought 1,603 self-storage units from The Lock Up, which was repped by Marcus & Millichap's Sean Delaney and John Pasquesi. Locke Acquisition Group's Angelo Tomasello and Tony Rider
repped the buyer, which will rebrand 1401 N Plum Grove Rd in Schaumburg
and 1400 S Skokie Hwy in Lake Forest as Uncle Bob's Self Storage. *** Global observation deck manager Montparnasse 56 Group, repped by Atalanta Advisors, acquired the 1,030-foot-high John Hancock Observatory on the 94th floor of the John Hancock Center at 875 N Michigan Ave from Deutsche Bank and NorthStar Realty Finance. |
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| LEASING | |
Chicago Community Loan Fund and Chicago Jobs Council, repped by Steinco Corporate Real Estate's Patrick Brady, renewed and expanded for the 9,000 SF 17th floor at 29 E Madison St for 10 years. Marc Realty repped the owner. *** Bedding Experts leased Blockbuster's former 4,000 SF of retail at the North Shore's Deerfield Village Centre, which was repped by Mid-America Asset Management's Liz Krebs and Sarah Drumgould. Edgemark's Matt Smetana and Mike Wesley repped the tenant. |
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| CONSTRUCTION & DEVELOPMENT | |
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| The Missner Group completed the 58k SF McGrath Acura of Chicago at 1301 N Elston Ave, the city's first Acura dealership. Judd and Glen Missner oversaw the project, Jess Knigge was project executive, and Drue Stohr was senior project manager. Balay Architects was also involved. | |
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Meridian Design Build completed the renovation of a 238k SF building at 284 Lies Rd
in Carol Stream for Kerry Ingredients & Flavours' regional
distribution center, which has a long-term lease with STRS Ohio. Lee
& Associates' Ken Franzese, John Cassidy, and Walter Murphy repped the landlord, and JLL's Trevor Ragsdale repped Kerry. Bob Kolcz was project manager and Greg Suthers the superintendent. Harris Architects also worked on the project. *** Leopardo will manage construction for the Big Ten Conference's 50k SF Rosemont HQ,
including an interactive museum, conference center, command center with
monitors and video feeds for monitoring officials, and 10k SF Fogo de
Chao Brazilian steakhouse. Construction begins next month, and the organization will move in September 2013. *** Weis Builders completed the 82-unit Homestead of Morton Grove
seniors market-rate and affordable housing community, funded partly by
the Illinois Home Fund Program and HUD Section 213. Weis has also teamed
with The Davis Group, and VOA Associates on the 132-unit Phase 2 of Lake Park Crescent
in North Kenwood-Oakland, replacing '60s public housing with
mixed-income housing in low- and mid-rise buildings. Work begins this
month. *** Liberty Property Trust selected Morgan / Harbour Construction to buildout Xpedx's 316k SF of industrial at Aurora's 901 Bilter Rd. Ben Warriner is project executive, John Becker project manager, and Robert Papineau project superintendent for the firm. Kwasek Architects will work on the space, for which construction will finish this summer. *** J.C. Anderson will work on a phased renovation and expansion of 20k SF for Avanade in 161 N Clark St. Michael Yazbec is project executive and Joe Maguire is project manager. Planning Design Research provided the architectural services. It'll deliver in early fall. *** Last Monday, we reported that McShane Construction is general contractor for M&R Development's 322-unit Summit on Lake apartments at 73 E Lake St in the Loop. James McHugh Construction Co is GC for that project. We regret the error. Keeping with our theme, we would like to add that McDonald's is now Bisnow architect of record. |
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| PERSONNEL NEWS | |
| Inland Diversified Real Estate Trust promoted Steven Hippel to CFO. He's been chief accounting officer since '09 and was previously CFO of ORIX Real Estate Capital. He has a master’s degree in accountancy from DePaul University. |
