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The Deal Sheet

Chicago Deal Sheet

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The Deal Sheet

SALES

Darwin Realty & Development Corp brokered the sale of a 320k SF industrial building (above) at 2635 Federal Signal Dr in University Park, one of the largest industrial sales to a user in Will County this year. An affiliate of Premier Transportation purchased the building for the expansion and consolidation of its Chicago area operations. Darwin’s George Cibula and Rick Daly repped the seller, a private investment group. Cushman & Wakefield’s Jason West and Sean Henrick repped the buyer.

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Golub & Co acquired Chestnut Place, a 30-story, 280-unit residential building at 850 N State St, in partnership with USAA Real Estate Co. Golub’s Michael Goldman and Colin McKenna, along with USAA’s David Reahl, negotiated the acquisition. The seller, Chestnut Place Associates, was repped by CBRE. The building includes a 196-space parking garage and 6,500 SF of ground floor retail. The JV plans to upgrade residential units, expand amenity offerings, and improve retail façades.

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HFF managing directors Sean Fogarty and Marty O’Connell, associate director Wick Kirby, and executive managing director Matthew Lawton repped the seller, Principal Real Estate Investors, in the sale of 838-unit Tanglewood Apartments, a garden-style multifamily property in Arlington Heights, to JRK Property Holdings. Located at South Goebbert Road and East Algonquin Road, the 97% leased community includes a clubhouse and 24-hour fitness center.

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Venture One Real Estate, through its acquisition fund, VK Industrial II, closed on a 161k SF portfolio of two industrial buildings at 3211 Oak Grove Ave in Waukegan and 1940 USG Dr in Libertyville. Venture One plans renovations at both the 113k SF Waukegan property (50% leased) and the 48k SF Libertyville property. Power Realty Advisors’ Greg Power repped the seller in the deal. Colliers’ Fred Regnery, Ned Frank, and Jack Rosenberg repped Venture One and will market both properties for lease or sale.

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Jameson Commercial SVPs Esther Berman and Mark Jones repped the seller, a local investment group, in the $9.2M sale of Linden Plaza, an 83k SF shopping center (anchored by JPMorgan Chase Bank and a 7-Eleven) at 2030 Grand Ave and 2042-2144 Grand Ave in Lindenhurst. The buyer was an out-of-state investor.

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JLL VP Matt Berres repped a local investment firm in the $6.6M sale of a single-tenant, net-leased 15k SF Walgreens at 22 N Constitution Ave in Aurora. The buyer was a 1031 exchange based in Cincinnati, Ohio.

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NelsonHill’s Mark and Michael Nelson repped the seller, Larry Ionescu, in the $1.5M sale of a 13k SF industrial building at 1516 W Carroll in the Kinzie Corridor. The buyer, Tracy Boychuk, was repped by Get Realty’s Seth Vamos and already has some tenants lined up to lease the building.

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First Western Properties’ Kellen Duggan and Paul Tsakiris completed the sale of 6,500 SF 7658 S Rhodes Ave.

LEASING

The Deal Sheet

Meredith Corp renewed its 23k SF lease at 333 N Michigan (above), which is owned by Wirtz Realty and leased/managed by MB Real Estate. MBRE EVP Mark Buth and associate Kelsey Karp repped ownership in the transaction. Wirtz and MBRE are currently underway on a $47M redevelopment of the 34-story office property.

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Transwestern EVP Tony Karmin repped Wynnchurch Capital in a 14k SF, 11-year HQ lease at One O’Hare Centre, 6250 N River Rd. Wynnchurch renewed its existing 8,060 SF lease and expanded an additional 5,530 SF. Colliers’ Francis Prock and Jonathon Connor repped ownership, CBRE Global Investors.

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Citizens Bank, repped by CBRE’s Patrick Elwood, leased 2,860 SF at 1755 Park St in Naperville for a non-retail mortgage unit. The 38k SF office building, part of the Park Place of Naperville office park, is now 91% leased. CP Highlands Fund acquired the building in July 2013, and Podolsky principal Adam Tarantur repped ownership in the lease.

