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THE DEAL SHEET

Chicago

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THE DEAL SHEET
HSA Commercial's Douglas Reed represented the landlord, IAC Green Oaks, in two industrial leases totaling 105k SF at Green Oaks Business Center, a three-building business park in Green Oaks.
 
Green Oaks
Advanced Packaging & Fulfillment leased 67k SF at 13820 Business Center Dr. It's expanding from its current facility in Gurnee. Douglas represented both the landlord and tenant. Also, Neptun Light  leased 38k SF at 13950 Business Center Dr. The company is relocating its HQ from Lake Bluff. Eger & Associates' Matt Jarosz represented Neptun Light Inc.
 


Sales News
HFF repped the seller, Stockbridge Capital Group, in the sale of Deer Valley Apartments, a 224-unit, Class-A multi-housing community in Lake Bluff. Prime Property Investors used cash to purchase the property at 30011 North Waukegan Rd, which has 13 residential buildings plus a clubhouse. The HFF team included Matthew LawtonSean Fogarty, and Marty O’Connell.

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Newcastle Limited has acquired a 7,300 SF retail property located at 33 S Wabash in the Loop in an all-cash deal for $4M. Newcastle purchased the property on behalf of the firm’s $500M Chicago real estate investment platform. The property is located at the base of The Legacy at Millennium Park, a 355-unit, high-end condo building.The retail space is currently 100% occupied by Utrecht Art Supplies. Newcastle purchased the property directly from the owner,Monroe/Wabash Retail, a partnership of Mesa Development and Walsh Investors.



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KMG Properties purchased a five-unit apartment building at 721 S Karlov Ave in an all-cash deal from MB Financial. Millennium Properties' Daniel Hyman and Brad Thompson repped both parties. Millennium took possession of the property in September 2009.

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@properties Commercial's  Esther Yelen Berman repped the seller of a single-tenant retail property in Batavia leased to Advanced Auto Parts. The 11k SF , free-standing Batavia property was offered at $3.5M, representing an 8% cap rate. Berkson and Sons' David Berkson repped the buyer.

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Marcus & Millichap's Michael Marks and Evan Halkias  sold 1825 W Newport Ave, a 24k SF mixed-use property in the Roscoe Village neighborhood. The asset sold for $2M. The seller was a private investor. The buyer was an LLC. The purchaser will operate a daycare center on the formerly vacant ground floor.

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Marcus & Millichap's Evan Halkias and Michael Marks sold Dental Dreams, a 4,500 SF single-tenant, net-leased property at 2821-2827 Grand in Waukegan. The asset sold for $900k at an 8.2% cap. The seller was a private investor.

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Developer Hemant Modi  purchased the land site at 103 Sutton Rd in Streamwood for an undisclosed sum. Millennium Properties' Daniel Hyman brought the property to market. It's slated to be developed as retail.

 

Leasing News
Jones Lang LaSalle assisted the GSA in the signing of a new 32k SF lease at President's Plaza, 8700 W Bryn Mawr. The 20-year lease will house the  US Military Entrance Processing Command, which will move from its current location in Des Plaines in May 2012.Christine Becker led the GSA’s space acquisition team. JLL's Peter SellisHugh Murphy, and Ken Bodel helped search for the space.GlenStar Properties represented ownership.

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The Chicago Transit Board today authorized leases for new tenants for three retail concession spaces at the Cottage Grove station on the Green Line, the Central Park station on the  Pink Line, and the UIC Halsted station on the Blue Line. With the addition of these three new contracts, CTA has 74 leased spaces at rail stations with an additional 33 ready for prospective tenants. Mina Builders is leasing space at Central Park and UIC-Halsted and will operate newsstands at those locations. CTA also agreed to a five-year lease with  Shanita Hicks to operate a newsstand at the Cottage Grove station on the Green Line. 

 

Executive Moves 
Jason Klein has joined HSA Commercial Real Estate as SVP and CFO. Jason was previously a partner at McGladrey, and a tax managing director within its national real estate group. He holds a BS in accounting from University of Illinois-Urbana, and an MS in taxation from DePaul University.

