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The Deal Sheet

Chicago Deal Sheet

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The Deal Sheet

SALES

Inland American Lodging Group acquired three luxury boutique hotels, totaling 605 rooms, from Kimpton's Hotel Monaco collection for $189M: the Hotel Monaco Chicago, the Hotel Monaco Denver, and the Hotel Monaco Salt Lake City (all will continue to be managed by Kimpton). Located at North Wabash Avenue and East Wacker Place, the 14-story Hotel Monaco Chicago includes 191 guest rooms and the 206-seat South Water Kitchen restaurant.

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CP Highlands Fund's affiliate closed on the acquisition of three industrial property sale/leasebacks totaling 243k SF. The portfolio consists of three manufacturing plants for the wire and cable industry with long-term leases: 529 Thomas Dr in Bensenville, 4930 Eastland Dr in Elkhart, Ind., and 2700 Evans Ave in Valparaiso, Ind. Podolsky|Circle CORFAC International's Randy Podolsky, Alissa Adler, and Adam Tarantur repped CP Highlands Fund in the acquisition and financing, and Steven Podolsky repped the sellers. The properties were financed by John Sullivan of First Security Trust & Savings Bank.

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CME Trust, repped by Lee & Associates of Illinois principals John Cassidy and Ken Franzese, purchased a 44k SF manufacturing building at 3620 Swenson Ave in St. Charles. Newmark Knight Frank Epic's Michael Marconi repped the seller, Bayview Loan Servicing. The facility will be redeveloped and expanded to 60k SF to accommodate CME's production growth.

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Tucker Development Corp, repped by VP of leasing Adam Moschin, sold an outlot space at Country Club Plaza retail center in Country Club Hills to DaVita Healthcare Partners, which plans to build a 9,776 SF facility that will open in summer 2014. Located at 167th Street and Crawford Rd, the 450k SF property is anchored by Walmart and Loews Cineplex.

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Essex Realty Group completed the $3.9M sale of 2702-08 W Ainslie St (above), a 21-unit gut-rehabbed walk-up in Lincoln Square. Matt Welke and Jason Fishleder repped the seller and Doug Fisher repped the buyer.

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Jameson Commercial's Clark Patterson repped both sides in the $2M sale of a 13k SF, 20-unit mixed-use building in Ravenswood, 1601-1615 W Montrose. The seller was 1601-1615 W Montrose and the buyer is Windy City RE.

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Andrean Angelov and Ryan Engle, investment specialists in Marcus & Millichap's Chicago Oak Brook office, repped both sides in the $1.1M sale of 308 Kathleen Dr, a 12-unit apartment building, and 314-318 Kathleen Dr, two six-unit apartment buildings, both located in Elgin. The seller was a partnership and the buyer is an LLC.

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Essex Realty Group brokered the $1.1M sale of 7031 N Ridge Ave, a 13-unit walk-up in Rogers Park. Doug Imber and Kate Varde repped the sellers and Matt Welke repped the buyer.

The Deal Sheet

LEASING

Jacobsen Warehouse Co leased a 203k SF warehouse at 16750 S Vincennes Rd in South Holland. Lee & Associates of Illinois principals Walter Murphy and Brian Vanosky repped ownership, KTR Capital Partners; Mohr Partners' Joe Lauinger repped the tenant.

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FleetPride expanded into an additional 52k SF at 1501 Remington Blvd in Bolingbrook, now occupying 175k SF. CBRE FVP Kirk Armour and VP David Prell repped AEW, the landlord, and Champion Realty Advisors' JD Salazar repped FleetPride.

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Menasha Packaging signed a new lease at 7770 W 71st St in Bridgeview for 167k SF of industrial space. Cresa Partners' Patrick McCaffrey and Rob Wheeler repped Menasha and NAI Hiffman's Steve Connolly and Chris Gary repped ownership, ML Realty Partners.

