Contact Us
News

The Deal Sheet

Chicago

Want to get a jump-start on upcoming deals? Meet the major Chicago players at one of our upcoming events!

The Deal Sheet
HFF has closed the sale of and arranged financing for The Lakes of Schaumburga 428-unit multifamily community in Schaumburg. The HFF investment sales team was led by Marty O'Connell and Sean Fogarty. HFF's Matthew Lawton repped the seller,Cornerstone Real Estate Advisers.
 
Lakes of Schaumburg
A JV between Marquette Real Estate Investments  and  TRECAP Partners purchased the property free and clear of debt. HFF managing director Matthew Schoenfeldt  worked on behalf of Marquette and TRECAP to secure the $33M, fixed-rate acquisition loan through Freddie Mac. The Lakes of Schaumburg at 801 Belinder Lane is more than 95% leased
 
Leasing News

Navistar will be moving to the former Alcatel-Lucent East campus in Lisle on Warrenville Road; it credits Gov. Pat Quinn and Attorney General Lisa Madigan with clearing a path for the company to retain or create nearly 3,000 permanent jobs over the next several years along with more than 400 construction jobs. The company will invest $110M in the 1.2M SF Lisle HQ, which will include executive management, business operations, and product development.

***

HSA Commercial Real Estate's Tim Thompson  and Brad Borkowski represented Midwest Warehouse in a lease for the entire 550k SF facility at 2805 Duke Pkwy. in Aurora. Colliers Bennett & Kahnweiler's Lynn Reich and Brian Kling represented ownership,Duke Realty Corp.

***

NewMark Merrill Cos. and their local partner, GMX Real Estate Group, signed a lease for Meijer Super Markets at regional power center Winston Plaza at North Avenue & 9th Avenue in Melrose Park. NewMark Merrill, GMX Real Estate Group, and Metro Commercial Real Estate  represented Winston Plaza and Meijer real estate department, lead by Michael FlinkingerBobowski and Associates represented the lessee in negotiations. The new Meijer will be more than 90k SF.

***

Inland Real Estate Corp.  signed 19k SF  of new and expansion leases at three shopping centers in north suburban Niles and Skokie.AutoZone signed an 8k SF lease at the Golf Road Plaza shopping center in Niles. American Mattress  signed a 5k SF lease at Four Flaggs Marketplace in Niles. The AT&T cellular store at the Shops at Orchard Place in Skokie signed a lease to expand from 3,370 SF to 4,570 SF. In addition, Revive Chiropractic has leased 1k SF at the center.

***

TMP Worldwide Advertising & Communications leased 16k SF, the full 31st floor at 444 North Michigan. The building was represented by Cushman & Wakefield's Lenora Adds. Previously a subtenant, TMP has expanded to accommodate their growing staff with the addition of 20 new employees.

***

Douglas Elliman's Retail Group's Faith Hope Consolo and Joseph Aquino arranged new store for Italian children's fashion brand MonnaLisa  at 49 East Oak St. The children's clothing store joins neighbors Barney's New York, Jimmy Choo, Hermes, Jil Sander,Kate Spade, Vera Wang, and Prada.

***

The Department of Veterans Affairs leased 4k SF at the 8330 Naab Rd. medical office building, which it will use for an outpatient counseling center. HSA PrimeCare's Robert Titzer repped HSA Commercial.

Executive Moves

Jones Lang LaSalle promoted 11 Chicago-based professionals in its brokerage, communications, corporate solutions, project & development services, hotels, and strategic consulting practices:

  • Richard L. Benoy to SVP in  landlord leasing
  • David Bukovac  to SVP in corporate solutions (Honeywell account)
  • Joseph Caprile to SVP in project & development services, development management team lead 
  • Brad Kreiger to SVP, internal communications (Americas) 
  • Monica Moore to SVP in landlord leasing 
  • Paige Steers to SVP public relations (Americas) 
  • Matthew Oxley to SVP in corporate solutions 
  • Annette Prater  to SVP in markets
  • Asin Shah to SVP in corporate solutions 
  • Eric Stavriotis to SVP in strategic consulting
  • Justin Epps to SVP in hotels



***

Peter Buhl  joined Newcastle Ltd. as senior asset manager. He is responsible for overseeing Newcastle's portfolio of multifamily assets, developing long-term strategies, and monitoring property performance. Prior to joining Newcastle, he worked with Lincoln Property's Midwest region.

***

Jameson launched of a newly formed division to expand its operations to include business brokerage with and without real estate. This endeavor will offer service to buyers and sellers. Mike Costanzo will lead the new division with more than three decades of experience. Accompanying him is Susan Hwang. With listings including Bon V, Via Carducci, and The Lake County Sports Center, a 78k SF property in Waukegan, Jameson is licensed to sell any business that is not publicly held.

