THE DEAL SHEET
Sales
CB Richard Ellis has been retained to solicit offers for Grande Reserve, Yorkville, the largest master-planned residential community in the Chicago area, with 1,877 residential units situated on 771 acres. CB Richard Ellis' Anthony Gange, Jim Angelotti, Brian Buckingham, and Matt Ishikawa will serve as exclusive sales agents for the bank-owned property. Located on Route 34, one mile west of Orchard Road, Grande Reserve was originally developed by MPI, a joint effort of Moser Enterprises, Pasquinelli Builders and Isenstein Development.
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Grubb & Ellis facilitated the sale of a 48k-SF office building at 2900 Golf Road in Rolling Meadows to Jani-King. Grubb's Craig Cassell and Jim Ward repped Jani-King, while its Vince D'Amico and Dirk Riekse represented the seller, an undisclosed investor. Jani-King will move its operations in the first quarter of 2010. The commercial cleaning company will occupy 15k-SF and plans to market the remaining 33k-SF for lease.
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Block Realty Associates was selected as the exclusive listing agent to sell a 17.6-acre industrial parcel of undeveloped land, the former Wisconsin Steel site, and an adjacent 9.5-acre undeveloped land site, both owned by Viskase Companies. The two parcels are located 16 miles due south of the Loop. The 17.6-acre site is bounded by 99th Street on the north, 100th Street on the south, Escanaba Avenue on the east, and the right-of-way of the Chicago Rail Link Railroad and Torrence Avenue on the west. The land could accommodate a new 200k-SF distribution center.
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Cushman & Wakefield's Ken Szady and Jim Carpenter closed the sale of a 110k-SF Hoffman Estates office building for $32 million. The Szady-Carpenter team has marketed or closed on more than 10M SF commercial real estate in 2009. The building, built for machine tool maker Mori Seiki, is part of the 70-acre Huntington Woods Corporate Center being developed by McShane Development, which was the seller. The buyer was New York-based W.P. Carey & Co, which paid cash. The two-story building is located at 2400 Huntington Boulevard.
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CBRE has been enlisted by the Chicago-based Wm. Wrigley Jr. Company to serve as the exclusive marketing agent for the sale of the confectioner's 30 acre, 1.3M SF industrial property on Chicago's near Southwest side. Located at 3535 S. Ashland, the plant had served as a chewing gum production facility. CBRE's Mitch Adams,Harry Comerford, and Mike Nardini will be the exclusive marketing agents for the property. Asking price is $19M.
Company News
Leopardo received The Construction Industry Service Corporation "New Construction, Suburbs" project of the year for Aurora Police Headquarters, a $62m LEED- Gold project with The City of Aurora and architect Cordogan Clark and Associates. "New Construction of the Year-Chicago" went to Trump International Hotel and Tower, including developer The Trump Organization, general contractor Bovis Lend Lease, and architect Skidmore Owings and Merrill.
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Aries Capital, has formed a new division: Aries Multifamily, to be lead by Ryan Welsh. An entrepreneurial venture between Neil Freeman and Ryan, Aries Multifamily will provide loans under $5M for apartment properties across the nation. Aries Multifamily will primarily fund the loans through various Fannie Mae, FHA, and small bank lenders. Aries Multifamily recently closed $7.7 million in loans in Seattle, Washington, and Houma, Louisiana.
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DeStefano Partners' Sustainability Master Plan for the Harold Ickes Homes Redevelopment was honored with a Special Recognition Urban Design Award by The American Institute of Architects, Chicago Chapter. DeStefano Partners designed the plan, in collaboration with Atelier Ten, to assist the Chicago Housing Authority in developing a sustainable strategy of rehabilitation for the eight-building public housing property.
People
John Buck Co. president and vice-chairman John O?Donnell will retire this spring, after 28 years with the company. He was promoted to president in 2007.
Construction News
Summit Design + Build, LLC has completed the final phase of Teen Living Programs? newest home for homeless youth at 3745 S. Indiana in Chicago?s historic Bronzeville neighborhood. The firm completed the 12k-SF, three-story youth residence in the spring and recently demolished the existing Belfort house. The vacant space was then revitalized as a green space, including a working garden. Summit Design + Build?s Mark Heffron and Jeff Harwood were responsible for the on-site construction of The New Belfort House.