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First Western Properties recently completed four new leases: Kellen Duggan and Paul Tsakiris leased 2,800 SF of end-cap space (a former restaurant) to the Russian School of Mathematics at 123 Milwaukee Ave in Wheeling; Paul and Fahim Lakhani completed a 10-year lease with the Illinois Attorney General’s office at 8100 S Stony Island Ave; Kellen, Paul, and Tom Peterson completed a lease with Metro PCS at 4865 W Irving Park Rd; and the trio leased a former Family Dollar to Metro PCS at 5255 N Milwaukee Ave.

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Hermes NexTec GmbH, repped by Podolsky|Circle CORFAC International principal Corey Chase and associate Kyle McKechnie, leased 4,303 SF at 821k SF 8700 W Bryn Mawr for the HQ of its US retail e-commerce division. GlenStar Properties’ Dave Trumpy and Bill Debb repped ownership.

FINANCING

The Deal Sheet

HFF arranged financing for ALOFT at The Glen Town Center (above), a 181-unit multifamily property. HFF senior managing director Trey Morsbach, along with associate directors Jeremy Sain and Jason Bond, repped the borrower, OliverMcMillan, in securing a long-term, fixed-rate loan through TIAA-CREF. HFF will also service the loan. Completed in 2003, ALOFT is located at 1991 Tower Dr within The Glen Town Center master planned community in Glenview.

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Cambridge Realty Capital Cos arranged a $6.6M HUD Lean loan to refi Morris Senior Living, a 76-bed assisted living facility in Morris. The fully-amortized, 35-year loan was arranged for the owner, an Illinois LLC. Cambridge Realty Capital Ltd. of Illinois, a Cambridge business that specializes in underwriting FHA-insured HUD loans, underwrote the transaction.

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Aries Capital SVP Jeff Bucaro completed a $5M CMBS loan for a nine-property multifamily portfolio on the South Side. The non-recourse loan features a 10-year term, 30-year amortization, and 75% LTV. The sponsor, an affiliate of McKenzie Management, has been buying and renovating properties on the South Side for the past eight years.

EXECUTIVE MOVES

Duke Realty Corp promoted Steve Schnur to senior regional SVP of the Midwest, responsible for the company’s operations in Cincinnati and Columbus, Ohio, as well as in Chicago, Minneapolis, and St. Louis (a portfolio totaling 49M SF). Steve previously led Duke Realty's Chicago office for 10 years. Ryan O’Leary has been promoted to SVP of Duke Realty's Chicago office (a portfolio totaling 13M SF) from VP of leasing and development. He will now oversee all Chicago area leasing, development, construction, marketing, and property maintenance.

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JLL Capital Markets tapped Todd Torok as SVP, bringing institutional and private equity clients industrial acquisition and disposition expertise. Todd was previously a principal with Lee & Associates’ investment services group. He earned his BA from the University of Iowa.

NEW BUSINESS

Transwestern was named exclusive leasing agent for Mid America Business Center (above), a 103k SF multi-tenant office and flex property in Addison. Principal John Joyce, senior associate Ryan Phillips, and associate Chris Rickett will lease the six-building complex at 131-233 S Mitchell Ct.

KUDOS

500 W Madison, a 1.5M SF Class-A tower downtown, was awarded the BOMA 360 designation. Transwestern is the exclusive leasing agent and property manager on behalf of KBS REIT III, which purchased the building in December 2013. Currently 95% leased, the LEED Gold building sits atop Ogilvie Transportation Center and includes 64k SF of retail. Major tenants include Citigroup, WW Grainger, and Orbitz Worlwide.

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50-story 181 W Madison received a $187k rebate check from ComEd for its participation in the Smart Ideas Building Performance with Energy Star commercial real estate program. MB Real Estate leases and manages the property, owned by CBRE Global Investors, and recently completed a chiller replacement that will result in annual savings of $27k.