The Deal Sheet
SALES
HFF senior managing directors Jaime Fink and Jeff Bramson, along with managing director Mark Katz, repped the seller, GLL Real Estate Partners, in the $62M sale of 284k SF Highland Landmark II (above), a Class-A office building at 3025 Highland Pkwy in Downers Grove. The buyer, Hawaii-based James Campbell Co, was advised by Colony Realty Partners. The building is 94% leased to 14 tenants.
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Inland Real Estate Income Trust will purchase a 15-property portfolio of retail centers across eight states, totaling about 2M SF, from Kite Realty Group for $318M. The properties, including Copps Grocery Store in Stevens Point, Wis. and Shoppes at Prairie Ridge in Pleasant Prairie, Wis., are a combination of grocery and power centers that are collectively 96% leased to 174 tenants.
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Colliers SVP Steven Kohn repped US Art in the purchase of a 115k SF manufacturing facility at 4400 W Ohio St, its first Chicago-area location (with occupancy expected in Q1 2015 following a rehab). The seller was Rolam Equities, repped by NelsonHill’s Mark Nelson.
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Conlon Commercial closed on an 80k SF industrial deal in Plainfield, 14325 S Van Dyke Rd. The buyer is California-based JC Horizon.
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Rexford Industrial completed the $1.8M sale of a 38k SF industrial property in Glenview. The buyer was Luxe Realty Partners, a newly formed venture between Jason Vismantas and Enrique Torres. The new Chicago office of Iaffaldano, Shaw & Young repped Luxe Realty Partners in the acquisition.
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Kudan Group’s Rick Loarie repped the seller, Ronald Chan, and the buyer, Tony Vera, in the sale of 4417 Oakton in Skokie, formerly Chun King Lo Restaurant. Vera owns Vera Floor (opening in October) and plans to lease the restaurant portion to a new user.
LEASING
Colliers SVP Steven Kohn repped TenFab Design in a new 45k SF lease within the 89k SF warehouse facility at 3714 Jarvis in Skokie. Following a rehab of the space, TenFab will relocate from 7001 Central Park Ave in Lincolnwood. Darwin Realty’s Dan Prendergast repped ownership, CenterPoint Properties.
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Podolsky|Circle CORFAC International principal Corey Chase and associate Kyle McKechnie repped MV Transportation in a long-term 45k SF lease renewal at 12500 S Lombard Ln, an 86k SF Venture One building in Alsip. Corey was also the referring broker on MV leases in Virginia and Pennsylvania.
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Qualenex is doubling the size of its local warehouse/distribution footprint with a new lease for 30k SF at Liberty Point Corporate Center, 1400 Harris Rd in Libertyville. JLL SVP Steve Trapp and VPs Robin Stolberg and Kurt Sarbaugh repped ownership, the Silverman Group, in the deal; Colliers’ Ned Frank repped Qualanex. There is 40k SF of vacant space remaining within the 142k SF building.
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GC Realty & Development’s Jeff Piser completed the following leases: he repped Grante Foods in a 21k SF lease at 780 Arthur Ave in Elk Grove Village (Sierra Realty Services repped ownership); he repped Moda Furniture in a 10k SF lease at 1683 Mount Prospect Rd in Mount Prospect (CTK Chicago Partners repped ownership); and he repped Harbro Packaging in a 10k SF lease at 900 Paramount Pkwy in Batavia.
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Kudan Group’s Jarrett Fradin repped Fritz Pastry in a lease at 2231 N Lincoln Ave in Lincoln Park. Noel Bushara repped the landlord, Acorn Property Management. The vegan donut favorite, relocating from Lakeview, is set to open this fall. Jarrett also repped Dinner Lab in a lease at 2155 W Grand Ave in West Town. The club, which connects chefs and foodies, is accepting new membership.
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GC Realty & Development’s Brad Bullington leased 8,333 SF at 2201 Lively in Elk Grove Village to Lockershop; 14k SF at 900 Sivert in Wood Dale to Pit Stop Express; and 14k SF at 3033-3035 Malmo in Arlington Heights (GC manages 48k SF there and leased two spaces to Planned Furniture Promotions and Rise Up Academy).
FINANCING
EverBank Commercial Real Estate completed a $2M acquisition loan on a 10k SF Lincoln Park property including six recently constructed apartments and a commercial space occupied by a chiropractor. The five-year, no recourse loan, given to a foreign national with existing real estate assets, has a 67% LTV and 30-year amortization.
CONSTRUCTION & DEVELOPMENT
Liberty Property Trust broke ground (above) on a 236k SF Class-A distribution facility at 333 Howard Ave in Des Plaines, with occupancy slated for early next year. Liberty acquired the 16-acre property in July and is in the process of removing an existing 290k SF building on site. Cushman & Wakefield’s Britt Casey and Christopher Lydon, along with Liberty, will handle leasing of the building.
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The Rockefeller Group retained Seefried Properties as the park developer for 79-acre Minooka Distribution Center in Minooka, offering 700k SF to 1.5M SF build-to-suit distribution facilities. Seefried and Rockefeller, along with exclusive listing brokers, Colliers’ Lynn Reich and Jeffrey Kapcheck, will market build-to-suit opportunities for lease or purchase as well as outright land sale opportunities.
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Conor Commercial Real Estate and Gallagher and Henry broke ground on Building Three, a 257k SF, multi-tenant industrial facility located at 9020 Murphy Rd within the 80-acre Union Pointe industrial business park in Woodridge. Completion is scheduled for Q2 2015. Repped by NGKF’s Brian Carroll and Jim Cummings, ownership completed a seven-year, 135k SF lease with Kellog Co (repped by Nicolson Porter & List’s Mark Barbato and JLL’s Michael Nelligan), which will move into the space in April.
EXECUTIVE MOVES
JLL named Maureen Ehrenberg as executive managing director for its integrated facilities management business in the Americas and chair of its IFM global specialty board. She will oversee a team of 8,000 who currently manage more than 760M SF. The 25-year industry vet was previously global director of facilities management at CBRE and earned a BSc Honours in economics and accountancy from The City University, London.
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Inland Real Estate Brokerage & Auctions promoted Hedy Matuszak to VP. With Inland since 1998, Hedy is responsible for business operations including information and transaction management, finance coordination, multi-state licensing, compliance, and corporate coordination of The Inland Real Estate Group’s memberships with the Chicago Association of Realtors.
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Christopher Nickola joined Trammell Crow’s Midwest business unit as associate project manager. He received his MS in construction management and MBA from Eastern Michigan University and undergraduate degree from Western Illinois University. In addition, Zoya Baranovskiy has been promoted to senior project coordinator.
BUSINESS
Kinzie Real Estate Group was tapped by REVA Development Partners to serve as GC and leasing/property manager for two new luxury suburban rental communities: $40M The Residences of Orland Park (168 apartments, 25 townhomes, 38 rowhomes) in Orland Park and $35M, 288-unit Northgate Crossing in Wheeling. Both sites will break ground this fall.
