The Deal Sheet
SALES
Bridge Development Partners sold a 319k SF industrial facility (above), 2700 Alft Ln in Randall Crossings Business Park in Elgin, to Boston-based TA Associates for $20.2M. Colliers’ Jeff Devine and Steve Disse, as well as Lee & Associates of Illinois’s Ken Franzese and John Cassidy, repped Bridge and its capital partners, Wanxiang America Real Estate Group and Hunt Realty Investments. Bridge/Wanxiang remains owner of the adjacent 10.2-acre parcel at 2750 Alft Ln and recently broke ground on a 225k SF spec industrial facility there.
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On behalf of a Midwest development group, JLL (led by Matthew Berres) completed the $10.4M sale of Geneva Commons, a 55k SF multi-tenant retail center in Lake Geneva, Wis., to an Illinois-based institutional real estate firm. The four properties are 100% NNN leased to TJ Maxx, Jo-Ann Fabrics & Crafts, DaVita Dialysis, Rue21, Kay Jewelers, and Great Clips.
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CBRE FVP Michael Kaider completed the $9.1M sale of a 46k SF net-leased LA Fitness in Lansing. The seller was Auburndale Properties and the buyer was Realty Income.
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NAI Hiffman’s Jennifer Hopkins and Jim Tsevis repped the owner of Windfall Plaza, 1175 N Gary Ave in Carol Stream, in the sale of about two acres of land to Jet Brite Car Wash. The automated car wash will occupy the NE corner of the property in front of Saver’s Thrift Store. Jet Brite, which also has facilities in Addison, Aurora, and Villa Park, plans to open this as its fourth location by Q3 this year.
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Quantum Real Estate Advisors brokered the $1.8M sale of a 2,280 SF Starbucks in Naperville to a cash buyer based in Florida. There were roughly 14 years remaining on an initial 15-year lease. Quantum’s Jordan Kaufman and Daniel Waszak repped the seller, a New York-based investor.
LEASING
CIM Group signed leases with two restaurant groups, Richard Sandoval Restaurants (owned by the celeb chef) and the Lawless Family (The Gage, Henri), which will both bring new dining concepts to the 275k SF Block Thirty Seven (above) in the Loop. Richard Sandoval’s first venture in Chicago will be a 22k SF multi-concept dining hall on the third floor. On the ground floor corner at Randolph and Dearborn, the Lawless Family will open a restaurant and bar within a 5,500 SF space.
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Dallas-based MV Transportation signed a 58k SF lease at 3301 W Pershing Ave in Stockyards Business Park. Podolsky|Circle CORFAC Interntional principal Corey Chase repped the tenant and Urban Investment Research’s Dave Peluso repped the landlord, 3301 Burnham LLC. The five-year lease’s total value topped $1.7M.
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Orange Theory Fitness signed a 2,942 SF lease at Rice Lake Square, just east of the NE corner of Butterfield and Naperville in Wheaton. The 251k SF center is anchored by Whole Foods, Stein Mart, and Sports Authority. Mid-America principal/VP Marget Graham and VP Katie Hennegan repped the landlord. Lagestee-Mulder’s Martha Winter repped the tenant.
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NAI Hiffman repped Drapac Group in its new lease with event planner The Revel Group (repped by Dickson Cos’ Lee Dickson) at 37k SF 1215 W Fulton St in the West Loop. VP Kelly Disser, with NAI HIffman’s industrial services group, brought Drapac the acquisition opportunity last year and was retained with associate Kyle Barrett to market the property for lease. Kelly also repped Drapac in the purchase of 1400 W Carroll; the seller, Hilco, was repped by NAI Hiffman EVP John Cash and VP David Haigh.
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DSW signed a 12k SF lease at Oakland Place at the SW corner of Sycamore and Barber Greene in DeKalb. The 156k SF center is anchored by Michaels and TJ Maxx and shadow-anchored by Super Target. Mid-America VP Katie Hennegan repped the landlord; Tartan Realty Group’s Michael Schertler repped the tenant.
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Hinsdale Orthopedics signed an 8,062 SF lease at 141k SF Garden Market, located at the SW corner of 47th St and Willow Springs Rd in Western Springs. The center is anchored by Mariano’s, Walgreens, and Tuesday Morning. Mid-American principal/VP Marget Graham and leasing rep Samantha Spinell repped the landlord. JLL’s Diana Riekse and Kellen Monti repped the tenant.
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The Wrigley Building signed four new office leases: Talent Partners (repped by DTZ’s June Simonian) will lease 29k SF in the South and North Towers; Sheridan Legacy GP I (repped by C&W’s Steven Bauer) will lease 9,425 SF in the South Tower; RI Holdings Co (repped by JLL’s Corey Siegrest) will lease 7,121 SF in the South Tower; and H&H Solutions (repped by CBRE’s Emily Smith) will lease 1,472 SF in the South Tower. Brokers for the building are Zeller Realty Group’s Carrie Bradley and NGKF Chicago’s Karin Kraai.
FINANCING
Marcus & Millichap Capital Corp director Richard Lynn arranged $10.6M of debt for 238k SF North Ridge Plaza in Joliet. Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office repped the buyer, Boston-based 1031 exchange North Windham Properties; Scott Wiles and Craig Fuller in the firm’s Cleveland office, along with Sean Sharko and Austin Weisenbeck in the firm’s Chicago Oak Brook office, and Erin Patton in the firm’s Columbus office, repped the seller. A Chicago-based community bank provided the four-year fixed loan at 4.5% interest.
CONSTRUCTION & DEVELOPMENT
Conor Commercial Real Estate and JV partner Globe Corp completed Northwest Pointe, a new 343k SF spec industrial facility within Northwest Corporate Park in Elgin. The Class-A facility offers single- or multi-tenant suites ranging from 70k SF to 342k SF. Lee & Associates of Illinois principals Ken Franzese and John Cassidy repped the Conor/Globe venture in the acquisition and will market the property.
EXECUTIVE MOVES
Marcus & Millichap promoted Richard Lynn to director of Marcus & Millichap Capital Corp. The 20-year-plus industry vet is responsible for securing commercial debt financing for property types including multifamily, office, industrial, retail, seniors housing, and hospitality. Last year, Rick secured over $56M in commercial financing for both internal and external clients.
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Colliers added Corby Marx to its office advisory group as SVP in the firm's downtown office. The 13-year industry vet was most recently SVP at Transwestern and graduated from the University of Dayton. Joining Corby, also from Transwestern, is Joseph Cybulski as associate, focusing on business development and client services. Joseph is a graduate of DePaul.
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Bradford Allen hired three new associates to join its tenant rep practice, concentrating on business development, strategic planning, and transaction management. Max Malec, most recently an account exec at O2Cool; Cathriona McGuire, previously lease administrator for LaSalle Solutions; and Reisha Vanterpool, formerly a real estate consultant/broker with Best Chicago Properties, will specialize in the downtown office market.
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Golub added Anja Najder as senior investment analyst to support the asset management group. She was previously in real estate asset management at LaSalle Investment Management and graduated with distinction from the University of Wisconsin-Madison with a BBA in real estate/urban land economics and international business.