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Podolsky|Circle CORFAC International principal Corey Chase repped Tec-Air in its 128k SF, 15-year lease for its corporate HQ and manufacturing facilities at 9200 Calumet Ave in Munster, Ind. Tec-Air received a lucrative incentive package from the State of Indiana for relocating from Illinois. Paine/Wetzel's Ed Wabick repped ownership, Simborg Industrial Real Estate.

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IMS Cos renewed a 127k SF lease at 2500 Curtis in Downers Grove, owned by ML Realty Partners.

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Basic Enterprises leased a 102k SF industrial building at 2567 Greenleaf Ave in Elk Grove Village. Lee & Associates of Illinois principals John Sharpe and Chris Nelson repped ownership, DCT Industrial Trust; Colliers' Jonathan Kohn repped the tenant.

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Consolidated Electrical Distributors, repped by Nicolson, Porter & List's Adam Stokes, signed a new 80k SF lease at 2801 Busse in Elk Grove Village. CBRE's John Suerth and Kevin Segerson repped ownership, ML Realty Partners.

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Middough signed an extension of its existing 69k SF lease at 700 Commerce Dr in Oak Brook. Studley executive managing director Robert Sevim repped Middough and CBRE's Jeff Mann repped ownership, Principal Financial.

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NAI Hiffman EVP Dan O'Neill and associate Matt Novak repped JSQ Commercial in four leases totaling over 32k SF of office space in Addison and Westmont. At Brush Hill Office Courte (above), 740-770 Pasquinelli Dr in Westmont, MacNeal Health Providers (repped by Transwestern's Tony Karmin) expanded its lease for 15k SF, Mid-American Group (repped by Lee & Associates of Illinois's Ellen Steinbrecher) expanded its lease for 6,208 SF, and Cardinal Health (repped by CBRE's Pete Adamo) signed a new lease for 4,011 SF. At Centerwest Business Park, 2055 W Army Trail Rd in Addison, Shimadzu Corp (repped by Chicagoland Commercial's Vic Sanmiguel) expanded its lease for 6,968 SF.

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Goldstone Financial Group, repped by Lee & Associates of Illinois principals Brian Vanosky and Justin Fierz, along with associate Tim McCahill, leased 3,140 SF of office space at 18W140 Butterfield Rd in Oakbrook Terrace. JLL's Karla Harmon repped ownership, Arden Realty.

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Sansone Group and Pine Tree Commercial Realty extended their lease with Subway at 269k SF Times Square Mall in Mount Vernon and the restaurant will expand by about 500 SF. Sansone and Pine Tree own the center in partnership with Wanxiang America Real Estate Group.

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First Western Properties completed a lease with Dunkin' Donuts at 956 Harlem Ave in downtown Glenview.

FINANCING

Michael Sherman and Joseph Donato Jr of CBRE's debt and equity finance team completed a $225M loan secured by 439k SF 22 W Washington in Chicago (anchored by CBS Broadcasting and Morningstar) and 1111 Brickell Ave in Miami, on behalf of PREI's commingled core fund. JPMorgan Chase provided the $225M loan.

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UC Funding financed an $11M construction bridge loan on Riverside Plaza, a 63-unit, Class-A apartment community in downtown Algonquin. When completed, amenities will include a fitness room, business center, and heated indoor parking.

The Deal Sheet

CONSTRUCTION & DEVELOPMENT

HSA Commercial Real Estate, in partnership with Great Point Investors, began construction on a 220k SF spec industrial building (above) in the Gateway Business Park, 1025 Columbia Rd in Plainfield, Ind. CBRE's Terry Busch and John Hanley will represent HSA and Great Point in project leasing, and completion is scheduled for spring 2014.

EXECUTIVE MOVES

MB Real Estate tapped Kevin Donohoe as AVP in the firm's leasing services group, which currently represents more than 14M SF of space throughout Chicago. Previously an assistant director with Studley, Kevin graduated with a marketing degree from the Farmer School of Business at Miami University.

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Brett Ratay and Craig Cudzilo joined Lincoln Property Co's Midwest regional office as leasing director and VP of property management/client solutions. Brett was formerly senior managing director at Newmark Grubb Knight Frank and Craig was senior director for CBRE Global Corporate Services.

