Sales News
Jones Lang LaSalle's Len Caldeira, Scott Duerkop, and Tom McCarthy sold a 684k SF former Campbell’s Soup processing plant in Chicago to a private foreign investment group. The building at 2600 W. 35th St. on the southwest side, is the largest industrial property to trade hands in the city thus far in 2010. JLL completed the transaction on behalf of the seller, Glazer’s Distributors. The property was used as a soup processing plant from the 1920s to the 1980s. Later, the facilities were used by General Mills and, most recently, Glazer’s Distributors, which employed the facility as the HQ for its Union Beverage Co. before that company was acquired by Chicago’s Wirtz family in 2008.*** CB Richard Ellis’ Capital Markets National Retail Investment Group's Richard Frolik and Derrick Almassy represented McDonald’s Corp. in the excess portfolio disposition of 68 properties across the US. LA-based Westwood Financial Corp. purchased the portfolio for an undisclosed amount. The single bulk purchase consisted of 68 excess properties located across the country in 28 states. In total, the purchase was comprised of over 3.1M SF of land improved by over 115k SF of buildings. *** Podolsky Northstar CORFAC International's Randy Podolsky and Adam Tarantur have sold the Southpoint I building in the Tinley Crossings Corporate Center. Podolsky, who served as court-appointed receiver, property manager and broker agent, then as the exclusive listing agent for the owner, arranged the sale of the property for Jefferson Pilot Investments, a subsidiary of Lincoln Financial Group. Jefferson Pilot took ownership of 8400 West 185th St., when it went into receivership, following foreclosure. KVH Industries acquired the 100k SF building for its own use.
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Paine/Wetzel • ONCOR International's Whit Heitman, Samuel Badger, and Brad Weiner completed the sale of a 64k SF industrial building at 1081 Northpoint Blvd. in Waukegan. Onsrud Cutter purhased the facility. Paine/Wetzel represented the seller, Northpoint ADG and Cushman & Wakefield's Steve Trapp repped the buyer. *** The Boulder Group's Randy Blankenstein and Jimmy Goodman repped the buyer and seller in the sale of a single-tenant net-leased Walgreen’s property located in Holden Beach, NC for $4.4M. The property is 100% leased to Walgreen’s for the next 24 years. The seller was a North Carolina developer and the purchaser was a Chicago-based private investor in a 1033 exchange. *** Investor RED Belmont recently purchased the property at 2710-18 W. Belmont. The 7,800 SF, two-building property sits on a 12k SF site and was purchased as an investment. Chicago Industrial Real Estate's Megan Meyer represented the RED Belmont and Coldwell Banker Commercial's James Hodur repped the seller Republic Bank. *** The Chicago and Indianapolis offices of HFF have been named to market Broadmoor Country Club Apartments, a 264-unit multi-housing community in Merrillville, Ind.The HFF investment sales team will be led by Matthew Lawton, Sean Fogarty, Marty O’Connell, and John Sebree on behalf of JVM Realty Corp. Broadmoor Country Club Apartment is at 3944 West 77th Place and has 44 one-bedroom and 220 two-bedroom units averaging 953 SF each. Community amenities include a swimming pool, fitness center, and business center. *** The Specialty Practice Group, a division of Lee & Associates Asset Management Group, has been appointed as receiver of a 500k SF office and industrial complex in Melrose Park by the Cook County Court System. LAM's Raymond Gallivan plans to improve and reposition the property. Leasing News
Heller Industrial Parks has signed Home Owners Bargain Outlet to a 254k SF lease at its warehouse building in Bridgeview. Heller's David Paster represented ownership, while Illinois Property Solutions' John Stoetzel and NAI Hiffman's Stephen Connolly and Lawrence Much repped HOBO. *** The Rock Spot leased 93k SF at 4500 S. Tripp. Chicago Industrial Real Estate's Colin Green brought the tenant to the building; he and Chicago Industrial Real Estate's Matt Rogatz represented the landlord. *** Grosvenor Americas has leased 50k SF of retail space at their 830 N. Michigan building to Topshop, the London-based international fashion retailer. Grosvenor Americas was represented by Mid-America Real Estate's Stanley Nitzberg. Robert K Futterman & Associates' Robert Cohen represented the tenant. *** HSA Commercial Real Estate’s Wayne Shulman and Tim Thompson repped the ownership of 1260 W. Madison in a lease with SkinnyCorp LLC, the parent company of