The Deal Sheet
Leasing News
Cushman & Wakefield's Britt Casey and C&W Alliance's Si Pitstick represented LeSaint Logistics in leasing a 218k-SF industrial distribution/warehouse facility owned and operated by ProLogis, located in the ProLogis Park 55 at 868 W. Crossroads Parkway,Romeoville.
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Cushman & Wakefield's Britt Casey and Al Caruana have been appointed exclusive marketing agents for the sale of a 90k-SF industrial facility located at 10750 W. Grand Ave in Franklin Park. It contains 8k-SF of office finish and is located on a 4.76 acre land site.
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Howard Ecker + Company secured a 10k-SF lease for Mitchell & Titus LLP at 333 West Wacker. The regional accounting firm, a member firm of Ernst & Young Global Limited (EYG), relocated its Chicago office from 116 South Michigan on July 7. Howard Ecker's Howard Ecker, Michele Browne, and Lou Vidaillet represented Mitchell & Titus. The 36-story, 867,821-square-foot office tower is managed and owned by Hines.
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Bridge Development Partners, LLC has negotiated a 10-year lease for 119k-SF with Honeywell International at Bolingbrook Corporate Center II. Honeywell, an industrial supplies manufacturer, is
consolidating its division HQ. The tenant will take occupancy in September. Colliers Bennett and Kahnweiler's Andy Sexson and O'Donnell Commercial Real Estate's Kevin O?Donnell represented Honeywell; CBK's Vern Schultz and Peter Bourke repped Bridge.
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Architecture and Building
The Dobbins Group was recently awarded the office build-out at the LogistiCenter at Sauk Village. Des Moines, Iowa-based Jacobson Cos. recently leased 262k-SF of a 496k-SF speculative facility developed and owned by DP Partners. Jacobson Cos. will use this space, located at 21751 Jason Rasmussen Drive, for warehousing and shipping.
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People
In its 2009 survey of 204 corporate real estate executives and decision makers, the Watkins Research Group rated UGL Equis as the number one tenant rep firm among 21 corporate real estate services firms. The conflict-free model of service UGL Equis has built upon since its founding in 1984 is highly valued by clients looking to engage a CRE provider. Many of the respondents said that they prefer a firm that only represents the users of space.
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John Olar and Michael Bennett have been named VPs of investment by the board of directors of Marcus & Millichap Real Estate Investment Services. John and Michael began their careers with M&M in 2003, with John specializing in the sale of multi-family properties and Michael in arranging the sale of retail properties.
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Finance
Lillibridge secured $250 million in debt refinancing in a series of deals that closed earlier this quarter. The refinancings came from a multitude of lenders and solidifies the company's debt for another three to four years. The $250 million represents about a third of Lillibridge's debt. The refinancing does not include any construction loans but is for permanent financing on existing healthcare properties. Lillibridge owns about 6M SF of healthcare real estate in 16 states.
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Lillibridge announced that it has received a commitment for $30 million in equity from Prudential Real Estate Investors, continuing a long-standing relationship between the two organizations. PREI has partnered with Lillibridge on three other equity raises in the past, and was one of Lillibridge's initial investors when the company first raised equity in April of 1999.
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Meridian Capital Group recently arranged financing in the amount of nearly $5M for four multifamily properties in Chicago. Together they consist of 28 residential units and are located on W. Wrightwood, W. Warner, W. Addison/W. Patterson and W. Grace Avenues. Meridian's Joseph Schwimmer negotiated on behalf of the borrower to secure five and ten-year term mortgages with a rate of 5.65%.