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Claire Paulson has joined  Cushman & Wakefield as a senior director in the brokerage group. She brings 26 years of commercial real estate experience assisting local and national clients in office and industrial relocation. Claire joins C&W from Grubb & Ellis where she most recently served as SVP in the tenant advisory group. She has a bachelor's degree from St. Mary’s College of Notre Dame.

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Vineet Sahgal has joined Transwestern as EVP and managing director of the tenant advisory services group. He will represent major clients while leading the region’s tenant advisory services group. He will also take a substantial role in helping to develop and guide national business generation activities for the region. Vineet joins from Grubb & Ellis. He holds an MBA from the  University of Chicago, a JD from the Northwestern University School of Law, and a bachelor's degree from the University of Michigan.

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Jim Higdon has joined Transwestern as VP in the tenant advisory services group. Jim will focus on serving clients in the East-West Corridor suburban market. He joins Transwestern from Grubb & Ellis  where he served as VP in the office group representing HNI Corp, Rush University Medical Center, Resurrection Healthcare, Cognizant Technologies, VNA of Fox Valley, Phonak, and MicroTek. He has a bachelor's degree from  Illinois State University.

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Lou Hall has rejoined  Cushman & Wakefield as a senior director. He was most recently with Grubb & Ellis as SVP in the tenant advisory group. Lou has 18 years of experience in the commercial real estate and financial services industries. He holds a bachelor's and a master's degree from the University of Notre Dame.

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HOK Chicago  added two new employees: Linda Kanoski, joined as an associate and senior project architect and Jeffery Saad as an associate and senior project designer. Linda has more than 20 years of experience in project management, programming and implementation. Prior to HOK, she was principal of  Kanoski Architects. She earned her bachelor's degree at University of Illinois at Urbana-Champaign. Jeffery worked on local projects including the  Northwestern Prentice Women’s Hospital, Rush University Medical Center, and Advocate Lutheran General Hospital. Prior to HOK, he worked for Perkins + Will. He received his bachelor's degree from the  University of Detroit Mercy.

Company News
Pine Tree Commercial Realty and New York-based Silverpeak Real Estate Partners recently formed a JV to acquire retail assets and portfolios. The new JV, Pine Tree Silverpeak Retail Partners, plans to pursue transactions greater than $10M.

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T Andrews Construction merged with long-time business partner and Chicago residential and commercial architecture firm ArchiDesiacs Architecture Group to become Tandem. The move follows a six-month rebranding initiative.

Construction News
Grosvenor Americas, owner of the 250k SF  Rice Lake Square shopping center in Wheaton, has begun work on building and site plan improvements on the shopping center. Improvements will include
large lantern-like  LED lighting elements and a redesign of most of the anchor store facades. The center’s internal roads  and parking areas will be modified to improve customer access and egress. All work is anticipated to be completed in fall 2011.

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Village Green has begun the restoration of Randolph Tower, the building at  188 W Randolph designated as a City of Chicago Historic Landmark. Principals of Village Green purchased Randolph Tower from bankruptcy court. The  $146.6M  project was able to secure financing through the City of Chicago, former Mayor Richard Daley, Alderman Brendan Reilly, CitiCommunity Capital, US Bank, Bank of America, Freddie Mac, Illinois Housing Development Authority, and Key Bank. Randolph Tower City Apartments will begin pre-leasing in Q3, anticipating first occupancy in Q1 2012.

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Regency Centers  has started construction on the redevelopment of Riverview Plaza, a 140k SF neighborhood center located in Roscoe Village. Opening its first location within the City of Chicago,Mariano’s Fresh Market has leased 51k SF and is slated to open in late Summer 2011. The  $14M redevelopment will include a new exterior façade, upgraded architectural components, parking lot improvements and new walkways, site lighting, landscaping and signage. All retailers will remain open during the redevelopment, which is scheduled for completion in the fall.