The Deal Sheet
Bradford Allen Realty Services'new property management arm has added a fifth building to its roster -- its first foray into downtown office. If only the Bulls had a similar full-strength starting five...
Brijus Capital paid $8.5M for 115k SF 357-363 W Erie in River North and brought on Bradford Allen as exclusive leasing agent and property manager for the 50%-leased property. The seller was Portland, Ore.-based Aspen Capital, which had purchased the note on the property. Downtown officescontinue to tradeand movement at the trophy top has alreadytrickled downto the second tier, creating numerousentry points fornew management assignments (just like Bradford's Roger Clark predicted in March).Step one: extensive improvements (rendering above) starting in early June to introduce Millennial-friendly amenities(i.e. everything Apple); Von Weise Associates will provide architectural services.
SALES
Cedar Street Co paid $16.2M for a three-property industrial and retail portfolio in Downers Grove as part of the Qualteq bankruptcy case. The portfolio includes: Meadowbrook Shopping Center at 63rd and Woodward; University Plaza Mall at 1201-1213 Butterfield Rd; and 1400 Center Circle Dr.
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Frain Industries paid $8M for a 330k SF facility at 245 North Ave in Carol Stream for an expansion/relocation from an existing facility in Franklin Park that it just sold to Digital Realty as a data center redevelopment. Cushman & Wakefield of Illinois's Larry Goldwasser and Jay Maher repped Frain and JLL's Frank Griffin and Dominic Carbonari repped the seller, Holland Stream.
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Reebie Moving and Storage acquired a 172k SF building at 720 Frontenac Rd in Naperville from Principal Real Estate Investors. NAI Hiffman EVP Mark Moran and VP John Whitehead repped Principal; NAI Hiffman VP Kelly Disser and Newmark Grubb Knight Frank's Brian Carroll both repped Reebie.
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Sean Delaney, AVP of investments in Marcus & Millichap's Chicago Oak Brook office and director of the firm's national self storage group, repped both sides in the $648k SF sale of a 26k SF self-storage facility at 5750 Sandy Hollow Rd in Rockford. The buyer, Red Dot Storage I, will re-brand the facility as Red Dot Storage.
LEASING
Veterans Distribution of Chicago inked a 295k SF lease at 5999 Butterfield Rd in Hillside in an expansion/relocation from existing facilities in Elk Grove Village and Bensenville. Cushman & Wakefield of Illinois's Larry Goldwasser and Jay Maher repped the landlord, CenterPoint Properties. Cushman's Mike Hawryluk and Summit Realty's Murray Karbin both repped the tenant.
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American Metalcraft leased 113k SF of HQ/manufacturing space at 3708 N River Rd in Franklin Park. The new lease relocates the firm from two current locations in Melrose Park and Franklin Park and increases its total capacity by almost 100k SF. Cushman & Wakefield of Illinois's Larry Goldwasser and Jay Maher repped the tenant and Darwin Realty repped the landlord, TA Realty Associates.
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Primera Engineers expanded to 19k SF of office space within Corporetum VI at 550-650 Warrenville Rd in Lisle. NAI Hiffman's Patrick Kiefer, Jim Adler, and Dan O'Neill repped the landlord, Winthrop Realty Trust, and JLL's David Miller and Jesse Van Dyke repped Primera.
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Bright Horizons Children's Centers is expanding and leased 15k SF at 1650 Lake Cook Rd in Deerfield. Paine/Wetzel/TCN Worldwide EVP Les Spinner, associate Joe Houlihan, principal Curt Stanton, and SVP Ryan Bertin repped ownership, MJH Deerfield; Polina Corporate Real Estate's Larry Jarosz repped the tenant.
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Luxury clothing brand GANT will open its first Chicago-area location, signing a 10-year NNN lease for 1,900 SF at 1702 N Damen Ave in Bucktown. @properties Commercial senior brokers Michael Weber and Ian Feinerman repped the landlord, 1702 N Damen LLC, and PBS Realty Advisors' Laura Pomerantz repped GANT, which is scheduled to open this summer.
