Distressed Property News
Motor Werks completed a lease for the 35k SF former Suburban Buick dealership at 1100 Roosevelt Rd. in Wheaton. Podolsky Northstar CORFAC International repped owner WGE Properties in the transaction that followed a consent foreclosure. In 2008 Suburban Buick closed, but the owners retained title to the parcel and car dealership facility. Podolsky Northstar was retained by the owner to find a replacement user in hopes of an agreed debt-relief structure.WGE Properties, the holding company for the Community Bank of Wheaton/Glen Ellyn, accepted Motor Werks as a tenant.
ForeSite Realty has received several new receivership assignments, including the 129k SF Rolling Meadows Center at 2801-2915 Kirchoff Rd. in Rolling Meadows and The Lincoln Center at 2518-2544 on Lincoln, including the Apollo Theater plus 37k SF retail & parking.
Paine/Wetzel Â· ONCOR International has repped two buildings totaling 29k SF that recently traded:
- Kunz Glove Co. purchased a 21k SF building at 1532 W. Fulton. Paine/Wetzel's Michael Nelson, Mark Nelson, and Gerald Sullivan repped seller Active Graphics; the buyer was self-represented.
- Global Telecom purchased an 8k SF facility at 6425 S. Central Ave. in Chicago. The purchase marks an expansion for the company. Paine Wetzel's Edward Wabick, Michael Nelson, and Mark Nelson repped seller Bricklayers and Stone Mason Union. Worth Realty's Ismail Ishmail represented Global.
Marcus & Millichap recently sold MCL Center in Lincoln Park, a multi-tenant 17k SF retail property adjacent to the DePaul University Campus for $5.7M at a 7.48% cap rate. Marcus & Millichap's George Ghattas and John Abuja had the exclusive listing to market the property on behalf of the seller, a private real estate developer.
IDI has sold a 525k SF build-to-suit at 2188 Diehl Rd. in Aurora. The industrial facility was built in 2009 for the current tenant,Freudenberg Household Products, which acquired the property for $25M. IDI is also under contract to develop an expansion totaling 101k SF of production and warehouse space for Freudenberg. Darwin Realty's George Cibula, Rick Daley, and Joe Bronson represented Freudenberg. CBRE's Kirk Armour and David Prell were IDI's listing agents. IDI's Maggie Amaya manages the property.
Paine/Wetzel Â· ONCOR Internationa l has completed 54k SF of industrial leases:
- Medikmark, a manufacturer of health care kits, signed a 48k SF lease renewal and extension at 3600 Burwood Dr. in Amhurst Lake Business Park in Waukegan. Paine/Wetzel's Whit Heitman, represented landlord Prudential, while the tenant was self-repped.
- Amerifreight, a freight forwarding company, has signed a new lease for 6k SF at 2130 Oxford in Des Plaines. Paine/Wetzel's Elise Couston and Patrick Fitzgerald repped landlord Chicago Properties. The tenant was repped by Colliers B&K's Jonathan Kohn.
CompTIA plans to relocate its HQ from Oakbrook Terrace to Downers Grove, where it will lease 32k SF of office space in the Esplanade II office tower. Cushman & Wakefield's Susan Rosen and Marilyn Lissner repped the tenant. The 584k SF building at 3500 Lacey Rd. is owned and managed by Hamilton Partners, who were repped in house by Dave Andrews.
Architecture and Construction
MRSA's Maureen Ford and Kristen Ward orchestrated the retrofit of BOMA/Chicago's 5k SF space at 115 S. LaSalle St. to help it earn LEED Silver. The project plan included the first application of LED down lighting, carpet tiles made from reclaimed carpet, and over 80% of all construction waste diverted from landfills (including 4.5 tons of drywall)
UGL Equis formed a new strategic alliance with Mexico City-based Cortina Facilities to help with its Facilities Management Services with Equis de Mexico. With over 700 employees and more than 34M SF under management, UGL Cortina Facilities represents more than 50 properties including corporate, residential, shopping centers, office, and industrial parks. UGL's Gregory Robinson will be overseeing the alliance activities.