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THE DEAL SHEET

Chicago

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THE DEAL SHEET
27k SF urban retail building at 237 E Ontario St formerly tenanted by the Museum of Contemporary Art and The Film & Tape Works Studios has signed its first three tenants while the building undergoes redevelopment for retail and restaurant use, according to Mid-America Real Estate Corp's Steve Frishman.
 
237 E Ontario
Signed are Noodles & Company for 3,307 SF, Five Guys Burgers and Fries for 2,520 SF, and 7-Eleven for 1,861 SF. Steve and MidAmerica's Brian Adams brokered the leases on behalf of landlords Kari Blunda and Clint Mahoney. Noodles & Company was represented by CR&M Commercial Realty's Marc Rubin. Five Guys was repped by Mid-America’s Steve Frishman and 7-Eleven was represented by SRS Real Estate's Adam Cody. A total renovation of the building will start this fall.

SALES NEWS

Apple REIT Ten, based in Virginia, acquired three properties from Sage Hospitality for $36M. Two were Cedar Rapids, Iowa hotels and the other was an 184-room  Hilton Garden Inn at 2425 Barrington Rd in Hoffman Estates, which sold for $10M.

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Marcus & Millichap's Evan Halkias and Michael Marks repped the seller of VitaDialysisCenter, a 6,000 SF single-tenant net-leased property at 13155 S LaGrange Rd in Orland Park. Marcus & Millichap's John Abuja  and Jason St John repped the buyer, an LLC, which paid  $2.1M  for the property.

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Kiser Group's Bill Baumann and  John Olar listed and closed three bank-owned properties in Glenwood for  $1.2M. 726 E 191st St, 727 E Glenwood-Lansing Rd and 801 E Glenwood-Lansing Rd include 36 units. The Kiser Group's Lee Kiser  represented the buyer.

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Marcus & Millichap's Evan Halkias  and Michael Marks repped the buyer and seller of  Aspen Dental, a 3,455 SF single-tenant net-leased property at 138 Highland Ave in Forsyth. The assets sold for $1.2M, at an 8.3% cap.

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4954 S Martin Luther King Dr was sold by Kiser Group's  Brad Feldman and Sean Connelly for $300k. The 15-unit bank owned property in the Bronzeville neighborhood has been gut renovated on both the interior and exterior. Brad and Sean repped buyer and seller.

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Millennium Properties R/E's Susan Silver sold 666 Dundee Rd in Northbrook for an undisclosed sum. Scott Stainless Steel purchased the office building from  American Chartered Bank. Susan represented both parties in the transaction. The  5,246 SF property is part of a larger office complex.

DEVELOPMENT NEWS

DP Partners entered an agreement with Winpak Portion Packaging to develop a 267k SF manufacturing facility in the  DP LogistiCenter at Sauk Village. The State of Illinois provided a $1.6M business investment package to Winpak Portion Packaging to help fund the new manufacturing facility at 1111 Winpak Way. The expansion will create 40 jobs once the facility is complete in spring of 2012, with future plans to expand the facility to a full 600k SF on the 28-acre site.

LEASING NEWS

Paine/Wetzel · ONCOR International has completed four industrial leases throughout the Chicago area:

  • Ketchum Wolf  has leased 20k SF at 3740 to 42 Hawthorn Ct in Waukegan. Paine/Wetzel's Samuel Badger represented both the tenant and the landlord, CenterPoint Properties.
  • Integia Technologies has signed a lease for 12k SF of space at 3010 Woodcreek in Downers Grove. Paine/Wetzel's Adam Naparsteck represented the tenant and Oksana Karas repped the building owner, Lowe Construction & Management
  • Chasers Laser Tag has leased 12k SF at 11545 W 183rd Place in Orland Park. Paine/Wetzel's Brandon Wright represented the landlord, TCB Development and Skydan Real Esate's Frank Christiano repped the tenant. 
  • Brennan’s Environmental is relocating from Lawrence Avenue in Chicago and has signed a 2,533 SF lease at 954 DuPage Ave in Lombard. Paine/Wetzel's Terence Lynch repped the tenant. Landlord Parkway Development was self-represented.

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Arthur Rogers & Co's Chris Zannis repped the owner in three new leases at Rogers Business Parke-Elgin in Elgin. In the first transaction, Nationwide Appraisals leased 2,900 SF of office space at 2521 Technology Dr. Chicagobroker.com's Steven Goldstein repped the tenant. In the second, Linear Industries renewed and expanded to 7,800 SF at 2531 Technology Dr. The tenant was self represented. In the last transaction, The McCarthy Group signed an 1,800 SF new office lease at 2521 Technology Dr. The McCarthy Group also represented itself.

