The Deal Sheet
Company News
DLR Group has been named one of the top three architectural firms in the US by Architect magazine. Architect's ranking system evaluates three components: profitability, sustainability, and design quality. DLR also ranked No. 3 on the magazine's listing of award-winning firms, and No. 9 in green design.
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Jones Lang LaSalle was selected by WESCO International, a electrical and industrial maintenance provider, as its strategic alliance partner to provide a broad range of real estate services across its 10.5M SF 430-building worldwide portfolio. JLL will provide transaction management, lease administration, and supply chain and logistics consulting. Michael Burns and Trevor Ragsdale are leading the JLL team.
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CB Richard Ellis has launched a new real estate auction service.Doug Johnson and Paul Galanis have joined the company to lead this initiative. The two professionals, in collaboration with CBRE capital markets, brokerage, and global corporate services professionals across the country, will offer a spectrum of auction services, ranging from the"open outcry" method to sealed bids, and online auctions.
Construction and Architecture News
Summit Design + Build is building out Benchmark, a new sports bar at 1510 N. Wells in Old Town. The restaurant/bar will be situated on a site that includes an existing single-story office building. Four Corners Tavern Group is the owner/developer of the project. Summit's Mark Heffron, senior project manager, and Alan Walters, superintendent, will be responsible for the on-site construction.Space Architects and Planners is providing architectural services.
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Principle Construction Corp., was awarded a 29k SF construction project for Merrill Avenue Baptist Church at 2600 E. 95th St. The church is relocating from its prior address at 9100 S. Merrill Ave. The new church could obtain LEED Silver with a vegetated roof, bioswales, native plantings, underground detention system, and increased insulation in the roof and walls. Principle's Michael Long and Doug Brucato will serve as project manager and superintendent, respectively, while Arete-Knight's Jon Ditter will provide architectural services. JSB Facilities Consultants' James Bragg is owner's rep.
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The Missner Group is the general contractor for the renovation and expansion of a 32k SF existing retail location for CompUSA/ Systemax at 2500 N. Elston Ave. The renovation of the existing building will include development of a new showroom, offices, and applicable support facilities. The Missner Group's Drue Stoehr is the project manager. Sara E.F. Gensburg Ltd. is providing architectural services. The project is scheduled for completion this month.
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ARCO/Murray has completed renovations to three buildings (the William Merz Building, the Dutch Schmidt Building, and the Karl Bays Building) for Cardinal Health at their McGaw Park business campus in Waukegan. The improvements spanned 180k SF. Each building received new office finishes and over 17k yards of new carpet was installed. Troy Frye led the project for Cardinal Health, ARCO/Murray's Joseph Pomerenke was project executive and Anthony Lovero was project manager.
Leasing News
Mercury Insurance Services signed a lease for 24k SF at 560 E. Bunker in Continental Executive Parke in Vernon Hills. NAI Hiffman's Michael Flynn and Jason Wurtz represented property owner PacTrust. Chicagoland Commercial's Victor Sanmiguel repped the tenant. This brings the building to 100% occupancy.
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Grubb & Ellis was selected by Black Earth Cos. to market Interstate Transportation Center, a 200-acre industrial park featuring a direct connection into the Global III Intermodal Terminal in Rochelle. Grubb's John Basile, Frank Melchert, and Chris Lydon are responsible for marketing. The park has build-to-suit warehouse/ distribution spaces available, ranging from 100k SF to 1M SF.
Finance news
Aries Capital's Jeff Bucaro arranged a $15.5M non-recourse loan to finance the acquisition of a real estate portfolio of 21 KFC/Taco Bell stores in the Southeast. A large Midwest franchisee purchased the stores. The five-year fixed-rate loan provided funding for 75% of the total acquisition costs and fees. A consortium of credit unions provided the investment. The sponsor of the transaction was Heritage Capital Investments.
People News
Tim Sperlak has joined ARCO/Murray as project superintendent. He brings with him more than 15 years of experience in the construction industry. Prior to joining ARCO/Murray, Tim was a principal of a carpentry and drywall company.
Sales News
The long-time owner of 56 E. Chicago and 806 N. Rush has hired Marcus & Millichap's Kyle Stengle to market the property. The first location is home to Pippin's Tavern. The offering is unpriced and consists of one six-story mixed-use building, which has two retail stores and 26 apartments above.The second building along Rush Street is a three-story, mixed-use project with retail on the first floor, and apartments above. Kyle says the property could lease for $100 to $400 per SF.
