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January 19, 2010 
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One week from tomorrow: five of the biggest names in capital markets: Beitler, Reschke, Maki, Kavanau, and Friedman take on the topic at our next Bisnow Breakfast & Schmooze: the future of credit, construction financing, and the CMBS market. Jan 27, Oak Room at the Metropolitan Club. Sign up now!

Leasing news

Opus North Corporation announced that Color Me Mine has signed a lease for a new store to open at Burr Ridge Village Center, a 20-acre lifestyle center in Burr Ridge. The 1,500-square-foot store, which will open this month, is owned by Janie and Bruce Westenfelder, who also own and operate Chicago-area Color Me Mine stores in Glenview and Naperville.


Barnes & Thornburg has signed long-term extension and expansion of 17k-SF at One North Wacker, Chicago. The firm will now occupy 83k-SF at UBS Tower, in which it has been a tenant since June of 2003. B&T opened its Chicago office in 1994 and has grown to 85 attorneys. CB Richard Ellis' Todd Lippman, Kyle Kamin and David Tropp represented Barnes & Thornburg. Building ownership was represented by Hines' Tom D'Arcy and Tom Irvine. DLA Piper's Ed Goldman represented the building ownership as legal counsel for Hines, and Barnes & Thornburg's David Hejna represented the firm as legal counsel.


Paine/Wetzel · ONCOR International completed a sale for a 138k-SF building at 2310 W. 58th Street in Chicago. Roll & Roll has purchased it for $2.9 million and will use it as a custom metal fabrication facility. Paine/Wetzel's Michael D. Nelson and Mark A. Nelson represented the seller, Great Western Steel Company. Chicago Industrial Real Estate's Matt Rogatz represented the buyer.


Paine/Wetzel • ONCOR International has completed a 320k-SF lease on behalf of CenterPoint Properties for C&H Distributors in its LakeView XII building located in the LakeView Corporate Park in Pleasant Prairie, Wisconsin. The company will relocate there in June  2010. Paine/Wetzel's Whit R. Heitman and Samuel C. Badger, Jr. represented the landlord CenterPoint Properties. CB Richard Ellis' Trent Poole represented C&H.


N. Kotake, a distributor of Japanese kitchen equipment leased an industrial 3k-SF office-warehouse unit at 1526 Algonquin Rd. ACRE's Liana Mirea repped the tenant, while Metro Resources Investment &  Management's Stephen Schostok repped the landlord.  


LINKS, a new Youth Center servicing the members of St. Isidore Church focusing on educational, and after school programs, signed a long term lease at 78 Stratford Drive in Bloomingdale. The new center is a 6k-SF office-retail unit fully remodeled, and will provide classes and after school activities for 6-12th graders. ACRE's Liana Mirea was the sole broker.


Johnson Printing Inc. relocated its sales office and leased a 1k-SF office unit at 729 N Route 83, Suite 323 in Bensenville. ACRE's Liana Mirea repped the tenant, while Chicagoland Commercial's Brian Silverman represented the property owners in the transaction.


Drive Line Express Inc opened up an executive office suite at 225 N Arlington Heights Road, Unit 201 in Elk Grove Village. ACRE's Liana Mirea was representing the tenant, and Century 21 TK's Linda Durec  represented the building owners.


UGL Equis repped Laird Technologies, Inc., a designer and manufacturer of electromagnetic interference shielding materials in its recent renewal for 85k-SF at 1751 Wilkening Court in Schaumburg. UGL Equis' Tim Cahill, Robert Tamillo, and Dan Reynolds, repped Laird Technologies. The owner of the building is Wrightwood Capital, which was repped in house by Tim Walsh


Auction news

Inland Real Estate Auctions, Inc. announced the bulk sale of the remaining lots in the Five Oaks of Frankfort development in Frankfort. After being engaged by the developer last summer, Inland sold 56 home sites in the upscale lakefront community in six months via various methods, from a "Land Rush" (an accelerated offering program with a deadline to submit a bid), to a traditional auction, to a post-auction campaign.


