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The Deal Sheet
Auction (April21 -2) CHI
   
April 15, 2013
 
 
Leopardo 2 LTile

The Deal Sheet


We have industrial sales involving everyone from a groovy audio equipment retailer to a manufacturer of industrial furniture. (We assume that's reinforced-steel office chairs for when you eat too much.)

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NAI Hiffman's Joe Bronson and Cushman & Wakefield's Colin Green repped Edsal, a manufacturer of storage systems and industrial furniture, in the purchase of a 139k SF industrial building at 4124 S Racine. Lee & Associates of Illinois' Jim Planey repped the seller, third-party logistics provider LaGrou Distribution.
CohnReznick (May6) MCHI

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Lee & Associates of Illinois principal Chris Nelson repped Crystal Filling in the purchase of a 33k SF manufacturing building located at 518 Randy Rd in Carol Stream. JLL's Trevor Ragsdale and Tyler Hardy repped the seller, United Stationers Supply.

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MusicDirect, repped by NelsonHill's Mark and Michael Nelson, purchased a 25k SF industrial facility at 1811 W Bryn Mawr for $1.3M. The seller, wine importer and distributor Vin Divino, was repped by NelsonHill's Frank Melchert.

SALES

PepsiCo Americas sold 12.3 acres on the SW corner of Joseph Ct and Industrial Dr in University Park to the International Brotherhood of Electrical Workers (IBEW #9), which will use it for an office building and training center. NAI Hiffman VP Chris Gary repped PepsiCo and Prudential Rubloff Properties' Mike Fawell repped IBEW.

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Kudan Group broker/consultant Jarrett Fradin repped the buyer in a business and real estate sale at 2523 N Milwaukee, formerly La Islas Marias. Garrett Realty's Tom Gorsuch repped the seller. The new owners plan to convert the space into a lounge focused on craft cocktails, with opening scheduled Labor Day weekend.

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Kudan Group's Juan Carlos Gomez brokered the sale of El Rincon Azteca at 1752 W North Ave in Wicker Park. A new concept is slated to open this spring.

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The Boulder Group completed the $1.2M sale of a 3k SF Associated Bank ground lease located at 622 Machesney Rd in Machesney Park. The bank has 20 years of lease term remaining. Boulder's Randy Blankstein and Jimmy Goodman repped both buyer, a Midwest-based individual, and seller, a Midwest-based private developer.

LEASING

1150-w-115th
Art Van Furniture leased 184k SF within the Bolingbrook Corporate Centre West, 1150 W 115th St in Bolingbrook, for a local distribution center. NAI Hiffman's Ben Cremer and Mike Robbins repped building owner Industrial Developments International (IDI) and NAI Hiffman's Mark Moran and Bobowski Commercial Real Estate's Stan Bobowski repped Art Van Furniture.

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Atlanta-based Floor & Decor inked a 57k SF lease and Frederick, Md.-based Music & Arts signed a 3,000 SF lease at the 336k SF Aurora Marketplace, NW corner of Route 59 and 75th St in Aurora. Mid-America Asset Management principal and VP Marget Graham repped the landlord in both leases. CBRE's Wendell Hollan and Mario Melone repped Floor & Decor and Metro Commercial Real Estate's Robert Melsher repped Music & Arts.

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Latitude Commercial Realty was hired as exclusive leasing agent for 14k SF of retail space (GLA is 136k SF) and 1.9 acres of outlots in the Beacon Hill plaza in Crown Point, Ind. Anchored by Strack & Van Til, the property is located at the corner of Broadway and 109th and was developed by Kite Realty Group.

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Buffalo Wild Wings, repped by Latitude Commercial's Aaron McDermott, subleased the 9k SF former J Alexander's restaurant space at 1832 N Clybourn Ave. Mid-America Real Estate Corp's Paul Bryant and Andrew Becker repped J Alexander's. The restaurant is slated to open this fall.

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Little City Foundation, an organization that helps children and adults with intellectual developmental disorders, signed a five-year lease extension and moved into a 6k SF space at the 150k SF Universal Building, 700 Sacramento. Catherine Caravette & Associates repped building ownership.

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Hand & Stone Massage & Facial Spa will open a new 2,700 SF location in the Danada Square West shopping center in Wheaton. Baum Realty Group principal and managing broker Allen Joffe repped Hand & Stone and United Commercial Realty repped the landlord. The spa is set to open in mid-summer.

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New York University leased 1,372 SF of office space a 11 E Adams. Jameson Commercial's Brent Burden repped NYU and Marc Realty's Bud O'Connor repped building ownership.

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FruVee Cafe leased 2,400 SF at 1130 S Wabash. Jameson Commercial's Brent Burden repped the landlord and Rick Gardella repped the tenant.

