Multifamily Mayhem; The Deal Sheet
| Walker & Dunlop has only been in Chicago for 18 months, but Joel Kaplan has been in the CRE industry for more than 20 years; mostly in mortgage finance. He's rocking just as hard as he works (with that guitar) since mortgage banking business hasn't gotten any “easier,” but that's part of what he enjoys about the business. He'll be one of the panelists at tomorrow's Bisnow Multifamily Summit at the Metropolitan Club. | |||
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| Joel tells the finance landscape is constantly changing from all sides: underwriting criteria, credit conditions, and sources of capital are just some of the moving parts. What's changed since last year is the re-emergence of CMBS and life company finance, Joel says. Competition amongst lenders for well-located Class-A and B multifamily is fierce, Freddie and Fannie are right there in the mix. The GSEs still lead the marketplace in the senior, student, and manufactured housing niches. He's looking forward to hearing about new developments and acquisitions from some of our other panelists, including Freddie Mac's John Luka, Waterton's David Schwartz, and Reznick's George Klenovich. Last chance to sign up! | |||
| Leasing News Jones Lang LaSalle has been named as the exclusive leasing agent and property manager for the newly renamed Speedway Logistics Center at Joliet Crossings (3451 S Chicago St, Joliet), a vacant,575k SF distribution center in the I-80 Industrial Corridor. Jones Lang LaSalle’s Keith Stauber, Scott Duerkop, and Steve Ostrowski will serve as leasing agents with the team of Brenda Crisp, Nat Reppand Joe Hynes handling property management. *** Cushman & Wakefield's Ned Franke, Alex Smith, Steve Trapp, andBritt Casey are the new leasing team for the 430k SF, two-building Motorola Solutions campus in Schaumburg. C&W and Motorola’s global real estate provider USI Real Estate Brokerage Services were chosen to provide leasing services. The office/ warehouse building is260k SF with parking. The 170k SF data center building is upgraded in terms of power and cooling infrastructure and building security. *** Rolls-Royce has finalized a long-term lease to occupy 404k SF of office space in the former Eli Lilly Faris campus at 450 S Meridian St in Indianapolis, now to be called the Rolls-Royce Meridian Center. Rolls-Royce was repped by UGL Services. Eli Lilly’s $58MFaris campus was constructed in 2001 and opened a year later. Financial terms were not disclosed. *** Cornerstone Commercial Real Estate's Spero Adamis and Mike Bauer have signed two new restaurant leases. The first is the formerLusha’s Restaurant at 817 Ogden Ave will reopen May 1. The new tenant signed a five-year lease for the 3,700 SF space. The second is a former Camille's Sidewalk Cafe 1033 Kilbery in North Aurora. The 3,000 SF facility is being converted to Raimondo’s Pizza and will also feature a newly constructed bar area. ***
Sales News *** Origin Capital Partners and Newgard Development closed on the acquisition of a 100k SF grocery-anchored chopping center at 2501-2451 W North Ave in Melrose Park. The property is 88% occupiedand was built in 2006. Its anchored by Kroger's Food 4 Less and has three in-line vacancies. *** EnTrust Realty Advisors and Alter 360° have completed the disposition of the 84k SF Davies Molding industrial building at 350 Kehoe Blvd in Carol Stream on behalf of The Alter Group. *** Arthur J. Rogers & Co 's Mark Baumhart and CBRE's John Suerthbrokered the sale of the Old Dominion Freight Terminal at 5500 W 47th St in Forest View. The sale was valued at $8.8M. Mark represented the purchaser and John represented the seller. *** Atlas Partners was the real estate advisor to the court-appointed receiver in the sale of the former T-K & Associates facility in La Porte, Ind. Atlas marketed and sold the 30k SF industrial property located on five acres in the East Gate Industrial Park. *** Thomas Seurynck was named VP of acquisitions and due diligence for Pine Tree Commercial Realty. He was previously a senior investment associate and credit/underwriting manager forWrightwood Capital. He also served four years with Pritzker Realty Group in Chicago as accounting manager. He has an MBA from theUniversity of Chicago and a bachelor's degree from Notre Dame. *** Debi Crosby has joined Jones Lang LaSalle as EVP on the solutions development team in the firm’s corporate solutions business. In her new role, Debi will focus on building JLL’soutsourcing business across all industry sectors in the Northeast, with a particular focus on financial services. She joins JLL fromJohnson Controls where she served as VP and GM. *** Pamela Tilton has been promoted to president of @propertiesCommercial from EVP. As president, Pamela will continue herrecruitment efforts and support commercial brokers in business development, marketing, and transaction-related matters. Prior to joining @properties, she was a top sales agent with The Habitat Co brokerage division. Tilton also spent 10 years as a TV news writer, reporter, anchor, and producer. She has a bachelor’s degree fromNorthern Illinois University. *** Lindsay Harstock has been promoted to DIRTT Architectural Solutions Specialist at Corporate Concepts. Lindsay graduated in 2008 from The Ohio State University. She will be responsible for all aspects of design, specification, installation, and post-installation support of DIRTT Walls for Corporate Concepts and its clients. Construction News *** Leopardo replaced the HVAC and plumbing infrastructure as well as all exterior windows at Provena Mercy Medical Center in Aurora. The new, more efficient HVAC system will serve more than 500k SF. Leopardo is now beginning the renovation of more than 100 patient rooms on three floors of the hospital’s bed tower. The private rooms are designed to modernize the units and make a patient’s stay as comfortable as possible. Jensen & Halstead is the architect. *** Reed Construction has completed a renovation within the radiology department at the University of Chicago Medical Center’s Bernard A. Mitchell Hospital. They renovated the space to 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 led the construction at the Medical Center.PFB Architects provided the architectural services and T & M Associates provided the engineering services for the project. *** J.C. Anderson completed an 18k SF office build-out within a five-week time frame for the new offices of a private insurance company at 1375 E Woodfield Rd in Schaumburg. The project included the construction of new ceilings, work spaces, private offices, and conference rooms as well as data and training rooms. The firm’sDaniel Tannhauser was the project manager for the build-out andMarty Powers was the project superintendent. Architectural services were provided by Featherstone Consulting. Awards |
