A national real estate investment firm bought the 32-unit apartment building at 7901 S Phillips in the South Shore for $410k. It'll get a large-scale rehab. Interra Realty's Ted Stratman arranged the deal.
The 25-unit 8152 S Evans Ave apartment building in Chatham sold for $515k. Marcus & Millichap's Anthony Hardy and Marc Sommer repped the seller and identified the buyer.
6280 W North Ave (21 apartments and five retail blocks) in Galewood sold for $1M. Marcus & Millichap's Ryan Engle and Eric Bell repped the seller.
A national apartment REIT bought the 24-unit courtyard apartments at 4714-4720 S Michigan in Washington Park for $445k and the vacant 36-unit 1108-1118 82nd St in Avalon Park for $485k from a local bank. The Washington Park property will be repositioned, and the Avalon Park one will be rehabbed and then re-tenanted. Interra's Brad Feldman arranged the deals.
Lincoln Financial Group subsidiary Jefferson-Pilot Investments sold the 20k SF 554 Territorial Dr in Bollingbrook (acquired
through foreclosure in 2010). Court-appointed receiver and property
manager Podolsky Northstar repped the buyer and seller. Tyco Flow &
Valve will vacate this month, and the buyer, Universal Laminating & Converting is expanding (it also occupies 560 Territorial Dr). Voyrs Sater Seymour & Pease's Dan Minor provided legal services to Jefferson-Pilot.
GC Realty & Development's Brad Bullington closed several Elk Grove Village deals:
***Brad also repped Greg Screw Machine and American Chartered in American's sale of the 7,600 SF 805 Dillon in Wood Dale for $490k.
Paine/Wetzel/TCN Worldwide's Whit Heitman, Sam Badger, and Brad Weiner completed the following leases:
***Safway Services took the last 1,850 SF of office (at 300 Cardinal Dr) in the 30k SF Phase 1 of Corporate Reserve in St. Charles. JCF's Steve Chrastka repped the landlord and will lease Phase II.
|Love Funding's Jon Wagenknecht arranged a $4M HUD refinancing for Don Franke's 116-unit Parkway Court Apartments in Normal.|
Duke Realty Corp has completed Navistar’s 87-acre HQ in Lisle, rehabbing 1.2M SF and adding an 8,000 SF gallery and a 15k SF tech design center. 40% of the subcontractors were from the western suburbs and/or Minority and Women Business Enterprises, and the project involved 105 designers and 2,000 union workers. It began in January '11 and won the Construction Industry Service Corp's Project of the Year award for a rehab. JLL worked on the project.
Reed Construction's Jeremy Raridon will oversee a 7,000 SF build-out (10 exam rooms, plus offices) for Women’s Health Consulting (affiliated with Rush University Medical Center) in 200 S Michigan Ave. The medical consulting group is growing and will relocate from 55 E Washington. D & K Architects is involved, and CBIZ is the owner’s rep. It'll deliver next month.
***The swimming pool of the nonprofit Academy of Urban School Leadership’s Chicago Academy (3400 N Austin Ave on Chicago's northwest side) is becoming a fitness facility, a project being managed by Alter Construction Group. Funded by a HUD grant, it'll deliver Aug. 15.
|EXECUTIVE MOVES & NEWS|
|Princeton, NJ-based Biggins Lacy Shapiro & Co (location economics specialist) is opening a Chicago office, from which Tracey Hyatt Bosman, formerly of Grubb & Ellis, will lead Midwestern operations. She was co-leader of Grubb & Ellis' clean energy group and a member of its data center group. She previously worked for Lake County Partners in Chicago and the South Carolina Department of Commerce.|
|Mark Stables (28 years of office and industrial experience) has joined Avison Young from Grubb & Ellis, working on Chicago tenant rep and multi-market accounts. He has also worked at Baird & Warner and Inland Steel subsidiary Joseph T. Ryerson & Sons. He has a bachelor's from the University of Illinois-Urbana.|
|Henry Lee has joined JLL's tenant rep team from Transwestern, focusing on office in the north suburbs.|
Tyler Hardy, a finalist for NAIOP Chicago’s Industrial Transaction of the Year award in '09 and '11, has joined JLL's industrial services group from Grubb & Ellis, focusing on landlord rep.
***Sears Holdings has hired David Lukes (from Mall Properties) as president of real estate development. He'll help the company, which has announced almost 200 store closings over the past four months, to redevelop certain assets, including those no longer operating as stores. He also has worked at Kimco and Kohn Pedersen Fox Architects. Jeff Stollenwerck will continue as president of Sears' real estate.