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Alter, White Oak to Develop Building; The Deal Sheet

Alter, White Oak to Develop Building; The Deal Sheet
The Alter Group told us today that they're partnering with White Oak Realty to develop a new 490k SF, 20-story building at 625 W. Adams. The site, just one block from Ogilvie Station and two blocks from Union Station, is waiting on an anchor tenant before it gets financing, says The Alter Group's Matt Ward, who with White Oak's Tom Saletta is leading the lease-up.
 
625 W. Adams
Solomon Cordwell Buenz's Martin Wolf  is designing the building, which is striving for LEED certification. Matt says he hopes to attract an anchor tenant to take up  60% to 70% of the space, and is targeting companies that want an efficient floorplate  to save money on space. The building will have about 31k SF per floor of leasable space with just two columns per floor. While there may be a lot of competition on the horizon for the building's slated completion date of 2013, Matt says he's confident that The Alter Group's relationships and conservative fiscal history will make their building a success.
 
Sales News

Grubb & Ellis Co. represented Grubb & Ellis Realty Investors in the sale of a 12-asset national portfolio. The investment subsidiary managed the properties on behalf of a private investor. Grubb & Ellis'Seth McKinnon and Steven Golubchik, along with local market pros, repped the investor in the sale of 11 of the properties to American Realty Capital II. Grubb & Ellis' Riki Hashimoto, represented the private investor in the sale of 11525 Main St. in Denver, a 93k SF data center building fully occupied by TIAA-CREF Individual & Institutional Services LLC. The 11-asset portfolio includes buildings in Joliet, Carpentersville, Northlake, and Montgomery.

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Trinitas Ventures, a developer and operator of student housing, and Harrison Street Real Estate Capital have formed a $100M JV partnership to develop and manage urban-infill student housing communities throughout the country. The JV recently purchased two student housing properties totaling $69M at The Village at Muller Park  in Bloomington, Ind. and 1201 Indiana in Indianapolis, slated to open August 2011. This is the first purchase for the recently launched Harrison Street Capital Real Estate Fund III.

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Prime Property Investors has listed for sale a portion of its student housing assets. The firm has engaged HFF to market a 1k-bed multi-campus student housing portfolio of properties that is 100% occupied  and includes properties at Purdue, Indiana University,University of Nebraska, and Florida State. HFF's Brian Kelly and Matthew Lawton are representing ownership.

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Sperry Van Ness' Jeff Baasch sold The Sheridan Terrace, an 18-unit multifamily at 515 Sheridan Rd. in Evanston to an undisclosed buyer. The property sold for $2.9M.

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Marcus & Millichap's Scott Harris and Kyle Shoemaker have retained the exclusive listing for Indigo Place, a 192-unit, 204k SF student housing community in Savoy near the University of Illinois in Urbana-Champaign. The listing price is $14.8M. Built in 2000, the 588-bedroom property is located at 117 Sterling Court in Savoy.

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Millenium Properties' Brad Thompson, sold 3200 W. Armitage, a 4k SF building that houses a Subway and Walgreens, for $210k. The new owner hopes to redevelop the Logan Square building.

Leasing News

Opus Development Corp. signed a long-term lease agreement with Cloverhill Pastry-Vend for a 292k SF industrial building within the Opus-developed Cicero Business Center. JLL's Kris Bjorson and Trevor Ragsdale repped the tenant and Colliers International's Tom Condon and Vern Schultz represented the landlord.

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Options Clearing Corp. has renewed its lease for 58k SF of office space at 1 N. Wacker Dr. JLL's Jack Keenan and Rob Schmidt repped OCC. Hines' Tom D'Arcy  and Tom Irvine  repped building owner, Hines.

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MB Real Estate's Corporate Services division represented Fortegra Financial in a 49k SF  lease at 10151 Deerwood Park Blvd. and 9k SF at 10475 Fortune Pkwy. in Jacksonville, Fla. The company is scheduled to move into its new space in early 2011. Flagler Development Realty's Ross Carrier repped the owner, a private equity fund managed by affiliates of  Fortress Investment Group.