Company news


Opus North announced it is under new ownership. Formerly a wholly-owned subsidiary of Minnetonka, Minn.-based Opus Corporation, Opus North was purchased on Dec. 18, 2009, by Minneapolis-based Opus Holding, Inc. Under its former ownership, Opus North was one of five regional companies. Now, it is the sole design-build and real estate development company under Opus Holding, Inc. Opus North will continue to work on projects throughout the Midwest with a focus on design-build services and real estate development. The company currently has offices in Chicago, Milwaukee, Indianapolis, and Columbus.


Construction news


Reed Construction was recently awarded the construction of a 21k-SF office renovation at the Kraft Foods Global, Inc. HQ facility in at Three Lakes Drive in Northfield. The project included the construction of Steelcase demountable partitions and a 3,000 square foot café with curved maple cabinetry. Reed's Bryan Kreuger led the construction team. Grubb and Ellis is serving as owner’s representative and OTA, Inc. is providing the architectural services.


Morgan / Harbour Construction's 45k-SF three-story, office building constructed for American Technical Publishers, Inc. at 10200 Orland Parkway in Orland Park has achieved LEED Gold Certification. Among the efforts within the office building are the inclusion of sunshades and raised flooring. Sunshades on exterior windows will act as barriers to the heat in the spring and summer, reducing the amount of energy needed for cooling the offices. In the fall and winter months, as the sun drops lower, the windows will act as reflectors bouncing extra natural light into the building thereby reducing the amount of energy needed to heat as well as light the space. HJ Kessler Associates' Helen Kessler was the LEED accredited professional assisting in the certification process. Archideas provided the architectural services.


Construction has begun on the three-story Burr Ridge Medical Center at 6800 North Frontage Road in west suburban Burr Ridge. The Chicago office of Ryan Companies US, Inc. is building the 106k-SF medical office building at Interstate 55 and County Line Road on behalf of the developer, Sterling Bay Companies. The lead tenant in the building will be Loyola University Health System. The core and shell of the building will be completed by September 2010. The development team includes Proteus Group, architect and mechanical and electrical engineer; Lindsay & Associates, Inc., structural engineer; Jacob & Hefner Associates, Inc., civil engineer; and David R. McCallum Associates, Inc., landscape architect. 



Michael D. Mason has joined Grubb & Ellis Company as director, Retail Occupier Services. Based in Chicago, Mason is responsible for managing the delivery of G&E’s solutions for retailers. He comes to G&E from Mid-America Real Estate Corporation, where he was a broker associate involved in the development and leasing of more than 2 million SF of retail space.


Studley’s Chicago office closed 2009 with three new hires, Michael Heyse, executive managing director in investment banking; Joe David, managing director in capital transactions; and Jessica Edgerton, assistant director in tenant representation.


  • Michael worked with Studley in the late 1990s, launching the firm’s Midwest Accounts Group. After his first stint with Studley, he founded Patriot Capital Advisors, a boutique real estate investment bank.

  • Joe has joined with Studley’s Tony Smaniotto to enhance the firm’s Midwest region’s Capital Transactions Group. An 11-year industry vet, Joe has handled capital transactions across the eastern half of the US. He previously worked with First Industrial Real Trust and Trizec Properties.

  • Jessica was a litigation attorney with a midsized Chicago law firm and specializes in business development and representing the real estate needs of associations, law firms, and large corporations within suburban Chicago, specifically in the East-West Corridor office market.


DeStefano Partners' Avi Lothan has been elected to the Board of Directors of the National Public Housing Museum. His experience with public housing projects such as Westhaven Park, Roosevelt Square and the Harold Ickes Homes has fostered his interest in public housing issues and the history of public housing. The museum will be located in the last remaining Jane Addams Homes building on Chicago’s west side; the Roosevelt Square community is being completed according to the Master Plan prepared by DeStefano Partners.


Peter Olesker has joined @properties  as EVP of corporate communications and developer services. Peter, who managed @properties' corporate public relations as an outside consultant for a number of years, will expand the firm's PR initiatives while also implementing new marketing and communications programs for @properties' clients. Prior to joining @properties, Olesker, 39, was a partner at Taylor Johnson, a Chicago-based PR firm specializing in real estate marketing.


January 27 - Bisnow Breakfast & Schmooze - Capital Markets -Beitler, Reschke, Maki, Kavanau, and Friedman talk the future of credit, construction financing, and the CMBS market, among other issues. Oak Room at the Metropolitan Club. Crazy low price. Info


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