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909 Davis Closes; The Deal Sheet

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909 Davis Closes; The Deal Sheet
Franklin Street Properties, a Boston-based investment firm, acquired an office building in Evanston for $35.1M.
 
909 Davis St
Completed in 2002, the building is located at 909 Davis St and includes 195k SF of office, which is 95% leased. The seller was a German real estate fund. The acquisition brings Franklin Street's total portfolio of owned properties to 35 with 6.9M SF.

CONSTRUCTION NEWS

Victor Construction recently completed construction of the flagship facility for Zip Fitness. The 17k SF facility was converted from an old pizza party space in the Harlem/Foster Shopping Center. The build-out involved stripping the space to its basic structural elements, which inspired the décor design concept of leaving the old masonry walls and structural components exposed. The locker rooms, showers, the electrical, mechanical, and plumbing systems all had to be replaced or upgraded.

SALES NEWS

HFF's Daniel Kaufman, Matthew Lawton, Jim Batjer, and Barry Brown are marketing The Streets of Woodfield, a 711k SF retail project in Schaumburg, for sale. The center is 98% leased and anchored by Whole Foods Market, Crate & Barrel, Dick's Sporting Goods, Carson Pirie Scott, a 20-screen AMC Theatre, and a LegoLand Discovery Center. The property at 601 N Martingale Road adjacent to Woodfield Mall.

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Jones Lang LaSalle completed the sale of the 575k SF Speedway Logistics Center in Joliet to investment firm Molto Capital. The seller was an institutional real estate investment group. The building at 3451 S Chicago St, about three miles south of I-80, is currently leased by Walmart. Jones Lang LaSalle's Keith Stauber, Scott Duerkop, and Steve Ostrowski completed the sale as well as the lease to Walmart, which was represented by CB Richard Ellis.

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Marcus & Millichap's Eric Bell and Edward Liss represented the seller of an eight-building, 96-unit apartment complex in Naperville. The asset sold to Evergreen Real Estate Services at a price of $7.5M, which represents a cap rate of 7.4%. The seller had acquired the complex in pieces over the last 20 years.

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JTJ's Joseph Castrogiovanni, John Castrogiovanni, and Fran Knutson sold the 122k SF Brynwood Square Neighborhood Shopping Center at 2615 Mulford Rd in Rockford to Midland Atlantic out of Cincinnati for $9.9M, at a cap rate of 9%. The buyer took legal title as MO Brynwood LLC. Cawley Chicago's Dan O'Neill represented both the seller and the buyer.

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Marcus & Millichap's Ryan Engle and Andrean Angelov repped the seller in the disposition of 285 N Richmond Ave, a 34-unit apartment property in Clarendon Hills. The asset sold for $2.1M. Marcus & Millichap's Eric Bell repped the buyer, a private investor. The property closed just nine days after being on the market.

EXECUTIVE MOVES

Donna Becco Schroeder was appointed SVP at UGL Services in the occupier consulting services group. Donna has more than 25 years of experience in providing strategic occupancy, optimization strategies analysis, and business-process improvement related to facilities. She has worked with clients including Bank of America, Microsoft, AT&T, Accenture, and Goldman Sachs. She most recently led the 50-member advisory services suite team at Nelson Strategies. Donna holds a bachelor's degree from the University of Cincinnati.

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Adrienne Fasano has joined Jones Lang LaSalle as SVP of marketing for the firm's Midwest region. She comes to Jones Lang LaSalle from World Business Chicago, the city's non-profit economic development arm, where she served as a VP for the past three years. She has a bachelor's degree in corporate communications from the University of Iowa and an MBA from Roosevelt University.

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Larry Giddings has been promoted to manager of the Lincoln Park office of @properties. Larry, a 35-year veteran of residential real estate brokerage, joined @properties in 2001 as the upstart firm's 33rd agent. He is a board member for the AIDS Foundation of Chicago, a member of the Wicker Park & Bucktown Chamber of Commerce, and a volunteer for the Blind Service Association.

LEASING NEWS

Paine/Wetzel · ONCOR International's Whit Heitman, Samuel Badger, and Brad Weiner completed three industrial lease transactions in Chicago and Wisconsin.

