This Week's Chicago Deal Sheet
While everyone focuses on the strength of the downtown office leasing market, the largest suburban office lease in two years happened this week. US Cellular, the fifth-largest cellular carrier in the nation, renewed and expanded its HQ lease at US Cellular Plaza, near O’Hare.
The three-building, 637k SF office complex at 8410-8420 W Bryn Mawr was built in 1981. US Cellular originally leased 10k SF at the 8410 building in 1988 and, prior to this lease renewal, occupied the entire building. The new lease expands US Cellular into 119k SF at 8420 W Bryn Mawr on a long-term basis. Colliers’ Francis Pock and Jason Simon repped the landlord, while Colliers’ Michael Adams and NGKF’s Bob Chodos and Steve Levitas repped the tenant.
SALES
Cushman & Wakefield’s Evan Halkias, Michael Marks and Nick Kanich repped InvenTrust Properties in the $15M disposition of Fayban Randall Plaza, a 91k SF retail property at 1980 W Fayban Pkwy in Batavia (shown). The buyer was Dallas-based Netco Investments.
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Mid-America Real Estate’s Ben Wineman was the sole broker in the sale of the multi-tenant portion of Touhy Marketplace, a 19k SF retail property in Skokie.
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SVN | Chicago Commercial’s Reid Bennett repped the seller and SVN | Chicago Commercial’s Cody Doran repped the buyer in the $6.4M sale of 5145 E State St, a 124-unit multifamily property in Rockford.
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SVN | Chicago Commercial’s Jeff Baasch was the sole broker in the $1.7M sale of 2010 S Wabash, a seven-unit mixed-use property in Motor Row (pictured).
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Molto Properties acquired 7720 Lehigh Ave in Niles from MFRI. Molto plans to redevelop the existing site into a 137k SF Class-A distribution center featuring a 32-foot ceiling height, 150 car parking spaces and 20 dock doors.
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Essex Realty’s Jim Darrow, Jordan Gottlieb, Doug Imber and Kate Varde brokered the $2.8M sale of 4401 N Clark St, a 12-unit mixed-use building in the Sheridan Park neighborhood.
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KIG’s Susan Tjarksen and Todd Stofflet repped Randolph Street Capital in the $14M purchase of 1819 W Division St from Smithfield Properties. The 36-unit multifamily asset offers 9k SF of ground-level retail and 36 parking spaces.
LEASES
Pine Tree Commercial Realty signed Ulta Beauty to an 11k SF lease at Poplar-Prairie Stone Crossing in Hoffman Estates (pictured). Ulta Beauty will open in the 312k SF shopping center in late fall 2016.
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Nelson Hill’s Mark Nelson and Michael Nelson repped Perkins Manufacturing in its 75k SF lease at 380 Veterans Pkwy in Bolingbrook (pictured) from DCT Industrial. NAI Hiffman’s Mark Morgan and Steve Connolly repped the landlord.
FINANCING
Wool Finance Partners’ Matt Lebenson arranged $3.9M in financing for a 37k SF single-tenant property at 1215 W Fulton Market.
HIRES/PROMOTIONS
The Inland Real Estate Group hired Ernest Fiorante as CFO, overseeing financial activities, budgeting, bank/lender relationships, accounting and financial strategic planning for Inland. Ernest was most recently CFO of the Americas for JLL.
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Doug Kinney joined Bentall Kennedy as EVP of client relations and product development. Most recently, Doug was managing director of real estate capital formation at The Carlyle Group. He has held senior positions with Greenhill and Co, Credit Suisse’s Real Estate Private Fund Group and Heitman/JMB Realty.
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Amy Binstein joined Bradford Allen as director of research and corporate communications. Amy will oversee the firm’s research policies, objectives and initiatives, and will be responsible for managing the firm’s public relations, social media initiatives and corporate communications.
