The Deal Sheet
The value-add masters at Venture One Real Estate just closed on a 236k SF, 11-building industrial portfolio in Lombard. (11 is a great number for everything but square dance circles and soccer scores.)
Venture One acquired the 75% occupied buildings, at 901-1120 N DuPage Ave, from Parkway Development, principal Matt Goode (snapped with Venture One's Roy Splansky and Mark Goode) tells us. The firm liked the buildings’ location, amenities (air-conditioned warehouses, extra land, ample parking), and functionality. The portfolio’s a mix of four multi-tenant buildings and seven single-tenant buildings ranging from 12k SF to 37k SF. Venture One plans to renovate, targeting a variety of tenants from divisions of large national companies that manufacture or distribute to local contractors or service companies, Matt says. Transwestern’s Justin Lerner and Joe Karmin will market the properties. Outside of the office, Matt’s training for the marathon to raise money for Chicago-based charity LUNGevity, which funds lung cancer research and awareness.
SALES
Kiser Group senior managing director Bill Baumann repped buyer and seller in the $3.8M sale of 19 out of 24 condo units at 4141 N Kedzie (above) in Irving Park. The unit mix includes two street-level commercial spaces, eight two-bedrooms, and nine three-bedrooms.
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Labsource purchased 35k SF at 1260 Garnet Dr in Northlake from private ownership. CBRE’s Keith Puritz, Brett Kroner, Ryan Bain, and Zach Graham repped Labsource; Colliers’ Johnny Kohn repped the seller.
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The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the seller, a Chicago-based developer, in the $1.6M sale of a retail condo (tenanted by BofA and Massage Envy) at 3718 N Southport Ave. The cash buyer was a West Coast-based investor. BofA has over two years remaining on its lease and Massage Envy has over eight years remaining on its lease.
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Kudan Group’s Juan Carlos Gomez completed the sale of 22 W Ohio St, formerly Old Chicago Grill, in River North. The owners of Rev Burger in Carol Stream will bring their concept to the space later this year. Juan Carlos also negotiated the sale and lease of The Cousins Restaurant at 1463 W Leland in Uptown. The buyers own a catering kitchen specializing in private events and wine tastings, and Brix Catering & Events is scheduled to open this year.
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HSA PrimeCare closed on the purchase of the APAC Medical Plaza (above), a 13k SF multi-specialty surgery center at 11456 S Broadway in Crown Point, Ind. Prior to completion of the sale, HSA executed a long-term lease with APAC Centers for Pain Management, a physician group that will occupy the entire building.
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Landmark Partners senior broker Trip McDonough repped Fredricksen Fire Equipment Co in the purchase of 555 Pond Dr, a 24k SF flex industrial building in Wood Dale. The building will serve as the company’s newest HQ, and an additional 1.72-acre parcel was purchased for future expansion. Transwestern’s Justin Lerner and Joe Karmin repped the seller.
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Kudan Group’s Scott Reinish and Brian Laskov negotiated the sale of 2138 N Halsted St, formerly Halsted Harp, in Lincoln Park. Scott repped the sellers, Garrett Diamond and Connor Kelly; Brian repped the buyers, Joe DeTuri and Paul Leix, who will open Prohibition, a casual bar concept, this summer.
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The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the seller, a Midwest-based individual, in the $1.2M sale of a single-tenant, 3,501 SF PNC Bank ground lease (above) at 1996 Freedom Pkwy in Washington. The buyer was a private investor from the West Coast. PNC has 14 years remaining on the ground lease.
LEASING
Colliers principal Thomas Rodeno and associate Patrick Turned repped Diversified Labeling Solutions in a 171k SF long-term lease renewal and expansion at 1285 Hamilton Pkwy (in Hamilton Lakes Commerce Center) in Itasca. The firm has occupied 140k SF within the facility for about 10 years. Hamilton Partners’ John Baxter repped ownership.
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kCura expanded and renewed its lease at 231 S LaSalle, making its new HQ 134k SF. Since the firm began working with CBRE’s Brad Serot and Paul Reaumond in ’09, it has expanded four times, growing from 8,000 SF to 134k SF.
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Star M signed an 8,500 SF flex lease in Lombard. JBS Commercial Real Estate partners Brian Silverman and Jason Shibata repped ownership, Northbrook-based Rothbart Realty. NAI Hiffman’s Dan O’Neill and White Cube’s Tak O’Haru repped the tenant.
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Kudan Group’s Scott Reinish facilitated a restaurant lease at 400 N State St in River North, where Organic Life owners Jonas Falk and Justin Rolls, joined by chef Roland Liccioni, will open Dough Bros Pizzzeria and Sub Shop early this summer.
CONSTRUCTION & DEVELOPMENT
Brennan Investment Group and DLJ Real Estate Capital Partners broke ground (above) on a 140k SF industrial building being built by Keeley Construction at 1780 Birchwood Ave in Des Plaines, with delivery expected in Q3. The warehouse and distribution facility is being constructed to LEED-certification standards. Colliers’ Jonathan Kohn and Thomas Rodeno will market the property on behalf of the JV.
EXECUTIVE MOVES
Colliers added Dougal Jeppe as SVP in the firm’s Rosemont office, focused on office tenant rep. He spent the past seven years at Cushman & Wakefield, most recently as senior director (with a specialization in healthcare brokerage). Dougal is a graduate of the University of Colorado (BA) and Loyola (MBA).
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Inland Commercial Mortgage Corp tapped Joel Kaplan as director of production. The 25-year industry vet will help market a new lending program that affords regional borrowers non-recourse commercial mortgages of up to 65% LTV; $500k to $5M loan amounts, and up to a 7-year term. Joel has producted over $2B in mortgage financing across the country throughout his career.
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Trammell Crow promoted Jerry Ebert and Johnny Carlson to SVP within the firm’s Midwest business unit. As SVP, Jerry will continue to oversee construction and design aspects of the company’s development and acquisition activity across the Midwest. Johnny will continue to focus on the development and acquisition of office, industrial, and multifamily developments throughout Chicago and Minneapolis.
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Jeffry Bothwell joined CBRE’s capital markets national senior housing group as SVP, specializing in investment sales and debt for skilled nursing facilities. He previously spent 14 years at GE Healthcare Financial Services, most recently as SVP. He received his MBA from UChicago and BBA from Western Michigan University.
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Alter Asset Management named Joanne Cusack property manager, responsible for a portion of its expanding third-party client base. She will cover facilities in Mokena, Arlington Heights, Romeoville, Hinsdale, Oakbrook Terrace, Wheaton, and Plainfield, Joanne has been with Alter for the past 20 years as assistant property manager and property supervisor.
