Contact Us
News

M&M Lists Apartment, The Deal Sheet

Chicago

Want to get a jump-start on upcoming deals? Meet the major Chicago players at one of our upcoming events!

M&M Lists Apartment, The Deal Sheet
Marcus & Millichap retained the exclusive listing for Willow Creek Estates, a 342-unit,335k SF apartment complex in Portage, Ind. The listing price of $26M  represents $76k/unit, or $78/SF.
 
M&M Lists Apartment, The Deal Sheet
M&M's Scott Harris and Kyle Shoemaker are representing the seller. Phase one of the property at 5990 Wonderland Dr. has 130 units and was constructed in the mid-1970s and remodeled in 2001. The second phase, Sundance, features 72 units, which underwent substantial exterior renovation in 2009 and 2010. The final phase, the 140-unit  The Reserve at Willowcreek, was completed in 2008.

Leasing

Paine/Wetzel · ONCOR International has completed four industrial lease transactions totaling 101k SF:
  • Weiman Products, a furniture polisher manufacturer, has signed a lease renewal and extension for 64k SF at 1655 S. Waukegan in the Amhurst Lakes Business Park in Waukegan. Paine/Wetzel's Whit Heitman and Samuel Badger repped the tenant and the landlord, Prudential.
  • 1300 Exchange Auto Storage has signed a new lease at 1300 Exchange Avenue for 30k SF. Paine/Wetzel's Mark Nelson represented the tenant while Paine/Wetzel's Albert SchulmanMichael Nelson, and Mark repped the landlord,1300 Exchange LLC.
  • A truck driving school, owned by Jorge Torres, has signed a new lease for 4k SF at 2247 W. 47th Place. Paine/Wetzel's Michael Nelson and Mark Nelson repped the landlord while the tenant was self-represented.
  • Reyes Group  has signed a 3k SF lease at 5326 N. Kedzie. Paine/Wetzel's Kim Aigner represented the landlord while the tenant was self-represented.

***

CB Richard Ellis represented Pappas Development in an 8.4 acre, long-term ground lease to retailer Hy-Vee. It is located on a former K-Mart site in the Sycamore Plaza shopping center at Illinois Highway 23 and Oakland Drive in Sycamore. Hy-Vee will build a new 93k SF supermarket and adjacent gas station/convenience store, with opening scheduled for spring of 2011. CBRE's Wendell Hollan,Mario Melone and Joel Erickson  represented Pappas Development and will lease the 26k SF space adjacent to the new Hy-Vee.

***

Grubb & Ellis Co.'s Chris Lydon and Sam Durkin repped Dwyer Products Corp. in the execution of a long-term lease agreement for about 79k SF at Bridge Point Woodridge One, located at 1000 Davey Rd. in Woodridge from Bridgepoint Woodridge. Lee & Associates'Jeff Galante repped the landlord.

***

Lake Forest Graduate School of Management has signed a 14k SF lease on the sixth floor at 1300 E. Woodfield Rd. in Schaumburg. The new space is four times larger than its previous home of 22 years at 1295 East Algonquin Rd. Studley's Robert Sevim and Jonathan Metzl repped the school. CB Richard Ellis'Mark Smith repped landlord Crossroads Development Partners.


Sales

Marcus & Millichap's Kyle Stengle and Stephen Rauchman listed and sold 1625 North Damen Ave., a trophy mixed-use property in Bucktown. The property (aka The  Old Damen Avenue Fire House) was priced at $3.1M. The retail tenants include Potbelly's and Nanette Lepore, along with office on the second floor. Marcus & Millichap's Michael Marks and Evan Halkias repped the buyer. Both parties were local private investors.

***

Marcus & Millichap's Alex Blagojevich and David Gaines marketed and sold Granite Ridge Apartments, a 101-unit apartment property at 620 Ashton Place in Cedar Rapids, Iowa for  $5.2M. The buyer, Minneapolis-based Timberland Partners, was also secured and represented by Alex and David. Marcus & Millichap's Matt Fitzgerald assisted in closing this transaction.

Finance

HFF has secured $31.7M in financing and JV equity for the recapitalization of  Naperville Corporate Center, a four-building, 419k SF office property in Naperville. HFF's Jaime Fink  and Mike Kavanau worked on behalf of Transwestern Investment Co. to secure the $23.4M, adjustable-rate loan with Prime Finance Partners. HFF engaged TriGate Capital, a private equity firm, to provide $8.3M in JV equity to recapitalize the property.

Executive Moves

Paul Barile has joined Transwestern as a director with the Investment Services Group. Paul will originate and structure the sale of primarily retail real estate investments in Chicago and the Midwest. He was most recently a managing director at HFF as well as SVP at Trammell Crow.

***

Fred Heichman has joined Inland Real Estate Corp. as VP and director of leasing. He brings more than 20 years of leasing experience to the company. Prior to joining IRC Fred served as VP of leasing for Centro Properties Group. He has also worked at Mid-America Development Partner s and Tucker Development. He has a bachelor's degree from Bradley.

***

Matthew Andelman has joined Sperry Van Ness as a senior advisor. Prior to joining SVN, Matthew was the director of developmen t and commercial leasing for Mega Properties, where he completed over 150 lease transactions totaling over 300k SF.

Construction

ARCO/Murray National Construction Co. began construction of a 17k SF office renovation and 2k SF showroom/warehouse build-out for TDK Corporation of America at 475 Half Day Rd. The renovation included 23 private offices, custom aluminum-framed glazing for two executive offices and a folding wall partition for the conference room. ARCO/Murray's Brad Dannegger was the project executive with Dan Bick  as the lead project manager. Partners In Design provided the architectural services.


***

Summit Design + Build completed a 10k SF build-out for Thompson Flanagan & Co. at 626 W. Jackson Blvd. The new loft-style office suite features private offices, open offices, conference rooms, an open meeting room, break room, and reception area. Summit Design + Build's Dave Mooney and Phil Larsen were responsible for the on-site construction. Eastlake Studios provided architectural services for the project.

***

ARCO/Murray National Construction Co. \ completed the build-out of a 3k SF expansion for Veolia Transportation at 720 E. Butterfield Road in Lombard. ARCO/Murray's Pat Aylward was the project manager and  Whitney Design Group provided architectural services.