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Hairpin Lofts Under Construction; The Deal Sheet

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Hairpin Lofts  Under Construction; The Deal Sheet
Pioneer Engineering & Environmental Services was selected as environmental consultant for the Hairpin Lofts and Logan Square Arts Center at 2800 N. Milwaukee Ave. in the Logan Square neighborhood. The project broke ground in late May with completion scheduled for March 2011.
 
Hairpin Lofts groundbreaking
Pioneer was selected for the project by  Brinshore Development, which is spearheading the historical preservation and reconstruction project. The six-story, mixed-use development will feature 25 affordable and three market-rate rental housing units on floors three through six. The project will also feature a Logan Square Arts Center  on the second floor as well as retail space on the ground floor. Pioneer has provided Phase I due diligence and environmental consulting services. McShane Construction Co. will be the contractor on the project. Hartshorne Plunkard provided architectural services.
Sales

CB Richard Ellis' Chicago Capital Market s debt & equity finance group secured a long-term, fixed-rate first mortgage totaling $26.8M to finance the acquisition of Valley Creek Apartments in Woodbury, Minn. The seven-year loan, which featured two years IO followed by a 30-year amortization schedule, was arranged through Freddie Mac. CBRE's Pete MarinoJesse KarasikJohn Clifford, and Doug Seylar  represented Trilogy Real Estate Group of Chicago. Trilogy acquired the 402-unit garden style apartment community from LaSalle Investment Management.

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Inland Real Estate Brokerage's Richard Kehoe and Robert Wall represented the Greek American Restaurant Association in the purchase of 733 Lee St., a 19k SF office building in Des Plaines for $625k. The landmark property was built in 1957 for the First National Bank of Des Plaines. Richard and Robert also repped the seller, a real estate trust. Tuttle Verdal & Collins' Barry Collins  and William Vedral represented the seller and Kaplan Papadakis and Gournis'Spiro G. Zarkos represented the purchaser.

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Cornerstone Commercial Partners worked with Coldwell Banker's Nick DiBrizzi to close on the sale of the former Del Taco  restaurant at the corner of 95th and Cicero in Oak Lawn to Andy's Frozen
Custard
. Andy's was represented by Newmark Knight Frank's Bill Selonick.

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Titan Commercial's Ben Rosenfield and Jared Fisher represented the seller of 3735 N. Southport Ave. in the Lakeview neighborhood. The freestanding 1,500 SF building was closed on August 17. Titan Commercial represented the seller, which sold for $700k to an all-cash buyer. Sudler Sotheby's International Realty represented the buyer.

Executive Moves

Dan Svachula has joined Younan Properties as Regional Leasing Manager. In this new role, Dan will be responsible for driving Younan's leasing and marketing strategies for more than 2M SF of office space owned and managed by Younan in Chicago. Formerly with Transwestern, Dan has completed more than 275 deals totaling 2.1M SF. He is a grad of the University of Illinois at Urbana‐Champaign.

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Jenna Nelson has joined  The Dobbins Group as director of interiors. With over 15 years of design and project management experience, Jenna's responsibilities will include overseeing the interiors group and developing a larger Chicago presence in the interior design industry. She was formerly VP of strategic planning services at Grubb & Ellis.

Leasing News

NAI Hiffman's Michael FlynnArt Burrows, and Tim Buss represented World Kitchen in a restructured and extended lease at 5800 Industrial Dr. in Monee. The new agreement provides flexibility for the tenant's future expansion of the 700k SF distribution center, and a lease extension with economic terms reflective of today's market conditions. The building, developed in 2000 as a build-to-suit, is owned by Griffin Capita l.

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Lee & Associates' Ellen Steinbrecher and CJ Kuehl represented Progressive Insurance in the leasing of 14k SF of office space located at 631 E. Boughton Rd. in Bolingbrook. NAI Hiffman's Jim Adler  repped building ownership.

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Arthur J. Rogers & Co.'s Chris Zannis completed two new flex leases within Rogers Business Parke-Elgin in Elgin:

  • Subaru of America leased 5k SF of flex space at 2541 Technology Dr. in Elgin. Chris represented ownership and CBRE's Daniel Bessey repped the tenant.
  • Karlville Development leased 5k SF flex lease at the same property. Chris represented ownership in the transaction. Karlville was self-represented.

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Paine/Wetzel · ONCOR International has completed two industrial lease transactions on behalf of  Chicago Properties:

  • Great Lakes Clay Co. has signed a 7k SF lease at 927 N. State St. in Elgin. Paine/Wetzel's Elise Couston and Patrick Fitzgerald represented the landlord, Chicago Properties, as well as the tenant. 
  • 1-800-Water Damage has signed a 2k SF at 600 Northgate Parkway in Wheeling. Paine/Wetzel's Elise Couston represented the landlord, Chicago Properties and Coldwell Banker Commercial's Maureen Woodruff repped the tenant.

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Lee & Associates' Ellen Steinbrecher and CJ Kuehl repped MTC Performance in their renewal of 8k SF of office space located at 1827 Walden Office Square in Schaumburg. Millennium Properties'Tony Marino repped building ownership.

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Sperry Van Ness' Scott Maesel and Sean Lutz represented the owner of 1704 N. Milwaukee in Bucktown in the leasing of a 5k SF space to Core Power Yoga. The center is also anchored by Subway and the US Postal Service.

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Cawley Chicago Commercial Real Estate's Terry Grapenthin was hired as the exclusive agent on the 45k SF building at 538 Taylor Rd. in Romeoville on behalf of  First American Properties. Terry brought three proposals to ownership within the first month of listing the building and leased the entire building within  four months of listing.

Construction

Reed Construction was selected to build out 12k SF at the Northshore University HealthSystems Medical Group  at 650 Lake Cook Rd. in Buffalo Grove. The space will include 24 exam rooms and three procedure rooms. The renovations will also include the addition of nursing stations, utility space, blood-draw areas, as well as reception and waiting areas. Reed's Scott Pickands is the exec on the project and Tom Schlueter is project manager. Architectural services are being provided by Interwork ArchitectsIntegrated Facilities Solution s is serving as the owner's rep. The project is scheduled for completion this fall.

Company News

Sperry Van Ness Chicago is expanding to include auction services through its division of the Sperry Van Ness accelerated marketing Team. SVN's Wayne Caplan,  formerly of Sheldon Good and Co., will be spearheading SVN's auction efforts in the Midwest.