The Deal Sheet
SALES
CBRE Strategic Partners US Value 6, a fund sponsored by CBRE Global Investors, acquired the 953k SF office tower at 181 W Madison. The transaction was sourced off-market through Eastdil, who repped the seller. The property is 83% leased with limited rollover, and the fund team plans a significant capital campaign to enhance amenities and obtain LEED certification, as well as a spec suite program.
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L3 Capital paid $35.5M for Market Square in Lake Forest (above), the first designed shopping center in the country, developed in 1916 for $750,000. The 26 retailers include Williams-Sonoma, J Crew, and Forest Bootery, and L3 plans to invest heavily in the property (50k SF of retail and 50k SF of office) over the next two years.
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CBRE Hotels SVP Nate Sahn and associate Drew Nocker repped the seller, an affiliate of New York-based Glenmont Capital Management, in the sale of the 242-room Wyndham Lisle-Chicago in the west suburbs to locally-based Vinayaka Hospitality Lisle. New ownership plans an extensive renovation and the hotel was converted to a Sheraton upon sale.
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Inland Real Estate Brokerage & Auctions sold 420-unit Stonegate Apartments, located on Gregory Avenue and Glen Ellyn Road in Glendale Heights, for $26.7M. Executive broker associate Paul Montes and senior broker associate Eric Spiess repped the seller, Inland Midwest Development Corp, and also sourced the buyer, a local operator.
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Cedar Street Co paid $7.2M for Manchester Square, a mixed-use property at 601-611 N Milwaukee Ave in downtown Libertyville, in a BMO Harris Bank short sale transaction acquired via an FDIC assisted sale of AMCORE Bank. The partially competed building is three stories with 86k SF of net leasable space, currently including retail, office, and residential. Cedar Street plans to complete the residential build-out on the third floor and convert office units on the second floor to residential, delivering 30 units upon completion.
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Millennium Properties R/E, repping the lender, recently completed the sale of two infill industrial properties totaling 178k SF within the Addison Industrial Corridor. Located at 3029 (70% occupied) and 3057 N Rockwell (vacant), the properties were sold as a portfolio to a property management and development company.
NelsonHill senior associate Gavin Stainthorpe completed the acquisition of a 42k SF industrial building (above) on behalf of Town & Country Limousine. The company purchased the building at 615 W 41st St to accommodate the expansion and relocation of their operations from 3201 S Hoyne Ave. Cushman & Wakefield's Colin Green and Larry Goldwasser repped the seller, Coach USA.
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Sperry Van Ness/Landmark Commercial Real Estate managing director/broker Neil Johnson and advisor Joel Miller completed the sale of the 1.1M SF, 50% occupied Charlestowne Mall, located at 3800 E Main St in St Charles, to The Krausz Cos. The spaces occupied by Von Maur and Kohls are separately owned and were not included in the sale.
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First Western Properties completed the sale of 215 E Grand Ave in Streeterville, a 2,500 SF building formerly home to Mary's Cafe. The property sold in eight days for $592/SF.
LEASING
Comprehensive Logistics Co leased 81k SF of warehouse space at 480 E Lincoln Hwy in Chicago Heights. Lee & Associates of Illinois principal Walter Murphy and VP Scott Anderson repped ownership, South Suburban Industrial, and Omni Consulting's Howard Moss repped the tenant.
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Rosati's Pizza signed a 1,400 SF lease in 95th Street Plaza in Naperville. Adelphia Properties' Simeon Spirrison repped both sides in the lease.
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Lee & Associates of Illinois principals CJ Kuehl and Ellen Steinbrecher repped Corporate Strategies & Solutions in a renewal of 3,137 SF of office space at 55 Shuman Blvd in Naperville. The building is owned by Franklin Partners.
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King Spa & Massage Therapy signed a 1,485 SF lease in 95th Street Shops in Naperville. Adelphia Properties' Simeon Spirrison repped the landlord and George Spirrison repped the tenant.
CONSTRUCTION & DEVELOPMENT
USAA Real Estate Co and The Opus Group started construction on I-88 Gateway Logistics Center, a 605k SF spec industrial building located at 1200 Orchard Gateway Blvd in North Aurora, that will be owned by an investment affiliate of USAA. Completion is scheduled for June 2014.
EXECUTIVE MOVES
DTZ named EVP Todd Mintz co-managing director of its Chicago office, to share leadership responsibilities with EVP Christopher Wood. Todd joined DTZ in 1990. He holds a BA in economics from the University of Wisconsin, Madison and attended the executive management program at the Kellogg School of Management, Northwestern University.
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Bradford Allen Realty Services/TCN Worldwide of Chicago principal and co-founder Laurence Elbaum has been reelected chairman for the 2013-2014 TCN Worldwide board of directors. Laurence co-founded Bradford Allen with Jeffrey Bernstein in October 2003 and was elected to the board of directors in 2006.
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Kanan Desai joined SCGroup Real Estate as VP, where she will specialize in tenant representation. She previously designed and managed projects for the public and private sector, including Robert Bosch Corp and The Village Hall of Romeoville, and received a Master's in architecture from Kansas State University.
BUSINESS
MB Real Estate was awarded the leasing assignment for 1.4M SF 10 & 120 South Riverside Plaza, a LEED Silver two-building office complex located within immediate proximity to Union and Ogilvie Stations, by Callahan Capital Properties. Danny Nikitas, Gary Denenberg, and Sara Spicklemire will rep ownership.
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Transwestern was named exclusive leasing agent for 150 E Huron, a 93k SF office building near the Mag Mile. The leasing team will be led by VP Katie Steele, new senior associate Courtney Baratz, and EVP Michael Lirtzman. Transwestern will also be property manager for the office portion of the building (currently 86% leased), owned by Driftwood Hospitality Management.