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Reed Construction has completed the first retail branch of Dallas-baased Beal Bank in Illinois. The 1,400 SF facility is located at 3232 Lake Ave. in Wilmette. The new retail building features a granite wall and detailed millwork which was completed by Herner Geissler Woodworking. Reed's Bryan Kreuger led the project team. CBRE served as Owner?s Representative and Nelson provided the architectural services.
Bankruptcy
River West Plaza-Chicago filed a Chapter 11 petition for bankruptcy protection from creditors and a reorganization plan in US Bankruptcy Court on behalf of its principal asset, the 95k-SF Joffco Square retail center at 555 West Roosevelt Road in Chicago. Meltzer, Purtill & Stelle Forrest B. Lammiman, is representing the petitioner. According to Lammiman, the reorganization plan provides for its 30 or so trade creditors to be paid in full with interest and that the terms of the company's $26M acquisition and construction loan, which matured on Nov 1, be renegotiated with Bank of America, N.A. The center opened in March 2008.
Leasing
MB Real Estate announced three new, long-term leases totaling 140k-SF at One North Dearborn, an 884k-SF office and retail building in the Central loop.
- Adler School of Professional Psychology signed a new lease for 101k-SF on the 15th and 16th floors. Transwestern's Scott Becker and Phil Utigard represented Adler.
- Vangent, Inc. signed a 23k-SF lease on the 11th floor of One
North Dearborn. Vangent was represented by Studley's Steve Hubberman, Robert Sevim, and Richard Schuham. - NCS Pearson, Inc. signed a 16k-SF lease on the 10th floor. Grubb & Ellis' Peter Block and Berzine & Co.'s Robert J. DeAngelis repped the tenant
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Paine/Wetzel ONCOR International is pleased to announce that it has completed three industrial transactions totaling nearly 10k-SF in the Chicago area.
- The Village of Skokie purchased a 5k-SF building at 8110 Lincoln Avenue in Skokie. Paine/Wetzel's Albert Schulman represented the selling company, 8110 Lincoln Development Co. Ltd. @properties' Michael Levin represented the Village of Skokie.
- Martha?s Music signed a new lease for 3k-SF at 600 Northgate Parkway, Suite D in Wheeling. Paine/Wetzel's Elise A. Couston and Patrick Fitzgerald repped the landlord, Chicago Properties LLC. LowenbaumREP's Ed Lowenbaum repped the tenant.
- Midwest Educational Products signed a new lease for 1k-SF at 820 Foster Avenue in Bensenville. Paine/Wetzel's Theresa Gleason represented the tenant and the landlord, American Landmark Properties, was represented in-house.
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Morgan Realty Partners' Bill Waliewski completed a 2k-SF tech space lease to Micromaterials Research at the Oakmont Business Center in Westmont. Waliewski represented ownership, Westmont Business Park. Micromaterials was represented by NAI Hiffman's Mike Stephany and Aubrey Van Reken.
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The Missner Group has completed a 49k-SF lease with DoWin Enterprises at the Exchange Industrial Center located at 1120 W. Exchange in Chicago?s Stockyards Industrial Park. Colliers Bennett & Kahnweiler's Mike Senner and Vern Schultz represented The Missner Group. DoWin Enterprises was represented by Camins Tomasz Kritt's Brian Ripp and Andrew Levy.
Auction
The final 18 residences at Seven Bridges, a 140-unit luxury condominium building overlooking the Seven Bridges Golf Club, will be sold at a close-out auction on Wednesday, Dec 16 at the Lisle Hyatt at 7pm by Sheldon Good & Company. The event is the second phase of a two-part series which started with a July 26th auction that resulted in 35 sales. Based on the success of that one-day campaign, the developer, RTG - Seven Bridges, LLC, commissioned the national real estate auction company to execute a second program to complete sales at the building. Bidding prices start at $125,000.
