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The Deal Sheet

Chicago Deal Sheet

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The Deal Sheet

SALES

Boston-based The Davis Cos acquired Washington Pointe (above), a 167k SF Class-A office building at 535 E Diehl Rd in Naperville, marking the firm’s sixth investment in the Chicago area. As part of the acquisition, The Davis Cos will revitalize the building’s systems, parking, landscaping and amenities. NAI Hiffman’s Dan O’Neill and Jim Adler will market the property’s 84k SF of available space and NAI Hiffman will also manage the property.

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Landmarked 17k SF 500 N LaSalle Dr, triple net leased to Gino’s East as anchor tenant, sold for $7.1M to Jaime Javors. A JV between Cedar Street Co and FrontLine Real Estate Partners bought the property from Hilco Real Estate in July 2013 through a bankruptcy auction as part of a larger portfolio of assets acquired in the Qualteq bankruptcy case. The property was initially purchased for $4.1M.

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The Bazaar purchased 97k SF at 2047 George St in Melrose Park from American Metalcraft. CBRE’s Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham repped The Bazaar. Cushman & Wakefield’s Jay Maher and Larry Goldwasser repped the seller.

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Cedar Street Co paid $4.2M for 327 N Aberdeen St in Fulton Market, located one-half block west of 1K Fulton. The seller was a partnership managed by AG Hollis and the deal was financed by a Marquette Bank non-recourse loan. Cedar Street plans to stabilize the property with a blend of loft office space and retail units.

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Coldwell Banker Commercial NRT’s James Hodur repped the seller, Moim I, in the $3.6M sale of 431 W Pershing, a 286k SF concrete loft building. Clear Properties Group’s Dan Lynch repped the buyer, Amerco Real Estate. James also repped buyer Nick Lombardi and seller Falcon Holdings in the $725k sale of 1847 S Blue Island. Formerly a Church’s Chicken, the property consists of a 1,900 SF fast food restaurant and a 15k SF land site.

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Interra Realty closed a completely renovated 12-unit mixed-use property at 3023 W Diversey Blvd in Logan Square for $2.5M. Managing partner Brad Feldman repped both the buyer and seller. The building includes 10 multifamily units in addition to two commercial spaces occupied by a local art studio and farm-to-table restaurant. The buyer plans to push rents and hold the property long-term.

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Austin Weisenbeck, Aaron Baum and Sean Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, repped the seller, a local developer, in the $2.3M sale of a 2,650 SF net-leased Starbucks property at 1808 S Arlington Rd in Arlington Heights. The location is a retrofit of an existing building with a new 10-year corporate lease with Starbucks.

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Sundance purchased an outlot on US 41 in front of Meijer to build a new Taco Bell in Highland, IN, a relocation of the current Taco Bell at Rte 30 and US 41 in Schererville. Latitude Commercial’s Myles Rapchak repped the buyer in the purchase of the 1.4 acres. Construction will start this spring.

LEASING

The Deal Sheet

The Wrigley Building (above) signed leases totaling 15k SF with four companies new to the property: Wendella Sightseeing Co, Tapad, TelAmerica Media and Willoughby Engineering. Wendella will lease 6,919 SF in the South Tower beginning next August and will open its HQ and training facility in the new space. Tapad, repped by CBRE’s Kyle Kamin and Dan Persa, leased 2,762 SF in the South Tower. TelAmerica Media, repped by Chicago Tenant Advisors’ Peter Beatrice, signed a 3,032 SF lease in the North Tower. Willoughby, repped by J Rich Co’s Jason Schulz, signed a 1,975 SF lease in the South Tower for its new company HQ. Brokers for the now 59% leased Wrigley Building include Zeller Realty Group’s Carrie Yohe and NGKF’s Karin Kraai.

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Coldwell Banker Commercial NRT’s James Hodur repped KBC in its three-year lease of 3,600 SF of loft office space at 415 N Aberdeen to Review Tracker. The space was formerly occupied by HomeMade Pizza Co. James also repped Hubbard Street Investment I in its three-year lease of 2,710 SF at 664 W Hubbard to Veronica Ferro Interiors, repped by Berkshire Hathaway’s Helaine Cohen.

