The Deal Sheet
Because some of you like to color outside the lines (which we fully support, unless you're a tattoo artist), not all of our news can fall under the bolded headings below. Besides the usual, this week features a football field site search, receivership assignments, and international elections.
MB Real Estate SVP Jay Beadle and AVP David Kimball repped Robert Morris University in the site selection for a new football stadium and field house, 2123 S Goebbert Rd in Arlington Heights. Robert Morris plans to spend $4.3M on renovations with another $750k dedicated from Saint Viator High School and District 214.
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JCF Real Estate, through founder and principal John Fitzmaurice, has been named court-appointed receiver and/or manager on about two dozen additional properties throughout the Chicago area to-date this year. Properties include commercial, multifamily, industrial, office, retail, and residential buildings. The firm, led by EVP of brokerage Stephen Chrastka, also recently disposed of multiple bank owned properties, valued at several million dollars, on behalf of several lenders.
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Kensington Realty Advisors senior principal James Lee has been elected 2014 second vice chair of international group The Counselors of Real Estate, setting in motion his election as chair of the board in 2015. At Kensington, James is responsible for the acquisition, asset management, and financial service functions of the firm. He received a bachelor's degree in architecture and a master's degree in finance from the University of Minnesota.
SALES
Cole Real Estate Investments acquired The Hillshire Brands' HQ on behalf of Cole Corporate Income Trust for $97.5M. The 234k SF mission-critical HQ facility was recently redeveloped by Sterling Bay Cos, which entered into a long-term net lease with Hillshire early in the process.
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EnTrust Realty Advisors arranged the acquisition of 62k SF Crystal Lake Medical Arts Building, 360 Station Dr in Crystal Lake, by American Realty Capital Healthcare Trust. The medical office building is 93% occupied and anchored by Centegra Health System. The Alter Group will retain the leasing and management of the asset.
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The Elgin Co, repped by Lee & Associates of Illinois principals John Cassidy and Ken Franzese, sold a 19k SF manufacturing building, 1455 David Rd in Elgin, to a private owner.
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Sperry Van Ness Chicago Commercial senior advisors Dan Elliot and Sean Lutz facilitated the $1.3M sale of an 8,931 SF retail building at 1360 Ring Rd in Calumet City. The building has a 20-year NNN lease, with 14-plus years remaining on the initial term, to National Tire & Battery.
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Lee & Associates of Illinois principals Jim Planey and Jeff Janda repped both Prologis and Nippon Sharyo USA in their purchase of 22 acres in Prologis Park Rochelle.
LEASING
M Block & Sons inked a 148k SF industrial lease at 5100 W 70th Pl in Bedford Park. Lee & Associates of Illinois principals Walter Murphy and Brian Vanosky repped ownership, ARES Management LLC. Newmark Knight Frank Epic's Jeff Locascio repped the tenant.
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Jameson Commercial's Lou Kahn, Ed Gerstein, and Daniel Day repped Anderson Brothers Storage and Moving in their relocation from 3141 N Sheffield Ave to 2701 S Western Ave. The company leased 50k SF of office and warehouse space in the 136k SF building. NelsonHill's Mark and Michael Nelson and Paine/Wetzel's Ed Wabick repped ownership.
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The 218k SF Monroe Building, 104 S Michigan, leased two floors totaling almost 30k SF to Coeur d'Alene Mines Corp, an international gold and silver producer, for its new HQ. JLL's Steve Steinmeyer and Jeff Liljeberg repped the tenant, and Cushman & Wakefield's Lenora Adds and Steve Holmberg repped the building, which is now 75% leased. Coeur will move its HQ to Chicago from Idaho in September.
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@properties Commercial senior specialist Mike Levin recently repped ownership in three leases in the Chicago area totaling almost 20k SF. In the largest deal, he repped A&K CNC Machining in a five-year, 10k SF lease to estate sale company Fulton & Coard at 1852 Janke Dr, an industrial building in Northbrook. National Realty Network's Steven Hirsch repped Fulton. Mike was the sole broker on a three-year, 8,500 SF lease for the expansion of Arie Crown Hebrew Day School, 8610 Niles Center Rd in Skokie (owned by Temple Judea Mizpah), as well as a three-year, 1,100 SF lease for Victory Chapel Church at 2515 W Peterson Ave in West Ridge (owned by 2515 Peterson LLC).
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Production Plus subleased 18k SF of manufacturing space at 7850 Quincy St in Willowbrook. Lee & Associates of Illinois principals Jeff Janda and Jeff Galante repped the sublessor, Essex Group, and Cushman & Wakefield's Sean Henrick repped the tenant.
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Boyd Coffee leased 14k SF of warehouse space at 1428 Norwood Ave in Itasca. Lee & Associates of Illinois principal Jeff Janda, SVP Mike Plumb, and senior associate Jay Farnam repped ownership, KTR Capital Partners. CresaPartners' Luke Heerema repped the tenant.
FINANCING
Cambridge Realty Capital Cos closed a $3.7M HUD Lean first mortgage loan for Metropolis Nursing and Rehabilitation Center, a 103-bed skilled-care nursing home in Metropolis. The fully amortized, 30-year term mortgage was arranged for the owner, a Missouri LLC.
CONSTRUCTION & DEVELOPMENT
Ascend Real Estate Group, Team4 Development LLC, and Boston-based Intercontinental Real Estate Corp broke ground on 216-unit The Madison at Racine, a nine-story luxury apartment midrise located at the NW corner of Madison Street and Racine Avenue in the West Loop. The real estate firms formed a JV with the Intercontinental US REIF fund to develop the project.
EXECUTIVE MOVES
Colliers named Jack Rosenberg president of its logistics and transportation services group. A 25-year Colliers' vet, Jack is a principal within the firm's industrial advisory group. He has completed transactions totaling more than $300M in the last five years for clients like Bertelsmann, Best Buy, and Bridgestone.
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K.C. Wigle joined W.E. O'Neil Construction as director of business development in its Chicago office. He was previously with CCS/Owner Services Group and Gilbane Building Co. K.C. received his bachelor's degree from the University of Michigan and graduate degree from the Booth School of Business.
AWARDS
The Monroe Building, 104 S Michigan Ave, won two awards recognizing its restoration, completed last year during its centennial anniversary. On May 1, the building received the 2013 Award for Preservation Excellence in Restoration from the Chicago Landmarks Commission. Two weeks later it received the 2013 Merit Awards for Rehab Construction from the Chicago Building Congress.
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Pangea Properties received the 2013 Good Neighbor Award, recognizing its rehabilitation and redevelopment efforts around Chicago. Pangea's four buildings included in the award: 8000 S Paulina in Auburn Gresham, 7263 S Coles in South Shore, 8251 S Ellis in Avalon Park/Chatham, and 3324 Western in Park Forest.
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SB Friedman Development Advisors president Stephen Friedman received the 2013 James Felt Creative Counseling Award for his work as a development advisor to the City of Park Ridge from 2002-2011 on part of the city's Uptown Master Plan, the Bredemann/Reservoir Area. His services resulted in the development of the Shops and Residences of Uptown.
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ARCO/Murray was named the second best place to work in Illinois (large company category) at the May 16 2013 Best Places to Work in Illinois awards, managed by Best Companies Group. Winners were determined through evaluation of workplace policies, practices, and demographics, along with an employee survey.
Tell us about your holiday weekend! marissa.oberlander@bisnow.com
