The Deal Sheet
SALES
Zeller Realty Group leads a venture that purchased the 1.3M SF office tower at 311 S Wacker Dr (above). The venture also includes Cindat Capital Management, a Chinese investment manager, as JV partner. Eastdil Secured’s Steve Livaditis repped the seller. The acquisition grows Zeller’s portfolio to over 8.2M SF; the firm will manage, market, and lease the property.
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Led by managing director James Postweiler, JLL repped M&J Wilkow and CarVal in the $28.4M sale of Cantera Meadows, a 204k SF office building at 28100 Torch Pkwy in Warrenville. The buyer, Canadian REIT Adventus, was repped by Cushman & Wakefield’s Randy Waites, Dan Svachula, and Michael Simpson. The property is 92% leased with an average of nearly eight years left on the leases.
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NAI Hiffman EVP Eric Tresslar, SVP Joe Bronson, and associate Kyle Barrett repped CenterPoint Properties in the sale of 153k SF 820 Frontenac Rd in Naperville to Tri-Ring American Corp. Tri-Ring, an automotive components manufacturer repped by Wagener Equities’ Jeff Gilbert, will use the property as its distribution facility.
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HSA PrimeCare, repped by EVP Robert Titzer, completed the sale of 23k SF North Meridian Medical Center (above) at 10601 N Meridian St in Indianapolis, Ind. The buyer was Carmel Medical Office Building LLC (an affiliate of Multi-Specialty Surgery Center), a current tenant seeking to expand its practice.
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@properties Commercial VP and managing broker Dan Stratis and senior broker Lee French repped buyer Bally Doyle in the $2.4M sale of an 11k SF retail center at 805-820 Randall Rd in Batavia. Jameson Commercial repped the seller, a private investor. The property was about 90% leased at the time of sale and current tenants include Accelerated Physical Therapy, Delnor Medical, Cartridge World, and USA Cleaners.
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Triad Real Estate Partners completed the $2.1M sale of 72-unit Highland Place Apartments, a Low Income Housing Tax Credit (LIHTC) property in Charleston. The property was built in 1998 under the LIHTC program by an Indianapolis-based tax credit and rural housing developer; the buyer is Charleston-based affordable housing developer Yost Management. The deal was closed with a bridge loan in anticipation of IHDA financing at a later date and Yost plans significant renovations, maintaining the property as affordable housing.
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NAI Hiffman SVP Ben Cremer and VP Michael Robbins repped Network Strategy in the sale of 13 acres of land on the corner of I-55 and Veterans Parkway in Bolingbrook to Seefried Industrial Properties, which plans to build a spec development on the property. JLL’s Trevor Ragsdale and Grant Glattly repped Seefried.
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Kudan Group’s Juan Carlos Gomez facilitated the sale of the Saugatuck Coffee Co, owned by Kim Dixon, at 3344 N Halsted St in Lakeview. The new owner, Serafim Papayiannis, plans to add signature Greek coffees, small bites, and traditional sweets to the menu in April. Juan Carlos and Kudan’s Jerrod Rosen also completed the sale of 3917 Lake St, formerly Deluxe Grill, in Stone Park. The new owners plan to open an innovative concept this spring with a similar diner feel. Kudan Group’s Jarrett Fradin completed the sale of 432 W Diversey, formerly Torajiro Sushi, where the new owners will open a new concept later this year.
LEASING
NAI Hiffman EVP Jim Adler repped landlord Forest City in an office lease expansion with WiTronix at 715k SF lifestyle center Promenade Bolingbrook, 631 E Boughton Rd (now 100% leased). WiTronix, repped by CBIZ’s Bill Main and James Soljacich, has been HQ'd in the complex since 2010 and now occupies 22k SF.
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Rocket Fuel leased 45k SF in River North Point, 350 N Orleans, from Shorenstein Properties. CBRE SVP Ron Lakin, VP Scott Sessa, and VP Rachel Waymire repped Shorenstein; Newmark Grubb Knight Frank’s Kristoph Lodge and John Gaines repped Rocket Fuel. In the past six months, CBRE has repped Shorenstein in an additional 73k SF of leases at River North Point.
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NAI Hiffman EVP Larry Much repped co-packing and fulfillment company Pro-Line Packaging in its new lease with Sitex Group for 21k SF of industrial space at 870 Lively Blvd in Wood Dale. CBRE’s Cal Payne and Kevin Segerson repped Sitex Group.
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Related Midwest’s 500 Lake Shore Dr surpassed the 95% leased mark in just over 10 months since its May 2013 opening. The 500-unit luxury rental building is Related Midwest’s first rental property in Chicago. This summer the developer will open 111 W Wacker, its second downtown apartment tower.
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The Wrigley Building (above) signed a 2,240 SF lease with Peet’s Coffe & Tea, which will open a plaza-level storefront in the building’s South Tower this summer. Zeller Realty Group’s Carrie Bradley and Newmark Grubb Knight Frank’s Karin Kraai are the building’s brokers. Owned by a consortium of investors led by BDT Capital Partners and including Zeller Realty Group (as well as Eric Lefkofsky and Brad Keywell personally, as minority investors), The Wrigley Building is now 47% leased.
CONSTRUCTION & DEVELOPMENT
Aerospace systems manufacturer Woodward, repped by JLL’s Eric Kunkel, Kurt Sarbaugh, and Scott Ohlander, purchased a 367k SF warehouse/production facility at 6300 W Howard St in Niles, which it will partially demo and augment with a new two-story office space addition, totaling 100k SF. The new 335k SF facility will be home to all of Woodward’s Chicago-area employees, who will consolidate from five existing locations in the Niles/Skokie area. The seller was Duke Realty, repped by Colliers’ Tom Rodeno and Chris Volkert. As part of the deal, Duke will also complete the redevelopment of the project.
EXECUTIVE MOVES
Cushman & Wakefield promoted Shawn Mobley to leader of the newly formed US Investor Services Group, providing a single point of contact and fully integrated solutions for property owners (including capital markets, agency leasing, and asset and property management services). Shawn was previously the central-area president and market leader for Chicago.
BUSINESS
JCF Real Estate formed a new acquisitions entity, JCF Partners, with the goal of acquiring office, retail, and multifamily properties throughout the Midwest. The firm recently acquired 100 multifamily units and single-family properties in Southern Wisconsin and Northern Illinois and expects to acquire another 1,000 units within the next year.
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JLL’s Peter Caruso and Ashley Wagoner have been awarded the agency leasing assignment for a trio of Simon Property Group-owned retail assets totaling more than 1M SF: 400k SF Country Side Plaza in Countryside, anchored by Home Depot and Value City; 359k SF Lake View Plaza in Orland Park, anchored by Best Buy and Value City; and 267k SF Matteson Plaza in Matteson, anchored by Shoppers World.
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Millennium Properties R/E has been named exclusive leasing agent for the 29k SF of available office space at 21-story 67 E Madison. Part of Jewelers Row, the property was renovated in 2003 and the lower portion of the building is used by retailers and jewelers.
