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. |
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| 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. |
*** 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.
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. *** @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. *** 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. *** 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. *** 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 *** 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 *** 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. *** 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. *** 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. *** 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. *** 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 *** 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 *** 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. *** 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. |
