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Real Estate Bisnow
   
January 14, 2013 
 
 
 
Leopardo 2 LTile

Big O'Hare Office Sale;
The Deal Sheet


Attend the High-Speed Rail Summit, beginning on February 11. This three-day conference gathers business and political leaders together to bring high-speed rail to America. Registration includes tours, Hill visits, luncheons and reception. Register here.

 
Saban Capital Group, a Los Angeles-based private investment firm, has just acquired 2300 E Devon in Des Plaines from O’Hare Lake Office Park LLC. The 239.3k SF office property fetched $39M, or $163/SF. The FAA Great Lakes regional HQ occupies most of the building. 2300 East Devon is one of five buildings within the 50-acre O’Hare Lake Office Park. Transwestern’s Gary Nussbaum and Thomas Gorman repped the seller.
 
LEASING
 

NAI Hiffman’s Aubrey Van Reken rapped a number of participants in recent deals, including American Income Life of Chicago for 7,000 SF at 1910 S Highland in Lombard. Bradford Allen’s Ryan Moen and John Millner repped the landlord, Servco. Also, Aubrey repped Millennia Professional Services in its lease of 6,500 SF of office space at 2600 Warrenville Rd in Downers Grove; Suburban Real Estate Services’ Tony Russo and James Dunn repped the landlord, 2600 Warrenville LLC. The Institute for Cardio Thoracic and Vein Surgery inked a deal for 4,200 SF at MOB space at 236 East Irving Park Rd in Wood Dale. Aubrey repped the landlord in that case, Peter Verdico, a trustee of Itasca Bank & Trust.

***

APL Logistics leased 135k SF at 8123 116th St, a 451k SF industrial property in the LakeView Corporate Park in Pleasant Prairie, Wis., that features 32-foot ceilings, ESFR and parking for 38 cars. Paine/Wetzel/TCN Worldwide’s Whit Heitman, Samuel Badger, and Brad Weiner were the sole brokers. CenterPoint Properties owns the building.
 
Bisnow (PropManage)

Two new tenants have each leased 1,600 SF at Country Aire Commons at 266-286 South Weber Rd in Bolingbrook: Penn Station Subs and Integrity Dental Associates. NAI Hiffman’s Claire Bitautas and Anne Callard repped the landlord, Garber Properties, in both transactions, while Newmark Knight Frank’s by Bill Selonick repped Penn Station Subs and Karen Kramford of Ryan Hill Realty repped Integrity Dental.

***

Demar Logistics leased 114.8k SF at 320 E Fullerton Ave in Carol Stream. CBRE’s Michael Sedjo and Christopher Zubel repped the owner, CBREI, and Cawley Chicago’s Timothy Gallagher repped the tenant.

***

Kudan Group’s Mario Ponce recently negotiated the lease of 2013 W Division in Wicker Park. In addition to repping the landlord, Mario and his partners plan to open Takito Kitchen in the space this spring. The location was formerly Sabor Saveur.
 
SALES
 
In the first major industrial lease of 2013 in the I-55 corridor, Minneapolis-based Dedicated Logistics leased 125k SF, or more than half of the space at the 200k SF 505 Crossroads Blvd in Bolingbrook, which is owned by industrial giant ProLogis. The landlord was repped by ProLogis’ Jim Neswold and Champion Realty Advisors’ J D Salazar, while the tenant was repped by CBRE’s David Prell.
 

3030 Salt Creek Atrium LLC, which recently closed on acquiring the property of that name in Arlington Heights, tapped NAI Hiffman’s Jack Reardon and Transition Brokers RE’s Brandon Berger to lease the 100k property, which has about 59k SF available. The building was purchased for under $30/SF by a “a seasoned owner,” Jack says.

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Surgical Instrument Service Co bought the 17.5k SF 151 N Brandon Dr in Glendale Heights. CBRE’s Chris Zubel and Mike Sedjo repped the seller, Brandon Properties, while Morken & Associates’ Steven Morken repped the buyer.

***

The 28-unit 8321 South King Dr in Chicago traded hands for $700k. Marcus & Millichap’s Ryan Engle and Anthony Hardy, in the firm’s Oak Brook office, repped both sides. The buyer was an LLC, while the seller was an individual. The property sold after 19 days on the market.
 
FINANCE
 
Marquette Real Estate Investments obtained first mortgage for the Ponds of Naperville in Naperville, a fractured condo property. Marquette originally bought the property in 2000, and began selling it as condos in 2007. In recent years, the company has been renting the unsold units, 111 out of 216. Aries Capital’s Jeff Bucaro secured a lender who extended $8.8M at 75% LTV as the first mortgage on the non-contiguous units, and also allowed a recorded second mortgage at 80% LTV, along with additional mezz debt beyond the 80%. The first mortgage loan features a 4.25% rate, a four-year term with extension options, and a 30-year amortization.
 
EXECS IN MOTION
 
US Equities Asset Management tapped Drew Nieman as an EVP, with a focus on downtown office leasing. Drew is a Chicago CRE pro whose career spans 30 years. Previously Drew was with Colliers International, and before that the John Buck Co, including a stint in Abu Dhabi with John Buck International, where he was executive director of leasing for Abu Dhabi’s new financial center. He’s also been snapped at Bisnow events, such as at one last year (center), flanked by Rich Gatto and Thomas Saletta.

Secret Job Opening at Bisnow
 
Bisnow wants to let you in on a happy little secret: we’re hiring. However, we can't tell you the role specifics until we meet in person. It's kind of a big deal. Think high level sales but on a higher level than you just thought. Requirements: love to travel, work hard, play hard, hustle, and have fun. Non-negotiable: you need to be amazingly proactive and be able to easily chat up super-intelligent people. That’s right – we’re seeking the embodiment of charisma and attitude (the right attitude, that is. If you’re the right candidate, you’ll understand the right attitude). Clock-watchers and complainers need not apply. Zest for life a major plus. "People-persons" are encouraged. Send your resume to careers@bisnow.com.

Upcoming Bisnow Events!
 
Tuesday, Jan. 29, 7am-10am. Bisnow's Chicago Data Center Boom! All-star panelists will discuss what's driving demand for data centers, what are user requirements, what new technologies are required, and the different data center technology methodologies. Register here.

Thursday, Feb. 15, 7am-10am Bisnow's 3rd Annual Chicago Retail Real Estate Summit. Hear the experts talk about what retail tenants are looking for, new development, and investment activity. Register today.
 
Knowledge is knowing a tomato is a fruit; wisdom is not putting it in a fruit salad. Send ideas and suggestions to dees.stribling@bisnow.com and susan@bisnow.com.
 
 
 
 
ML Realty (JanWk1/3) CHI
 
Arthur Rogers (Under2)
 
G3 Construction (Lobby)
 
Liston & Tsantilis 2013
 
Peak Construct CHI
 
NewAcre (Distressed) CHI
 
Reznick (CohnDebut) CHI
 
Bisnow (Writer2)
 
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