The Deal Sheet
Associated Bank's Chicago-based CRE division has been busy -- they recently closed $67.8M in financing in Chicago and Arizona. Here's a rundown of the hometown loans:
- Zeman-Blackhawk, $14.8M: finances Zeman Homes' acquisition of Blackhawk Estates, a gated community with 500 manufactured homes in Des Plaines. Sunstone MH Consultants advised Zeman on the transaction and Associated SVP Jerry Rotunno managed the loan closing.
- TLC Management Co, $13.3M: finances TLC's acquisition and renovation of 84-unit Regal Apartments, 651 S Wells St in Printer's Row. Associated SVP Rob Burda managed the loan closing.
- Magellan Development Group, $8.5M: refi of remaining condo and park home inventory at Aqua at Lakeshore East (pictured above), 220 N Columbus Dr. Associated SVP Rob Burda managed the loan closing.
- BRB Development, $3.7M: finances the acquisition of a 98k SF vacant industrial building at 1900 Narragansett Ave. It will be renovated into a 746-unit self-storage facility for Lock Up Development Group, a BRB affiliate. Associated SVP Rob Burda managed the loan closing.
- Pine Tree Commercial Realty, $2M: finances the acquisition of 262k SF Times Square Mall in Mount Vernon. Associated VP Krista Casper managed the loan closing.
SALES
Prime Property Investors sold 224-unit, fully leased Deer Valley Luxury Apartment Homes in Lake Bluff to Irvine, Calif.-based Steadfast Income REIT for $28.6M. PPI purchased the property in June 2011 for $21.9M. Apartment Realty Advisors' Susan Lawson and Todd Stofflet repped PPI in the sale, which went to contract and closed in less than 30 days.
LEASING
Touchpoint Logistics inked a 151k SF industrial lease at 4001 Rock Creek Rd in Joliet. Lee & Associates of Illinois principals John Cassidy and Ken Franzese repped Touchpoint and NAI Hiffman's Dan Leahy and Adam Roth repped ownership, TA Associates Realty.
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Parker Plastics renewed a 100k SF lease within the 264k SF industrial facility at 8201 109th St in Pleasant Prairie, Wis. Paine/Wetzel/TCN Worldwide principal Whit Heitman, SVP Samuel Badger, and VP Brad Weiner repped building ownership, Centerpoint Properties; CBRE's Ryan Bain and Sean Kropke repped Parker.
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JBS Commercial Real Estate's Brian Silverman and Jason Shibata were selected to handle leasing at 90k SF Arlington Ridge Office Park, 3205-3231 N Wilke Rd in Arlington Heights. Built in 1979, the office park was owned and maintained by Motorola for over 20 years.
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Cosmo's Granite renewed and expanded in a 49k SF lease of industrial space at 311 Richert Rd in Wood Dale. Lee & Associates of Illinois principal Jeff Janda and SVP Mike Plump repped ownership, Prologis, and Colliers' Jonathan Kohn repped Cosmo's.
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NAI Hiffman completed three leases along Butterfield Rd in the East-West corridor totaling 15k SF: St Paul Travelers renewed a 7,709 SF lease with computer software company Jack Henry & Associates at 700 Butterfield Rd in Lombard; The BROE Group leased 5,427 SF to Midwest Digestive Disease Specialists at 2 TransAm Plaza in Oakbrook Terrace; and Premises Group leased 2,033 SF to engineering firm CHA Consulting at 635 Butterfield Rd in Oakbrook Terrace. NAI Hiffman's Michael Van Zandt, Brian Edgerton, and Matt Novak repped the landlords in all three transactions. Cresa's Tim Fisher repped Jack Henry, Sperry Van Ness/AML Commercial's Al Lindeman repped Midwest Digestive, and JLL's Kellen Monti repped CHA.
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Beer Haus leased 3,175 SF of retail space in Yorktown Shopping Center in Lombard. Lee & Associates of Illinois SVP Jason Sorce repped Beer Haus and Collarmele Partners' Gordon Austin repped building ownership, YTC Butterfield Owner.
CONSTRUCTION & DEVELOPMENT
Meridian Design Build's national projects group broke ground on a 303k SF package sorting and distribution center in Zionsville, Ind. for Scannell Properties. Precept Design and American Structurepoint will provide architectural and civil engineering services.
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Morgan/Harbour Construction was selected for a 35k SF office build-out for Associated Banc Corp's Chicago HQ within 525 W Monroe. The bank is relocating from multiple Chicago locations and expects 125 employees to move in this summer. IA Interior Architects and Environmental Systems Design will provide architectural and engineering services. Tishman Speyer is property manager for the building.
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Morgan/Harbour Construction was selected to complete a 12k SF office build-out within Highland Landmark III, 3010 Highland Pkwy in Downers Grove, on behalf of The Scoular Co, a century-old agri-business company. Gensler will provide architectural services and the project is scheduled for completion this month.
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Reed Construction completed a 6,500 SF interior build-out within the Civic Opera Building, 20 N Wacker Dr. Reed completed the work for Brand Connections, a global media marketing company, and Eastlake Studio provided architectural services.
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ARCO/Murray completed a build-out of the corporate conference center at Woodfield Preserve, 10-20 N Martingale Rd in Schaumburg (phase one of a two-phase project). Mike Magee was project manager and Chris Niedhammer served as project executive.
EXECUTIVE MOVES
The Telos Group tapped Bill Truszkowski as SVP. He was previously with the John Buck Co for 14 years, most recently as SVP and senior leasing agent for 155 N Wacker Dr and 111 S Wacker Dr. Bill received his BS in business administration from Washington University in St Louis and his MBA in marketing and economics from UChicago's Booth School of Business.
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Jake Ehrenberg joined Studley's Chicago office as assistant director. He was previously a research analyst with CBRE and a commercial high-rise property manager with Behringer Harvard REIT I at 440 S LaSalle St.
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Reed Construction has promoted three individuals on its construction team: Jason Gunderson from project manager to senior project manager; Matt Mahoney from project engineer to project manager; and Christine Roche from assistant project manager to project manager.
PROPERTY MANAGEMENT
Heitman awarded Cushman & Wakefield of Illinois the exclusive management contract for 901 Carlow Dr in Bolingbrook. Cushman portfolio manager Shannon Arseneau will manage the 747k SF industrial building.
AWARDS
Podolsky|Circle CORFAC International received a 2012 Top Firm award (as one of the top leasing firms in the Chicago area) from CoStar Group and principal Steven Tick received a Top Broker award (as an industry leader in the Chicago market). At the annual CORFAC International conference in Las Vegas, principal Steven Podolsky won an award for the largest 2012 industrial referral transaction by size and principal Steven Tick won an award for the largest industrial referral transaction by dollar value.
Your Chicago reporter celebrated a birthday yesterday. Send her some wise advice! marissa.oberlander@bisnow.com
