THE DEAL SHEET
| SALES | |
Healthcare Trust of America agreed to buy Oak Park's 135k SF Rush Medical Office Building for $54M. The REIT nabbed the purchase option when it invested in a mortgage in '09. The building is triple-net-leased through 2019 to Rush University Medical Center, and it's connected via enclosed walkway to Rush Oak Park Hospital. *** Aleksandra Enterprises, repped by Greenview Properties, bought the 24k SF office and industrial building at 1500 W Cortland. It'll be the HQ and national wholesale distribution center for Russian Pointe, including for the Magnificent Mile's Russian Pointe Dance Boutique. Garrett Realty & Development's David Schraufnagel repped the sellers. *** Ner Tamid Congregation of North Town—repped by
Podolsky Northstar CORFAC International's John Homsher, Adam Tarantur, and Randy Podolsky—sold its 33k SF school and synagogue in Rogers Park to Joan Dachs Bais Yaakov Elementary School/ *** Quantum Real Estate Advisors' Chad Firsel arranged the sale of the 6,000 SF shopping center at 115 Rand Rd in Arlington Heights from an individual to an NYC institutional investor for $2.2M. Tenants are Caribou Coffee, Smashburger, and Jersey Mike’s Subs. *** Gulfstream Global Logistics, repped by Coldwell Banker Commercial's Lynn Scharaga, bought two 1,000 SF office/industrial condos (220-320 Howard) In Des Plaines' Mercury Corporate Centre-O'Hare. Owen Wagener & Co's Carrie Wagener and Andrea Hauger repped the seller. |
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| LEASES | |
Google's Motorola Mobility leased 572k SF in Vornado's Chicago Merchandise Mart, upping the amount of the 3.5M SF building devoted to office to 1.7M SF. The lease will start early next year. *** Grosvenor Capital Management, repped by Steinco Corporate Real Estate Advisors' David Stein and Tim Minton, renewed and expanded into 96k SF at 900 N Michigan Ave. TOCO's Tom Omundson repped landlord JMB Realty Corp. *** The Northwestern University Feinberg School of Medicine took ad agency Draftfcb's former 62k SF at 633 N St. Clair St in Streeterville. JLL's Steve Smith and Craig Coupe repped the owner, the American College of Surgeons. Newmark Grubb Knight Frank's Kevin Duckler and Ashley Devick repped Northwestern. *** WEG Electric Motors, repped by Colliers' Darren Ross and Newmark Grubb Knight Frank's Brian Carroll, expanded by 84k SF with Duke Realty, relocating into 163k SF in Crossroads I at 2 Gateway Court in Bolingbrook. HD Supply, repped by NAI Hiffman's John Cash, expanded into WEG's former 79k SF in Northlake I. It now has 347k SF in the 635 Northwest Ave property. NAI Hiffman's Steve Connolly and Mark Moran listed Crossroads I, and Susan Bergdoll repped Duke internally on both deals. *** DSW, repped by Tartan Realty's Mike Schertler and Midwest Commercial Realty's Scott Stefanik, leased Linens 'n Things' former 28k SF at River Forest Town Center at the southwest corner of Lake Street and Harlem Avenue in River Forest and will open in the fall. Mid-America Asset Management's Liz Krebs, repped the center. Chico's also renewed 2,700 SF there, and Panera renewed 4,500 SF. *** MRI of River North, repped by Garrett Realty & Development's David Schraufnagel, signed a long-term lease at Fifield Cos' Alta at K Station (555 W Kinzie St) and will relocate from 664 N Wells St by the end of the year. Sperry Van Ness' Wayne Caplan repped Fifield. |
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| FINANCE | |
Younan Properties refinanced the 171k SF, Class-A, 83% occupied One North Arlington in Arlington Heights with a five-year, fixed-rate CMBS loan. *** Hampton Associates got a $23M HUD 223(f), 35-year, fixed-rate loan at 80% LTV via Berkadia Commercial Mortgage's Len Deering, Paul Matusiak, and Tom Sigrist to refinance the 96%-occupied, 500k SF Hampton-In-Highland Apartments in Indiana. |
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| CONSTRUCTION & DEVELOPMENT | |
| McShane Construction will renovate the Latin United Community Housing Association's 63k SF, four-building Borinqueri Bella Apartments in Humboldt for affordable housing. The City of Chicago Department of Housing and Economic Development provided LIHTC, the US Department of Housing and Urban Development gave HOME funds, the US Department of Energy provided an Energy Efficiency and Conservation Block Grant, and the Illinois Housing Development Authority put in money. National Equity Fund Assignment Corp is the tax-credit investor, and BMO Harris Bank underwrote the loan. Landon Bone Baker Architects is also involved. | |
Meridian Design Build broke ground on a 172k SF build-to-suit for Polmax Transportation on 28 acres at 122nd and Central in Alsip.
The warehouse will have 68 docks, 20k SF of office space, a vehicle
repair facility, a truck wash, and diesel fueling island. Meridian's Joe Grimes and Bob Malachowski, along with architect Arete-Knight and civil engineering firm Hoefferle-Butler are working on the project. McLennan's Chuck Wiercinski and Jim Conrad repped Polmax in its purchase, and CBRE's Larry Johnson repped the seller. *** ARCO/Murray National Construction Co completed a 90k SF, $5M buildout for Lawson Products’ HQ at Triangle Plaza's 8770 W Bryn Mawr Ave. Lawson relocated 600 employees from Des Plaines. ARCO/Murray is also building Lawson's 307k SF distribution center in McCook. |
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| PERSONNEL ANNOUNCEMENTS | |
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Schain Burney Banks & Kenny zoning partner Amy Degnan Gempeler will be the Chicago Housing Authority chief of staff. She joined the law firm in the fall, leaving behind her post as first deputy commissioner for the City of Chicago's Department of Housing and Economic Development. She has also served as assistant to former Mayor Richard M. Daley, working on zoning code reform. *** JLL Hotels promoted Chicago office head Adam McGaughy to managing director and Johnny Wong to VP. Adam has an MBA in finance and marketing from DePaul. *** JLL promoted Kris Bjorson, Kathryn Ditmars, Mark Engel, Ernie Fiorante, John Huguenard, Keith Knox, Corey Lewis, Meredith O’Connor, Mike Ricketts, Joe Romenesko, Chris Roth, and Dan Witte to international director. *** Shefsky & Froelich hired Graham Grady as real estate and land use shareholder from K&L Gates. He's also legal counsel to one of the City of Chicago's five annuity and benefit funds. Graham has worked as the City's zoning administrator and commissioner of buildings, assistant state’s attorney, Cook County State’s Attorney’s Office executive director, and Chicago Housing Authority chief executive. He also worked for the Private Industry Council of Chicago and was also a member of the Chicago Plan Commission. He has a JD from Northwestern University and a BA from the University of Illinois. *** Colliers hired Deerfield native Joshua Crane as VP to work on Downtown office leasing. He's also worked for Golub & Co and Friedman Properties. *** Eidco Construction hired Keith Borgstrom as senior project manager. He's worked for companies like Chicago Commercial Contractors and McShane Construction and has a bachelor's in construction management from Illinois State. |