Sales and Acquisitions


Waterton Residential acquired $109.5M of debt secured by four prime multifamily properties located in North Carolina and California. So far this year, Waterton has acquired $179.2M in distressed debt secured by multifamily assets and expects to acquire another $150M in debt and/or multifamily properties by the end of 2010. The recent debt acquisitions include mortgages secured by the  Exchange at Brier Creek, a 274-unit property in Raleigh, North Carolina; Skyline Terrace Apartments, a 139-unit property in Burlingame, Calif.;Waterstone Corona Pointe Apartments, a 628-unit property in Corona, Calif.; and Copper Canyon Apartments, a 296-unit property in Riverside, Calif.

***

Paine/Wetzel • ONCOR International's Michael Nelson and Mark Nelson have completed the sale of a  24k SF industrial building located at 340 N. Sacramento in Chicago for $784kMartinez Seafood and Produce has purchased this partially complete structure with plans finish the building to accommodate the expansion and relocation of their frozen seafood and produce operation. The Nelsons repped the seller, and John Cocomise  and Chicago Brokers' Frank Fernandez worked on behalf of the buyer.

***

Paramount Lodging Advisors sold the 67-room Baymont Inn & Suites  at 3300 Kinney Coulee Road North in Onalaska, Wis. to Crescent Lodging. PLA's Adam Montufar and Brian Fay represented the seller, Selo Stubla LLC. The Baymont Inn & Suites will continue to operate within the Wyndham franchise system and be managed by Crescent Lodging Management.

Planning News

The Village of Winthrop Harbor has engaged UGL Equis to assist in developing a strategic plan for the Village to evaluate the potential to acquire The North Point Marina Project from The State of Illinois. North Point is the largest freshwater marina in North America. UGL Equis' Michael Hoadley and Michael Pontarelli will be developing the strategic plan for the Village, and are expected to submit their final report with recommendations before Oct. 1.

Construction News

Chicago Lakeside Development, a venture of  McCaffery Interests and US Steel Corp. announced that the Chicago City Council has approved a redevelopment agreement for the creation of Phase 1 of the Chicago Lakeside Development Master Plan. The plan is Phase 1 of a proposed development of nearly 500 acres on the southeast side of Chicago. Phase 1 will include the construction of new public infrastructure and the mixed-used development identified as The Market Common, an 800k SF project featuring retail, restaurants, entertainment venues, and residential units.

***

McShane Construction Co. recently completed the five-story, 73-unit Casa Maravilla senior living complex. The residential facility, located at 2021 S. Morgan Street in the Pilsen, features  70k SF of affordable seniors rental housing. Casa Maravilla is a development of The Resurrection Project, a community nonprofit org supporting neighborhood development. Casa Maravilla is registered with the Chicago Green Homes program and is McShane's second multifamily project. Weese Langley Weese provided the architectural services.

***

The Berwyn Development Corp. broke ground for the Roosevelt Road Streetscape Improvement. The culmination of more than eight years of planning by Berwyn, Cicero,and Oak Park resulted in the appropriation of nearly $7M in state and federal funding for the improvement of Roosevelt Road, from Harlem Avenue to Austin Boulevard. The three communities will share additional costs, which brings the total value of the improvement to the corridor in excess of $10M. The completion of the streetscape project is scheduled for late 2011.

***

Morgan / Harbour Construction was selected to complete a 12k SF office build-out for Apac Customer Service at 2201 Waukegan Rd. in Bannockburn. The property is a development of Keystone Property Group and owned by Bannockburn Lake Office Plaza Associates IV. Morgan/Harbour's Ben Warriner is the project exec and Josh Peters is the project manager. Morgan/ Harbour's Jim McCarron  is the site superintendent. Interwork Architects is providing the architectural services.

***

Englewood Construction announced it's working on six new projects, including a five-store build-out for New Zealand-based jeweler Michael Hill  and a new Pei Wei Asian Diner in Willowbrook. Averaging 1k SF, the five new Michael Hill stores will occupy space formerly leased to Whitehall Jewelers and Lundstrom Jeweler stores. The 3k SF Pei Wei Asian Diner will be in Willowbrook Town Center and was designed by Aria Group Architects

Management News

M&R Development and RMK Management Corp.'s new apartment building, the Parc Huron at 469 W. Huron St. has achieved LEED Gold  from the USGBC. Credits were earned for the development of an adjacent park, a green roof, extensive use of natural light throughout the units and the common areas, and for the walkable location in the heart of  River North.