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Real Estate Bisnow
   
January 7, 2013 
 
 
The Deal Sheet

Strada Real Estate Services is the leader in bundled maintenance and repair services, delivering 21st century real estate solutions to an ever-challenging economic environment. Find out more here.

 
In case you missed the announcement late last week, construction giant Clayco is moving its HQ from St. Louis to downtown Chicago, taking 30k SF on floors 13 and 27 of 35 E Wacker (the Jewelers Building). And if you did hear about it already, just remember the old adage we just made up: "Repetition is the sincerest form of flattery."
 

Though CEO Bob Clark, along with principals from each business unit, will be in Chicago, the move is more of a suburbs-to-city relo than city-to-city. (The company did not receive any public subsidies to make the move.) Clayco relocated all of its Oakbrook Terrace employees downtown but plans to keep its St. Louis office intact, and in fact recently signed a 15-year lease for space in that city. Accounting and IT will remain in the St. Louis office, and no layoffs will occur as part of the move. The company has annual revenues of more than $820M, with subsidiaries that include an architecture and design firm, Forum Studio, and Concrete Strategies.

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Midwest Keyless leased a 51k SF industrial building at 2414 Highview St in Spring Grove. Lee & Associates of Illinois Rick Delisle, Mike Prost, Sergio Chapa, and James Kettinger Jr. repped the owner, DRL LLC. Separately, Engendren Corp renewed its lease of a 40k SF industrial building at W141N9501 Fountain Blvd in Menomonee Falls, Wis. Rick, Mike, and Sergio of Lee & Associates repped the tenant, while owner CenterPoint repped itself.
 
Bisnow (PropManage)
Majac Steel, which specializes in plate shearing and light gauge steel frame fabrication (pictured), leased a 11.5k SF industrial building at 5137 Indianapolis Blvd in East Chicago, Ind. The property features 18-foot clear height ceilings, one drive-in door, and trailer parking. Paine/Wetzel /TCN Worldwide’s Adam Karras repped the landlord, Metal Management Indiana, while the tenant repped itself.
SALES
 

As part of Pinnacle Entertainment’s purchase of eight Ameristar Casino properties for $870M plus the assumption of $1.9B in debt, the company is receiving one Chicago-area property: the Ameristar Casino Hotel East Chicago, which includes 288 hotel rooms in 15 stories. The hotel connects directly with the 56k SF casino, which includes more than 1,900 slots and video poker games, and 41 table games. The deal also includes properties in Colorado, Iowa, Mississippi, Missouri, and Nevada.

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Midwest Industrial Funds purchased a vacant, 82k SF office/ production/light industrial building at 144 Tower Dr in Burr Ridge. CBRE’s Scott Brandwein repped the seller, Precision Dynamics, while Lee & Associates’ Brian Vanosky repped the buyer, and is marketing the building for lease or sale. Chicago-based Midwest Industrial Funds specializes in industrial properties and was especially active the last three months of 2012, acquiring three industrial properties totaling 200k SF.
The 1.1M SF HQ of Motorola Mobility Holdings at 600 N US 45 in Libertyville is on the block. Built in 1992 and renovated from ’98 to ’05, the office and R&D complex consists of four interconnected buildings. Besides office and lab space, it also includes distribution space, a cafeteria, gym, daycare center, and other facilities. It has parking for parking for about 3,400 vehicles, fiber connectivity, and access to 50k amps power. Philadelphia-based Binswanger is marketing the property.
DEVELOPMENT
 
Hobby Lobby Stores’ foundation donated the 229k SF former HQ of the Soft Sheen beauty products company at 8522 S Lafayette Ave to Fellowship Missionary Baptist Church. The building has been vacant for 11 years. The 14.5-acre site will be redeveloped into a new church for Fellowship Missionary, and plans also call for a school, health and wellness center, center for youth programming, casual dining restaurant, as well as seven retail stores, all at an estimated cost of $26M.
 
Commonground, a marketing company with a cross-cultural emphasis, completed a 24k SF buildout at 600 W Fulton in Chicago. The firm tasked Reed Construction to do the project, which features 12- and 14-foot clear ceiling heights, a media wall in the reception area, meeting spaces with AV and teleconferencing capabilities, and new flooring. Reed’s Bryan Krueger and Brian Courtney led the construction on behalf of Reed, while Eastlake Studios provided the architectural services.
 
EXECS IN MOTION
 
Baum Realty Group tapped Mike Demetriou as its new COO. Mike will oversee Baum’s national real estate services division. Previously, he worked for Sidley Austin and SNR Denton in Chicago.
 

Deerfield-based Meritus Homes hired Fred Nueschen as sales manager for its latest new-home development, Reserve of St. Charles. The company also hired Mike Theobald as senior project manager for Ravenna of Long Grove, its development of 20 estate-style single-family homes in Long Grove.

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Sperry Van Ness Crossroads Property Management named Joe David VP in its Chicago office. Joe’s career has included stints at Studley, Trizec Properties and First Industrial Realty Trust.

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.
 
Good thing the world didn't end last month, so we could celebrate Millard Fillmore's 213th birthday today. Send ideas and suggestions to dees.stribling@bisnow.com and susan@bisnow.com.
 
 
 
 
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