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Navistar's 860k Lease; The Deal Sheet

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Navistar's 860k Lease; The Deal Sheet

Navistar is moving its Midwest parts-distribution operations from West Chicago to an 860k SF industrial building in Joliet’s  Cherry Hill Business Park. JLL's Kris Bjorson and Dan McGillicuddy repped Navistar; JLL's Trevor Ragsdale and  Kelly Gray repped the park’s owners and developers, Northern Builders.
 
Navistar's 860k Lease; The Deal Sheet
Under the terms of the 13-year lease, Navistar will occupy the park’s Building No. 6, which Northern Builders  will expand from 523k SF to 860k SF. Navistar’s current Midwest distribution facility in West Chicago totals approximately  566k SF in two adjacent buildings. This is the eighth regional distribution center lease that JLL has negotiated for Navistar as it continues to modernize its North American distribution network.
Leasing News

NAI Hiffman's Larry MuchSteve Connolly, and Kelly Disser, represented owner Principal Real Estate Investors in leasing an industrial facility in  Bedford Park to M. Block & Sons. The 341k SF facility is located at 6755 W. 65th St. Missner Construction is completing work and finishing tenant improvements. Newmark Knight Frank's Jeff Locascio represented M. Block & Sons.

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Newmark Knight Frank Epic has completed two transactions totaling more than 67k SF. In the first, Northwestern Institute of Health & Technology leased 41k SF at 3400-3450 W. Oakton in Skokie. The value of the long-term transaction exceeds $5M. Newmark's Denise ChaimovitzJoel Friedland, and Mitch Loveman represented owner American Landmark Properties. John O’Donnell Real Estate's John O'Donnell  represented NWH. In the second, Hasley Warehousing and Distribution leased 26k SF at 8220 Austin in Morton Grove. Denise represented owner American Landmark Properties while Cushman & Wakefield's  Charles De Rosier repped Hasley.

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Coyote Logistics leased 65k SF of new space at 2545 West Diversey (aka the Green Exchange  for its emphasis on sustainability). The company plans to move in Q2 2011. MB Real Estate's David Burkards repped the tenant. Baum Development owns the building. MBRES's David Graff will manage construction of Coyote's space.

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CBRE's Sharon Kahan and Daniel Jacobson repped the owner of 116 E. Oak Street in a lease with  White House Black Market for 6k SF in the building. The women’s specialty retailer will open in the fall 2010 and include Vow, the retailers first bridal boutique. White House Black Market was represented by CBRE's  Jim Sakanich.

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Jameson Commercial's Jennifer Fitzpatrick has been selected by Macerich as exclusive leasing agent for The Shops at North Bridge. The property was previously handled by Macerich's in-house leasing staff. The assignment of the North Bridge Mall and street retail includes small- and large-shop retail at street level, lower level, second level street in addition to small and large opportunities in the four-level shopping center anchored by Nordstrom and The Conrad Hotel. Availabilities range from 800 – 45k SF of retail and restaurant ready spaces.

Sales News

The John Buck Co. has sold Ten Parkway North in Deerfield to CBRE Realty Trust. Ten Parkway North is a 100k SF, three-story office building located in the six-building Parkway North Center business park. The sale price was approximately $25M. It is 100% leased to a single tenant through January 2020. JBC was represented by Grubb & Ellis.

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Building Equity Real Estate's  Dan Rosenbert and  Peter Lynn represented the seller, Capital One Bank, in the sale of a 20k SF industrial property at 5401 S. 9th Ave. in Countryside, which was sold for $595k. The buyer was represented by Newmark Knight Frank Epic's  Terri Alexander.

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The Boulder Group completed the sale of a triple-net leased property in Kansas City, Mo. for $1.6M. The 1.56 acre parcel contains a 6k SF building that is leased to Chili’s on a 20-year lease. The Boulder Group's Randy Blankstein represented the buyer, a Chicago based private investor. The Chili’s franchisee, the seller, was represented by The R.H. Johnson Co.'s Eric Gonsher.

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Next Realty has acquired the 97-space, 32k SF surface Holiday Parking Lot, in Gatlinburg, Tenn. With this acquisition, the company’s affiliate Next Parking now owns and manages 12 parking facilities totaling more than 8,500 spaces in five markets. The seller of the property is a private investment trust. The property was marketed by the Knoxville office of Sperry Van Ness.

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The Chicago office of HFF has been retained to market for sale a nine-property, 3,237-unit multi-housing portfolio in Kentucky and Missouri. HFF's Matthew LawtonSean Fogarty, and Marty O’Connell are representing DRA Advisors and Camden Property Trust. The assets are being offered for sale as a portfolio or on an individual or pool basis.

Executive Moves

Drew Nieman, 55, has joined Colliers International  to lead the firm’s downtown Chicago leasing practice. Nieman spent the past 27 years at The  John Buck Co., with the last 17 of those as principal. While leading that firm’s leasing group, he oversaw more than 6.5M SF of office transactions. Drew is a graduate of Miami University of Ohio. He has been a board member of the Chicago City Day School for over 20 years.

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Cullen McGuire has joined Reed Construction as senior project Manager and will be leading projects in Chicago and Washington, DC. Cullen has seven years of construction experience in both the Chicago and DC areas and will be responsible for the complete life-cycle of a construction project. He was previously employed with Rand Construction in DC as a project manager. He is a graduate of Carnegie Mellon University in Pittsburgh.

Finance News

Aries Capital's  Urban Development Fund  has provided $17.5M in financing to facilitate the redevelopment of the St. Louis Centre in St. Louis, Mo. The 540k SF former shopping mall will undergo a $35M redevelopment beginning this year. This investment was made possible by an allocation of New Market Tax Credits.