The Deal Sheet
Joint Venture
Alcion Ventures and Golub & Company announced a $100M joint venture to pursue turnarounds and workouts. Desired asset types for the program are diverse, including commercial and residential properties. Co-investment vehicle opportunities are also available.
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Management News
Alexian Brothers Hospital Network has selected Jones Lang LaSalle to manage its 700k-SF medical portfolio, which includes 50 ambulatory care facilities and physician's offices in the Northwest suburbs.
The assignment will include lease administration, property, project and facility management, leasing, and accounting. Buildings in the portfolio include Brock Medical Plaza and Wimmer Medical Plaza in Elk Grove Village and Doctors Office Building One and 1786 Moon Lake Boulevard in Hoffman Estates.
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Three Corporate Drive, a three-story, 200k-SF office building located in Kemper Lakes Business Center in Lake Zurich, has earned the U.S. Environmental Protection Agency's Energy Star rating. The building's owner, BPG Properties, Ltd. worked closely with property manager Cushman and Wakefield to improve the energy performance by retrofitting or replacing lighting fixtures in the office and hallway areas and controlling HVAC and lighting systems with an energy management system.
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Sales Transactions
Transwestern's investment sales group represented Transwestern Investment Company in the disposition of a 170k-SF office building in Troy, Michigan. Transwestern's Gary Nussbaum, Bill Harvey and Thomas Gorman repped the seller of 1301 W. Long Lake Road. The buyer was a New York investment group.
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Inland Real Estate Brokerage Inc. sold a 6k-SF used-car dealership at 1621 E. New York St. in Aurora for $690k. Inland's Richard Kehoe, Paul Montes and Eric Spiess repped the seller, a local investor. Julio Cortez represented the buyer, a private used-car lot owner.
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Construction and development
Leopardo recently completed a 12k-SF expansion of the intensive care unit at Rush-Copley Medical Center. The $5.2 million expansion included a first-floor addition of 14 new rooms, new mechanical, electrical, and plumbing systems, and extensive medical gas work. Anderson Mikos Architects was the architect.
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The 15-story Winthrop Club in Evanston is set to begin move-ins next month. The building is slated to be the first LEED-Gold residential high-rise in the Midwest. Winthrop Properties' Bob Horner and Ibrahim Shihadeh developed the tower at 1567 Maple Street. It includes 96 residences.
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Morgan / Harbour Construction has completed construction for VITAS Innovative Hospice Care at the Woodridge Commerce Centre at 10204 Werch Drive in Woodridge. VITAS recently leased 9k-SF in the center. The build-out featured the addition of office space including private offices, conference rooms, a break room and a washdown area for equipment. Morgan/Harbour's Ben Warriner was the project manager and Dwayne King was the project superintendent. Archideas provided the architectural services.
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Lease Transactions
Paine/Wetzel-ONCOR International's Whit R. Heitman, Samuel C. Badger Jr. and Jason S. Weinhaus represented both sides in Prudential Real Estate's 111k-SF lease renewal to packaging company Visual Pak in Waukegan. Visual Pak has been a tenant since 2007 at 1817 Waukegan Road in Amhurst Lake Business Park.
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Veridian Healthcare LLC has signed a new 16k-SF lease at 1465 Lakeside Drive, also in Amhurst Lake Business Park. Paine-Wetzel-ONCOR International's Whit R. Heitman and Samuel C. Badger, Jr. repped landlord Prudential Real Estate and were the sole brokers involved in the transaction.
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Trifinity Partners has leased 202k-SF at 3600 Sunset Avenue in Waukegan. Paine/Wetzel-ONCOR International's Whit R. Heitman and Samuel C. Badger, Jr. repped landlord CenterPoint Properties and were the sole brokers in the transaction. Trifinity Partners will use the facility as its manufacturing hub. It also recently leased a 131k-SF distribution facility at 3731 Sunset Ave.
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Promotions and moves
HOK's Tom Polucci has been elected to serve on the firm's Board of Directors. Tom transferred to HOK's Chicago office in 2005 after working at the firm's St. Louis office for seven years. He was the lead designer for HOK's new Chicago office, which opened in December 2008. He has a Masters of Architecture degree from Washington University in St. Louis.
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Kevin Veon has joined Newmark Knight Frank's Chicago office, where he will be providing landlord and tenant representation services to clients throughout the Midwest. Previously, Kevin was a founding member at GVA Chicago (formerly GVA Williams). He received a bachelor's degree from the University of Illinois.
