The Deal Sheet
After a long holding pattern and many stops and starts (you’re missing out, Cheap Trick-themed night club), the Motor Row Entertainment District is finally building steam, and a building right in its heart has just changed hands.
Essex Realty Group’s Jordan Gottlieb and Jim Darrow repped Marc Realty Residential in its $25.2M sale of The Shelby, a 96-unit new construction mixed-use apartment building at 2300 S Michigan, to Royal Imperial Group. The property benefits from its hot location a block west of McCormick Place (with its thriving convention business), and it's close to IIT, Soldier Field, and Museum Campus, they tell us. With huge hotel projects and the DePaul arena in the pipeline, more retail and entertainment will be the key to the neighborhood’s multifamily success, they say. Just back from a guy's trip to the Monaco Grand Prix and training the family's new English Mastiff puppy, Jim's pretty much homebound for the rest of the summer, other than a short Michigan getaway.
SALES
KBS Real Estate Investment Trust II closed on the previously reported $850M sale of 300 N LaSalle, acquired by the Irvine Co (in the largest office deal in Chicago history, brokered by HFF). KBS acquired the 1.3M SF tower (above), which includes Chicago Cut Steakhouse in 2010. The 2009-built property also includes a waterfront café and riverfront plaza.
***
Brennan Investment Group sold the facility at 16745 S Lathrop Ave in Harvey to a company involved in the metal recycling business. It was part of a vacant, seven-building industrial package acquired from a subsidiary of the Oshkosh Defense Corp in May 2012. Brennan pre-leased a portion of the portfolio prior to closing, but the Harvey assets were planned to be sold after certain post-acquisition improvements were completed by Brennan. Lee & Associates of Illinois’ Walter Murphy repped Brennan and also repped Oshkosh in the initial sale.
***
Jameson Commercial’s Nancy Simon Cooper and Pam Tilton repped the seller in the $3.8M sale of 310 N Peoria, a 21k SF live/work space in Fulton Market. The 1885-built warehouse was vacant until the seller purchased in 11 years ago as a residence, with a private art gallery on the first floor. The buyer, D2 Realty Services’ David Crawford, was repped by Acosta Ezgur’s Michael Ezgur.
***
Mid-America Real Estate Corp’s investment sales team brokered the $10M sale of Gateway Square in Hinsdale, just south of the SE corner of Ogden Avenue and York Road. The 40k SF center was purchased by Buffalo Grove-based C P Management. Tenants include Calico Corners, Kumon, Fox’s on York, and Egg Harbor Café. Mid-Am’s Rick Drogosz and Joe Girardi repped the seller, Inland Real Estate Corp.
***
Jameson Commercial’s Chris Irwin and Katie Whelan repped both sides in the $1.1M sale of 10k SF 5600 N Ridge in Edgewater. The buyer plans on rehabbing the mixed-use building with retail and apartments on the second floor.
LEASING
Exelon Generation Co, repped by Savills Studley’s Joseph Learner and Robert Sevim, completed a 147k SF lease renewal at Cornerstone at Cantera, 4300-4320 Winfield Rd (above) in Warrenville. JLL’s Jeff Shay and Steve Flachbart repped ownership.
***
NAI Hiffman EVPs Steve Connolly and Mark Moran repped Sun Life Assurance Co of Canada, the owner of 365 Crossing Rd in Bolingbrook, in its lease expansion with RockTenn for 97k SF of industrial space. The manufacturer originally occupied 163k SF in the building, and now occupies the entire 260k SF building. Colliers’ Douglas Biggs, Jack Rosenberg, and Fred Regnery repped RockTenn.
***
Adelphia Properties’ George Spirrison repped both sides in a 1,800 SF lease at River Road Center in Des Plaines to Tosev Automotive.
CONSTRUCTION & DEVELOPMENT
A JV between MedProperties Holdings and The LaSalle Group began construction on a 46-bed, 27k SF memory care community (above) in Gurnee. Located on the east side of Hunt Club Road, one mile west of the I-94 and Grand Avenue Interchange, the community will be operated by The LaSalle Group under its Autumn Leaves brand. Construction is scheduled to be completed in May 2015 and TCF National Bank is providing construction financing.
***
Duke Realty Corp is developing a 757k SF build-to-suit industrial building for grill manufacturer Weber-Stephen Products, near its manufacturing facility in Huntley. Weber will consolidate its existing US warehouse operations into its new national distribution center. Darwin Realty’s Noel Liston repped Weber and Duke VP Ryan O’Leary repped the developer.
***
The Opus Group plans to build a 52k SF retail building for Minnesota retailer Gander Mountain in Algonquin. The new retail facility will be a smaller, more open concept store, including office and storage spaces. Opus Design Build is GC and CMA is providing architecture services. Completion is slated for this fall.
EXECUTIVE MOVES
Katy Ruscitti joined Cushman & Wakefield’s US corporate project management team as project management director and central regional lead. The 25-year industry vet was most recently at Gensler, where she was account director for Discover Financial Services and oversaw 2M SF of space renovations. She received a BS in architectural studies from the University of Missouri.
***
EDGE Commercial Real Estate promoted Ashley Geiger to AVP property services group. She will be focused on adding value and elevating investment performance across the EDGE portfolio.
KUDOS
333 N Michigan (above) was awarded LEED-EB Silver. The property is owned by Wirtz Realty Corp and leased and managed by MB Real Estate. Part of a $47M redevelopment of the 34-story office property, green initiatives taken include the installation of sustainable equipment and aerators, recycling programs, and green cleaning.
