This Week's Chicago Deal Sheet

Ribbon-cutting ceremonies often follow the same script of dignitaries and officials heaping praises before christening a new building with giant scissors slicing through some thin ribbon. The folks at MC Machinery decided to do something completely different to celebrate the opening of its new 175K SF headquarters in Elk Grove Village.

MC Machinery, an affiliate of Mitsubishi, hosted a Kagami Biraki to christen its new HQ. Kagami Biraki, which means "opening the lid," is a Japanese tradition in which the lid of a large barrel of sake is broken by a wooden mallet, and the sake served to all present. The barrel's lid is a symbol of harmony, and the ceremony represents an opening to harmony and good fortune.

The Opus Group was the general contractor for the construction. MC Machinery is moving 175 employees to Elk Grove Village from Wood Dale and retained Brian Carroll and Tom Gath to scout sites for the new HQ. Carroll and Gath also represented MC Machinery in the sale of its former HQ earlier this year. The combined value of the build-to-suit and the sale is nearly $40M.

SALES

HFF’s Amy Sands, Clinton Mitchell, Barry Brown and Claudia Steeb represented Miller Capital Advisory in the sale of The Shoppes at Grand Prairie, a 468K SF shopping center in Peoria. An affiliate of Singerman Real Estate purchased the property free and clear of existing debt.

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Kiser Group’s Luke Lesniewski was the sole broker in the $920K sale of 6711-15 North Maplewood, a six-unit multifamily property in Rogers Park.

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Essex Realty’s Brian Mond represented the seller in the $730K sale of a two-flat apartment building at 2136 West Montrose Ave. in North Center.

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Marcus & Millichap’s Sean Sharko and Austin Weisenbeck represented both parties in the $13M sale of Metropolitan Square, a 121K SF grocery-anchored mixed-use center in Des Plaines.

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SVN | Chicago Commercial’s Amy Van Hook was the sole broker in the $1.2M sale of a 40K SF office building at 10035 West Grand Ave. in Franklin Park. The building is anchored by a US Bank.

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Berkadia’s Chris Bruzas, Alex Blagojevich, Greg Gonzalez and Kevin Larimar were the sole brokers in the sale of Franklin Park Apartments, a 168-unit multifamily development in West Lafayette, Indiana.

LEASES

Savills Studley’s Robert Sevin, Chris Tarzon and Adam Southard represented Combined Insurance Co. in a 104K SF lease renewal at 111 East Wacker Drive. JLL’s Brad Despot, Monica Moore and Mark Georgas represented the landlord.

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Brown Commercial Group’s Mike Antonelli represented ownership in the following transactions:

• A 15K SF lease with Crafty at 288 Carlton Drive in Carol Stream.
• A 12K SF long-term lease renewal with First American Title Insurance Co. at 300 Carlton Drive in Carol Stream.

FINANCING

Maverick Commercial Mortgage’s Benjamin Kadish arranged $4M in refinancing on a 22K SF Mazda dealership in Orland Park. Proceeds from the loan refinanced the existing first mortgage and paid for closing costs.

HIRES/PROMOTIONS

Irvine Cos. expanded its Chicago regional team and opened a new regional office at 71 South Wacker. Beau Rawi was promoted to regional vice president. He and Pamela Van Nort will lead the team, which includes Gregory Tait as senior leasing director.

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Starwood Retail Partners hired Angie Demchenko as vice president of human resources. Prior to joining Starwood, Demchenko served in the same position at General Growth Properties.

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SmithGroupJJR hired Bethany Johnson to lead the firm’s science and technology studio in Chicago. She returns to SmithGroupJJR from Stantec, where she was the workplace studio operations manager.

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Next Realty hired Tyler Hardy as director of acquisitions. He will spearhead Next’s industrial acquisitions strategy.

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Baum Realty promoted Nicole Cardot and Dan Molnar to senior associate.

KUDOS

The Commission of Chicago Landmarks awarded 333 North Michigan Ave. with the Chicago Landmark Award for Preservation Excellence for a $50M renovation recently completed at the property. The building improvements included masonry repairs, re-creation of the original main entry and storefront replacement, recladding the existing rooftop, restoration of the main lobby, modernization of the elevator system, upgrades to the building’s mechanical, electrical and plumbing systems, and construction of a full-floor amenity suite. Wirtz Realty owns the building, and MB Real Estate handles property management and leasing duties.

CONSTRUCTION

Summit Design + Build started renovations to two value-add multifamily properties owned by Spirit Bascom Ventures on Sheridan Road. Renovations at The Edison, 5200 North Sheridan Road, include the demolition and remodel of the first-floor lobby to create a new floor plan plus the addition of new tenant amenity spaces including a fitness center, a media room, a bike room and a dog wash. The building’s corridors and stairwells on floors two through eight will also be upgraded. All work will be completed while the building is fully occupied. Similar renovations are planned at 6807 North Sheridan Road, along with a second-floor fitness center and a 10th-floor exterior roof deck and interior lounge.

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Morgan/Harbour Construction was awarded the contract to build two spec warehouse facilities totaling 560K SF for CenterPoint Properties at CenterPoint Logistics Center — O’Hare. Colliers International’s Jim Estus will market the developments for lease. Morgan/Harbour’s team includes Brian Smith as team leader, Craig Tolan as senior project manager, Dan Wolf as senior superintendent and Lara Beresoff as construction field coordinator.

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The Missner Group completed renovations at Olympian Office Center at 4343 Commerce Court in Lisle, formerly the headquarters of Porsche Cars North America. Kent Nepras oversaw the construction team and Scott Nomellini was project superintendent. Interior Design Group provided architectural services, and Colliers International’s David Florent and Francis Prock were appointed as the brokers to market the property on behalf of Missner.

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Krusinski Construction Co. completed a second round of renovations to Sedgebrook Senior Care Development in Lincolnshire. The newest renovation includes a salon space with new finishes, equipment and a custom millwork entryway on the first floor of the community clubhouse. The KCC project team is Vice President Jennifer Patton, Project Superintendents Russ Kanikula and Dan DeLucio and Project Manager Ryan Lehman.