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Bradford Allen Realty Services completed four new leases over the last three months for 12k SF of office space at the Kinzie Design Center, 220-230 W Kinzie in Chicago. The leases signed on behalf of Chicago-based owner, Kinzie Street Partners are: Vine Street Trading for 4k SF, The Chartis Group for 4k SF, The Well Advertising for 2k SF, and Visual Wright leasing 2k SF.
Bradford Allen's Craig Nadborne and Steve Fitzgerald repped building ownership.

Construction

McShane Construction Co. was selected to complete the 52k SF design/build construction of a classroom and office facility on the campus of Valparaiso University located in Valparaiso, Ind. The building will feature a masonry, aluminum, precast and glass exterior that incorporates aluminum cladding. The facility's interior will offer lobby space, offices, teacher's lounge and flexible office and classroom areas for the College of Arts and Sciences. Classrooms will incorporate high-tech audio visual equipment. The assignment has been designed to meet LEED certification standards. EHDD Architecture i s providing the architectural services, while KJWW Engineering is providing the structural engineering.

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J.C. Anderson  completed a 40k SF LEED Silver certified office build-out for a banking institution in Itasca. The build-out featured the design and construction of multiple conference rooms, executive offices, a large café, a lunch area for employees and new washroom facilities. J.C. Anderson's Steve Boulukos was the project executive, and Chris Derks and Larry Regovic led the construction of the bank's facility, which received LEED Silver. Gensler served as the architect.

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Opus completed construction on a 35k SF warehouse/distribution facility designed and built for King Shan at Oakview Corporate Park in West Dundee. Opus completed the facility in five months. This is the third building Opus has built at Oakview Corporate Park, now totaling approximately 300k SF. Darwin Realty's  Noel Liston represented both King Shan and Opus in the transaction.

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Goettsch Partners has been commissioned by developer Guangzhou R&F Properties Co.  to design a new 295 SM mixed-use tower in the city of Tianjin, China. Occupying a central parcel in the city's newly planned business district, Tianjin R&F Guangdong Tower will be one of China's tallest buildings at 439 meters. IT will include Class A office space, a 400-key hotel, 55 condos, and  8,550 square meters of retail. The project is currently finishing design and is scheduled for completion in 2015.

Receiverships

JCF Real Estate, through John Fitzmaurice, has been named the court-appointed receiver or property manager on 10 properties in Chicago, Aurora, Geneva, Woodstock, and Oak Forest this past month. With nearly 75 properties handled by JCF within their current assignment group, the firm has handled receiverships and management assignments across all property types.

Management News

Jones Lang LaSalle has been named by Metropolis as the property manager and exclusive leasing agent for NBC Tower, the iconic, 37-story, 850k SF office tower. The leasing team will be led by Paul Petricca, Brian Atkinson, and Melissa Rubenstein, while the property management team will be led by Noah GensMason Taylor, and Steve Zsigray

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Tishman Speyer announced its  Franklin Center office complex at 222 W. Adams and 227 W. Monroe has earned the LEED-EB Silver cert. To earn the rating, management reduced energy consumption by  2M kWh, reduced water use by 5.4M gallons per year, and recycled 870k pounds of material.

Executive Moves 

Rosemary Dwyer  has joined Newcastle Limited's Reside Living as Regional Manager. At Reside, she is responsible for the supervision of on-site property operations of Newcastle's apartment portfolio. Rosemary brings 17 years of experience in apartment management to the firm. Prior to joining Reside, she served as regional property manager with GreyStar Management. She earned a bachelor's degree from  Loyola University in Chicago.

Finance News

HFF has arranged a $66M construction/permanent loan for the development of the  334-room Radisson Blu Aqua Hotel within Chicago's mixed-use Aqua tower. HFF's Michael Kavanau and Daniel Kaufman worked on behalf of the borrowers, Magellan Development and Carlson Hotels, to secure the seven-year construction/permanent financing from MassMutual  who was advised by the Chicago finance office of Cornerstone Real Estate Advisers. Total cost of the development is about $125M. Due for completion in September 2011, the Radisson Blu  will occupy floors four through 18 of the Aqua tower.