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Mart NOT For Sale; The Deal Sheet

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Mart NOT For Sale; The Deal Sheet
Merchadise Mart Properties  issued a statement today denying rumors that Vornado Realty Trust  was selling The Merchandise Mart. Reports Saturday indicated that Vornado was making plans to sell the property for $1B.
 
Mart NOT For Sale; The Deal Sheet
An MMPI spokeswoman says Chris Kennedy's  quote that Vornado would sell the property if they could reinvest for a higher yield should apply to any publicly traded entity and does not mean that the Mart is for sale. In MMPI's case . . . there is no book prepared,  no retained counsel, no investment banker, no broker, no process being pursued—all things that would indicate a property described as being "up for sale," according to the statement by MMPI.
 
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Sales

CB Richard Ellis' Keith Puritz and Brett Kroner repped Midwest Air Technologies in its purchase of 821 Bluff Rd. in Romeoville. The 507k SF new industrial building was sold by Land and Lakes Development  for an undisclosed amount. Midwest Air Technologies will take occupancy of the building this fall. Colliers International's Lynn Reich and Jeffrey Kapcheck repped Land and Lakes Development. US Asia Group acted as a consultant for Midwest Air Technologies.

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Paine/Wetzel · ONCOR International has completed four sales in the Chicagoland area totaling more than 30k SF:

  • Spiros Stamelos purchased an 11k SF building located at 3026-3030 W. Carroll in Chicago as an investment opportunity. The building sold as a short sale with the lender. Paine/Wetzel's Mark Nelson and Michael Nelson repped seller Wicker Heights Contracting Co.
  • Foresite Management purchased a 10k SF building located at 285 Jamie Lane in Wauconda. The IT and electrical contracting firm is relocating from Barrington. Paine/Wetzel's Pat Ryan represented the buyer while Premier Commercial Realty's Bruce Bossow represented the seller.
  • Lolita Ranchero purchased a 5k SF office condo at 1400 W. Fulton in Chicago. Paine/Wetzel's Mark NelsonMichael Nelson, and Kim Aigner represented the seller, while Garrett Realty's David Fulton  represented the buyer.
  • Bid On Equipment purchased a 5k SF building at 2860-54 Corporate Parkway in Algonquin. Paine/Wetzel's Pat Ryan repped landlord Plote Properties.

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Inland Real Estate Brokerage's Paul Montes and Eric Spiess represented the purchaser and the seller in the sale of 1 S 210 Summit Ave., a two-story, 17k SF office building in Oakbrook Terrace. The property also features a 9k SF basement, an exterior truck dock and elevator access on all three levels. The seller was North American Baptist Conference. The buyers, two practicing physicians, plan to convert the property to medical use. The Law Offices of Vincent M. Cannon represented the buyers.

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Marcus & Millichap's Demetrie Livaditis represented the seller in the sale of the 6k SF Swanson Corners Retail Center, a 100% occupied retail center located in Grayslake. The asset sold at a price of $1.25M, which represents a cap rate on current NOI of  8.34%.

Leasing 

Lee & Associates's Justin Fierz  and Brian Vanosky represented the tenant, Hosley International, in a long-term lease renewal and expansion for a 469k SF  industrial space located at 6750 Daniel Burnham Dr. in Portage, Ind. The value of the lease is in excess of $7M. The landlord, Lincoln Financial Group, was represented by Darwin Realty's Chris Gary and George Cibula.

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Paine/Wetzel · ONCOR International completed three industrial lease transactions totaling  62k SF.

  • Xcell International Corp. leased 31k SF at 20 W 345 101st Street in Lemont. Paine/Wetzel's Jerry Sullivan  and Brandon Wright represented the landlord, Manulife Financial, and CBRE's Pete Roberson  repped the tenant. 
  • Veolia ES Technical Solutions signed a 25k SF lease at 5137 Indianapolis Blvd. in East Chicago, Ind. Paine/Wetzel's Adam Karras repped the tenant, while Paine/Wetzel's Edward Wabick  represented the landlord, Sims Metal Management.
  • High Performance Auto Body & Detail signed a 7k SF lease at 450 S. Spruce St. in Manteno. Paine/Wetzel's Brandon Wright and Curtis Nugent Real Estate's Chris Curtis represented the landlord, Manteno RFT LLC. Curtis Nugent's Joe Nugent repped the tenant.