  • Benchmark Products leased 31k SF at 1665 Waukegan Rd in Waukegan for the expansion and relocation of the company's operations. Paine/Wetzel represented both the tenant and the landlord, Prudential.

  • Kim & Scott's Gourmet Pretzels renewed its lease on 20k SF at 2107 W Carroll Ave. Paine/Wetzel represented both the tenant and the landlord, Superior Partners.

  • Bucher Hydrolics has renewed its lease on 18k SF of industrial space at 9900 58th Place in Kenosha, Wisc. Paine/Wetzel repped both the tenant and the building owner, Flyst Technologies.

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Transwestern has been retained by Bentall Kennedy on behalf of Multi-Employer Property Trust to provide exclusive leasing and property management services at 200 W Madison. Transwestern's Tamara Kos, Edward McKim, and Teddy Walsh will serve as leasing agents. Bentall Kennedy advised MEPT in its acquisition of the building, which was purchased from a JV including Tishman Speyer and Pearlmark earlier this year. Previously, 200 West Madison was jointly leased by Transwestern's Tamara Kos and Tishman Speyer's Eric Myers.

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Transwestern's Fred Ishler, Joe Stevens, and Zach Fox have repped the landlord in two new deals at Lisle Executive Center, 3030 Warrenville Rd in Lisle. Intrado leased 21k SF and was represented by Steinco's David Stein. Hapag Lloyd USA leased 29k SF and was repped by Transwestern's Irv Gilner.

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Hansen Realty signed a new lease IK Gymnastics for 17k SF at the Near North Business Center at 2630 W Bradley. The leased space offers high ceilings, a flexible floorplan and parking.

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Sperry Van Ness's Ben Andrews represented Epic Burger in the acquisition of three new locations in the Streeterville and Gold Coast neighborhoods and at Westfield Old Orchard in Skokie. The Old Orchard location opened last week, while the locations on East Ontario Street and East Pearson Street will open later this year.

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Next Realty completed 15k SF of retail lease transactions at centers it owns and manages in Niles and Wilmette. At Sports Authority Plaza at Harlem Avenue and Dempster Street in Niles, American Mattress renewed 3,000 SF and Firestone signed a 5,800 SF ground lease for a tire center. At Wilmette Commons, Chia'sso completed a lease for 5,000 SF.

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Paine/Wetzel • ONCOR International's Phil Reiff Sr and Phil Reiff Jr have completed a 14k SF industrial sale at 1463 Lunt Ave in Elk Grove Village. VK Industrial I has purchased the office/warehouse facility as an investment. Located within the Centex Industrial Park in Elk Grove, it is currently 100% leased to GP Logistics. Paine/Wetzel represented the seller, Theydon Enterprises.

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Studley's David Metrick represented The Batterz Box, a baseball and softball equipment retailer targeting children, in its 6,400 SF direct retail lease at Red Top Plaza shopping center in Libertyville.
The store, at 1336 South Milwaukee Ave, is scheduled to open Nov. 1. The landlord, Inland Real Estate Corp, was represented in-house by Allison Kuchny.

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The Crossings of Oak Brook signed a lease with CenturyLink, (Qwest Communications) who will occupy 7,528 SF of office space in the two-building, 304k SF office complex at 1420 and 1520 Kensington Road in Oak Brook. The telecommunications company will relocate in Q4. NAI Hiffman's Dan O'Neill, Jim Adler, and Garrett Schultz are the leasing agent for The Crossings owners, The Davis Cos and Arthur Goldner & Associates. The center is now 84% leased.

NEW OPENINGS

The Village Market retail center bordering the Lakeshore East neighborhood on the New Eastside is opening today with the debut of the bi-level Mariano's Fresh Market. The second anchor tenant, III Forks Steakhouse, has scheduled its grand opening for tomorrow. At 333 Benton Place near the southwest corner of the 28-acre award-winning community, the four-story, 105k SF Village Market is also accessible from Randolph Street east of Blue Cross-Blue Shield HQ at Columbus Drive. Magellan Development Group and Hanwha Engineering & Construction are JV development partners on the project, which was designed for Silver LEED by Loewenberg Architects and built by McHugh Construction. Tenants preparing for a 2012 opening include Maison A Brasserie, Eggy's, and Cuticle Nail Salon.