The Deal Sheet
SALES
Essex Realty Group's Jim Darrow and Jordan Gottlieb completed the $7.3M sale of 525 Kedzie St (above) in Evanston. The property is a new construction, 20-unit mixed-used apartment building originally built as upscale condos. Its commercial space is leased to Budget and Avis Car & Truck Rental.
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Kiser Group managing director John Meyer repped both sides in the $4.5M sale of a 52-unit brick apartment complex (above) at 1230-1244 Carol in Park Ridge.
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Mid-America Real Estate Corp's Tom Fritz and Mark Goldberg repped the seller, a local area investor, in the $2.3M sale of a two-tenant 88k SF retail building leased to Big Lots and Home Owners Bargain Outlet (HOBO) in Crest Hill. The buyer was a private investor in California. The property is primarily located along Larkin Avenue (SR-7), bordering Plainfield Road (US-30) to the north and Theodore Street to the south.
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The Boulder Group completed the $1.6M sale of a single tenant net-leased 7-Eleven property at 3005 N Pulaski Rd. 7-Eleven occupies a 3,200 SF retail building that was developed this year, with 10 years of lease term remaining. Boulder's Randy Blankstein and Jimmy Goodman repped the seller, a Midwest-based developer, and the buyer was a 1031 exchange.
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Sperry Van Ness Chicago Commercial's Craig Franzen and Ben Andrews completed the $1.4M sale of a 1.49-acre site (above) including a 4,363 SF freestanding retail building at Deer Grove Shopping Center, 741 E Dundee Rd, in Palatine. Previously occupied by Applebee's, the parcel was sold to a local developer who plans to redevelop the parcel into a new 10k SF multi-tenant retail development.
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@properties Commercial senior broker Mike Levin repped the seller, Inland Bank & Trust, in the $1.1M sale of a 12k SF automotive service building at 1700 Busse Rd in Elk Grove Village. The buyer was a private investor who plans to rehab the property and lease it to a trucking operator.
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First Western Properties completed the sale of a 9,782 SF lot at 100 W Huron in River North, after receiving multiple offers from hedge funds, out of state investors, international investors, and local developers. The buyer, local developer Rajen Shastri from Akara Partners, has preliminary plans to build a 65-unit residential building.
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Millennium Properties R/E repped a Chicago-based lender in the sale of a 3.4-acre development site near 159th Street and Will-Cook Road in Homer Glen. The new owners, Richards Building Supply, will develop the site into a new HQ location. The site can support up to a 19k SF building.
LEASING
Advanced Technology Services leased 41k SF in 712k SF Woodfield Corporate Center, 425 N Martingale Rd in Schaumburg, from New York Life Real Estate Investors on behalf of institutional investors. CBRE's Mark C. Smith and Dan Graham repped New York Life Real Estate Investors and Cushman & Wakefield's Craig Cassell and Jay Stewart repped ATS. Lincoln Property Co's Edie Scurto leads the team that manages the complex for New York Life.
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Assisted Living Concepts will move its corporate HQ from Menomonee Falls, Wis. to Chicago by the end of the year. Repped by Studley, the company leased 25k SF at 330 N Wabash to house roughly 100 corporate employees, beginning in December. ALC is eligible for tax credits under the Economic Development for a Growing Economy program.
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Goodwill signed a 10k SF lease in West Park Plaza in Charleston. Adelphia Properties' Simeon Spirrison repped the landlord in the transaction.
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@properties Commercial senior broker Mike Levin and broker associate Julie Marcus repped the landlord in a five-year, 4,940 SF lease for Exotic Auto Spa at 535 Green Bay Rd in Wilmette.
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NAI Hiffman VP Aubrey Van Reken repped Special Olympics Illinois in a new 5,905 SF lease of furnished office space at 41k SF 500 Waters Edge in Lombard. The organization will use the space for its northern regional office. Golub & Co's Caroline Colnon repped ownership, Oak Creek Center TT.
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Belmont Bank and Trust Co, repped by @properties Commercial senior broker Larry Cohn, inked a 10-year lease for 2,500 SF of retail space at 121 W Wacker Dr, owned by LW Retail (owner of just the retail space), in the Loop. This is the second location for the bank, which is HQ'd at 8250 W Belmont Ave.
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NAI Hiffman repped ownership in three suburban retail transactions. Jewel signed a new 10-year lease with F&J Tan (repped by Joseph Rossi & Associates' Joseph Rossi), a dental group, at the Jewel-anchored center at 7339 S Cass Ave in Darien. At the Jewel-anchored Woodstock Center, 113 S Eastwood Dr in Woodstock, 111 Eastwood LLC signed Athletico (repped by Mid-America's Peter Scannell) to a five-year lease for 2,625 SF. At City Park, 250 Parkway Dr in Lincolnshire, ECD-Lincolnshire Retail signed Roosters Men's Grooming Center (repped by Cushman & Wakefield's Jack Siragusa) to a five-year lease for 1,300 SF. NAI Hiffman's Jennifer Hopkins, Michael Meksto, and Jim Tsevis repped Jewel in the F&J Tan lease, and Jennifer also repped 111 Eastwood LLC and ECD-Lincolnshire Retail.
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@properties Commercial senior broker Linda Saran repped Aries Global Logsitics in a three-year lease for 1,237 SF of office space at 650 E Algonquin Rd in Schaumburg. The space is owned by Meridian Lakewoods.
FINANCING
Berkadia Commercial Mortgage VP Paul Matusiak, SVP Len Deering, and SVP Tom Sigrist closed a $15.8M loan through HUD's 223(f) program for Serenity HighPoint Apartments in Romeoville. The loan was used to refi an existing mortgage on the 113k SF affordable housing complex (98% occupied). The property features a 27k SF community center operated by the Institute for Community.
CONSTRUCTION & DEVELOPMENT
Conor Commercial Real Estate and Ravine Park Partners broke ground on 248-unit Woodview Apartments (above), located at Deerfield Road and I-94 in Deerfield. The co-development team will begin tenant occupancy in Q1 '15. while the remaining portions of the complex will be completed in summer 2015. The development will feature a structured parking deck and surface parking for 422 vehicles and a two-story community clubhouse.
EXECUTIVE MOVES
DTZ appointed Steven Quick CEO of global corporate services, based at the firm's global HQ in Chicago. Steven will oversee the company's global platform servicing occupier clients like major corporations, institutions, and government agencies. He was previously executive managing director of global corporate services at CBRE. A licensed CPA, Steven earned his MBA in finance and management from the University of South Florida and his BS in accounting and business at ISU.
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NAI Hiffman added three new associates to its brokerage team: Howard Bergdoll, Brett Tomfohrde, and Kyle Kreminski. Howard, an Indiana grad, joined the industrial services group, where he'll focus on the West and North Cook submarkets. Brett, a Miami of Ohio grad, will also work in industrial, focusing on the I-88 submarket. Kyle, an LSU grad, joined the office service team, with a focus on the North Suburban market.
BUSINESS
Bradford Allen has been hired as exclusive leasing agent at two East West Corridor office buildings: 360 E 22nd St in Lombard and 400 E Diehl Rd in Naperville. A team led by directors John Millner and Allison Reynolds will handle both assignments. The Lombard property is an 111k SF data center and disaster recovery facility owned by the Levy Organization, with 20k SF of space available. The 58k SF Naperville property was purchased by Madison-based Sara Investments Real Estate earlier this year, and is currently 100% leased, with a 4,600 SF vacancy coming to market in January.