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CB Richard Ellis' Keith PuritzBrett KronerRyan Bain, and Zach Graham represented CenterPoint Properties in a 60k SF lease at 1175 Lakeside Dr., Gurnee to Select Marketing Solutions. The company will take occupancy of the entire building this fall. HSA Commercial Real Estate's Doug Reed repped Select Marketing Solutions.

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HDG Mansur awarded Transwestern the leasing assignment for Arlington Pointe, 95 West Algonquin Rd. in Arlington Heights. Built in 1983, the 137k SF Class B office building has two contiguous floors, totaling 50k SF, available for lease. Transwestern's Joe Stevens,Fred Ishler, and Zach Fox are the exclusive leasing agents on the assignment.

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Paine/Wetzel · ONCOR International has completed three industrial lease transactions totaling 50k SF.

  • Chicago Messenger  is expanding its lease to 38k SF at 1120 West Exchange. The firm is relocating from 1600 South Ashland. Paine/Wetzel's Michael Nelson and Mark Nelson represented the tenant in the transaction and Colliers Bennett & Kahnweilers' Vern Schultz and Mike Senner repped the the landlord, The Missner Group.
  • Fellowship Fleet signed a new lease at 438 W. 43rd St. in Chicago for 6k SF. The limousine service is relocating from its prior location at W. Polk Street. Paine/Wetzel's  Albert Schulman  represented the tenant and Chicago Industrial Real Estate's  Matt Rogatz repped the landlord, a private investor.
  • Robinhood Garcia  is relocating his mattress company from 36th and California to 3421 W. 48th Place, signing a new 6k-SF lease. Paine/Wetzel's Michael Nelson and Mark Nelson, represented the landlord, 3421 Building Corp. while the tenant was self-represented.



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TreeHouse Foods  will move its corporate HQ to a 48k SF space at 2021 Spring Rd. within the  Commerce Plaza office complex in Oak Brook. In addition, MetLife Bank  has signed a lease for 14k SF at 2015 Spring Rd. in the same complex. The two leases bring the overall occupancy rate of the 556k SF Commerce Plaza to more than 84%. JLL's  Karla Harmon represented the property owner, Arden Realty, Inc., in both transactions. TreeHouse Foods  was represented by CBRE's David Lind while MetLife Bank  was represented by Jones Lang LaSalle.

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Garrett McKenzie Environmental  signed a five-year lease for 34k SF at 921 Sherwood Dr. in Lake Bluff. CB Richard Ellis' Keith PuritzBrett KronerRyan Bain, and Zach Graham  were the sole brokers in the transaction. The building is owned by  CPIA LLC.

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Inland Real Estate Corp. signed 21k SF of new leases at three far north and northwest suburban shopping centers. The new leasing activity includes a 15k SF lease with Discovery Clothing at the Rivertree Court shopping center, located at 701 N. Milwaukee Ave. in Vernon Hills. At Hawthorn Village Commons in Vernon Hills,Salon GC signed a 1,609 SF lease. European Gourmet Restaurant also leased 2k SF at Hawthorn Village Commons. At Woodland Commons in Buffalo Grove, Stilettos Inc. signed a 1,653 SF lease.Papa John's Pizza  also recently leased 1,244 SF lease at Woodland Commons.

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Gyu-Kaku, a Tokyo-based restaurant chain, has leased 12k SF at 210 E. Ohio St. for a new restaurant. Gyu-Kaku features a Japanese barbecue concept. @properties Lee Ffrench and Nancy Simon Cooper repped the building owner, a partnership known as CORU 210 LLC. Redac's Yoshi Nakaoka repped the tenant, Reins International, USA, a subsidiary of Tokyo-based Rex Holdings Co.

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Cawley Chicago Commercial Real Estate's Tom Gath secured eight leases on behalf of his clients in the O'Hare market. Seven of the eight deals were done direct, totaling 25k SF. On behalf of his client AMB Property Corp., Tom leased four units in the AMB O'Hare Center  at 9755 Farragut in Chicago and 9812, 9818, & 9848 Farragut in Rosemont. At 605 Country Club Lane and 854 Eagle Dr., both in Bensenville, Tom secured leases for his client RREEF.

Finance

Aries Capital's private commercial real estate lending affiliate, Aries Real Estate Fund has concluded a $3.2M venture organizing the completion and sale of all units within The Atwood Condominiums of Chicago. Aries Capital has also launched a new division of the firm—Aries Asset Management Services. Located just east of Clark Street in the Andersonville neighborhood of Chicago, The Atwood Condominiums is a 12-unit development. Led by Aries' Andrew Wilson,  the project began in November 2009, when the firm accepted a deed-in-lieu of foreclosure on the vacant property. Keller Williams' Liz LaTour brokered the sales of the renovated one- and two-bedroom units which were sold within five months of the completion of construction. Canmann &Chaiken's David Chaiken provided counsel in closing the 12 units. Kalamper Construction served as the general contractor for the project.

