This Week's Chicago Deal Sheet

The Niles Park District has entered the adaptive reuse real estate game. The district converted a bank-owned, severely distressed building into a new recreation center.

The Niles Park District opened the new LoVerde Sports and Recreation Center at 7847 Caldwell Ave. Named after longtime Niles Park District Director Joseph LoVerde, the building was acquired for $650K and, rather than tear it down, the district worked with general contractor Wight & Co. to repurpose it.

The 70K SF LoVerde Center features an indoor soccer pitch, a basketball court, a dance studio and multipurpose rooms. The project saved Niles residents $4M in taxpayer money and recycled 1,460 tons of brick and block and 120 tons of steel and iron.

The Wight & Co. team for the project included Craig Polte, Pat Kelly, Adam Tomsha, Monica Scinto, Ray Prokop, Wes Del Prete and Shawn Benson.

SALES

SVN Chicago Commercial’s David Coupe represented the seller in the disposition of a five-building, 47K SF self-storage portfolio in and around Kewanee, Illinois. The properties, at 1313 West Sixth St., 817 Lake St., 604 North Tremont St., 514 North Spring St. in Atkinson and 1103 North Main St., consisted of four Mid State Mini Storage buildings and one Pay & Store Self Storage building.

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Kudan Group’s Jarrett Fradin facilitated the sale of a 20K SF car dealership at 630 Waukegan Road in Glenview to Trammell Crow, which will redevelop the property.

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Brown Commercial Real Estate’s Brian Lindgren represented McNally’s Heating and Cooling in the purchase of a 10K SF building at 3491 Swenson Ave. in St. Charles. The seller was represented by Lee & Associates’ Andrew Block.

LEASES

Cawley Chicago’s Josh Hearne represented Industrial Outdoor Ventures in a long-term lease with Direct Trucking at its 19-acre truck and container yard at 23264 Youngs Road in Chanhannon, Illinois. CBRE’s Jason Lev and John Suerth represented the tenant.

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Kudan Group’s Brian Laskov represented Tandem Marketing in a lease at 1503 East Industrial Drive in Itasca.

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Brown Commercial Group completed the following transactions:

• Mason Henzer represented Doorage, a startup offering on-demand self-storage based on volume, in a 22K SF lease at 801 Chase Ave. in Elk Grove Village. The building owner, Westmount Realty Capital, was represented by Cawley Chicago’s Andrew Maletich and Howard Bergdoll.
• Brian Lindgren represented the landlord in an 11K SF lease at 1130 Carolina Drive in West Chicago to Ewing Irrigation Products. CBRE’s Jack Brennan represented the tenant.

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NKF’s Josh Kellerman, Jessica O’Hara and Jon Cordell represented The John Buck Co. in the following leases at 33 North LaSalle:

• Optimum Investment Advisors signed a 3,500 SF renewal.
• Smart Resources signed a 4,500 SF renewal.
• Alan Jacobs P.C. and Darryl Rose signed a 1,600 SF renewal.
• The law offices of Neal R. Novak signed a 3,600 SF renewal.
• The law offices of Timothy N. Henderson signed a new 1,500 SF lease.

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Lee & Associate completed the following transactions:

• Jay Farnam represented Concepts in Flooring in a 13K SF lease at 628 Thomas Drive in Bensenville. The building is owned by Venture One Real Estate.
• John Sharpe and Jeff Janda, along with Blake George of Lee & Associates’ Madison, Wisconsin, office, represented Sutton Transport on its long-term lease of a 77-door cross-dock terminal at 6801 South 13th St. in Milwaukee. Burr & Temkin’s David Lane represented the landlord.

FINANCING

Eyzenberg & Co.’s David Eyzenberg, Jeff Conti and Diana Davidson placed a $28M bridge loan for Woodland Ridge Apartments, a 304-unit garden apartment property at 3421 Foxboro Drive in Woodridge, on behalf of the owner, a partnership of Auerbach Funds and Sinatra & Company Real Estate. The loan was placed with Hunt Mortgage Group.

HIRES/PROMOTIONS

CA Ventures hired Peter Isaac as executive vice president of public-private partnerships. Isaac will help source and execute P3s with leading academic institutions across the U.S.

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Conor Commercial Real Estate hired Ben Harris as senior development manager. Harris will be responsible for expanding the firm’s development of build-to-suits, tenant lease opportunities and land acquisitions.

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SEAATS, the commercial office furnishings division of Earles Architects and Associates, hired Tim Zilz as sales and operations manager. He will be responsible for leading the expansion of SEAATS in the commercial real estate industry and other market sectors throughout the Midwest.

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CBRE promoted Tara Torbik to senior associate in the firm’s Oak Brook agency leasing team. A graduate of CBRE’s Wheel program, Torbik handled leasing and marketing efforts for such marquee suburban properties as Oak Brook 22, Executive Plaza in Westmont and One Energy Center in Naperville.

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Pircher, Nichols & Meeks hired Natalie Fuller as an associate. Fuller was most recently a program specialist for the Commission on Women in the Profession at the American Bar Association.

CONSTRUCTION

Skender completed interior construction of Hinshaw & Culbertson’s 121K SF headquarters at 151 North Franklin. Relocating from 222 North LaSalle, the firm’s five-floor workspace features high-end finishes throughout the space; two floor-to-ceiling Italian marble feature walls on the 25th floor; a stone, glass and millwork feature wall on the 24th floor; a substantial employee café and open-plan benching for support staff. Skender collaborated with SCB, Environmental Systems Design and ConopCo Project Management on the project.

KUDOS

CBRE Senior Director for Project Management Abe Gamboa was named to the 2019 Class of Leadership Greater Chicago Fellows. He follows CBRE’s Jamie Georgas, who is currently a Fellow with the LGC. Over the course of the 10-month program, the 2019 LGC Fellows will be immersed in key socio-economic issues facing the greater Chicago area through full-day seminars, community site visits, discussion groups, conversations with subject matter experts, cultural events and experiential learning opportunities.

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Krusinski Construction’s Jennifer Patton was named president of the Health Care Institute Chicago chapter’s board of directors.