The Deal Sheet
Jamie Georgas has been promoted to Director, Enterprise Management at CBRE. Formerly a biz dev analyst, she's based in the firm's downtown office. Since 2007, Jamie has been a member of CBRE's Chicago Management Team charged with aligning and improving CBRE's Managed Brokerage/Enterprise Management platform. Prior to CBRE, she coordinated internal and external communications for Kite Realty Group in Indianapolis. She earned her bachelor's degree from Indiana University.
Elizabeth Michalska, David Archer and Chris Masloroff have joined the Chicago office of HOK. Elizabeth and David are now Senior Associates/Senior Project Architects. Chris is an Associate and Director of Business Development for HOK's Healthcare Practice. Elizabeth has more than 25 years of architecture and design experience. She will work closely with HOK's Science and Technology Practice; David brings more than two decades of design experience to HOK. He will provide design and technical supervision for projects specific to the firm's Healthcare Practice. Chris has nearly 20 years of construction industry experience, and he will focus on strategic marketing and business development efforts for HOK's growing North Central Region.
Fifield Realty Partners hired two multifamily acquisition veterans to oversee its new $600 million apartment acquisition fund, Fifield Residential Partners IV. Matthew Masinter has joined as EVP of acquisitions, while Erin Ruth DiPaola has joined as a SVP of acquisitions. They will manage all aspects of the new fund, which was launched in December 2009 and is focused on purchasing both core-plus and value-add properties, as well as short-sale transactions and loan-to-own acquisitions.
Marcus & Millichap's Sean Sharko and Clinton Mitchell repped the seller of two CVS drug stores in suburban Chicago for $12.6M. The buyer, an LLC organized by Chicagoland Trust, was secured and repped by Marcus & Millichap's Austin Weisenbeck. The CVS buildings are at 100 West Higgins Road and 2325 Drauden Road, respectively. Both properties have 25-year triple net-leases and were encumbered by non-recourse loans that were assumed by the buyer.
OKAYA USA, Inc. has purchased a 24k-SF office building at 64 W. Seegers Road in Arlington Heights. The company will move its headquarters from Paramus, New Jersey in May 2010. NAI Hiffman's Daniel O'Neill and Garrett Schultz and WHITE CUBE's Tak O'Haru represented OKAYA.
A 16k-SF industrial building at 7080 N. Highland Ave. in Morris, has been acquired by Southwest Oil for $460k. Cushman & Wakefield's Michael Hawryluk and Sean Henrick completed the transaction on behalf of the seller, a private trust, in less than six months. The buyer was represented by Grubb & Ellis' John Basile.
Arthur J. Rogers & Co,'s Jeanne Rogers completed a 300k-SF industrial building sale on behalf of GRM at 7123 W. 65th St. in Bedford Park. The property sold for $8.15M. The firm was able to acquire the first-class industrial property below the replacement cost price. CBRE's Mitch Adam and Mike Caprille repped the seller.
Northstar Aerospace has renewed its lease for 204k-SF of industrial space at 6066 W. 73rd St. in Bedford Park. NAI Hiffman's Lawrence R. Much, Stephen J. Connolly, and Kelly Disser represented the landlord, American Realty Advisor s, a California-based institutional owner. CBRE's Larry Johnson and Mike Mangan represented Northstar Aerospace.
Grubb & Ellis Company's Craig Cassell and Max Chopovsky represented Memorylink in the six-year lease of 9k-SF of office space at 590 Tollgate Road in Elgin. The space will serve as the company's headquarters, lab and office space. The company took occupancy of the space on December 2009.
Regina Webster & Associates has signed a new 7k-SF long-term lease at JCF Real Estate's Interpark Corporate Center at 8601 - 8623 W. Bryn Mawr Ave. Acquired by JCF Real Estate in 2001, the Center is a 164k-SF single-story office park near O'Hare Airport.
Morgan Realty Partners' Bill Waliewski completed a 2k-SF lease to Turkish food supplier Koza Foods at the Karlyn Building, 31-251 S. Frontage Road in Burr Ridge. He repped building ownership, K arlyn Building Joint Venture, LLC. Koza Foods was self-represented.
Architecture and Construction
Harris Architects, Inc. provided architectural and LEED AP services for Other World Computing in its 7k-SF facility in Woodstock, which has achieved LEED Platinum certification. OWC is the first privately owned light manufacturing/assembly firm in Illinois to obtain LEED Platinum status.
ARCO/Murray recently completed a 4k-SF office build out for Grand Avenue Capital, LLC at 2600 Warrenville Road in Downers Grove. The improvements included a new conference room and break room, the addition of an equipment storage area, a new reception center, and renovated suite bathrooms. The leasing broker on the transaction was CBRE's Mark Koniecza. ARCO/Murray's Anthony Lovero and Leonidas Stellakis led construction on the project.
The Northbridge Companies of Burlington, MA and its partner Sandy River II of Portland, ME announced the closing of a $100M joint-venture relationship with Harrison Street Real Estate Capital of Chicago. The partnership will focus its efforts on the development, acquisition and operation of dedicated memory care facilities and assisted living communities throughout the northeastern region of the US, with an emphasis on New England.
Inland Real Estate Corp. has been selected as the business of the month for April by the Schaumburg Business Development Commission. IRC recently signed four new leases in Schaumburg totaling approximately 84k-SF. Three out of the four stores are now open. IRC owns and manages over 800k-SF of retail in Schaumburg.