THE DEAL SHEET
Fifield Realty Partners LLC has announced the formation of a new apartment acquisition fund, Fifield Residential Partners IV, LLC, focused on purchasing both core-plus and value-add properties, as well as short-sale transactions and loan-to-own acquisitions. FRP IV, along with several institutional partners, will invest up to $200 million cash to acquire up to $600 million in apartments across the country in 2010. Fifield's Steven Fifield expects to acquire more than 5000 units in 2010. FRP IV will be targeting 200-500 unit buildings and complexes in both urban and suburban settings. Fifield said most of the fund's acquisitions should range from $20-$50 million.
Naperville ARCO/Murray National Construction Company completed an 4k-SF tenant build-out for CliniRx at 387 Shuman Blvd on behalf of Stonecreek Properties' Rob Rohrbach and Transwestern's Fred Ishler and Jeff Harvey. The interior build-out consisted of interior office renovations, modern executive offices, a conference room, and secure file storage. ARCO/Murray's Joe Pomerenke was the project executive with Chris Niedhammer as the lead Project Manager.
Meridian Design Build has been selected by MedProperties Group to construct 3k-SF of medical office space at the recently completed Lockport Crossings Medical Center in Lockport. The new space is being constructed to accommodate a timesharing concept that will provide doctors with practices outside of Lockport an opportunity to see patients in the area. Scheduled for completion in late February, the build-out will include 10 exam rooms, private restrooms, shared waiting/reception areas, and lockable file storage. Meridian's Bob Kolcz and Jim Cather are coordinating efforts on the project for Meridian Design Build. The base building architect, Aret 3 Ltd., is providing design services.
Lombard ARCO/Murray National Construction Company completed the build-out of the new CBRE management office at 500 Water?s Edge along with a white box space at 580 Water?s Edge on behalf of CBRE/KBS' Christine Lussow and Jennifer Owners. ARCO/Murray's Joe Pomerenke was the project executive with Chris Niedhammer as the lead Project Manager. Whitney Architects provided the architectural services for the projects.
James McHugh Construction completed work on Streeter Place, a 54-story building located at 355 E. Ohio St. It is the second phase of a two-building complex developed by Chicago-based Golub & Company on behalf of the owner, OGM Investors II LLC. Designed by Solomon Cordwell Buenz and Associates, it features 480 apartments and a 402-space parking garage. The exterior of Streeter Place plays off The Streeter, an adjacent apartment tower developed previously by Golub.
McShane Construction Company recently completed the new 346-residence Senior Star at Weber Place senior living community. The new residential complex is located at 600 and 605 S. Edward Drive in Romeoville and was constructed on behalf of the operator, Tulsa-based Senior Star Living. The expansive assignment consists of two components including a two-story, 47,000 SF Memory Care building, featuring 77 Memory Care apartments, in addition to a 360,000 SF, three-story residential building offering a total of 269 independent living and assisted living apartments. Eppstein Uhen Architects provided architectural services.
Reed Construction is pleased to announce that the firm has completed an 8k-SF build-out within a six-week time frame on behalf of Porcelanosa at Chicago?s Merchandise Mart. Located on the first floor at 222 Merchandise Mart Plaza, the new high-end space features kitchen, bath and exterior set-ups to showcase the uses of Porcelanosa?s products imported from Spain. Reed's Scott Pickands led the firm through the construction schedule. The entire project was complete within six weeks. Reed's Kevin Tattersall was the Project Manager. Mekus Tanager provided the architectural services.
Career Education Corporation recently entered into a long-term lease to relocate its corporate HQ to Woodfield Pointe Office Center, occupying the entire 317k-SF building owned by Keystone Property Group. Located at 231 North Martingale Road in Schaumburg the location will serve to consolidate the company's HQ, strategic business units, and shared services functions currently in Hoffman Estates. CEC is scheduled to take occupancy in 4Q. CBRE's Mark A. Pasquella, James Whalen and Chad Freese repped CEC. CBRE's Jack Reardon repped Keystone Property.
Grayslake-based GFX International leased 85k-SF of space within the Libertyville Corporate Center at 1755 Butterfield Rd Libertyville. GVA Chicago's Dan Tobin, Mardk Deady, and Greg Wernisch repped the owner, Ashley Capital. Cushman & Wakefield repped the tenant.
ProLogis leased more than 738k-SF during the fourth quarter in Chicago. Recent activity included leases signed with:
Paine/Wetzel ? ONCOR International completed a 320k-SF lease on behalf of CenterPoint Properties for C&H Distributors in the LakeView XII building located in the LakeView Corporate Park in Pleasant Prairie, Wisconsin. Paine/Wetzel's Whit R. Heitman was the lead on the transaction.
Gregory W. Hayes rejoined DLA Piper as a partner in Corporate and Finance in Chicago. Gregory recently served as associate general counsel of General Growth Properties, Inc. and concentrates his practice on securities regulation and corporate law. Hayes began his career at DLA Piper in 1996. He received his J.D., cum laude, from the University of Michigan.
HOK promoted five employees at the firm's Chicago office. Robin Ellerthorpe and Mark Lavender were promoted to VP. Nicolas Bracco and Colin Rohlfing were promoted to senior associate.Deepa Narayanan was promoted to associate.
Tom Silva has been promoted to SVP of Marketing and Strategy of The Alter Group. His responsibilities include all strategic planning and marketing activities Alter and its affiliates, including the firm's 17M SF of business parks and build-to-suit projects nationwide. Tom previously was Communications Director for PM Realty Group, a national full-service commercial real estate firm based in Houston. Tom joined The Alter Group as Communications Director in 1996. He graduated magna cum laude with a BS in Marketing from Long Island University in 1988.
CB Richard Ellis has announced that the Court of Cook County has granted full operational control of the retail and transit portions of Block 37 to CBRE's Karen Pence Hollan. The firm now has the proper insurance to be the project's full-time managers.
Inland Real Estate Brokerage completed the sale of three properties totaling over $3.9 million in December. The sales include 191 acres of vacant land in DeKalb on Twombley Road, just north of Northern Illinois University, which sold for $2.7 million. Inland's Rich Artman and Heather Devermann repped the seller, a holding company. In addition, Inland's Bob Edmiston recently brokered the sale of a six-unit apartment building located at 3643 Salem Walk in Northbrook. The building, part of Salem Walk Apartments, sold for $635,000 and includes five two-bedroom units and one one-bedroom. Edmiston represented the seller in the transaction. Also, Inland's Paul Montes and Eric Spiess, sales associate, recently represented the buyer in the purchase of a 6k-SF industrial building, located at 2309 Hammond Drive in Schaumburg, for $585,000.
Inland Real Estate Auctions announced a lineup of properties that will be sold at an auction on Feb. 24. It includes two homes, luxury home sites, and a mixed-use building that were previously in foreclosure. Properties for sale include:
The Alter Group announced the creation of a major new affiliate,Alter Asset Recovery, to provide expedited solutions for lenders and special servicers holding distressed properties. Alter Asset Recovery is led by industry veterans: James I. Clark, III, managing principal of EnTrust Realty Advisors and the former president of the Investment Services Group at Transwestern; Samuel F. Gould, president of Alter Asset Management; and Ronald M. Clarkson, president of Alter Construction Management. Alter Asset Recovery?s services include: cost/benefit analysis of loan modification options, implementation of asset recovery plan for a foreclosure or deed-in-lieu transaction, and forensic analysis of operational efficiency and required property capital investments.