SIOR Unravels TARP; Deal Sheet
Yesterday, we witnessed panelists at the Society of Industrial and Office Realtors monthly luncheon unscramble the alphabet soup of government programs.
Lee & Associates' Jim Planey, McShane Development Co.'s Daniel Fogarty, and Venture One's Mark Goode. Jim says he thinks we'll see a lot more contract sales in the industrial market soon. He's been through three recessions in his 35 years, and last time he saw lots of deals where the seller financed the sale to the buyer. Best economic news? His daughter graduated from Yale last week, so no more tuition payments.
Metropolitan Capital Bank's Michael Rose, Wintrust Financial Corp's John Durning, and JMB Financial Advisors' John Pascal. Michael pointed out that most TALF money hasn't come into play yet in the commercial markets—we'll have to wait until summer. The panel agreed, when more money comes into the capital markets from gov't programs, liquidity will find its way into the market. John Durning said risk was never meant to be sliced as thin as it was.
Aries Capital's Chicago office recently arranged an $8M non-recourse loan for renovating three hotels for LaQuinta Inn & Suites. Aries Capital's Jeff Bucaro originated the loan and Heather Madsen closed. A consortium of credit unions provided the investment.
Arthur J. Rogers and Co.'s Carole Caveney is now the exclusive marketing agent on three suburban office properties: 1585 Barrington Road in Hoffman Estates,232 N. Cass Avenue in Westmont and 14711 Ravinia in Orland Park. She has listed about 5,600 SF of office space among the three.
Reed Construction is working on a 60k-SF renovation for the Aon Corp. at 1000 W. Milwaukee in Glenview. Reed's Brian Krueger is the senior project manager and IA Interior Architects is providing architectural services. CBRE manages the building. Construction is scheduled to be completed this summer.
Englewood Construction is building out the new Zara store at 700 N. Michigan Ave. The former Talbot's space in Chicago Place will contain three floors and its own elevators. Storefronts for the 33k-SF space will border both Michigan and Huron.
The two-acre former Mega Mall property at 7212-7220 N. Clark in Rogers Park has been purchased by the Chicago Math and Science Academy. Sheldon Good Brokerage LLC's Ken Goldberg represented the seller, Reza Toulabi. Chris Hill & Associates repped CMSA. Listing price was $8.5M.
Jones Lang LaSalle represented healthy snack company Cornfields Inc. in a 108k-SF industrial lease at 3898 Sunset Ave. in Waukegan. Robin Stolberg and Kurt Sarbaugh repped Cornfields while Jim Newswold with the building's owner, ProLogis, represented the landlord.
Colliers Bennett and Kahnweiler's Vernon Schultz, Fred Regnery, and Michael Senner represented Office Concepts in a 130k-SF industrial lease renegotiation and extension at 13820 Business Center Drive in Lake Forest. HSA represented the landlord, International Business Centers.
Awards and Designations
Paine/Wetzel ? ONCOR International's Curt N. Stanton received a national SIOR award for the largest dollar volume in an international transaction for 2008. He was presented with the award at the organization's annual spring convention in San Diego.
123 N. Wacker Dr., a 30-story office tower in the West Loop, earned an Energy Star designation. The building is managed by Grubb & Ellis Realty Investors on behalf of tenant-in-common investors.