THE DEAL SHEET
| LEASING | ||
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Boat and sporting goods specialist Brunswick Corp leased 70k SF at Columbia Centre III at 9525 W. Bryn Mawr in Rosemont for its Life Fitness HQ. The building is now 97% occupied. White Oak Realty Partners’ Tom Saletta repped the landlord, a JV of White Oak Realty Partners, Pearlmark Real Estate Partners, and Angelo Gordon & Co, while CBRE’s David Saad and Chad Freese repped the tenant. *** Oakbrook Terrace-based Mid-America Real Estate Corp recently opened a 4,000 SF branch office in the Tribune Tower at 435 N Michigan Ave on the 20th floor. Besides its suburban HQ and the new downtown Chicago office, Mid-America now has offices in Detroit, Milwaukee, and Minneapolis. *** Cornerstone Research, an economic and financial consultancy, opened a 9,600 SF office at 200 W Madison St. The firm has offices in Boston, Chicago, Los Angeles, Menlo Park, New York, San Francisco, and Washington. |
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| Starbucks Coffee Co inked a 13.6k SF lease for the entire third floor at 564 W Randolph St in Chicago. Seattle-based Starbucks will relocate its Midwest corporate HQ and training center from 550 W Washington St—where it had been for the past 10 years—when the new lease commences in early 2013. Studley’s Marc Brash and Lisa Davidson repped Starbucks, while CBRE’s Christopher Cassata repped the landlord, Sterling Bay. | ||
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SALES |
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An overseas investor bought a restaurant building at 649 Lake Cook Rd in Deerfield occupied by DC Sarnies for an unspecified price. The sole broker in the deal, Quantum Real Estate Advisors’ Chad Firsel, says that it was an all-cash transaction. The seller was Keeler Real Estate. The property is a freestanding outlot at a Home Depot, and near the Metra North Line Deerfield station. *** Griffin Capital Corp, on behalf of Griffin Capital Net Lease REIT, acquired the North American Corporate HQ of Zeller Plastik USA at 1515 Franklin Blvd in Libertyville. The property is a 194k SF single-story manufacturing and warehouse facility leased to Zeller Plastik, which has occupied the property since its construction in 1992, and oversaw an 113k SF expansion in 2003. Net Lease REIT paid $15.6 M for the property, almost a 9 cap. |
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| CONSTRUCTION & DEVELOPMENT | ||
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DCT Industrial Trust started the redevelopment of the Greenleaf Building at 2567 Greenleaf Ave in Elk Grove Village. The current structure is in excess of 120k SF, yet portions of the building are impractical for today’s warehouse users, according to the developer. The facility will be transformed into a more efficient 90k SF structure with a much-needed onsite maneuvering space for trucks. Premier Design + Build Group is doing the construction, combining new construction with the adaptive reuse of the existing building. *** The Sara Lee Corp and Hillshire Brands HQ, located at 400 S Jefferson Street, won the Office Redevelopment of the Year at NAIOP Chicago’s 25th Annual Awards for Excellence. The developer was Sterling Bay Cos, and the project team includes Leopardo as general contractor, Proteus Group as architect, and Project Management Advisors as program manager/owner’s representative. |
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FINANCE |
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Greystone originated a $4M Fannie Mae Small Loan for the acquisition of Spring Grove Apartments at 170 Golfview Ln in Carpentersville. The property is a 108-unit complex consisting of one- and two-bedroom apartments and 181 parking spaces on 5.2 acres. The property was acquired for a total of $5.1M and is 95% occupied. |
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| EXECS IN MOTION | ||
| Modal Group has hired Eli Mash, who will focus on the I-55 corridor. Previously, Eli was with Omni Point Capital. |