Construction

The second phase of engineering to support the electrical systems for a  315k SF data center facility on Chicago's Near South Side has begun, developer  JRM Technology  says. The design and construction team is now working with  ComEd  to finalize engineering for the data center's significant power needs. The facility, to be located at 111 E. Cermak Rd., will be the first structure in downtown Chicago designed and built specifically as a data center. James McHugh Construction Co. is the design-build contractor, with ESD Inc. as lead architect/engineer, Archideas is the consulting architect and CS Associates  is structural engineer.

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Development Solutions  was retained by Career Education Corp. to renovate an existing building for their new medical education school Sanford Brown College. During construction, DSI removed and replaced all of the buildings mechanical and electrical equipment to upgrade them to CEC's strict usage requirements.

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Summit Design + Build has been selected as GC for an extensive remodel to an existing 26k SF facility for Daily Meat Supply Co.  in at 2323 W. Fulton in the West Loop. The renovations include a new 10k SF-10 degree freezer, 13k SF of refrigerated cooler space, processing and loading dock area, and 2k SF of office space with mezzanine. The entire MEP system is being completely redone from new HVAC units, to all new refrigeration units, and new incoming electrical service. The construction also includes resurfacing of the parking lot and a new roof. Completion is scheduled for Fall 2010.

Executive Moves

Tim Gallagher joined Cushman & Wakefield as a director in the industrial brokerage practice. He will be based in C&W's Rosemont office after spending the last seven years as president of his own company, Gallagher Realty, which focused on the acquisition, development, ownership and management of industrial and office property. He is a graduate of  University of Wisconsin.

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Meghan Marschall joined JLL to oversee business development for the Project & Development Services group in the Midwest. Meghan comes to JLL from HOK, where she served as director of business development in the firm's Chicago office. She is a graduate of Purdue and a board member for CoreNet Chicago, where she chairs the Emerging Leaders committee.

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Lou Jacobsohn has been promoted from associate to senior associate at Transwestern's Tenant Advisory Services Group. Most recently, he completed include a 29k Sf long-term lease at 350 West Mart Center on behalf of TCS Education System; a 22k SF lease at 222 N. LaSalle on behalf of TCS. He is a graduate of Indiana University.

Related Topics: JLL, Vornado Realty Trust, The Missner Group, George Cibula, Mark Nelson, Michael Nelson, CoreNet, Buffalo Grove, Matt Rogatz, Chicago Industrial Real Estate, CenterPoint Properties, MetLife, Lynn Reich, Jerry Sullivan, Keith Puritz, Brett Kroner, Ryan Bain, Zach Graham, Aries Capital, Brian Vanosky, Arden Realty, Polk Street, HSA Commercial Real Estate, Inland Real Estate Brokerage, Jeffrey Kapcheck, Chris Gary , Albert Schulman, Paul Montes, Eric Spiess, Arlington Heights, Darwin Realty, Vernon Hills, AMB Property Corp, Keller Williams, Inland Real Estate Corp, Oakbrook Terrace, Indiana University, Manulife Financial, Fred Ishler, Cawley Chicago, Brandon Wright, Zach Fox, Joe Stevens, Lake Bluff, Vern Schultz, Justin Fierz, Edward Wabick, Mike Senner, Commerce Plaza, Premier Commercial Realty, Karla Harmon, Andrew Wilson, Emerging Leaders, Pat Ryan, Tom Gath, Development Solutions, Development Services, Garrett Realty, Papa John, David Lind, Lee Ffrench, James McHugh Construction Co, Kim Aigner, Career Education Corp, Chris Curtis, TreeHouse Foods, Pete Roberson, East Chicago, Lincoln Financial Group, US Asia Group, Gallagher Realty, Clark Street Capital, SalesCB Richard Ellis, Midwest Air Technologies, Lakes Development, Hawthorn Village Commons, Nancy Simon Cooper, The Law Offices, Adam Karras, Hare Center, Sims Metal Management, Chris Kennedy, Corporate Parkway, Daniel Burnham Dr, Select Marketing Solutions, Doug Reed, Discovery Clothing, The Atwood Condominiums, ESD Inc, CS Associates, 6750 Daniel Burnham Dr, 244 SF