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MB Real Estate’s Michael Hull represented Katz, Friedman, Eagle, Eisenstein, Johnson & Bareck PC in an 11k SF lease renewal of its HQ at the Chicago Temple Building at 77 W Washington. CBRE's Allison Olszta repped the landlord in the lease that starts Jan. 1, 2013.

EXECUTIVE MOVES

Angela Aman has been appointed director of capital markets at Inland Western Retail Real Estate Trust. Prior to joining Inland Western, Angela was a portfolio manager with RREEF. As part of their North American investment group, she focused on retail and regional mall companies. She has a bachelor’s degree from The Wharton School of The University of Pennsylvania.

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Kevin Hughes has joined Jones Lang LaSalle as a member of the firm’s corporate solutions executive team. Hughes, a 26-year CRE vet, will serve as executive managing director and principal. His role will also extend into Jones Lang LaSalle’s  brokerage business. Prior to JLL, Kevin dedicated his time as an executive and Board Member for Cornerstone Corp  for Shared Equity, a non-profit that provides affordable housing and community development. He has a bachelor's degree from the  University of Dayton.

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Reuben Rischall  has been promoted to VP at The Modal Group. Reuben has completed multiple transactions with DNJ Trucking, Continuum Transportation, ContainerPort Group, and CenterPoint Properties. The Modal Group was founded in 2008.

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Daniel Corrado joined Cawley Chicago Commercial Real Estate. Daniel has a BS in accounting from St Johns University. His prior work experience includes two startup businesses in Chicago,Accountix Staffing and more recently Resureel LLC, both of which catered to Fortune 500 companies in and around Chicagoland. He will now work with property owners and tenants within the industrial real estate space.

RECEIVERSHIPS

Podolsky Northstar CORFAC International's Randy Podolsky and Adam Tarantur  have been named the exclusive agents for the sale of two mortgage notes that are secured by the property formerly known as the Purple Hotel in Lincolnwood. The lender has filed a foreclosure suit against the current borrower, who failed to repay the loans at maturity. The bank is seeking purchasers who realize the value of the  underlying real estate  that secures the notes.

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JCF Real Estate, through John Fitzmaurice, has been named the court-appointed receiver and/or manager on 11 properties throughout Chicagoland. The new properties are located in Chicago, Calumet City, Flossmoor, Wheeling, Orland Park, and Skokie and represent all asset classes. The firm’s current assignment group includes nearly 85 receivership and REO assignments, totaling almost 100 properties throughout Chicagoland.

CONSTRUCTION NEWS

Reed Construction is working on an interior build-out at 600 W Fulton in Chicago on behalf of Interactive Data Corp. The 16k SF build-out is the 7th floor and will accommodate the relocation of the firm’s Chicago offices. The project will feature a  loft-style design with exposed timber construction and new finishes. The project is scheduled for completion in mid-September. Reed's Bryan Kreuger is the project executive and  Jeremy Raridon will be the project manager. Eastlake Studio is providing the architectural services.

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Morgan / Harbour Construction Co has completed an office build-out for The Doctors Co at 2800 W Higgins in Hoffman Estates.Morgan / Harbour Construction was selected by property owner,Hamilton Partners, to complete the 4,000 SF renovation, which included a new open work space, private offices, and a conference room. Morgan / Harbour’s Ben Warriner  was the project executive and Noah Warriner was the project manager for the office build-out.The Jenkins Group provided the architectural services and Interni Design provided design services.

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Reed Construction completed work on Outpatient Cardiac Diagnostic build-out at 24600 W 127th St in Plainfield. The new Cardiac Diagnostic Center at the  Edward Outpatient Center features multiple procedure rooms, clean and soiled utility rooms, a hot lab, a nuclear camera room, and a staff work room. Reed's Scott Pickands was the project executive and Christine Roche is the project manager. Potokar  provided architectural services.

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Reed Construction has completed a 50k SF interior build-out on the 24th and 25th floors at Three First National Plaza at 70 W Madison. The renovation included the construction of new executive offices with glass and wood crafted facades and open work areas. Reed's Bryan Kreuger was the project executive. Whitney Architects provided the architectural services.

SPIN-OFF

General Growth Properties announced plans to spin-off a 30-mall portfolio, totaling  21.1M SF, to holders of GGP common stock in the form of a taxable special dividend. The dividend is expected to be comprised of common stock in Rouse Properties, a recently formed company to which GGP plans to transfer the portfolio. Rouse is currently  87.7% leased and offers significant opportunities to enhance value through asset management strategies, including redevelopment.