The Deal Sheet
SALES
Mid-America Real Estate Corp's Ben Wineman and Joe Girardi repped the seller, Kimco Realty Corp, in the $19M sale of 150k SF Matteson Center (above) in Matteson to Cole Credit Property Trust IV. Located at the NW corner of Lincoln Highway (US 30) and Cicero Avenue, the center is anchored by Marshalls, Sports Authority, Ross Dress for Less, and PetSmart.
Marcus & Millichap Real Estate Investment Services investment specialists Austin Weisenbeck and Sean Sharko repped the seller, a private investor, and the buyer, a St. Louis-based investment company, in the $7.6M sale of 37k SF Lonore Plaza (above), located at 7132 Dempster St in Morton Grove. The center is more than 91% occupied by tenants including Bedding Experts and Drycleaning Factory.
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Inland Real Estate Brokerage & Auctions completed the $3M sale of about 32.3 acres of retail development land at Joliet Crossings in Joliet. President Paul Rogers and executive broker associate Heather Devermann repped the seller, Wintrust Financial Corp. Located at the NW corner of Route 59 and Theodore Street, the site is anchored by LA Fitness, which was not included in the sale. The sale was co-brokered by Thanasouras Commercial Properties' Tim Thanasouras.
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Kudan Group consultant Scott Reinish negotiated a partnership at 222 W Ontario (above), formerly Crescendo, located near nightspots like Spy Bar, Y Bar, and Soundbar in River North. A local group plans to open a distinctive nightclub concept this spring.
LEASING
Mid-America Asset Management principal Richard Spinell, VP Jaime Platt Bertsche, and leasing rep Maria Rossobillo repped the landlord in two leases totaling over 32k SF at 80k SF Cadwell's Corners (above), located at the NE corner of Waukegan Road and Lake Cook Road in Deerfield. Anchor tenant Fresh Thyme Farmers Market (repped by ARCORE Real Estate Group's Andy Robbins and Al Rodenbostel) signed a 31k SF lease for its second Chicago area location and is expected to open in summer 2014. Studio A Salon signed a 1,729 SF lease for its second location and is expected to open in early 2014.
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Data Stream signed a 7,882 SF lease at the Chicago Board of Trade Building, where the company plans to build and maintain a data center. The company officially entered the Chicago market in August when it signed a 1,459 SF lease in the building for its regional sales team. GlenStar Properties and partner USAA Real Estate Co purchased the property in April 2012, the first time in its 83-year history it was not owned by the exchange.
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Ova Water Services signed a 5,000 SF warehouse lease in Addison. JBS Commercial Real Estate partners Brian Silverman and Jason Shibata repped ownership, Northbrook-based Rothbart Realty. GC Realty's Jeff Piser repped the tenant.
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Bien Trucha and Blue Sushi Sake Grill will open locations in the new Water Street District, being developed by Marquette Real Estate Investments, in downtown Naperville by fall 2015. In addition to the Hotel Indigo Naperville, the district will include restaurants, retail, and the Riverwalk, along with a 500-plus space public/private parking facility adjacent to the hotel.
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Kudan Group consultants Jarrett Fradin and Scott Reinish repped the landlord in a new lease at 3401 N Clark St, formerly El Jardin Cafe. CBRE VP Todd Siegel repped the new tenant, who plans to open a poutine concept early next year.
EXECUTIVE MOVES
Pangea Properties co-founder Steve Joung has been promoted to president of the company. Formerly COO, he will oversee management and operations in his new role. Before co-founding Pangea, Steve served as COO at CashNetUSA, an online lending company which now operates as Enova International. Over the past four years, Pangea has invested over $250M into renovating nearly 10,000 distressed units throughout the Chicago area, Indianapolis, and Baltimore.
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Marcus & Millichap Real Estate Investment Services promoted Scott Niedergang to AVP investments. He began his career with Marcus & Millichap in '07, and after 18 months in the sales intern program became an associate in the firm's healthcare real estate group. In April 2012 he was promoted to senior associate. Since joining the firm, Scott has advised clients on the sale of more than 50 transactions in 18 states.
KUDOS
RMK Management Corp EVP Diana Pittro was elected president of the National Apartment Association's Education Institute (NAAEI), which provides education and career development programs for the industry nationally. The 20-year industry vet, currently VP for NAAEI and regional VP of the National Apartment Association, is also VP of the Chicagoland Apartment Association.
