The Deal Sheet
SALES
CBRE Hotels SVPs Nate Sahn and James Johson repped the seller, Platinum Hospitality, in the sale of the 71-room Sleep Inn Chicago South, 18420 Spring Creek Dr (above) in Tinley Park. Platinum sold the property to Jai Ambe Properties, which retained the Sleep Inn franchise. The four-story hotel opened in 2000 and was renovated in 2011.
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Starwood Capital Group and Starwood Retail Partners acquired 771k SF The Promenade Bolingbrook (major tenants include Macy’s, Bass Pro Shop, and DSW). The Cushman & Wakefield capital markets team of Michael Winn, Mark Gilbert, Evan Halkias, and Michael Marks repped Forest City in the sale of the property.
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Paine/Wetzel TCN Worldwide principal Ed Wabick repped Lincoln Dixmoor Property in its purchase of a 240k SF crane/manufacturing facility at 14600 S Lincoln in Harvey. The industrial investment firm purchased the rail-served building on 11 acres and Ed will be leasing the space. Burns Commercial Real Estate’s Dan Burns repped the seller, HVY Real Estate.
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User Star Thermoplastics Alloys & Rubbers acquired 294k SF 2801 S 25th Ave in Broadview. Cushman & Wakefield senior director Larry Goldwasser, associate directors Michael Magliano and Jay Maher, and senior associate Colin Green repped the seller, River Oaks Partnership. The 16-acre industrial warehouse property’s tenants include Compusystems, which leases 40k SF of office space.
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Value Industrial Partners acquired 87k SF 5300-5328 W 123rd Pl in Alsip. The property is 100% leased to three tenants. It’s the firm’s third acquisition this year and 2014 acquisitions total over 300k SF. Jupiter Realty Services’ J. Michael Bonet repped both sides. VIP's Brian Liston and Brian Gedvilas also repped Value Industrial Partners.
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NelsonHill’s Mark and Mike Nelson repped the sellers, 2400 Michigan LLC, in the $4.3M sale of a 30k SF building at 2400 S Michigan Ave, along with 20k SF of land on two sites at 55 E 24th St and 2409 S Wabash Ave. Alex Pearsall purchased the building, the original home of the Illinois Automotive Club and built in 1936. Jameson Realty’s Justin Collins repped the buyer.
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Conlon Commercial president Steve Horvath and managing director Marcus Cook repped a group led by M Development in the acquisition of 10k SF 1132-1140 Randolph, which sold for more than $300/SF.
LEASING
DTZ EVP Chris Wood and AVP Jordan Decker repped Ignite USA in its HQ relo to a 21k SF full floor at 180 N LaSalle St (above) from its previous location in the West Loop. Telos Group’s Joy Jordan and Jack O’Brien repped ownership, an affiliate of Beacon Capital Partners.
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Bradford Allen senior managing director Joel Berger, directors John Millner and Ryan Moen, and associate CJ Riccardi negotiated leases on behalf of six new clients: VHT leased 8,807 SF at 6400 Shafer Ct in Rosemont (Transwestern’s Zachary Fox repped ownership, Crossroads Development); Mortgage Services III leased 5,947 SF at 17W662 Butterfield Rd in Oak Brook; Radware inked a new lease at 377 E Butterfield Rd in Lombard; Innovative Hearing Solutions leased space at 7001 Cermak Rd in Berwyn; Banner Personal Services renewed and expanded at 1717 N Naper Blvd in Naperville; and Homer Chastain & Associates leased space at 120 Center Ct in Schaumburg.
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The Shops of Grand Avenue in downtown Milwaukee, Wis., repped by Mid-America Real Estate-Wisconsin’s Dan Rosenfeld, added nine tenants, with leases totaling more than 32k SF. Tenants include: Pink Rebel, TKO Fashions, Celebrity Status Barber & Beauty, Kidz Closet, Memah’s Kitchen, Robbins Law Group, Active Nutrition MKE, LipSplash by Kelvy B, and TRUE Skool.