FINANCING
Maverick Commercial Mortgage president Benjamin Kadish arranged $75.5M in first mortgage debt and mezzanine financing for a venture of Structured Development at 1400-1460 N Halsted. The 94% occupied mixed-use project includes the British Schools of Chicago, Advocate Health Centers, and REI. The financing, provided by Deutsche Bank and Prime Finance, along with some additional capital raised by the venture, allowed Structured to buy out the former equity partner in the transaction.
CONSTRUCTION & DEVELOPMENT
Morgan/Harbour Construction broke ground on a new 180k SF spec warehouse in Phase II of Park 355, 2143 Internationale Pkwy in Woodridge. The building is a JV between HSA Commercial and Denver-based Industrial Income Trust. Cornerstone Architects is providing architectural services and construction is slated for completion this fall.
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ARCO/Murray completed three interior improvement projects at Woodfield Preserve, 10-20 N Martingale Rd in Schaumburg. Two projects, a 2,800 SF build-out for the Woodfield Preserve office and a 1,600 SF corporate fitness center for tenants, were completed for the property's management group, CBRE. A 7,000 SF project was completed for a tenant, MAGMA Foundry Technologies.
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Summit Design + Build began construction on Prasino's fourth sustainable dining restaurant in the Fashion Outlets of Chicago, a 530k SF mall at 5220 Fashion Outlet Way in Rosemont. Simeone Deary Design Group and Byrne Design are providing architectural services for the 5,500 SF project and completion is scheduled for August.
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J.C. Anderson has been selected to complete a two-floor gut rehab for the expanding Salvatore Ferragamo store at 645 N Michigan Ave. VOA Associates is providing architectural services and construction is scheduled for completion this summer.
BUSINESS
Transwestern was named exclusive leasing agent for the 293k SF, 83% leased Concourse Office Plaza, a two-building complex at 4709-4711 Golf Rd in Skokie, owned by The Lionstone Group. The leasing team includes Transwestern's Zach Fox,Joe Stevens, and Fred Ishler.
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First Western Properties was named exclusive leasing agent for Calamos Investments' Citygate Centre Phase II & III in Naperville. The center features 1M SF of Class-A office space,150k SF of retail, a boutique hotel, spa,fitness center, and performing arts center.
EXECUTIVE MOVES
Joel Klahn joined Leopardo as senior project executive. He was previously with Gilbane, McCarthy and Turner. Joel received his bachelor's in industrial technology from Northern Michigan University, a master's in business and project management from the Keller Graduate School of Business at DeVry, and a post-graduate certificate in telecommunications from DePaul. He recently managed the construction of the Center for Care and Discovery, the 14-story, 1.2M SF replacement hospital for the University of Chicago Medicine.
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The Missner Group made two new hires: Uros Stojakovic joins the firm as project engineer and Gary Bertoncini joins as project superintendent. Uros was previously with McGuire & Hester in California and received a degree in construction management from California State University Chico. Gary was previously with W.E. O'Neil Construction and received his BS in construction management from ISU.
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Shefsky & Froelich tapped Kathryn Kovitz Arnold as chair of the real estate practice. Kathryn has been with the firm for 24 years and also serves as chair of the condominium practice. The real estate practice at Shefsky & Froelich annually handles transactions with an aggregate value of over $1B.
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Fitzgerald Earles Architects and Associates hired Crystal Vaughn as interior designer. She was previously showroom manager for flooring manufacturer Milliken in the Mart and received her BFA in interior design from the Illinois Institute of Art Chicago.
AWARDS
JLL was ranked the top corporate real estate services provider in North America, out of 23 companies, by Watkins Research Group for the fifth consecutive time. The survey assessed the key factors decision makers consider when selecting service providers, including reputation, financial strength, and utilization of performance metrics.
Tom Thibodeau doesn't sleep. He waits. marissa.oberlander@bisnow.com
