The Deal Sheet
Industrial demand drivers are accelerating around Chicago, and a fund advised by CBRE Global Investors has taken notice. (Can't slip one by them.) It just picked up an 814k SF Class-A industrial portfolio, senior managing director and portfolio manager Kim Hourihan tells us.
The single-tenant properties: 464k SF 3901 Rock Creek Blvd in Rock Run Business Park in Joliet; 147k SF 6325 Muirfield Dr in Turnberry Lakes Business Park in Hanover Park; and 203k SF 801 Bryn Mawr in Itasca. All three have long-term stable tenancy with good credit (the kind of industrial buildings you'd want your sibling to marry), and they’re located in two of the top counties in the MSA (Will and DuPage), says Kim, snapped last winter in the Galapagos. (Real estate taxes in those counties are much lower than Cook County.) The two buildings near O’Hare are manufacturing-focused and rail-served, which is being driven by a resurgence in US manufacturing, while the third is distribution-focused, which is driven by general economic growth, she tells us. CBRE Global Investors’ core platform likes industrial in general, and it's part of the long-term plan for overweight in the sector, Kim says, with Chicago a top US market for the asset class.
SALES
Jameson Commercial SVPs Mark Kishtow and Mark Jones repped the seller, Wolf Road Plaza, and the buyer in the $7.2M sale of 3260 W Belmont Ave (above), net-leased to Bank of America. The buyer was a local investor in a trade.
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Colliers EVP Peter Block and senior associate Eric Suffoletto repped Barron Development and a JV partner in the $4.7M sale of a 22k SF Crème de la Crème ground lease at 2230 N Dominick St in Lincoln Park. The buyer was Spirit Capital.
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Kiser Group associate Zack Hofstadter repped the seller and senior managing director Bill Baumann repped the buyer in the $4.3M sale of 31-unit 4740 S Greenwood, a completely renovated vintage courtyard building with market vacancy of less than 5%.
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Baum Realty Group’s investment sales team brokered the sale of two adjacent properties in Crystal Lake. VPs Danny Spitz and Greg Dietz repped a private partnership in the $3.1M sale of the 83% occupied, 29k SF Randall Plaza Retail Center at 435 Angela Ln. They also repped the same ownership group in the $900k sale of a six-acre development parcel at Randall Road and Alexandra Boulevard.
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SVN | Chicago Commercial’s Dawn Overstreet completed the $1.7M off-market sale of 4800-06 Avers Ave in Albany Park. The multifamily/mixed-use building consists of 20 apartments and an array of commercial storefronts (restaurant, bakery, barber shop, etc.). A corner lot also provides 22 parking spaces.
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Jameson Commercial SVP Brent Burden completed the $1.5M sale of 191 E Deerpath #3 in Lake Forest, a 5,476 SF property sold by GCP 191 Deerpath LLC to 191 Deerpath LLC. The property is fully leased and occupied by a single tenant.
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Ala Carte Entertainment (Moretti’s Finn McCool’s, Cadillac Ranch, Drink Nightclub) will be opening a new restaurant concept in Hoffman Estates after purchasing a nearly 5,500 SF space at 2525 W Higgins Rd, formerly Lone Star Steakhouse. Cornerstone Commercial Partners’s Spero Adamis and Ronald Reese repped the seller.
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SVN | Chicago Commercial’s Wayne Caplan and Laurie Ramirez completed the $1.3.M sale of 8 acres of land at 601 Lakehurst Rd in Waukegan. Previously bank-owned, the commercially zoned land was purchased by a developer who plans to build retail on the site.
LEASING
CompuSystems signed a long-term 31k SF lease at Corridors I, a 149k SF office building (above) at 2651 Warrenville Rd in Downers Grove. The company will relocate its HQ and centralized data center from Broadview by December. Transwestern SVPs Fred Ishler and Joe Stevens, along with VP Zachary Fox, repped ownership, Transwestern Investment Group. JLL’s Todd Schaefer and Fred Schuler repped CompuSystems.
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Brightstar US renewed a 242k SF lease at 200 USG Dr in Libertyville from CGI. CBRE’s Keith Puritz, Brett Kroner, Ryan Bain, and Zach Graham repped CGI; Newmark Grubb Knight Frank’s Mitchell Loveman repped Brightstar.
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MB Real Estate completed a 26k SF lease renewal and expansion with Knight Engineering at 221 N LaSalle in the Central Loop. The design firm is the largest tenant in the 416k SF building, which has been managed and leased by MBRE since 2010. Ownership was repped by SVP Walter Hennig and associate Kelsey Karp.
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Companion Animal Specialty and Emergency Hospital (CASE) doubled its size (in a long-term lease renewal) and now occupies 9,668 SF at 1095 Pingree Rd in Crystal Lake. The two-story mixed-use property houses both industrial and office tenants. Podolsky | Circle CORFAC International principals John Homsher and Alissa Adler repped CASE; the landlord, Pingree & Rakow LLC, was self-represented.
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Northwestern Professional Obstetrics & Gynecology (NPOG) extended its 4,207 SF office lease for three more years at Plaza Office Park, a 69k SF building at 121 S Wilke Rd in Arlington Heights. Podolsky | Circle CORFAC International SVP Thomas Callahan and principal Adam Tarantur repped NPOG; Bradford Allen’s John Millner repped ownership, Plaza (Arl Hghts) Office LLC.
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Adelphia Properties’ Simeon Spirrison repped both landlord and tenant in a 1,500 SF lease at 3075 Book Rd in Naperville to a specialty boutique grocer. Simeon also repped Cash for Gold and the landlord in a 900 SF lease at Crestwood Commons in Crestwood.
CONSTRUCTION & DEVELOPMENT
Fifield Cos and Carroll Properties (with financial partner Northwestern Mutual) topped off (above) at their 356-unit E2 luxury apartment project in Evanston. The first rental high-rise constructed in downtown Evanston in over a decade, E2 broke ground last October and occupancies are scheduled for winter 2015. The development consists of two buildings at 1881 Oak Ave and 1890 Maple Ave, connected by three floors of parking and a fourth-floor amenity deck.
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Silver Cross Hospital selected HSA PrimeCare to develop a business center located at the east side of the hospital campus, the intersection of Silver Cross Drive and Cedar Crossings Drive in New Lenox. The 30k SF facility will break ground this month and occupancy is slated for January 2015.
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Children’s Hospital of Wisconsin and Ryan Cos US held a kids’ handprint ceremony at the site of the future 30k SF Children’s Hospital’s Delafield Clinic, where all the steel is nearly erected and Ryan is preparing to install the roof. Construction of the two-story facility, 3195 Hillside Dr, began in April and the clinic (asthma/allergy, cardiology, dermatology, ENT, etc.) will open this fall.
