The Deal Sheet
Commitment is tough, but moving on can be a pain. This week a logistics company, a wholesale distributor, and an advertising firm all put a ring on it and renewed their leases. (Other dating advice we learned from real estate: low-flow toilets are not a romantic gift.)
Arthur J Rogers & Co's Jeanne Rogers repped contract logistics and supply chain management company Exel in a 421k SF lease renewal at 1151 E Laraway Rd in Joliet. The company decided to stay at the facility due to its location.
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NAI Hiffman EVP Dan Leahy repped TA Associates Realty in its 328k SF long-term lease renewal with United Stationers Supply Co at 810-870 Kimberly Dr in Carol Stream. United Stationers has been in the building since 1998 and uses the location as its Midwest region customer care distribution center. JLL's Trevor Ragsdale repped United Stationers.
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Advertising and marketing company Omnicom renewed a 112k SF lease at Michigan Plaza, 205|225 N Michigan Ave. MB Real Estate EVP/managing director Mark Buth and VP Kathleen Bertrand repped ownership (MBRE has leased and managed the property since 2005). Omnicom has leased more than 212k SF at the property in the past year.
SALES
EnTrust Realty Advisors repped The Alter Group in the sale of 1800 Springer Dr, a 61k SF office/data center in Lombard. The buyer was data center company CyrusOne, which occupies 96% of the space. EnTrust real estate associate Scott Latter and Alter360 SVP Jeffrey Ludwig repped Alter.
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Stage Equity Partners picked up Woodland Square, a 52k SF medical office complex in Elk Grove Village, for about $138/SF from a local family partnership. Located within the Alexian Brothers Medical Center campus, the 99% occupied property is anchored by Fresenius North America and Midwest Sports Medicine.
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Inland Real Estate Brokerage & Auctions broker associate Ashley Dillard repped an out-of-state buyer, Gamla Cedron Erie LLC, in the sale of a 45k SF loft office building at 520 W Erie. The 82% leased REO property was taken back by Harris Bank in Q4 2012. Catapult Real Estate Solutions' Paul Dincin co-brokered the sale.
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Midway Hotel Club LLC paid $1.9M for the 97-room Best Western Midway Hotel at 2901 Hummingbird Ln in Wasau, Wisc. The seller was Midway Hotel Group LLC and @properties Commercial senior broker Alok Gupta was the sole broker. The seller invested almost $500k into remodeling and upgrades prior to the sale, Alok says.
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NelsonHill brokered the sale of an 8,720 SF industrial building located at 1915 W Hubbard St in the Kinzie Corridor. Midway Building Services, which provides cleaning services for commercial properties, purchased the building for its expansion/relocation from 456 N Oakley. NelsonHill SVP Frank Melchert repped the seller and Mark and Michael Nelson repped the buyer.
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Sperry Van Ness Chicago Commercial SVPs Jim Sears and Reid Bennett, and associate advisor Jack Edgar, Jr, repped the buyer, a nonprofit, in the $925k sale of a 6,500 SF retail building at 2014-18 W Belle Plaine Ave. The seller was repped by Access Group Chicago's Tom Fencl.
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@properties Commercial real estate consultant Kevin Kelly repped a private investor in the $810k sale of a six-unit apartment building, coach house, and detached five-car garage at 2745 S Princeton Ave in Armour Square. Koenig & Strey Real Living's George Furla repped the buyer, a private investor.
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@properties Commercial senior broker Ian Feinerman repped a private investor in the $165k acquisition of a six-unit apartment building at 6147 S Langley Ave in Woodlawn. Luxe Marketing and Sales' Alex Summers repped the seller, a private investor.
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Kudan Group's Gina Zack repped The Julie and Michael Tracy Foundation in the purchase of a freestanding Victorian home located at 1212 W Flournoy St. Gallucci Realty's Carmen Gallucci repped the seller. The foundation will convert the home to help children and young adults with autism.
LEASING
SPX Corp leased 7,389 SF within a 60k SF office building at 1360 N Wood Dale in Wood Dale. Pain/Wetzel/TCN Worldwide SVP Phil Reiff, Sr, and associate Phil Reiff, Jr, repped the tenant and CBRE's Dan Bessey repped the landlord, Prologis.
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Tangent Freight Solutions signed a 5,300 SF flex/warehouse lease in Addison. JBS Commercial Real Estate partners Brian Silverman and Jason Shibata repped ownership, Northbrook-based Rothbart Realty.
FINANCING
Associated Bank recently closed $55.5M in nine loans to area developers. Chicago-area CRE projects:
- Henry Street Partners, $20.5M: finances construction on a 99-unit apartment building with first floor retail at 1601 W Division St. The property is being developed by a partnership between Robert Buono, Paul Utigard, and Mark Fishman. Associated VP Krista Casper managed the loan closing.
- BJB Partners, $12.7M: $6.9M for Diversey III LLC, refinancing a 92-studio unit building in Lincoln Park, and $5.9M for Columbia I LLC, refinancing an 81-unit renovated apartment building in Rogers Park. Associated VP Michael McGovern managed the loan closing.
- Bridge Development, $7M: finances construction on a 123k SF warehouse at 2727 Higgins Rd in Elk Grove Village, which will be marketed to freight forwarders. Associated SVP Jerry Rotunno managed the loan closing.
- Smithfield Properties, $1M: refinances a 13k SF retail center with onsite parking at 1658 N Milwaukee Ave. Associated SVP Rob Burda managed the loan closing.
CONSTRUCTION & DEVELOPMENT
JC Anderson was selected to complete a 170k SF multi-phase renovation project on behalf of General Growth Properties at 110 N Wacker, its corporate HQ, which it also owns. ARCH IDEAS is providing architectural services and construction is slated for completion this fall.
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Meridian Design Build was selected as GC for an 82k SF, four-story self-storage facility in Wheaton for The Lock Up. The facility will be located adjacent to the Main Street Marketplace shopping center at the NW corner of Main Street and Geneva Road. Partners in Design Architects and Watermark Engineering Resources will provide architectural and civil engineering services.
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Ryan Cos, along with JV development partners Jim Bergman and Providence Life Services, completed Thomas Place Orland Park, a $22M, fully leased, 80-unit affordable senior housing property at 15415 S Harlem Ave in Orland Park. The project is the first Energy Star rated multifamily high-rise building in Illinois.
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The Missner Group, led by Jack Sbertoli and Patrick Ennes, completed a 30k SF office build-out for professional services company CBIZ within 31-story 225 W Wacker Dr after the company relocated from 1 S Wacker Dr. TVS Interiors provided architectural services.
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Paragon Real Estate broke ground on two retail buildings at the SE corner of Milwaukee Ave and Artaius Pkwy in Libertyville. Anchor tenant Trader Joe's is scheduled to move into the entire 13k SF building under construction at 1600 S Milwaukee Ave later this year. Paragon is also developing an 8,100 SF multi-tenant building at the south end of the parcel.
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Summit Design + Build has been selected to complete a 12k SF office build-out for flexible workplace provider Regus within 564 W Randolph St, owned and managed by Sterling Bay Cos. Parachin Design Studios Ltd will provide architectural services and idGroup is the project designer. Completion is scheduled for July.
EXECUTIVE MOVES
Bear Construction Co hired William Ziemek, Jr, as an account executive/client relations. Bill spent 30 years in construction at CBRE, most recently as director of project management. His vast experience dealing with asset managers, brokers, and owners makes him a valuable asset to Bear.
