The Deal Sheet
SALES
Transwestern managing directors Gary Nussbaum and Thomas Gorman, along with senior associate David Matheis, repped the seller in the $16.3M sale of Oak Brook Technology Center (above), a 194k SF complex located at 800 and 810 Jorie Blvd in Oak Brook, to Server Farm. The property was 66% leased at the time of sale. Current tenants include XO Communications, NaviSite, Zayo, and US Signal.
Lee & Associates completed a $9.2M sale involving the former Gold's Gym facility at 1655 Nations Dr in Gurnee. Rick Scardino, director retail brokerage in Lee's Chicago office, repped Gold's Gym owner Dick Glass, who operated the 72k SF franchised facility. The Gurnee Park District purchased the property, renovated the space, and reopened as FitNation. Snapped at the ribbon cutting: Dick, Gurnee Park District executive director Susie Kuravilla, and Rick.
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Flooring company EJ Welch & Co purchased a 75k SF industrial building at 2601 Lively Blvd in Elk Grove Village. The firm is relocating operations from Morse Avenue in Elk Grove Village. Paine/Wetzel TCN Worldwide VP Theresa Gleason repped the buyer; CBRE's Mike Sedjo, Kevin Zegerson, and Chris Zubel repped the seller, Prologis.
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Popcorn Palace, repped by NelsonHill principals Mark and Michael Nelson, purchased the 53k SF industrial manufacturing building at 16 W 030 83rd St in Burr Ridge for the expansion and relocation of its operations from Schiller Park. The company plans to occupy 35k SF of space and retained NelsonHill to lease the remaining 18k SF. NelsonHill also assisted the company with favorable SBA financing through SomerCor, which provided capital for the acquisition and redevelopment. Korman Lederer's Harley Korman repped ownership.
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New Supplies Co purchased the former Bakker Produce building in Griffith, Ind. for the relocation of its corporate HQ from Romeoville. The acquisition included 52k SF sitting on 8.5 acres at 211 W Main St, and the firm plans to start remodeling immediately. Latitude Commercial repped both sides in the transaction.
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Lee & Associates of Illinois principal Chris Nelson repped Trio Pines USA in its purchase of a 39k SF warehouse at 1125 Jansen Farm Dr in Elgin. NAI Hiffman's Bruce Granger repped the seller, Fontana America.
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Eleganza Tiles acquired a 36k SF building at 2200 W Devon Ave in Elk Grove Village after leasing the property for five years. Paine/Wetzel TCN Worldwide VP Theresa Gleason repped both the buyer and seller, Sitex Group.
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Transwestern brokered the $1.9M sale of a Burger King (5.8% cap rate), located at 7222 S Stony Island. The 2,033 SF property was purchased by an individual investor from California. With a new 20-year lease, Burger King plans to remodel the current facility using its latest building prototype. The seller was repped by Transwestern managing directors Andrew Watson and Marc Imrem.
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First Western Properties' Kellen Duggan and Paul Tsakiris brokered the sale of 27W150 Roosevelt Rd in Winfield, an 8,543 SF former suburban steakhouse, including high-end restaurant equipment. First Western was the third brokerage to handle the assignment and overcame municipal zoning restrictions.
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TLP Group purchased an 11k SF retail building at 2769 N Lincoln Ave. Lee & Associates of Illinois director of retail brokerage Rick Scardino and SVP Jason Sorce repped the seller, Chicago Brass; 33 Realty's Drew Millard repped the buyer.
LEASING
Lee & Associates of Illinois principal Jeff Janda and SVP Mike Plumb repped Elite Cos in its lease of a 63k SF warehouse building at 310 Windy Point Dr in Glendale Heights. Cushman & Wakefield's Mike Hawryluk and Britt Casey repped ownership, TA Associates.
