The Deal Sheet
Chicago’s industrial market is still going full throttle with numerous build-to-suits, the return of spec, and space-hungry investment grade tenants, Conor Commercial Real Estate CIO Molly McShane tells us. (The market has more endurance than the Energizer bunny, which, coincidentally, is stored in a warehouse.)
The firm just completed several industrial properties, including a 347k SF office/industrial build-to-suit for Orbus Exhibit & Display Group in Woodridge. It also has some industrial spec projects in the works, such as 343k SF Northwest Pointe in Elgin and a new 250k SF development at the firm’s Union Pointe business park in Woodridge. Molly was just appointed CIO at the merchant developer, where she’ll be honing its national investment strategy. If her last name is familiar, it’s because her dad Jim heads up The McShane Cos (Conor is a member company), and she enjoys working together with him. “There’s a much greater personal reward when projects have your name on them," she says. She’s also busy building a house in Bucktown and chasing after her two daughters (ages two and four, above)
SALES
A JV of Philly-based Lubert-Adler and The Farbman Group acquired the 154k SF Class-A office building (above) at 1007 Church St in Evanston. Previously owned by a TIC group, the building had been taken over by a special servicer when the JV picked up its outstanding debt in February. Currently 52% occupied, the building includes 351 parking spaces, two rooftop decks, and an outdoor patio.
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Ellas Commecial Real Estate president Georgia Kokkinias repped the buyer in the $1.1M sale of a 28k SF industrial building at 100 Sheppard Ave in Wheeling. Colliers’ Brendan Green repped the seller. Georgia also just completed the $1.5M sale of 10 acres to MI Homes at 16W760 91st in Willowbrook.
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Kudan Group’s Juan Carlos Gomez and Jerrod Rosen negotiated the sale and lease of Kafein at 1621 Chicago Ave in Evanston. Café Descartes owner Arshad Javid (seven locations) and Syed Mohammed Hanif Shah became operators of the Evanston staple.
LEASING
Duke Realty signed new leases totaling 270k SF at two of its industrial properties in I-55, bringing its overall Chicago portfolio’s occupancy to 96%. At 529k SF Park 55 (875 W Crossroads Pkwy in Romeoville), North Bay Distribution signed a 199k SF lease. Colliers’ Jim Estus repped North Bay. JLL’s Trevor Ragsdale, Kelly Gray, and Michael Connor repped ownership, along with Duke VP Susan Bergdoll. At 187k SF 375 W South Frontage Rd in Bolingbrook, ALG Direct signed a 71k SF lease. CBRE’s John Suerth repped ALG, and CBRE’s Larry Johnson, along with Susan, repped Duke.
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Spears Manufacturing leased 66k SF at 404k SF One Gateway Court in Bolingbrook (developed by Duke Realty) to JMK/IIT, bringing the building’s occupancy to 100%. CBRE’s Dave Prioletti repped Spears, and Lee & Associates of Illinois’s Walter Murphy repped the tenant.
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Culture Studio signed a 10-year, 49k SF lease of warehouse and office space at 1151 W 40th St in the Back of the Yards neighborhood, more than quadrupling the size of its previous HQ, 1528 W Adams. Transwestern senior director of tenant advisory Adam Schneiderman repped Culture Studio; Darwin Realty’s Rick Daly repped ownership, Cabot II.
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The Wrigley Building signed a new 13k SF lease (North Tower) with creative agency gyro Chicago, bringing the building to 53% leased. Studley’s Eric Feinberg repped gyro and Perkins & Will completed the space’s build-out (above). Zeller Realty Group’s Carrie Bradley and NGKF’s Karin Kraai repped ownership, a consortium of investors led by BDT Capital Partners and including Zeller Realty Group.
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Pulte Homes leased 25k SF at 1900 E Golf Rd in Schaumburg from Transwestern Commercial. CBRE’s James Dingeman and David Saad repped Pulte in the deal.
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Kudan Group’s Brian Laskov and Jerrod Rosen completed a lease with restaurateur and fishmonger Glenn Fahlstrom at 1258 W Belmont in Lakeview (Brian repped Glenn and Jerrod repped ownership). He plans to bring Fahlstrom’s Fresh Fish Market, a restaurant/fish market hybrid (including his famous cereal wall from Glenn’s Diner), to the neighborhood this October.
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NAI Hiffman VP Aubrey Van Reken repped DuPage Senior Citizens Council in its new long-term office lease for 5,600 SF in Lombard. The non-profit will be relocating from 1919 S Highland Ave in Lombard to Oak Creek Center at 1990 Springer Dr. Aubrey began working with DSCC in 2013 in its search for a larger corporate HQ.
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Flexeon Rehabilitation signed a 2,900 SF lease at 240k SF Hillcrest Shopping Center at the SE corner of Route 30/Plainfield Road and Larkin Avenue in Crest Hill. Mid-America Asset Management principal/VP Marget Graham and VP Katie Hennegan repped the landlord. LFI’s John Boyajian repped the tenant.
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Kudan Group’s Juan Carlos Gomez repped both sides in a lease at 2054 W Roscoe St, formerly El Tinajon. The owners of Taste of Cuba Café in Lincolnwood, Guillermo Alvarez, Celestine Reyes, Marco Fernandez, and Jamie Alvarez, plan to open a Cuban concept in the Roscoe Village space this fall.
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Angelo’s Fresh Market and Sport Clips signed leases at 28k SF Cornerstone Centre at the NE corner of 183rd Street and Harlem Avenue in Tinley Park. Mid-America Asset Management leasing reps Paige Winkels and Samantha Spinell repped the landlord in both deals. Mid-America Real Estate Corp’s Peter Scannell repped Sport Clips.
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Entre Commercial Realty’s Brian Bocci repped Bright Light Sign Co in its 8,000 SF lease renewal at 310 Telser Rd (above) in Lake Zurich. The company chose to stay in the building due to features like 2,800 SF of office space and a fenced outdoor storage area.
EXECUTIVE MOVES
Gary DeClark joined CBRE’s Chicago valuation and advisory services group as SVP. He and his team will expand the existing litigation support and consulting capabilities of CBRE’s Chicago office, which currently includes 30 appraisal professionals. The 35-year industry vet was most recently principal of Realty Consultants USA.
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DTZ appointed Brett Soloway as global general counsel, overseeing DTZ’s worldwide legal activities. He was previously senior counsel at Home Depot, overseeing legal matters across the company’s 2,500-plus properties worldwide. Brett earned his undergraduate degree in political science from the University of Michigan and his JD cum laude from the U of I College of Law in Champaign.
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Inland Real Estate Brokerage & Auctions tapped William Dozier Jr. and Eric Wojnicki as broker associates. William was most recently a senior sales rep at Gordon Flesch Co and will focus on business-oriented operating real estate such as self-storage, restaurants, and other corporate-owned assets. Eric was most recently a loan officer at Bank of America and will focus on business development of specialized, trophy residential properties.
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SVN | Chicago Commercial tapped Jennifer Hopkins as VP, specializing in the sales and leasing of retail and office properties in the north and west Chicago suburbs. The 25-year industry vet has closed over 200 deals in the last 10 years. She was previously senior advisor for NAI Hiffman and primary broker for both the lender services and retail services groups.
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Julie Deignan joined CBRE’s Chicago project management group as senior furniture advisor and will lead the team’s new furniture advisory services vertical. She previously ran her own company that created and offered furniture advisory services.
