The Deal Sheet
SALES
Interra Realty managing partners James Clough and Joe Smazal repped both sides in the $2.4M sale of a 26-unit multifamily property (above) at 3215-21 N Keating Ave in Kilbourn Park. The building is made up of 26 two-bedroom units and had been owned by the seller for almost 25 years.
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Golub & Co, in partnership with Boston-based Alcion Ventures, acquired Oak Brook Executive Plaza, a 389k SF office complex on West 22nd Street in Oak Brook. The venture plans a significant redevelopment to enhance curb appeal, update office interiors and common areas and add tenant amenities. Golub’s Michael Newman, Michael Goldman and Adam Short repped the firm in the deal. Alcion was repped by Mark Potter and Ben May. Bank of America provided financing.
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Stephen Lieberman, a senior associate in Marcus & Millichap’s Chicago Downtown office, repped the seller in the $8.1M sale of a five-story, 40k SF loft office property at 153-157 W Ohio St in River North. The buyer was a group of New Jersey-based private investors. The property has been extensively renovated over the past 10 years.
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Darwin Realty & Development Corp chairman George Cibula and principal Noel Liston repped a private investor in the sale of 23k SF 50 W Ogden Ave in Westmont. The Butler Group’s Brian Butler repped the buyer, Breen Horizon, which plans to lease the property. The building has the flexibility of B-2 zoning for General Business District.
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Transwestern senior director Adam Schneiderman repped Landstar Realty in the disposition of an 82k SF multi-tenant industrial property at 2649 N Kildare Ave in Belmont Gardens. ZWL Properties acquired the property for $1.6M. ZWL plans to move its construction business into a small section of the property and re-lease the balance once improvements are completed.
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Essex Realty Group’s Doug Imber and Kate Varde completed the $2.4M sale of 500 W Belden Ave (above), an 11-unit multifamily property on the NE corner of Cleveland and Belden. The building is steps from the Clark, Lincoln and Armitage Avenue commercial corridors.
LEASING
Liberty Property Trust signed a lease renewal with Ozburn Hessey Logistics for 239k SF at 8691 109th St, LakeView Corporate Park East, in Pleasant Prairie, Wis. The company has been a Liberty tenant since 2009. ProVenture Real Estate’s Brian Camp repped Ozburn Hessey in the deal.
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Staples Contract & Commercial leased a 41k SF warehouse/distribution building at 2762 Spectrum Dr in Elgin. Lee & Associates of Illinois principal John Sharpe and VP Steve Bass repped the landlord, Stockbridge Capital Group, and Colliers’ Kelly Joyce repped the tenant.
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Bradford Allen Realty Services senior managing director Ben Azulay completed a new 33k SF lease on behalf of ZirMed at 111 N Canal St. ZirMed recently acquired MethodCare, which will move from 6,000 SF at 350 W Ontario to 111 N Canal, where it will increase its space fivefold. Chloe Reaumond repped ownership, Sterling Bay.
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Lee & Associates of Illinois principal Walter Murphy repped Dober in its 25k SF industrial lease at 11230 Katherine’s Crossing in Woodridge. The landlord is Bristol Group.
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Schleifring Medical Systems leased an 18k SF warehouse/distribution space at 2590 Alft Ln in Elgin. Lee & Associates of Illinois principals John Cassidy and Ken Franzese repped the landlord, Lakeview Realty Investors, and Avison Young’s Nicholas Esposito repped the tenant.
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Podolsky|Circle CORFAC International principal Corey Chase and associate Kyle McKechnie repped MV Transportation in a 13k SF lease at 720 Parkwood Ave in Romeoville. This is the sixth deal Corey completed for MV this year; Paine/Wetzel TCN Worlwide’s Jerry Sullivan repped ownership. Corey and Kyle also repped The Popcorn Factory in a 36k SF lease in a renovated multi-tenant manufacturing building at 3601 Skokie Hwy in North Chicago.
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Trademark Property Co announced a 3,046 SF Two Bostons Pet Boutique is open at Burr Ridge Village Center, and a 2,285 SF Stix & Stones Wood Fired Pizza and 2,618 SF Evereve (formerly Hot Mama) will open in spring 2015. Trademark Property was hired in July to handle management, marketing, accounting and construction for 200k SF Burr Ridge Village Center.
