The Deal Sheet
Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, repped the seller, a private investor, in the $2.1M sale of FJN Shopping Center, a 28k SF retail property (above) in Addison. The buyer, an invidual/personal trust, was repped by Brian Parmacek and Brice Mendes, investment specialists in Marcus & Millichap’s Chicago O’Hare office. FJN Shopping Center is 80% occupied with tenants including Casino’s Pizza and Addison Pub.
Mid-America Real Estate Corp’s investment sales team brokered the $9M sale of Racine Center, a 136k SF Piggly Wiggly-anchored center in Racine, Wis., to a private buyer. Mid-Am’s Joe Girardi and Mid-Am Wisconsin’s Dan Rosenfeld repped the seller, Regency Centers. Other tenants include Xperience Fitness, Party City, Dollar Tree, and Get It Now!.
Kylie Capital sold 163k SF 1186 Arbor Dr in Romeoville (within the Windham Lakes Business Park) to Industrial Property Trust. CBRE’s Ted Staszak, Brett Kroner, Keith Puritz, Ryan Bain, and Zach Graham repped Kylie Capital in the deal.
Adrian Mendoza, investment specialist in Marcus & Millichap’s Chicago Oak Brook office, and Stephanie Pesmen and Brian Pesmen, investment specialists in the firm’s Chicago O’Hare office, repped the seller, a local developer, and the buyer, a foreign partnership, in the $4M sale of The Market Place-BMO Harris Bank, a 32k SF retail property in Lake Barrington. The retail center is 80% occupied.
Swoon Technology, NextGen Global Resources, and Ironshore signed leases expanding their footprint at 300 S Wacker Dr (above). Swoon is growing from 3,630 SF to 10k SF, NextGen is expanding from 1,926 SF to 5,178 SF, and Ironshore is growing from 8,941 to 16k SF. Additionally, Discovery Services signed a new lease for 3,566 SF. Beacon Capital Partners and JLL’s Melissa Rubenstein and John Beason completed the four deals, and the 536k SF building is now 88% leased.
True Religion Brand Jeans, repped by Cushman & Wakefield senior director Meredith Oliver and director Brent Wayburn, signed a 1,437 SF lease at The Shops at North Bridge, 540 N Michigan Ave, owned by Macerich. The LA-based retailer will open its first Michigan Avenue store in the space previously occupied by Vineyard Vines this fall.
Mid-America Asset Management secured three leases at 145k SF River Forest Town Center in River Forest: Massage Envy signed a 3,946 SF lease; Accelerated Rehabilitation signed a 3,077 SF lease, and Native Foods signed a 2,500 SF lease. Mid-Am VP Liz Krebs repped the landlord. Mid-America Real Estate Corp’s Peter Scannell repped Massage Envy, and Cushman & Wakefield’s Jack Siragusa repped Native Foods.
REVA Development Partners started pre-leasing at The Oaks of Vernon Hills, a 304-unit luxury rental community in Vernon Hills. The 27-acre development includes three-story garden-style apartment buildings, as well as rental rowhomes, and first move-ins will be this September. Amenities include a clubhouse with catering kitchen, theater/gaming room, and outdoor swimming pool. Leasing and property management is being overseen by Kinzie Real Estate Group.
Crossroads Development Partners completed five leases. At Medcoa Professional Building, 990-1000 Grand Canyon Pkwy in Hoffman Estates, Crossroads completed three renewals, one renewal and expansion, and one new lease, totaling 10k SF. The firm worked with SVN’s Olivia Czyzynski, Century 21 Affiliated’s John Gussman, and Gladstone Consulting’s Bob Markay on the deals.
Adelphia Properties’ Simeon Spirrison repped Longford Pub in a 4,000 SF lease at Crestwood Commons in Crestwood. The space was formerly occupied by Mitch’s Pub. Simeon also repped the landlord along with Adelphia’s George Spirrison.
UC Funds provided a $5.5M bridge loan for the acquisition and conversion of a commercial office/warehouse building in Libertyville. The 85k SF building will be converted into a 619-unit self-storage facility, with a 10k SF retail pad set up for four tenants.
CONSTRUCTION & DEVELOPMENT
JV development team Shapack Partners and AJ Capital Partners completed construction at Soho House Chicago (above), 113-125 N Green St in the Fulton Market District, with opening scheduled next month. Located within the Allis Building, the private members’ club includes 40 hotel rooms, several restaurants, a 12k SF gym, and 60-foot swimming pool. Hartshorne Plunkard Architecture was the project architect.
The Missner Group and JV partner Baker Development Corp will develop a new 20k SF climbing gym (including yoga and fitness facilities) for First Ascent at 3500 N Spaulding. Missner EVP Glen Missner, VP of construction Drue Stoehr, and superintendent Gary Bertoncini will oversee construction, which is slated for completion in spring 2015.
Jamie Janata was named senior sales rep and broker at Amata. Previously an account executive at CoStar, Jamie has 20-plus years of commercial real estate experience and earned a BA from the U of I in Urbana-Champaign.
@properties Commercial tapped Angela Ricordati as commercial broker. She was previously associate broker at Schramko Real Estate Corp, specializing in office and retail properties. Angela graduated from ISU with a degree in mass media with an emphasis on management, promotion, and sales.
Dermody Properties hired Megan Rahn as property administrator for the Midwest region office, located in Des Plaines. Megan has directed marketing efforts for more than 1M SF of industrial real estate and was previously director of support services for Champion Realty Advisors.
SVN Crossroads Management was awarded property management contracts for eight separate properties comprising 356k SF of space. The firm will manage a three-building medical office portfolio at 115-125 Wilke Rd (above) in Arlington Heights totaling 123k SF and was also awarded a 53k SF medical office property at 1920 Highland Ave in Lombard. SVN Crossroads will manage three separate retail centers, including 66k SF 2603-2709 W Grand Ave in Waukegan (referred by SVN | Chicago Commercial’s Wayne Caplan), 29k SF 435 Angela Ln in Crystal Lake (referred by SVN | Landmark Commercial’s Joel Miller), and a 3,800 SF building at 1755 W North Ave (referred by Colliers’ Brad Teitelbaum), which includes three commercial condos. In Libertyville, the firm was awarded a contract for an 82k SF industrial flex building at 14000 Rockland Rd (referred by SVN | Chicago Commercial’s Vince D’Amico).
Clarius Partners’ Building No. 1 (above), a 1M SF spec warehouse facility at 3851 Youngs Rd in Joliet, within the firm’s $70M Clarius Park Joliet, achieved LEED-CS Silver certification by the USGBC. The building’s sustainable elements include T-5 fluorescent lighting with motion sensors, white TPO roof with R-21 insulation, and rainwater harvesting.