The Deal Sheet
| Vancouver-based Onni Group is expanding into the US for higher returns and geographic diversification. Its first move: the probable purchase of 200 N LaSalle St. It may also open a Chicago office this year. | ||
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| Onni’s Dan Bell tells us that the firm's core business is residential developmen t, but it's been acquiring US office and multifamily assets. Stops on its shopping trips: Chicago, Phoenix, and LA, then NYC, San Francisco, and others. This year in LA, it plans to break ground on a multifamily project at 315 W 9th St and later at 1212 S Flower St downtown near the Staples Center. (Both are office properties with room for apartment development.) In Canada, Onni is building 3,500 condos and 2M SF of CRE. Its overall investments include 4M SF of CRE, 3,500 rental apartments, and two hotels. | ||
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| LEASES | ||
In one of the largest recent relos and office leases, ACCO Brands signed up for 189k SF at Four Corporate Dr at Kemper Lakes Business Center in Long Grove. The big office products supplier hopes to leave its current HQ in Lincolnshire Q2 ‘13. Colliers’ Steven Kling, Francis Prock, and David Florent repped landlord BPG Properties. Cushman & Wakefield’s Lou Hall repped ACCO. (So tells us guys, who's joining the Kemper Lakes Golf Course?) *** Petsmart and Buy Buy Baby signed 45k SF in leases for a new shopping center that Structured Development will build at 1415 N. Kingsbury St on the North Side. The project, just south of North Avenue and a block west of Halsted Street, will break ground soon. *** HH Gregg signed a lease for 35k SF and Jo-Ann Fabric and Craft Stores signed for nearly 18k SF at Champaign Town Center on Prospect Avenue and Town Center Boulevard in Champaign. Both stores should open this spring. Indianapolis-based HH Gregg is taking space once occupied by Linens ‘N Things. Mid-America’s Barb Kading repped the landlord; ARCORE’s Al Rodenbostel and Andy Robbins repped HH Gregg; and Bobowski Commercial's Stan Bobowski repped Jo-Ann. *** Law firm Boodell & Domanskis signed a 10-year, 8,790 SF lease at 353 N Clark St in a relo and expansion from 5,833 SF on N Michigan Avenue. It plans to move in July. CBRE’s Kyle Kamin and Pete Delneky repped the lawyers and Tishman Speyer’s Joe Gordon and Jon Cordell repped the landlord, 353 N. Clark LP. *** Uline leased the 397k SF distribution center at 30120 Skokie Hwy in North Chicago. Paine Wetzal TCN Worldwide’s Whit Heitman, Samuel Badger, and Brad Weiner were the only brokers in the transaction. The landlord is CenterPoint Properties. |
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| SALES | ||
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GK Development paid $20.5M for Yorkshire Plaza, a 362k SF power center on Rt 59 in Aurora, which is about 70% leased. It was GK's first acquisition since ’06 because financing is easier and the price right, lower than replacement cost, says prez Garo Kholamian. It's also less than the $29.7M the center traded for in ‘05 when purchased by current seller Yorkshire Plaza, a unit of Kimco, which was repped in the latest deal by CBRE's George Good, Richard Frolik, and Christian Williams. The lender was Paragon Life of Indiana. *** An Echelon Capital affiliate paid $2.65M to Presbytery of Chicago for 100 S Morgan St in the West Loop, a 22K SF office/warehouse facility with a 21-car parking lot. The property, now an investment, also has development potential. Presbytery, a unit of the Presbyterian Church, was repped in the sale by CBRE’s John Slivka and Marcello Campanini. *** Bridge Development paid $3.6M for a 212k SF industrial facility at 2201 Lunt Ave, Elk Grove Village, from Minnetonka-based Welsh Companies. Bridge and its capital partner, Wanxiang America Corp, plan to redevelop the property into a state-of-the-art air cargo building with 32-foot clear ceiling heights and 35 docks. Construction is slated for spring '13. *** The Solo Cup Co will auction its former HQ and manufacturing plant facility in Highland Park on March 6. CBRE Auctions will conduct the sale of the 28 acre parcel at 1660 and 1700 Old Deerfield Rd. The property served as the company’s HQ and as a manufacturing facility before its relo to Lake Forest.The process will be a sealed bid, convertible to an open outcry auction. ***
Hayden Connor closed yesterday on his $1.6M purchase of the nation's only museum of holography at 1134 W Washington St from Robert Billings. Building Equity's Dan Rosenberg and Peter Lynn repped the seller and found the buyer. EXECUTIVE MOVES Dan Svachula joined Cushman & Wakefield as agency leasing director in the Rosemont office. He comes from Younan Properties, where he was regional leasing manager. *** Timothy Gallagher joined Cawley Chicago as a broker with a track record of 20M SF of deals valued at $1B. During his 30-year career, Tim was president of his own firm, Gallagher Realty, and ran the industrial divisions of Darwin Realty Development and Hiffman Schaeffer. He was also managing director at First Industrial Realty, managing a six-state area. CONSTRUCTION Emmi Solutions will expand into a new 20k SF HQ at its current location, the historic 300 W Adams building in the West Loop. Summit Design + Build will fit up the loft-style space featuring exposed masonry and mechanical systems, 15’ clear ceilings, two large rooftop skylights and private offices with full glass partition walls. |
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| HONORS | ||
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The Chicago SIOR chapter presented the Richard G. Levy Award to JLL's Len Caldeira for his outstanding achievement inside and outside the CRE industry. Here, Len is with Penny Levy and CBRE’s David Prioletti, ‘11 prez of Chicago SIOR. *** Christina Brown, a DePaul University grad student, received a $3,000 SIOR scholarship established in the memory of Cynthia Bishof. The award acknowledges outstanding academic performance and overall dedication to excellence. |
