The Deal Sheet
SALES
Insite Real Estate sold 158k SF 999 McKinley Dr in Ottawa to Garcoa Laboratories. CBRE SVPs Mike Svoboda and Dave Prioletti repped Insite and Lee & Associates of Illinois's Greg Rubin repped Garcoa.
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Venture One Real Estate, through its acquisition fund, VK Industrial II LP, closed on a 74k SF fully-leased industrial building at 733-747 Kimberly in Carol Stream. Darwin Realty and Development's Adam Haefner repped the seller.
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Book distributor Children's Plus purchased a 47k SF industrial building at 3330 Holeman in South Chicago Heights for its relocation and expansion. Paine/Wetzel TCN Worldwide principal Ed Wabick, along with Brant Cos' Jeff Brant, repped the seller, Plastic Suppliers. CBRE's Larry Johnson repped the buyer.
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ARC Property Investment purchased a 40k SF flex building at 150 Spring Lake Dr in Itasca. Lee & Associates of Illinois principals Jeff Janda and Jim Planey, along with SVP Mike Plumb, repped the seller, Spring Lake Partners; Newmark Knight Frank Epic's Joe Karmin repped the buyer.
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Hanover Displays purchased a 24k SF industrial building at 1601 Tonne Rd in Elk Grove Village. Lee & Associates of Illinois principal Chris Nelson repped the seller, Trio Pines USA; Baird & Warner's Ron Popp repped the buyer.
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Master Spring & Wire Form Co purchased a 19k SF industrial building at 1340 Ardmore Ave in Itasca. Lee & Associates of Illinois principal Jeff Janda and SVP Mike Plumb repped the seller, Prologis; Newmark Knight Frank Epic's Ed Brandt repped the buyer.
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Produce provider Anthony Marano Co purchased 7 acres at Ashland and 30th Street within Prologis Park. The company chose the site because it's adjacent to current operations at 3000 S Ashland Ave. Paine/Wetzel/ TCN Worldwide principal Ed Wabick repped the buyer and Colliers' Vern Schultz and Mike Senner repped the seller, Prologis.
LEASING
Catalog company Colony Brand leased a 427k SF distribution building at 1615 Commerce Dr in Sun Prairie, Wis. The transaction was handled by SVP Gerry Norton and associate Andy Lubinski in Binswanger's Minneapolis office.
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Venture One Real Estate leased 41k SF of manufacturing space, located within 86k SF 12520 S Lombard Ln in Alsip, to thrift store operator Nandorf for use as a warehousing facility. Podolsky|Circle CORFAC International principal Corey Chase repped ownership and CBRE's Larry Johnson repped Nandorf.
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PSAV renewed a 33k SF industrial lease at 2880 Galvin Dr in Elgin. Lee & Associates of Illinois principal John Sharpe and Steve Bass repped ownership, Stockbridge Real Estate, and Studley's Jonathan Metzl repped the tenant.
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Illinois Central School Bus leased 13k SF of industrial space at 721 Kress Rd in West Chicago. Lee & Associates of Illinois principals Jeff Janda and Jim Planey repped ownership, LaGrou Properties; Colliers' Brian Kling repped the tenant.
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Dollar Tree leased 10k SF in West Park Plaza in Charleston. Adelphia Properties' Simeon Spirrison and George Spirrison repped the landlord.
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NAI Hiffman EVP Mike Van Zandt and VP Brian Edgerton repped ownership at One Oakbrook Terrace (above) in four leases: Foster & Foster renewed its 3,356 SF lease; Alligatortek signed a new 2,971 SF lease; Accountable Healthcare Staffing leased 2,541 SF; and AIMCO leased 2,973 SF. Cresa Partners' Paul Giannopulos repped Foster & Foster and AIMCO; Chicago Realty Co's David Ariola and Hugh Zhang repped Alligatortek; and Crosstown Real Estate Advisors' Matt Baumann repped Accountable Healthcare Staffing.
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Adelphia Properties' Simeon Spirrison repped the landlord in a 3,000 SF lease to children's clothing store Fluff Envy at 810 N La Fox St in South Elgin.
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First Western Properties' Paul Tsakiris and Fahim Lakhani completed Burger King's 20-year renewal at 1024 E Sibley Blvd in Dolton. Co-tenants at the property include Food 4 Less, Dollar General, and Rent-A-Center.
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Indo US Sales leased 4,080 SF of warehouse space at 784 Hawthorne Dr in West Chicago. Lee & Associates of Illinois senior associate Jay Farnam repped ownership, Inland Fasteners.
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European Wax Spa leased 1,400 SF at 949 W Madison St in the West Loop. First Western Properties' Paul Tsakiris brokered the deal.
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Sweetville signed a 1,450 SF lease in 95th Street Shops in Naperville. Adelphia Properties' Simeon Spirrison repped both sides in the transaction.
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First Western Properties' Kellen Duggan repped the tenant, an art gallery operator, in a 1,200 SF lease at 1430 W Chicago Ave.
FINANCING
George Smith Partners arranged $18.9M in financing on behalf of Pheasant West for the refi of its 200k SF office building at 7974 UW Health Ct in Middleton, Wis. (above), currently leased by the University of Wisconsin Medical Foundation. The loan, provided by a Florida-based lender, has a 10-year term, 8-year fixed rate of 4.65%, and a 20-year amortization.
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NorthMarq VP Erik Kunz and AVP Chris Leggee secured $2.5M in financing for the redevelopment of Southpoint Plaza at 635 Chicago Ave in Evanston, which will include Walgreen's first "net zero energy" retail store in the nation, opening in late November. Using various green technologies, the new store is projected to produce more energy than it consumes and the company hopes it will achieve LEED Platinum status.
CONSTRUCTION & DEVELOPMENT
Related Midwest topped off 111 W Wacker Dr, its new 504-unit, 60-story apartment tower that will open in summer 2014. Related acquired the site in 2011 and resumed construction on the concrete shell (originally the site of Waterview Tower, the Shangri-La Hotel, and luxury condos) in October 2012.
EXECUTIVE MOVES
Urban Innovations promoted Monica Makin to VP of acquisitions and asset management, leading both teams within the company's affordable housing division. Prior to joining Urban Innovations in 2011, Monica was with National Fund Equity and Homestead Capital in Portland, Ore. She received her JD from the University of Oregon and BA in criminal justice from the State University of New York at Albany.
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Industrial specialist Michael Mangan joined Studley's Chicago office an associate director. He will work with senior managing director Bruce McConnell to build the company's industrial presence in the Midwest, with a primary focus on Chicago. Michael was previously senior associate of CBRE's industrial properties group.
KUDOS
The Wrigley Building received The Real Estate and Building Industries Council of Landmarks Illinois 2013 Award. The ownership consortium is led by BDT Capital Partners and includes Zeller Realty Group, as well as Eric Lefkofsky and Brad Keywell personally, as minority investors.
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CBRE's Interface showroom project was awarded LEED for Commercial Interiors Platinum certification. Significant achievements include a 48% reduction in lighting power density by using natural light and an efficient layout and fixtures and a stand-alone HVAC unit to promote energy optimization.