Threadless, for the entire 45k SF warehouse facility. The transaction involved a change of ownership as well as a zoning reversal to accommodate a light industrial user. The 1260 W. Madison facility is a former FedEx property acquired from a Milwaukee bank by JRG Capital Partners LLC in a loan sale auction last year. The previous owners had planned to redevelop the property into condos. JLL's Daniel McCarthy represented SkinnyCorp/ Threadless in the transaction. *** Chicago Messenger Service leased 38k SF for flexible office and warehouse space at 1120 Exchange Ave. Building ownership, Exchange Industrial, is a private entity affiliated with T he Missner Group. The leasing of the space to Chicago Messenger Service brings the building to 100% occupancy. Paine/Wetzel ONCOR International's Mark Nelson repped Chicago Messenger Service The Missner Group was represented by Colliers International's Mike Senner and Vern Schultz. *** JLL's Monica Moore and John Beason repped Goble & Associates Inc. in the extention of its 21k SF lease at One East Wacker Drive, also adding an additional 7k SF of adjacent space in a deal that will keep the company in the building until 2021. Newmark Knight Frank's Kevin Duckler repped the tenant. *** Lee & Associates' Mike Prost and Sergio Chapa represented All-Rite Industries in the subleasing of 14k SF of industrial space located at 904-908 Donata Court in Lake Zurich. ***
Arthur J. Rogers & Co.'s Chris Zannis repped ownership for three leases within Rogers Business Parke-Elgin in Elgin. In the first transaction, Dunkermotoren USA leased 6k SF of flex space at 2511 Technology Dr. The tenant was self-represented. In the second, Wurth Electronics Midcom leased 4k SF at 2521 Technology Dr. Newmark Knight Frank's Mitchell Loveman represented the tenant. In the final transaction, Cookson Electronics renewed their lease for 3,000 SF of office at 2541 Technology Dr. Cookson Electronics was self-represented. *** Autonics has leased an 11k SF warehouse building at 1353 Armour Blvd. in Mundelein. Lee & Associates' Mike Prost and Sergio Chapa represented building ownership, Pierce Building Corp. and GVA Chicago's Mark Deady represented the tenant. *** Lee & Associates' Terry O’Hara represented Purewater Health in their lease of 9k SF of flex space located at 950 Corporate Woods Pkwy. in Vernon Hills. Van Vlissingen & Co.'s Nick Panarese represented building ownership.
Construction News
Summit Design + Build completed two retail build-outs and began shell and core work for three new tenants at Block 37, 108 N. State Street. The build-outs are for Sabon, an international cosmetics company, and for Beard Papa’s, a Japanese chain of cream puff bakeries. The core and shell work will be for Simply Thalia, a pan-Asian restaurant, iCandylicious, a confectioner, and Which Wich, a sandwich shop all located in the Pedway of the new retail center. *** Leopardo recently completed Tailor Lofts, a 10-story, 275k SF student residence, which provides student housing for multiple nearby colleges and universities. At 315 S. Peoria, the building features 135 student apartments containing 441 bedrooms. Each apartment is fully furnished with its own kitchen, granite countertops, dishwasher, microwave, 42” plasma TVs per bedroom, and individual bathrooms with almost every bedroom. Leopardo also built a new two-story, 15k SF parking garage. Leopardo served as the construction manager along with Fitzgerald Associates as architect. *** Morgan / Harbour Construction Co. was selected to complete a 32k SF office build-out for CompTIA at 3500 Lacey Rd. in Downers Grove. Morgan/Harbour's Ben Warriner is the project executive and Josh Peters is the project manager. It is scheduled for completion in November. Executive Moves
Tom Vandivier has joined ARCO/Murray National Construction Co. as project superintendent. He has more than 35 years of experience in the construction industry. Prior to joining ARCO/Murray, Tom was a superintendent for Lauth Construction. Management News
55 West Monroe has been awarded LEED Gold certification. This 803k SF Class A office building is owned and advised by LaSalle Investment Management and managed and leased by Jones Lang LaSalle. Some of the highlights of the certification include: Participating in ComEd’s Smart Ideas Retro-Commissioning Program, completing energy efficiency improvements that raised the building’s Energy Star score to 85, and replacing 148 3.5-gallon-per-flush toilet fixtures with 1.6-gallon-per-flush fixtures. This retrofit is saving 1.4 million gallons of water per year. |