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THE DEAL SHEET

Chicago

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THE DEAL SHEET
Jones Lang LaSalle’s Karla Harmon repped Arden Realty in its lease of 72k SF at Commerce Plaza in Oak Brook to Millennium Trust Co. CB Richard Ellis’s David Justh and Gary Fazzio repped the tenant. 
 
Commerce Plaza
Millennium  will move into the building in 2012, consolidating operations from two other locations totaling 50k SF in the Oak Brook area. This brings Commerce Plaza to 85% leased, just a little better than the total submarket occupancy rate of 81.4%. 

CONSTRUCTION NEWS

ARCO/Murray National Construction Co has completed a 98k SF warehouse build-out for Sony Music Holdings at 365 Crossings Rd in Bolingbrook. The build-out included the  demising wall construction, MEP service separations, and miscellaneous tenant improvements. ARCO/Murray’s Brad Dannegger was the project executive with Chris Niedhammer as the lead project manager.

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JC Anderson completed a 23k SF office build-out for Rexam Beverage Can Co at 8770 W Bryn Mawr. The build-out included 10 meeting rooms, a 1,200 SF executive board room, a server room and a break room. Also, the contractor built out a telepresence room to interact with its corporate HQ in London. The project is slated for LEED Gold  cert. JC Anderson’s Steve Boulukos led the project and Bruce Sturgis provided the project management. Whitney Architects  provided the design services.

 

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Oakwood Development Corp has broken ground for  Shamrock International Fastener’s new 22k SF office/warehouse addition to its facility at 1475 Industrial Dr in Itasca. The company has operated out of the building since 1991 and the project will include 17k SF  of high cube warehouse space and 5,000 SF of additional office. Pathmann Architects is providing architectural services. The project is slated for a spring completion.

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ARCO/Murray National Construction Co  completed a 4,500 SF office build-out for Public Storage at the Promenade Shopping Center Bolingbrook. ARCO/Murray built modern executive offices, one conference room, open office space and custom millwork. ARCO/Murray’s Brad Dannegger was the project executive, Chris Niedhammer was the lead project manager.

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ARCO/Murray National Construction Co has completed a 4,000 SF medical office build-out for Cranial Technologies at 720 Butterfield Rd. The build-out included interior office renovations, patient consultation rooms, photo analysis rooms, a DSI room, modern executive offices, and custom millwork. ARCO/Murray’s Brad Danneger was the project executive with Chris Niedhammer as the lead project manager. 

EXECUTIVE MOVES

David Susoreny has joined Cushman & Wakefield as senior managing director and regional lead in the company’s corporate occupier and investor services group in the Midwest. Based in the firm’s downtown Chicago office, David will provide portfolio strategy and management of multiple service delivery platforms including facilities management, transaction/lease management, portfolio administration, strategic planning and business development. Prior to joining Cushman & Wakefield, David was president of corporate services for Grubb & Ellis managing relationships with companies like Ameritech (AT&T), Chicago Title Insurance, Cummins, and IBM.

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Amy Sider has joined Cushman & Wakefield as associate director in the retail services group. Amy brings 10 years of retail leasing experience, joining from  Centrum Properties where she was director of retail leasing. She also worked at Westfield Corp as assistant manager and specialty leasing manager of Old Orchard and North Bridge Shopping Centers. She has a bachelor’s degree from the University of Michigan.

REFINANCING

Cambridge Realty Capital Cos provided FHA-insured HUD refinancing for a portfolio of eight apartment homes for the elderly in Illinois. Cambridge’s Andy Erkes said the $52M  transaction refinanced two properties (97 and 100 units) in Mt Prospect and single properties in Zion (80 units), Fox Lake (104 units), Glen Ellyn(80 units), Macomb (115 units), DeKalb (110 units), and Danville(160 units). All of the 39-year term loans were fully amortized.

JV

Mid-America Real Estate Group  formed a strategic partnership with Indianapolis-based Sitehawk Retail Real Estate. Both independent companies are part of Chainlinks Retail Advisors. Mid-America’s Bill Wright says both firms think the Indiana market offers investors the opportunity to buy real estate with steady returns. There’s been lots of interest in Indiana from out-of-state investors, especially from California, due to Indiana’s low taxes, Bill says. Sitehawk and Mid-America have already teamed up to complete two investment sale transactions, including a corporate Taco Bell  in Muncie and a new, two-tenant strip center in Indianapolis featuring Aspen Dental

SALES NEWS

HFF’s Matthew LawtonSean Fogarty and Marty O’Connell are marketing the Gates of Deer Grove, a 204-unit, recently renovated multi-housing community in Palatine for sale on behalf of the Laramar Group. The community at 125 W Dundee Rd includes studio, one- and two-bedroom apartments in six buildings and a multimedia theater, fitness center, and outdoor pool. The Laramar Group expects to call for offers in  mid-September.

LEASING NEWS

Fifth Third Bank extended and expanded its lease at 222 S Riverside Plaza, the bank HQ of its Illinois and northwestern Indiana region since 2005. Fifth Third Bank's lease agreement extends to March 2024 and brings its footprint to 218k SF. The property was acquired by Behringer Harvard in June 2006.

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NAI Hiffman’s Leslie Yurek  and Adam Johnson completed more than 50k SF in leases for court-appointed receiver The Hayman Co at Roosevelt Glen Corporate Center, a seven-building center at the southwest corner of Route 53 and Route 38 in Glen Ellyn. The complex is now 60% leased, thanks in part to the Hayman Co keeping up the property, Leslie says. 

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Momentum Worldwide has renewed its lease and expanded to 23k SF  at 444 N Michigan Ave. The new lease includes an expansion of 8,276 SF. Cushman &Wakefield’s  Lenora Adds represented the landlord, GLL Properties, in the renewal and expansion. JLL’s Robert RomanoBrian Chernett, and  Jock Howland represented the tenant.

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Fox Entertainment Group and  IGN Entertainment have renewed their shared lease for 14k SF at 444 North Michigan Ave. Cushman & Wakefield’s Lenora Adds represented the landlord, GLL Properties, in the renewal. Cushman & Wakefield’s Ari Klein and Craig Cassell and Avison Young’s Matthew Wallace represented the tenant.

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Cendrowski Corporate Advisors has signed a long term lease in Chicago at 180 N LaSalle for 3,600 SF Advocate Commercial Real Estate Advisors’ David Knight represented the tenant. The landlord was represented by JF McKinney’s Matt Pistorio.

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Keno Kozie Associates has signed a long-term extension and expansion from 8,731 SF to 15k SF at 1 N Franklin. Advocate Advisors’ Mark Meskauskas and Bob Pálffy represented the tenant. The landlord was represented by Tishman Speyer’s  Jon Cordell.

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MB Real Estate’s Andrew Davidson represented Lake Toback in a 8,660 SF lease renewal at 33 N Dearborn. Jones Lang LaSalle’s Nikki Kern  repped the landlord of the 25-story office building.