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McShane Builds Park Douglas; The Deal Sheet

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McShane Builds Park Douglas; The Deal Sheet
McShane Construction Co. was awarded the construction of the 19-building Park Douglas multifamily development. The project is located on Chicago's West Side and is being completed on behalf of the Brinshore Development, Michaels Development Co, and Sinai Community Institute development alliance.
 
Park Douglas
Park Douglas will offer 137 rental units throughout 18 three-story buildings located on scattered sites. The Chicago Green Homes development will offer one- to four-bedroom market-rate, affordable and subsidized apartment units. The development replaces part of the CHA's Lawndale Gardens Complex  and received $10M from the American Recovery and Reinvestment Act of 2009. Koo and Associates LTD  and Pappageorge Haymes Partners are providing the architectural services.
 
Leasing News

Great Kitchens has signed a 98k SF lease at 530 W. North Frontage Road in Bolingbrook. Colliers International's  Ronald Behm and Cassidy Turley's Tom Kelly  repped Compass Group USA in the lease assignment. NAI Hiffman's Ben Cremer  and Mike Robbins repped Great Kitchens. CBRE's Kirk Armour and Larry Johnson represented building ownership.

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Sperry Van Ness' Ben Andrews and  Colin O'Malley represented Fannie May Confections in its acquisition of three new Chicago area retail locations at Plaza Del Lago Shopping Center on Sheridan Road in Wilmette, 116 N. York St in Elmhurst and 1530 Lake Cook Rd in Wheeling. The locations will open before the holidays.

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The LaSalle Network is relocating its northwest Chicago office to 4k SF at 2355 S. Arlington Heights Rd in Arlington Heights from neighboring Schaumburg. Bradford Allen Realty's  Laurence Elbaum  and Joel Berger represented The LaSalle Network. Bradford Allen's Kevin Gillihan represented building owner Iron Horse Partners. The LaSalle Network's lease expired in December 2009, but the firm chose to postpone lease negotiations. When The LaSalle Network was ready to consider a lease renewal, its landlord was facing foreclosure. LaSalle Network chose the new building because the ownership was willing to assume its hold-over costs and reduce its out-of-pocket expenses.

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Colliers International's David Gelfand and Paul Stekala represented Glanbia Nutritionals in a 4k SF lease extension at 1603 Orrington Ave in Evanston. Building owner Lowe Enterprises was represented by Golub Realty's  Steve Degodny.

Executive Moves

Jonathan Wolfe and Jordan Shtulman have joined Grubb & Ellis as SVPs in the investment group. Jonathan and Jordan will establish a national sale-leaseback  and net-leased properties practice focused on the mid-cap sector. The two have completed more than  $1.5B in transactions combined since 2002. Jonathan joins from CB Richard Ellis and has an MBA from Northwestern. Jordan comes from Baum Realty and has a bachelor's from the University of Illinois.

Finance News

Cambridge Realty Capital closed on a  $6M HUD Lean  loan to refinance Crystal Pines, a 114-bed skilled nursing home in Crystal Lake. The 30-year term loan was underwritten for the property's owner, a Missouri LLC, by Cambridge Realty Capital of Illinois. Cambridge's Jeffrey Davis says the loan was processed in the “Green Lane,” a special queue created by HUD to speed the processing time for low-risk loans.

Sales News

Paine/Wetzel • ONCOR International's Edward Wabick, represented the buyer in the sale of  55 Chicago Business Center, a 680k SF former Campbell Soup Co plant building at 2600 West 35th St.Chica Marketplace purchased the property to redevelop into a multi-tenant facility offering warehouse, office, and commercial loft space. Jones Lang LaSalle's Len Caldiera and Scott Duerkop repped seller Glazers of Illinois.

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Paine/Wetzel · ONCOR International completed three sales in the Chicagoland area totaling more than 43k SF.

  • Swiss Automation of Barrington purchased a 34k SF building located at 195 Detroit St in Cary. Paine/Wetzel's Pat Ryan represented the buyer and Entre Commercial Realty's Dan Benassi repped the seller.
  • Heraldo Hernadez purchased a 6k SF building located at 4220 S. Knox  in Chicago for the relocation of his truck repair business from 47th Street and Knox. Paine/Wetzel's Michael Nelson and Mark Nelson repped the seller, Richard and Joanne Urso. The buyer did not have a broker.
  • Randy Pavloutos and Paul Louizos purchased a 3,390 SF building at 6043 N. Milwaukee Ave in Chicago. Paine/Wetzel's Michael Nelson and Mark Nelson represented the seller,American Chartered Bank,  and Manor Realty's Tom Chrisan worked on behalf of the buyer.

Construction News

Englewood Construction  has purchased a former grocery store at 80 Main St.  in downtown Lemont to renovate into its new HQ. The firm is leaving the 9,300 SF building it rented in Schiller Park and will build a new office in the 14K SF retail space. The new office will feature a  rainwater recapturing  system, light sensor system,fitness center, laundry area, and bar.

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Principle Construction Corp was awarded a 33k SF construction project for General RV on Automall Drive in Huntley. The new facility will house a showroom, sales offices, parts department, and 14 service bays. Also on the property, outside staging space will be constructed for 152 recreational vehicles. Principle's Mike Long  will serve as project manager and Timothy Morgan Associates  will provide architectural services. CBRE's  John Gledhill  represented the land owner, Horizon Group Properties' Phil Waters and Jones Lang LaSalle's Len Caldiera repped Huntley RV Sales LLC.

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Morgan/Harbour Construction Co has been selected as the GC for the new MV Transportation facility at 445-559 Randy Rd  in Carol Stream. The firm will renovate  two 12k SF single-story buildings for MV Transportation's new vehicle maintenance operations. The project also includes a 16k SF parking lot expansion, the installation of new site lighting, and a new stormwater management system. Morgan/Harbour's  Ben Warriner is leading the project and Lorin Van Nest is the project manager. Cornerstone Architects is providing the architectural services and Jacob & Hefner Associates is the civil engineer.

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Reed Construction's Healthcare Group has been selected to complete a renovation within the radiology department at the University of Chicago Medical Center's Bernard A. Mitchell Hospital. The renovations will accommodate the installation of an uninterrupted power supply system designed to provide back-up power to the department's three CT Scanners. Reed's Nicholas Siorek is leading the construction. PFB Architects is providing the architectural services.

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ARCO/Murray  National Construction Co. completed the design and construction of Elmhurst's newest commuter parking facility. The structure is a 253-stall precast parking garage with one level below ground and five above. The facility was constructed with an LED lighting and management system. The project also included the permanent closing of Larch Street and the creation of an urban pocket park. ARCO/Murray's Brad Dannegger was the project executive, Leonidas Stellakis was the project manager, Dan Bick was the project engineer, and Adam Nauman and Brian Matthies served as the project's field superintendents.