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Mark Georgas joined JLL's downtown Chicago agency leasing team as a VP after nine years with CBRE. He will team with managing director Steve Smith on the leasing team for 2.7M SF Aon Center, 200 E Randolph Dr, owned by Piedmont Office Realty Trust.

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Podolsky|Circle CORFAC International added Kyle McKechnie as an associate in the firm's brokerage division. Along with select building project assignments, he will assist principal Corey Chase with his tenant rep and municipal incentive practice. Kyle was previously with WW Grainger and graduated from Northwestern.

The Deal Sheet

BUSINESS

MetLife tapped JLL to lease and manage PNC Centre at One North Franklin (above), a 617k SF office tower in the West Loop that the insurance company recently acquired. JLL's Nikki Kern and Gary Kostecki will lead leasing efforts and the property management team will include GM Charlie Andersen. The building is currently 90% leased.

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MB Real Estate was awarded management and leasing for 208 S LaSalle on behalf of owner UST Prime. MBRE EVP Mark Buth and AVP Jesse Slack are the leasing agents for the property. Originally a banking complex, the 355k SF property was recently renovated and features the JW Marriott on the first 12 floors and office space on floors 13 through 20.

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JLL has been hired by New York-based investors Joseph Mizrachi, David Werner, and their partners to manage three office buildings in Chicago and Dallas totaling 2.7M SF: 540 W Madison St and 300 S Riverside Plaza in the West Loop, along with the NEC HQ building, 6535 N State Hwy in Irving, Texas. The buildings were previously managed by Means Knaus Partners, which JLL acquired in late August.

Related Topics: CBRE, Deal Sheet, Cresa, JW Marriott, Newmark Grubb Knight Frank, JPMorgan Chase, KTR Capital Partners, Jameson Commercial, Essex Realty Group, Alissa Adler, First Western Properties, Matt Welke, Doug Fisher, Rogers Park, Mount Vernon, Piedmont Office Realty Trust, Pine Tree Commercial Realty, Lincoln Square, Kate Varde, Doug Imber, John Sharpe, Walter Murphy, John Cassidy, Ken Franzese, Kyle McKechnie, Ed Wabick, Ryan Engle, Brett Ratay, Jonathan Kohn, Robert Sevim, Pete Adamo, Windy City RE, Brian Vanosky, Tim McCahill, Chris Nelson, Arden Realty, Kevin Segerson, DCT Industrial Trust, Matt Novak, ML Realty Partners, Jason Fishleder, Patrick McCaffrey, Steven Podolsky, Wanxiang America Real Estate Group, Chris Gary , John Suerth, Randy Podolsky, Mohr Partners, PNC Bank, Miami University, Chicago Oak Brook, Downers Grove, Circle CORFAC International, Adam Tarantur, Hotel Monaco, Ellen Steinbrecher, Oakbrook Terrace, Tony Karmin, UC Funding, South Holland, Justin Fierz, John Sullivan, David Werner, Champion Realty Advisors, Steve Connolly, Michael Marconi, Tucker Development Corp, Gary Kostecki, Cardinal Health, Pine Tree, Nikki Kern, Karla Harmon, Adam Stokes, Jeff Mann, Means Knaus Partners, Principal Financial, Chicagoland Commercial, JD Salazar, JSQ Commercial, Country Club Hills, Executive MovesMB Real Estate, CP Highlands Fund, Great Point Investors, Bayview Loan Servicing, Consolidated Electrical Distributors, Mark Georgas, Kevin Donohoe, Terry Busch, John Hanley, Joe Lauinger, One North Franklin, Sansone Group, CBS Broadcasting, IMS Cos, Country Club Plaza, SF Aon Center, Rob Wheeler, Savings Bank, South Water Kitchen, SF Times Square Mall, Gateway Business Park, Swenson Ave, Hotel Monaco Chicago, Kathleen Dr, Evans Ave, Eastland Dr, Craig Cudzilo, Joseph Mizrachi, Menasha Packaging, 700 Commerce Dr