The Deal Sheet
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Architecture, Construction, and Development
Harley Ellis Devereaux completed a new affordable senior housing development on Chicago?s South Side. The $14.5M, five-story Victory Centre of South Chicago Supportive Living Facility includes a variety of sustainable features and opened in June. Set on four acres of redeveloped land at 3251 E. 92nd Street, the five-story residence consists of 112 studio units, each with a private bathroom and kitchenette. Pathway Senior Living is the developer and Pepper Construction provided general contracting services.Claretian Associates is the community liaison on the project and NHS Redevelopment Corporation acted as a not-for-profit partner.
McShane Construction completed the seven-story, 54k-SF Casa Morelos affordable housing complex on behalf of developer The Resurrection Project. The residential facility will feature 45 units of affordable rental housing located at 2015 S. Morgan Street in the Pilsen neighborhood of Chicago. McShane is also constructing Casa Maravilla, a five-story, 73-unit affordable senior rental residence adjacent to Casa Morelos at 2021 S. Morgan Street in Chicago and is scheduled for a June 2010 completion. The new Casa Morelos apartment provides one, two, and three-bedroom affordable housing units for residents within the surrounding neighborhood. Weese Langley Weese Architects Ltd. provided the architectural services for this new affordable housing residential development.
The first of three phases for the new Wisconsin Institutes for Medical Research at the University of Wisconsin School of Medicine and Public Health has been completed. Phase One of the project included master planning and building design by HOK of a 469k-SF East Tower at the center of the UW-Madison health sciences campus. Milwaukee-based Zimmerman Architectural Studios, Inc. served as architect of record. The new seven-story tower houses the UW Paul P. Carbone Comprehensive Cancer Center. When all phases are complete, the WIMR project will total nearly 1.2 million square feet and will feature three research towers that radiate around a center point. Construction for the Center Tower (Phase Two) is expected to begin in 2011. The final phase, the West Tower, is a multi-disciplinary "incubator" facility, slated for completion in 2015.
Calumet Meat Company is expanding into 67k-SF at 4100 W. 40th Street in Chicago in the Crawford Industrial District. Paine/Wetzel ONCOR International's William J. Kerrins, James Pater, and David Zirngibl represented the landlord, a private investment group. Colliers Bennett & Kahnweiler's Vern Schultz repped the tenant.
Questmark, a commercial concrete and flooring contractor, is relocating and expanding into a 12k-SF industrial building at 1120 Commerce Drive in West Chicago from its prior location at 902 A Paramount Parkway in Batavia. Paine/Wetzel-ONCOR International's William J. Kerrins and David Zirngibl represented Questmark. NAI Hiffman's Mark Moran and John Whitehead repped landlord Capital Realty and Development.
Morgan Realty Partners completed a 9,397 square foot industrial lease within its Karlyn Building, 231-251 S. Frontage Road in Burr Ridge to Strategic Solutions, Inc. The firm is relocating from 721 E. Madison in Villa Park, and selected the new facility for its location and space configuration. Morgan's Bill Waliewski represented ownership and Chopp Commercial Properties' Dan Chopp repped Strategic Solutions.
Cawley Chicago Commercial Real Estate's Terry M. Grapenthin represented DAS (Dependable Auto Shippers) in the sale of their 6k-SF building and 6.2 acres of land to LA Sites. The property is located at 10125 Laraway Road in Frankfort. Along with the sale, Terry assisted DAS in negotiations on a leaseback and it will continue to operate out of that location.
New Trier Partners, LLC has purchased an office building out of foreclosure located in the east business district in Winnetka. The acquisition is the firm's first investment for New Trier Real Estate Partners II, LP (Fund II), a value-add real estate fund launched over a year ago, which has a target investment value of $100 million over the next year. The building, 714-716 Elm Street, is a nearly fully occupied office property directly adjacent to the Winnetka Metra commuter train station. New Trier Partners, LLC was represented by Schiff Hardin LLP's Bruce Weisenthal and Jon Jurva in connection with Fund II, and Katten Muchin Rosenman LLP's Mark Grossmann and Rachel Brown on the closing of the first acquisition.
Michael Mounts has joined Jones Lang LaSalle as managing director of Real Estate Investment Banking. In his new position, Michael will leverage his extensive knowledge of real estate law and the debt capital markets to originate financings for clients as part of the firm's extensive Value Recovery Services. Prior to JLL, he worked at Bank of America, where he was responsible for a number of diverse high profile transactions.
Craig J. Phillips, EVP of the development division at HSA Commercial Real Estate, has earned the LEED AP for New Construction credential. Current projects under development include Park 94 at Mt. Pleasant, a 90-acre industrial development in Racine County, Wisconsin, which includes a 323,610-SF LEED Certified warehouse; Delany Commerce Center in Lake County, Ill.; and New Lenox Commerce Center in Chicago s southwest suburbs.
Jim Dieter announced that he is retiring from CB Richard Ellis after a 30-year career in commercial real estate. Ed Shreyer will take over as Executive Managing Director of the Industrial Services Group. In the Americas, CBRE Industrial Services is comprised of over 950 industrial professionals. In 2008, the group completed 8,175 sale and lease transactions with a total value of $14.6 billion. Ed is a 20-year CBRE veteran, based in Cincinnati, Ohio. He started his career in the company's research department and launched his industrial sales career in 1990.
Frank Scherer has joined Grubb & Ellis Company as vice president, Retail Group. Frank will join SVPs Ted Parris and Steve Monroe in supporting local and national clients as they restructure their real estate holdings during bankruptcy proceedings or other reorganization efforts. He was previously a VP of real estate with American Blue Ribbon Holdings, LLC, the entity that purchased the assets of VICORP Restaurants Inc. out of Chapter 11 bankruptcy. Frank is a member of the International Council of Shopping Centers.
The Building Owners and Managers Association of Suburban Chicago announces the following elections and awards during the recent BOMA International Annual Conference in Philadelphia:
- Steven J. Hrbek, BOMA/Suburban Chicago Secretary-Treasurer, appointed Vice Chair of the BOMAPAC Council. Hrbek is a Senior Real Estate Manager with CBRE.
- John Lambrecht, BOMA/Suburban Chicago President, had his term extended as Vice Chairman of BOMA International's North Central Region, consisting of Illinois, Indiana, Kentucky, Ohio, and Michigan. Lambrecht is Asst. VP of Facilities at Triton College in River Grove.
- Patricia Schwarze BOMA/Suburban Chicago Executive Director, was elected Vice Chair of the BOMA Association Executives Council.
- BOMA/Suburban Chicago was awarded an Honorable Mention for its Green Golf Outing in the Communications Management / Community Relations Program category of the BOMA International Best Practices Awards.