The Deal Sheet
| HFF has closed the sale of and arranged financing for The Lakes of Schaumburg, a 428-unit multifamily community in Schaumburg. The HFF investment sales team was led by Marty O'Connell and Sean Fogarty. HFF's Matthew Lawton repped the seller,Cornerstone Real Estate Advisers. | |
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| A JV between Marquette Real Estate Investments and TRECAP Partners purchased the property free and clear of debt. HFF managing director Matthew Schoenfeldt worked on behalf of Marquette and TRECAP to secure the $33M, fixed-rate acquisition loan through Freddie Mac. The Lakes of Schaumburg at 801 Belinder Lane is more than 95% leased. | |
| Leasing News Navistar will be moving to the former Alcatel-Lucent East campus in Lisle on Warrenville Road; it credits Gov. Pat Quinn and Attorney General Lisa Madigan with clearing a path for the company to retain or create nearly 3,000 permanent jobs over the next several years along with more than 400 construction jobs. The company will invest $110M in the 1.2M SF Lisle HQ, which will include executive management, business operations, and product development. *** HSA Commercial Real Estate's Tim Thompson and Brad Borkowski represented Midwest Warehouse in a lease for the entire 550k SF facility at 2805 Duke Pkwy. in Aurora. Colliers Bennett & Kahnweiler's Lynn Reich and Brian Kling represented ownership,Duke Realty Corp. *** NewMark Merrill Cos. and their local partner, GMX Real Estate Group, signed a lease for Meijer Super Markets at regional power center Winston Plaza at North Avenue & 9th Avenue in Melrose Park. NewMark Merrill, GMX Real Estate Group, and Metro Commercial Real Estate represented Winston Plaza and Meijer real estate department, lead by Michael Flinkinger. Bobowski and Associates represented the lessee in negotiations. The new Meijer will be more than 90k SF. *** Inland Real Estate Corp. signed 19k SF of new and expansion leases at three shopping centers in north suburban Niles and Skokie.AutoZone signed an 8k SF lease at the Golf Road Plaza shopping center in Niles. American Mattress signed a 5k SF lease at Four Flaggs Marketplace in Niles. The AT&T cellular store at the Shops at Orchard Place in Skokie signed a lease to expand from 3,370 SF to 4,570 SF. In addition, Revive Chiropractic has leased 1k SF at the center. *** TMP Worldwide Advertising & Communications leased 16k SF, the full 31st floor at 444 North Michigan. The building was represented by Cushman & Wakefield's Lenora Adds. Previously a subtenant, TMP has expanded to accommodate their growing staff with the addition of 20 new employees. *** Douglas Elliman's Retail Group's Faith Hope Consolo and Joseph Aquino arranged new store for Italian children's fashion brand MonnaLisa at 49 East Oak St. The children's clothing store joins neighbors Barney's New York, Jimmy Choo, Hermes, Jil Sander,Kate Spade, Vera Wang, and Prada. *** The Department of Veterans Affairs leased 4k SF at the 8330 Naab Rd. medical office building, which it will use for an outpatient counseling center. HSA PrimeCare's Robert Titzer repped HSA Commercial. Executive Moves Jones Lang LaSalle promoted 11 Chicago-based professionals in its brokerage, communications, corporate solutions, project & development services, hotels, and strategic consulting practices:
Peter Buhl joined Newcastle Ltd. as senior asset manager. He is responsible for overseeing Newcastle's portfolio of multifamily assets, developing long-term strategies, and monitoring property performance. Prior to joining Newcastle, he worked with Lincoln Property's Midwest region. *** Jameson launched of a newly formed division to expand its operations to include business brokerage with and without real estate. This endeavor will offer service to buyers and sellers. Mike Costanzo will lead the new division with more than three decades of experience. Accompanying him is Susan Hwang. With listings including Bon V, Via Carducci, and The Lake County Sports Center, a 78k SF property in Waukegan, Jameson is licensed to sell any business that is not publicly held. Sales and Acquisitions
*** Paine/Wetzel • ONCOR International's Michael Nelson and Mark Nelson have completed the sale of a 24k SF industrial building located at 340 N. Sacramento in Chicago for $784k. Martinez Seafood and Produce has purchased this partially complete structure with plans finish the building to accommodate the expansion and relocation of their frozen seafood and produce operation. The Nelsons repped the seller, and John Cocomise and Chicago Brokers' Frank Fernandez worked on behalf of the buyer. *** Paramount Lodging Advisors sold the 67-room Baymont Inn & Suites at 3300 Kinney Coulee Road North in Onalaska, Wis. to Crescent Lodging. PLA's Adam Montufar and Brian Fay represented the seller, Selo Stubla LLC. The Baymont Inn & Suites will continue to operate within the Wyndham franchise system and be managed by Crescent Lodging Management. Planning News Construction News *** McShane Construction Co. recently completed the five-story, 73-unit Casa Maravilla senior living complex. The residential facility, located at 2021 S. Morgan Street in the Pilsen, features 70k SF of affordable seniors rental housing. Casa Maravilla is a development of The Resurrection Project, a community nonprofit org supporting neighborhood development. Casa Maravilla is registered with the Chicago Green Homes program and is McShane's second multifamily project. Weese Langley Weese provided the architectural services. *** The Berwyn Development Corp. broke ground for the Roosevelt Road Streetscape Improvement. The culmination of more than eight years of planning by Berwyn, Cicero,and Oak Park resulted in the appropriation of nearly $7M in state and federal funding for the improvement of Roosevelt Road, from Harlem Avenue to Austin Boulevard. The three communities will share additional costs, which brings the total value of the improvement to the corridor in excess of $10M. The completion of the streetscape project is scheduled for late 2011. *** Morgan / Harbour Construction was selected to complete a 12k SF office build-out for Apac Customer Service at 2201 Waukegan Rd. in Bannockburn. The property is a development of Keystone Property Group and owned by Bannockburn Lake Office Plaza Associates IV. Morgan/Harbour's Ben Warriner is the project exec and Josh Peters is the project manager. Morgan/ Harbour's Jim McCarron is the site superintendent. Interwork Architects is providing the architectural services. *** Englewood Construction announced it's working on six new projects, including a five-store build-out for New Zealand-based jeweler Michael Hill and a new Pei Wei Asian Diner in Willowbrook. Averaging 1k SF, the five new Michael Hill stores will occupy space formerly leased to Whitehall Jewelers and Lundstrom Jeweler stores. The 3k SF Pei Wei Asian Diner will be in Willowbrook Town Center and was designed by Aria Group Architects Management News |
