The Deal Sheet
Ah, the wonders of City Target. In addition to giving the Loop incomparable foot traffic (and travel sizes for everything), it just prompted one firm to pay $60M for retail across the street.
DC-based ASB Real Estate Investments just closed on 10 S State St, a 55k SF retail property (Urban Outfitters, Forever 21, Office Depot) in the Loop, on behalf of its Allegiance Real Estate Fund ($3.5B open-end core investment vehicle) in a JV with Madison Capital, the firm announced today. The seller was Irish Bank Resolution Corp. ASB is bullish on continued national retail demand around State and Madison (those looking to be in Target’s orbit), according to CEO Robert Bellinger, and the asset is part of the firm’s larger focus on high street retail around the country (it’s invested $700M in the past 18 months.) ASB’s other Chicago holdings include 15 E Oak in the Gold Coast and Elaine Place, a 174-unit residential portfolio in Lakeview.
Rockville, Md.-based BECO Management paid $9.5M for a five-building, 1.2M SF complex (above, including office and R&D space) at 600 N US Hwy 45 in Libertyville, the former HQ of Motorola Mobility. BECO Management’s new Chicago-based division, BECO Midwest, overseen by managing partner and president Chris Epstein, will transform the site into Innovation Park, Chicago-Libertyville, ready for occupancy in late summer or early fall 2015. Binswanger EVP Richard Plonsker repped Motorola Mobility in the sale.
Florida-based Accesso Partners (formerly Beacon Invesment Properties) acquired 29-story 230 W Monroe, a Class-A office tower in the West Loop, for $122M. The 66% occupied, 624k SF building is Accesso’s fifth office property buy in the Chicago area in the last eight months. Two months ago, Accesso acquired the office tower next door, 200 W Monroe, and it plans to rebrand both buildings as 1.2M SF Monroe Plaza. HFF’s Jeff Bramson, Jamie Fink, and Mark Katz repped the seller, and Susan Hill of HFF’s Houston office arranged acquisition financing. CBRE’s Ron Lakin will lease Monroe Plaza for Accesso.
DTZ AVP Rob Tamillo and Zach Pruitt repped Aires Press in the sale of a 24k SF industrial property (above) at 1026 W Van Buren St in the West Loop. The buyer, local developer Marc Dayan, was repped by NelsonHill’s Mark Nelson.
Andrean Angelov and Ryan Engle, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, and Eric Bell, investment specialist in the firm’s Chicago O’Hare office, repped the seller, an LLC, and the buyer, a private investor, in the $3.4M sale of the Mixed-Use Berwyn Portfolio, an 80-unit, four-building apartment portfolio in Berwyn. The buildings (each with 1,000 SF of retail): 2139 Clinton Ave, 2140 Kenilworth Ave, 2200 Scoville Ave, and 2202 Grove Ave.
NAI Hiffman VP Adam Johnson and EVP Jim Adler repped Old Second National Bank in the sale of 7,271 SF Ogden Professional Center, 750 Shoreline Dr (above) in Aurora, to Q1 Technologies. The building is located within Meadows Lake Business Park near 75th Street and Ogden Avenue. Suburban Real Estate Services’ Brian Lauck repped Q1.
Clark Street Development, repped by CBRE NNN Retail Investment Properties FVP Michael Kaider, sold 6655 E State St in Rockford to Coachella Associates. Longhorn Steakhouse occupied the 6,240 SF space.
Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, repped the seller, an LLC, in the $3.2M sale of a Panera Bread | Noodles & Co outlot, a 7,902 SF retail property in Lake Bluff. The buyer was a Europe-based individual. The net-leased center is located on the SE corner of Waukegan and Rockland Roads.
Penn Station East Coast Subs, repped by Cushman & Wakefield’s Brent Wayburn, signed a 1,586 SF lease in Village Crossing Shopping Center (AMC Theaters, Jewel-Osco, Best Buy, etc.) at Touhy Avenue and Niles Center Road/Carpenter Road in Skokie for its fifth Chicago-area location.
Hospitality Funding raised both debt and equity financing for the purchase of the 130-room full-service Holiday Inn & Suites Milwaukee Airport Hotel (above). The firm repped the buyer group, a hospitality asset management firm and US-based private investment management company, which is planning a full renovation of the hotel.
CONSTRUCTION & DEVELOPMENT
Liberty Property Trust acquired 16 acres at 333 Howard Ave in Des Plaines. After removing an existing 290k SF building, the company plans to develop a 236k SF Class-A distribution facility, with groundbreaking slated for this fall. The seller was repped by Cushman & Wakefield’s Britt Casey and Christopher Lydon, who will assist Liberty in the leasing of the new development.
Jill Kouri joined JLL as chief marketing officer of the Americas, and will also serve on the firm’s Americas executive committee and global marketing leadership team. She’s coming from 14 years at Accenture, where she was most recently managing director and global head of marketing for the firm’s products operating group. Jill earned her bachelor’s degree in journalism from Bowling Green State University.
DTZ tapped Agnes Estes as global head of marketing and communications and a member of the company’s global executive committee. Agnes was previously SVP of marketing and corporate communications at Edelman. She earned her MS in integrated marketing communications from Northwestern and her BA in communications and French from UMich.
Paul Giannopulos joined JLL as SVP, focusing on tenant rep. He specializes in strategic real estate planning, acquisitions and dispositions, and portfolio and lease administration. He was previously with Cresa for almost nine years and graduated from Indiana University.
DTZ promoted Juli Asbury from AVP to head of Chicago research. She was previously a tenant rep broker and joined DTZ in ’08 after six years as a marketing specialist at CBRE.
EnTrust Tenant Advisors SVP Jud Henry was named one of Chicago’s 40 Game Changers by Ariel Investments and The Urban Business Roundtable. EnTrust focuses on repping entrepreneurial firms, including minority-owned businesses and women-owned businesses, as well as non-profits and foundations, in their real estate decisions. Jud previously repped landlords and tenants at both NAI Hiffman and CBRE.