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Lee & Associates of Illinois principal Jeff Janda repped Schnidt Cartage in its renewal of a 68k SF industrial space at 1625 Hunter Rd in Hanover Park. Lee & Associates of Illinois SVP Mike Plumb repped ownership, Prologis.
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Entre Commercial Realty principals Dan Benassi and Dan Jones, along with Mike DeSerto, repped Lowe’s Cos in its lease of a 40k SF building at 250 Industrial Dr in North Vernon, Ind. The home improvement retailer will use the space for specialized distribution in the Midwest. The landlord is a private investor.
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Helix International leased a 24k SF building at 1180 Pratt Blvd in Elk Grove Village. Lee & Associates of Illinois principal Chris Nelson repped ownership, Prologis, and Colliers’ Chris Volkert repped the tenant.
FINANCING
HFF closed the sale and secured financing for 100-unit Trio Apartments (above) at 670 W Wayman in the West Loop. HFF managing directors Sean Fogarty and Marty O’Connell, along with executive managing director Matthew Lawton, repped the seller, a JV between AEW Capital Management and Marquette Cos, and Abacus Capital Group purchased the asset free and clear of existing debt. Led by senior managing director Mona Carlton and managing director Matthew Schoenfeldt, HFF also secured an acquisition loan for the buyer through Freddie Mac’s CME program.
CONSTRUCTION & DEVELOPMENT
Fifield Cos and Wood Partners announced a $1M improvement plan at 496-unit K2 Apartments for 2014, recently kicked off with the opening of a pedestrian bridge over Union Avenue connecting K2 and the Jewel on Des Plaines Street. Other improvements scheduled include the installation of a canopy at the main entrance and a 10’ high screen on the outdoor pool deck. The property opened in March 2013 and is 80% leased.
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HSA PrimeCare finished construction of the Lowell Health Center, 12k SF outpatient clinic occupied by Franciscan St. Anthony Health – Crown Point. Located at 4500 W 181st Ave in Lowell, Ind., the building opened for patients in February. Franciscan selected HSA in February 2013 as its development partner, and the complex process included the negotiation of a TIF package with the town.
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CBRE will partner with national housing nonprofit Rebuilding Together to provide renovations to the Sylvia Family Shelter during its annual Women’s Networking Forum next month. The housing shelter is part of the Cornerstone Community Outreach nonprofit and serves more than 160 people.
EXECUTIVE MOVES
Jeanine McShea joined Related Realty as VP/managing broker. The 25-year industry vet’s responsibilities will include business development, streamlining operations, and implementation of training and development programs. Jeanine was most recently VP of sales at Baird & Warner and holds a bachelor’s degree from Winona State University.
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CBRE promoted David Saad to EVP in the Chicago tenant rep group. He focuses mainly in suburban Chicago with a specialization in repping life science users. Last year, David repped Gogo in its 231k SF corporate relo.
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Transwestern hired Andrew Kelly as EVP on the firm’s tenant advisory services team. The 18-year industry vet specializes in large professional services firms with multiple locations and has completed more than 3M SF of deals valued over $1B. He was most recently principal at Advocate Advisors and earned his degree in real estate finance from Indiana University’s Kelley School of Business.
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Golub & Co promoted Meredith Lewis from director of HR to VP of HR. Meredith has been with Golub for six years and earned her degree in business administration from Western Michigan University. The firm also appointed Yoonjin Choo to executive assistant and Cori Crane joined the firm as corporate assistant.
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Victor Senese joined Bear Construction as project executive at its Rolling Meadows location. With 31 years of experience, he will lead consulting engagements for Bear that require healthcare strategies and solutions. He has a civil engineering degree from Marquette.
BUSINESS
Cornerstone Commercial Partners II’s Spero Adamis landed the leasing and management of Bayberry Plaza, an 11k SF neighborhood center at the hard corner of 80th and 171st in Tinley Park.