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Boost Mobile leased 1,814 SF at Market Place in Crown Point, IN, a 100k SF shopping center at 1166-1244 N Main St. Hallmark & Johnson Property Management’s Michael Kolodny repped the landlord.

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Sprint signed a 1,500 SF lease at Tucker Development’s 125k SF South Loop Marketplace downtown. Great Clips signed a 10-year, 1k SF lease at Tucker’s 350k SF Huntley Grove Shopping Center. Tucker was repped in-house by director of leasing Andrew White on both deals. Sprint was repped by JLL VP Peter Caruso.

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Little Caesars leased 1,500 SF at 100k SF Lynn Plaza, located at Dundee and Old McHenry in Wheeling. Hallmark & Johnson Property Management’s Michael Kolodny repped the landlord. NAI Hiffman’s Michael Meksto repped the tenant.

CONSTRUCTION & DEVELOPMENT

The Deal Sheet

Golub and co-developer CIM Group started construction of the 41-story multifamily residential tower (above) at 1001 S State St in the South Loop. The Solomon Cordwell Buenz-designed property will include 397 market-rate apartment units, 248 semi-enclosed parking spaces and 7,800 SF of street-level retail space. Walsh Construction is the GC.

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North Water Apartments, a 398-unit luxury residential property above the 400-room Loews Chicago Hotel at 340 E North Upper Water St in Streeterville, will deliver in March 2015. Laramar Management Services has served as development consultant for owner and developer DRW Trading Group, and will continue with leasing and property management. The building will offer indoor parking and bike storage, a fully equipped fitness center and an outdoor pool and BBQ area.

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The Laramar Group was appointed pre-development operations and branding consultant for 200 N Michigan Ave, a 514k SF mixed-use development including 402 apartments, retail and parking. Laramar is serving as development consultant to lead developer, The John Buck Co. Phased delivery of 200 N Michigan Ave begins May 2016 with final delivery set for August 2016.

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Evergreen Real Estate Services broke ground at 6145 S Sangamon Terrace, a 24-unit affordable housing project for seniors in Englewood. Tenants will share support with the adjacent Bethel Terrace senior apartment complex via a ground-level corridor, and the lobby and common areas of Bethel Terrace will undergo renovation as well. The project is partially funded by HUD’s Section 202 Supportive Housing Development Program. Joseph J Duffy Co serves as GC and Harley Ellis Devereaux as architects.

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Frank Thomas’s flagship restaurant and sports bar, Big Hurt Brewhouse, opened at 6801 W Cermak Rd in Berwyn, an adaptive reuse of the historic American State Bank building (which was vacant for over 30 years). The project was facilitated by a redevelopment agreement with the City of Berwyn and will be the official home for Big Hurt Beer, launched in 2011.

EXECUTIVE MOVES

The Deal Sheet

Lee & Associates of Illinois is not short on father/son working relationships. Founding member and principal Jim Planey brought his son Donald on as part of the research department; managing director Chris Myers tapped his son Harrison as a commercial real estate appraiser; principal Rick Scardino’s sons Giovanni and Anthony are interns learning the retail business; and principal Michael Androwich’s son Michael Jr. is an associate.

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Avison Young hired Mark Robbins, Chris O’Leary and Jeff Lindenmeyer as principals, Jordan Mellovitz as senior associate and Justin Decker as associate, all focused on tenant rep. Mark, Chris, Jeff and Jordan bring a combined total of 65 years of commercial real estate experience to Avison Young. All but Justin join the company from Cushman & Wakefield. Justin comes from a career in pre-settlement lending.

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CBRE promoted Jon Milonas to FVP within the firm’s tenant rep group. In his seven years with CBRE, Jon completed over 170 transactions in excess of 2.5M SF. Some of his significant clients include Morningstar, HP, Sittercity and Prudential.