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Real Estate Bisnow
   
January 2, 2013 
 
 
 
Leopardo 2 LTile

West Loop: Smokin' Hot;
The Deal Sheet


 
The West Loop had a bang-up 2012 in CRE activity and went out with a bang, too, including a major deal closing. It was the last in a string of deals in the area for Chicago-based Sterling Bay Cos.
 
As the year came to a close, Sterling Bay Cos completed its acquisition of the 860k SF 111 N Canal—about 70% leased to Level 3 Communications, Braintree, and other tenants—for a guestimated $100M. Sterling Bay, which began the renovation of another West Loop property this year, 1000 W Fulton Market, says it plans to renovate River Center by improving its lobby, elevators, and common-area aesthetics, as well as going for LEED Gold. Early in the year, the company bought 400 S Jefferson, which it also renovated and which is entirely occupied by Sara Lee.
 
Leopardo Intext

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L3 Capital bought four properties on Southport Avenue in Lakeview for $13M all together: 3430 N, 3442-46 N, 3447-49 N and 3550-56 N. The properties total 28k SF and are fully leased to retailers such as Lululemon, Southport Grocery, Homemade Pizza Co, Free People, and Southport Athletic Club. The deal also included eight residential apartments. The sale marks the first foray in its home city for L3, which was formed three years ago by former investment pros from Transwestern, Vornado, and RREEF.

 
An unnamed Chicago-based buyer paid Centrum Properties $4.8M for a 13k SF, fully leased retail property at Main Street and Geneva Road in Wheaton. It sports a mix of national and regional tenants, including Starbucks, GameStop, Verizon, and Qdoba. Quantum Real Estate Advisors’ Chad Firsel was the sole broker on the deal.
CONSTRUCTION & DEVELOPMENT
 

Work is under way on a 8,500 SF food processing facility at 2054-58 W Grand Ave in Chicago’s West Town neighborhood. The building is for Upton’s Naturals, a Chicago-based vegan foods company that distributes to hundreds of retailers in 32 states and DC. Summit Design + Build’s Patrick Brown, Adam Zarek, and Tony Denofrio will be responsible for on-site construction.

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Reed Construction completed the renovation and buildout of a 6,200 SF office space at 1560 Sherman Ave in Evanston for Silver Oaks Services Partners, a private equity firm. The work included full glass office fronts, cherry veneer millwork, and stone countertops throughout, as well as three new conference rooms with video conferencing capabilities. Augie Insalaco oversaw the build-out for Reed Construction; Archideas was the project architect.

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Infrastructure work is under way for a 9,200 SF space at the Shops at North Bridge. The work, undertaken by Englewood Construction, will bring in an 800 amp electrical service, install new HVAC handlers for the incoming tenant, and put in a massive grease separator. Once infrastructure is complete, Englewood will build out the space for Seasons 52, an Orlando-based Darden Restaurants brand. The location will be the first Seasons 52 in the city of Chicago.

 

Document-management company RhinoDox tasked Premier Design + Build Group to design and build its new record storage facility in Brewster Creek Business Park in Bartlett. The 66.6k SF facility will feature a modern architectural entrance with prairie-style landscaping, and the site is being configured to make possible an additional 24k SF.

 
LEASING
 

IA Interior Architects signed a 14.8k SF lease for a full floor at the Monroe Building (104 S Michigan Ave) in the East Loop. Cushman & Wakefield’s Lenora Adds and Steve Holmberg repped the building, while JLL's Steven Steinmeyer and Philip Geiger repped IA. The Monroe Building recently completed a renovation that restored many original architectural elements while adding new electrical, HVAC, and life safety systems. The property's retail tenants include Pret A Manger, a convenience store, and a bank.

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Styrolution America, a styrenics specialist, leased 22k SF at 4245 Meridian Pkwy in Aurora. The 140k SF office property is now 100% leased. Bradford Allen’s Cody Sundberg repped the landlord, UBS Realty Investors, while NAI Hiffman’s Aubrey Van Reken and Jim Adler repped Styrolution, which is relocating its regional HQ from Channahan, Ill.

EXECS IN MOTION
 
Skender Construction hired Chris Tapas as senior MEP project manager, overseeing MEP preconstruction and purchasing. Previously Chris worked with Tapas as an independent consultant.

ComEd Data Center Update
 
Data Center design and technology is constantly evolving and ComEd’s Smart Ideas for Your Business is here to help. Focusing on energy efficiency provides not just lower electric bills but can provide more constant temperatures in your data centers and greater capacity for IT load. In addition to custom incentives, there is now an option to have a subsidized data center analysis to guide your future energy-efficiency upgrades. Learn more at ComEd.com/DataCenters.
 
Send ideas and suggestions to dees.stribling@bisnow and susan@bisnow.com.
 
 
 
 
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ML Realty (JanWk1/3) CHI
 
Arthur Rogers (Under2)
 
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Suites Collection2 CHI
 
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