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BMO Harris Bank signed a 2,016 SF lease and Colour Nails signed a 2,174 SF lease at Chatham Market, located on the SW corner of West 83rd Street and Stewart Avenue. The 9,711 SF building is part of a project anchored by Walmart and Lowe's. Mid-America Asset Management VP Barb Kading and leasing rep Angela Gasbarro repped the landlord in both leases; JLL's Jason Trombley repped BMO Harris.
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Waterleaf Women's Center leased a 2,970 SF retail building at 3590 E New York Ave in Aurora. Lee & Associates of Illinois SVP Joe Herron repped ownership, 7-Eleven, and Cornerstone Commercial Partners' Mike Bauer repped the tenant.
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Sneaker Villa inked a 6,069 SF lease and Wingstop signed a 2,016 SF lease at Marshfield Plaza, a 38-acre development anchored by Target, Jewel-Osco, and Burlington Coat Factory, on the NW corner of 119th Street and Marshfield Avenue. Mid-America Asset Management principal/VP Marget Graham, VP Jaime Platt Bertsche, and leasing rep Maria Rossobillo repped the landlord in both leases. Bialow Real Estate's Gregg Stein repped Sneaker Villa and Keystone Ventures' Tim Hague repped Wingstop.
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Green Energy Improvement doubled the size of its office space within the Green Exchange, 2545 W Diversey Ave in Logan Square. The company has also doubled its staff since moving into the building in July 2012. The Green Exchange was recently awarded LEED Platinum status and received the 2013 Outstanding For-Profit Neighborhood Real Estate Project award.
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PMMG leased 4,296 SF of industrial space at 890 Eagle Dr in Bensenville. Lee & Associates of Illinois senior associate Jay Farnam repped ownership, RREEF, and JBS Commercial Real Estate's Jeff Feste repped the tenant.
DEVELOPMENT
Related Midwest unveiled Adler Place (above), the last in the trio of previously stalled South Loop condo towers, South Loop Luxury by Related, to be re-launched by the developer. Located at 1629 S Prairie Ave, the 32-story, 275-unit condo tower features an outdoor rooftop pool and sundeck, fitness center with sauna and hot tub, and an on-site dog run. Half of the 500 condos in the collection are already sold.
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The 615-unit Axis Apartments and Lofts, 441 E Erie St in Streeterville, is under new ownership. Managed by Village Green, the community is currently undergoing a multi-million dollar apartment and amenity renovation. Community features include a sun deck, heated indoor pool, sauna, and fitness center. Units range from 483 SF to 2,352 SF, with prices ranging from $1,237/month to $4,398/month.
EXECUTIVE MOVES
Diana Riekse joined CBRE's occupier practice as an SVP in its suburban tenant rep group. From CBRE's Oak Brook office, the 20-year industry vet will continue working with corporate tenants in the suburbs and on multi-market assignments. She was previously EVP at JLL since '04; her clients have included national portfolios such as Catamaran and Phoenix International, as well as DuPage HQ clients such as HAVI Global Solutions and Redbox Automated Retail.
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First Eagle Bank tapped Roger Kieffer as SVP, commercial lending. He was previously with Metropolitan Bank Group, which he joined in 1989, where he served as bank president and as chief credit officer while the group expanded from four to 12 community banks. Roger received his undergrad degree from Marquette and his MBA from the University of Wisconsin.
BUSINESS
Equity Office selected Newmark Grubb Knight Frank as the exclusive leasing agent for 694k SF Executive Towers West (above), located at 1400, 1411, and 1431 Opus Pl in Downers Grove. John Clark, Rob Lundin, and John Norris will lead the assignment. A 48k SF full-floor space and several spec suites are available, and capital improvements underway include a new tenant lounge and lobby renovations.
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Bradford Allen Realty Services, led by Roger Clark, was tapped to manage 50k SF, 100% leased 405 W Superior St on behalf of new ownership, New York-based MicroOffice Management, which closed on the River North property last month. MicroOffice will convert two of the building's seven floors into co-working space for startups, under its Coalition brand, as leases expire.