CONSTRUCTION & DEVELOPMENT
Bridge Development Partners launched Bridge Point Kenosha, a nearly 400-acre business park at Highway 142 and I-94, across from the new Amazon fulfillment center and sold 200 acres to Uline for the development of up to 3M SF. Cushman & Wakefield’s Whit Heitman, Sam Badger and Brad Weiner repped Bridge in the land acquisitions and sale to Uline. CBRE’s Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham repped Uline. Bridge will oversee land development of the Uline parcel beginning in spring 2015, and retains nearly 200 acres set for future development.
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On behalf of Arcadia, WI-based Ashley Furniture Industries, Ryan Cos US completed a 454k SF build-to-suit (above) to close out Boldt Park, an 80-acre industrial business park Ryan developed in Romeoville. Located at 1045 W Crossroads Pkwy, the building is one of the Chicago area’s largest build-to-suit projects this year, including office, retail showroom and warehouse/distribution space. CBRE’s Traci Buckingham and David Prioletti repped Ryan in the build-to-suit sale; Hodgdon Group’s Aaron Hodgdon and JLL’s Chuck Johanns repped Ashley.
EXECUTIVE MOVES
Inland Private Capital Corp announced that Brenda Gujral, president, will retire at the end of the year. Brenda’s held several top executive positions over her 35 years at Inland and led IPCC to record-setting years in 2013 and 2014. Keith Lampi will assume the role of president, in addition to his current duties as COO of IPCC. He’s been with the firm for more than 10 years and serves on its board of directors.
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IDI Gazeley appointed Tom George to regional director for the newly formed Midwest region, based in Chicago. He’ll lead all capital deployment and operations efforts for the region, which includes an operating portfolio of more than 7M SF and buildable space of 6M SF (with 1.3M SF under development). Tom joined the firm in 1989 and has developed more than 2,000 acres in 18 business parks.
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JLL expanded its national workplace strategy team with the addition of Ed Nolan as SVP, leading workplace strategy for the central US. The 15-year industry vet was previously director of enterprise business development for LiquidSpace and also served as HP’s director of global workplace. Ed earned his MBA from U of I and BA from Duke.
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Podolsky|Circle CORFAC International tapped Michael Hussey as associate in its brokerage division. His initial responsibilities will include business generation in the industrial sector, as well as maintaining and expanding existing customer relationships. Michael holds a BS in marketing from Butler’s College of Business.
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Bear Cheezem joined Marcus & Millichap Capital Corp as an associate in the firm’s Chicago Oak Brook office. He’ll be responsible for securing commercial debt financing for a variety of property types, primarily focused on Midwest clients. Bear was previously with Buckbay Development and earned his Master’s from Clemson University.
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Darwin Realty & Development Corp tapped Kevin Cooney as associate in its Elmhurst office, offering a full range of brokerage services. Kevin is a recent grad of Marquette University with a BS in business administration and majors in finance and real estate. He’ll work alongside Darwin principal Noel Liston.
KUDOS
Golub & Co’s 680 N Lake Shore Dr (above) was recognized by the EPA as one of the first multifamily properties in the US to earn Energy Star certification. The 2.2M SF mixed-use building, managed by Golub Realty Services, is one of just 17 multifamily properties around the country to receive the designation, meaning it's more energy efficient than 75% of similar properties nationwide. Sustainable measures included LED lobby lighting, retro-commissioning and improved automated controls.
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BOMA/Chicago announced AmTrust Realty Corp regional manager TJ Brookover was elected president of the association effective immediately. TJ succeeds Sterling Bay COO George Kohl, who completes his two-year term as president this year. TJ has been active in BOMA/Chicago leadership since ’05 and has played a pivotal role in the BOMA/Chicago Smart Grid Initiative since its inception. Association members also elected: Lincoln Property Group VP Robert Quast as VP; Hines VP Lance Knez as treasurer; and The John Buck Co principal Betsy Traczek to the board of directors (replacing outgoing board member Charles Wagener of Lillibridge).
BUSINESS
CBRE began providing property management services to Equity Commonwealth for eight properties in the Chicago area including 600 W Chicago Ave and Illinois Center. The properties are part of a 41.2M SF US portfolio (145 properties) that CBRE now manages, an engagement that is one of the largest third-party property management assignments in the US. The Equity Commonwealth account team in Chicago is led by Katie Scott.
