The Deal Sheet
SALES
CBRE EVP Richard Frolik and FVP Christian Williams repped Newgard Development and Origin Capital in the sale of Melrose Park Center (above), 2525 W North Ave in Melrose Park. The 114k SF neighborhood center was 94.7% occupied at the time of sale with tenants including Food 4 Less, FedEx Office, and Jimmy John’s.
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Inland Brokerage & Auctions VP Richard Kehoe repped the seller in the $3.3M sale of 26k SF strip center Golf Road Plaza in Niles. Tenants include Auto Zone, LA Tan, and H&R Block.
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Brown Commercial Group associate Mike Antonelli repped the seller, a private investor, and the buyer in the sale of a 38k SF industrial building,1040 W Fullerton Ave in Addison. A portion of the building is leased to a long-term tenant while the balance will be used by the buyer, who owns several commercial buildings in the area.
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Geneva Capital purchased a 9,880 SF retail building at the SW corner of Route 31 and Willow Lane in West Dundee. Lee & Associates principal Rick Scardino and SVP Jason Sorce repped the seller, Sentinel Investments.
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Kudan Group’s Brian Laskov completed the sale of 7,000 SF 1630-1632 W Division St in Wicker Park to a hospitality industry vet, which will open two restaurant concepts later this year. He also sold the former Chicken Run Campeche Restaurant at 2339 N Milwaukee and facilitated the lease. The owners will open a new concept this spring.
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Links Capital Advisors completed the $1.6M sale of Chalet Hills Golf Club (above) to Leli Zhou & Co. Located at 43 Rawson Bridge Rd in Cary, the 18-hole, 6,877-yard championship course was designed by Ken Killian and features a 7,000 SF clubhouse.
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200 GBR LLC/Delaware Street purchased a 7,066 SF retail building at 200 Green Bay Rd in Highwood. Lee & Associates principal Rick Scardino repped the seller, Chicago Brass.
LEASING
Duke Realty signed three lease renewals, maintaining 98.7% occupancy in its Chicago industrial portofolio: Bon-Ton Distribution renewed its lease of 249k SF at 1835 Jefferson in Naperville (Midwest Commercial Real Estate’s Larry Hanley repped Bon-Ton and Susan Bergdoll repped Duke); Supply Network renewed its 77k SF lease in Carol Stream I (above), 640 Center Ave in Carol Stream (Ryan O’Leary repped Duke); and SFS Distribution renewed and extended its 56k SF lease in Carol Stream III, 370 Kimberly Dr in Carol Stream (CBRE’s Kirk Armour repped SFS and Susan repped Duke).
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Thresholds inked an 8,800 SF lease at 120 S LaSalle. The non-profit will use the new Central Loop location for its executive, finance, and development offices. Bradford Allen senior managing director Craig Nadborne and managing director Sameena Mustafa Basit repped Thresholds; Lincoln Property Group’s Kim Robare repped the landlord, Teachers Retirement System of Illinois.
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Lee & Associates of Illinois SVP Jason Sorce repped Spears Bourbon Bugers & Beer in a 5,676 SF retail lease at 723 N Milwaukee Ave in Wheeling. Baum Realty’s Doug Renner repped ownership, Black Lion Investment Group.
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A Heritage Cos affiliate leased 3,000 SF at 190 Waukegan Rd in Deerfield to CD One Price Cleaners. The location was previously home to NorthShore Medical Group, which moved into a larger facility. CBRE’s Sean McCourt repped the Heritage affiliate.
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Kudan Group’s Brian Laskov repped State Farm Insurance in the lease of 860 N Clark in the Gold Coast. Miller Chicago Real Estate’s Andrea Miller repped the landlord. The location will open in April.
CONSTRUCTION & DEVELOPMENT
IDI announced two new developments in the I-55 submarket. Bolingbrook Corporate Center West 3, expected to be delivered in Q2, will be 600k SF. Rock Run Building 10, located in the 15.1-acre Rock Run Business Park in Joliet, is expected to be completed mid-year. The 290k SF building already 75% pre-leased to a performance tire manufacturer.
EXECUTIVE MOVES
CBRE promoted David Tropp to EVP within the tenant rep group. He has been in the business over 30 years, actively involved in more than 1,600 leases and sales totaling over 110M SF (valued at $7B). Significant clients include Pactiv, Packaging Corp of America, and Stericycle.
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Alter Asset Management named Cynthia Milka director of new business development-property manager, responsible for new client relationships for the firm. The 15-year vet was previously regional VP of operations at Invitations Homes and regional property manager at Keystone Property Group.
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CBRE promoted Dan Cohen and John Jaeger to EVPs within the capital markets group. Dan and John lead CBRE’s Chicago multi-housing investment property group; the team has completed 72 transactions totaling more than $4B since 2005. Dan joined CBRE in 1992 and John came on in 2005 after a 13-year career at Appraisal Research Counselors.
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Edward Gignac joined Coldwell Banker Commercial NRT as a commercial associate in its Hinsdale office. He will be primarily focusing in the western suburbs on the leasing and sale of office, warehouse, and industrial properties.
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Midwest Industrial Funds added Patrick Schaner as portfolio manager. The 20-year industry vet previously worked at Opus North Corp, Panattoni Development, and Cushman & Wakefield/Northmarq. He has worked with companies like Sears Logistics and GE, and received his BS in accounting from MSU.