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Jameson Commercial's Brent Burden repped R. Connor & Associates in a 1,787 SF office lease at 134 N LaSalle. Marc Realty's Al Adducci repped building ownership.

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Jimmy John's will open two new locations this summer in Gurnee and Niles. The franchise leased 2,000 SF at the Grand Gurnee Plaza and 1,573 SF at Milwaukee and Greenwood in Niles. Both sites are owned by National Shopping Plazas. Baum Realty Group principal and managing broker Allen Joffe repped the tenant.

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Gibralter Business Capital expanded its space to a total of 6k SF at 400 Skokie Blvd in Northbrook. Jameson Commercial's Lou Kahn and Ed Gerstein repped Gibralter and CBRE's Dan Graham repped ownership.

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Arnie Yusim Leasing inked a 2,411 SF lease at 650 Dundee Rd in Northbrook. Jameson Commercial's Lou Kahn and Ed Gerstein repped Arnie Yusim and NAI Hiffman's Linda Garske and Jason Wurtz repped ownership.

FINANCING

Cambridge Realty Capital Cos closed on a $21.7M FHA-insured HUD loan to refinance 256-unit Morningside North Apartments, an elderly apartment complex on the North Side. The fully amortized, 33-year term loan was arranged for the owner, an Illinois LLC.

CONSTRUCTION & DEVELOPMENT

HSA Commercial, in partnership with Denver-based Industrial Income Trust, will break ground this month on a 180k SF spec warehouse at Park 355 in Woodridge. Located on Internationale Pkwy near the junction of I-355 and I-55, Park 355 is a 37-acre industrial complex that HSA began developing in 2006.

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ARCO/Murray completed three industrial tenant improvement projects exceeding 162k SF: a 100k SF project completed on behalf of Venture One Real Estate was located at 171 Covington Dr in Bloomingdale; a 60k SF project for Pelstar was located at 9500 W 55th St in McCook; and a 3,000 SF project for an incoming tenant on behalf of CBRE was located at 1501 Remington in Bolingbrook.

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Morgan/Harbour was selected to complete a 99k SF relocation for EN Engineering's new offices in Warrenville. The firm is relocating to Cantera Meadows, 28100 Torch Pkwy, from a property in Woodridge. K. Peterson Associates Architects is providing architectural services.

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Bluestone Healthcare Partners broke ground on a $18M, Class-A regional medical office building at 4220 W 95th St in Oak Lawn, adjacent to Advocate Christ Medical Center. The two-story, 38k SF outpatient and clinic space is designed by Anderson Mikos Architects and is being constructed by Bulley & Andrews. The property is 80% leased, anchored by Midwest Orthopedic Consultants and Advocate Medical Group.

EXECUTIVE MOVES

Edgar Cervantes and Jeff Feste joined JBS Commercial Real Estate. Edgar and Jeff both graduated from the University of Iowa.

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John Lenz joined Meridian Design Build as project manager. Prior to joining Meridian, John worked as project manager at Panattoni Construction. He received a BS in construction management from California State University, Sacramento.

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Scott Solverson joined Addison-based construction company Frederick Quinn as VP of business development. He was previously director of biz dev at Ragnar Benson Construction.

AWARDS

Related Midwest received the "Outstanding Real Estate Developer of the Year" award from the African American Contractors Association at the organization's 20th Annual Membership and Awards Reception on March 27.

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First Western Properties' Leo Solarte was inducted into the National Association of Realtors' 30 Under 30 Class of 2013.


Mark's Mashup

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Marriott CEO Arne Sorenson, right, may have had to don a black tie Saturday night to chair a charity gala at the DC Ritz, but at least he was in town; he tells us he travels about 60% of the time (their flag flies on 4,000 hotels in 74 countries) and in just the last two weeks was in India, Sri Lanka, Abu Dhabi, and Toronto. With him, we snapped wife and co-chair Ruth (her hand on his shoulder perhaps to be sure he doesn't leave for the airport); at the far left his EVP Kathleen Matthews and her TV pundit husband Chris; and in the middle Irish ambassador to the US Michael Collins and wife Marie. Apologies as always to our victims that we make them put down their dinner to do this, but don't they arrange themselves beautifully?

MM2
And here we snapped Black Entertainment Television CEO Debra Lee, with her EVP (and head of BET's second channel, Centric) Paxton Baker and Booz Allen's head of commercial business Reggie Van Lee, who doubles as WPAS's chairman. The BET folks have reason to look happy: Paxton tells us their Real Husbands of Hollywood and The Game are two of the top rated shows on cable.

MM3
And of course we snapped the entertainment, Matthew Morrison of Glee, here doing "On the Street Where You Live," which he joked he has sung at every audition he's ever had.

In honor of Adam Scott, first Aussie to win the Masters, we're listening to Men at Work today. How are you celebrating? Send story ideas and favorite show tunes to Marissa Oberlander.

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