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The Deal Sheet

WASHINGTON DC 05.16.2017

REAL ESTATE STRATEGIES FOR ASSOCIATIONS & LAW FIRMS

Demands, Drivers and Disruptors of Two of DC's Largest Tenant Groups

Tom Ikeler -- PN Hoffman
David Bevirt -- Brookfield
Dan Dooley -- Carr Properties
The Deal Sheet
Thomasville Furniture building

HSA Commercial Real Estate's Michael Havdala represented the current tenant of 1910 N. Clybourn Avenue in a 16k SF sublease with Thomasville Furniture. Thomasville will occupy the  ground-level, with the upper three levels occupied by The Lock Up Storage Centers. The building has a surface parking lot for 50 vehicles. Metro Commercial's Meredith Oliver  repped the sub-tenant. Michael points out that the leasing of a highly visible space in the expanding North and Clybourn area is good news for the Chicago retail market.

 
Sales News

Grubb & Ellis Co's Brian Carroll facilitated the sale of a 231k SF building on 13.5 acres at 165 W. Lake St in Northlake to Go To Logistics  in May, which just broke ground on a new build-to-suit on the property. The original structure was razed for the new facility, which was approved by Northlake for a Class 6 tax reduction program. The new building will be designed and built by Harris Architects  and Triumph Development.

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Foresite Realty Partners' Donald ShapiroJamie Hadac, and Isaiah Harf  sold Hickory Grove Townhomes, a 220-unit townhome community located on Columbus, Ohio's north side. Foresite repped the owner, a CMBS special servicer, who acquired the title in May. In less than 90 days, Foresite took the property from a listing to closure in early November 2010. Hickory Grove was listed for $3.3M. The buyer was a subsidiary of a local investor that invests in value-add  multi-family communities in Ohio.

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Sperry Van Ness' Jeff Baasch sold  The Sheridan Terrace, an 18- unit multifamily building located at 515 Sheridan Rd in Evanston to an undisclosed buyer. The property commanded a sales price of $2.9M.

Leasing News

Newmark Knight Frank Epic's Joel Friedland has repped the tenant on two industrial lease renewals totaling  94k SF in Buffalo Grove and Gurnee, In the first, American Fluorescent Corp leased 60k SF of distribution space at 1949-1951 Delany Rd in Gurnee. ProLogis' Jim Neswold repped ownership in house. In the second, Midwest Sealing Products renewed its lease for 34k at 1001 -1003 Commerce Ct in Buffalo Grove. Colliers International's Fred Regnery represented building ownership, a private investment entity.

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Transwestern's Fred IshlerJoe Stevens, and Zach Fox arranged a 41k SF lease at 1240 Diehl Rd in Naperville Corporate Center to TriZetto. The healthcare IT company will take occupancy starting in March 2011.

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JLL's Rick Benoy repped Fulcrum Asset Advisors in its lease of 17k SF at Woodfield Financial Center in Schaumburg to American General Life Insurance Co, bringing the center to more than 90% leased. Cushman & Wakefield's David Findling represented the tenant, who is relocating from 19k SF at One Woodfield Lake.

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Lee & Associates' June Simonian represented McVey & Parsky  in their renewal of 12k SF of office at 30 N. LaSalle Street in Chicago. Tishman Speyer's Joe Gordon repped ownership.

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Lee & Associates' Ellen Steinbrecher and CJ Kuehl represented Hearthside Foods in its 5,000 SF office expansion at 1901 Butterfield Rd in Downers Grove. CBRE's Mark Konieczka represented the sublandlord, Guardian Insurance.

Construction News

DSI completed the new Chicago GSA office for US Citizenship and Immigration  at 181 W. Madison, 26k SF on two floors. Features include high-security measures including x-ray scanners, video monitored doors, and controlled access to all spaces. This LEED project has an efficient design as part of the GSA's Sustainable Design ProgramMB Real Estate provided project management services and Mekus Studios was the architect.

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J.C. Anderson has completed construction on the Digital Media Center for DePaul University at 14 E. Jackson. The construction included an 18k SF renovation of a lower-level conference and storage area to house two auditorium style theaters, a television studio with a “green wall”, and a new lobby area. The project also included the installation of entirely new mechanical and electrical infrastructure as well as high-tech sound systems, digitally equipped electronics, and soundproofing. J.C. Anderson’s Steve Boulukos led the construction team, which included project managers Chris Derks and  Larry RegovicVasilko & Associates provided the architectural services.

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Reed Construction has been selected as the general contractor for the construction of a new light science lab for National-Louis University’s main campus at 122 S. Michigan. The construction will convert one of the 36 classrooms into a state-of-the-art light science lab, which will feature lab casework with epoxy tops, emergency eyewash station and new finishes. Leading the project is Reed Construction's Michael Tenuta and Cullen McGuire. Newman Architecture is providing the design services.

Auction News

Millennium Properties R/E will host a banked-owned sealed-bid real estate auction on Wed, Dec. 15. Included in the auction are two portfolios totaling 137 vacant lots in Chicago, three residential lots in Long Grove and office buildings in Homewood (17k SF) and on the northwest side of Chicago (7k SF). The 137 vacant lots in Chicago will be offered in two separate packages: one on the West Side for a minimum bid of $633k and the other on the South Side with a minimum bid of  $503k. All minimum bids are subject to an 8% buyer’s premium.

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Sperry Van Ness is auctioning a 6,000 SF retail building on a 32k SF site at 12100 S. Cicero Ave in Alsip. Other retail stores adjacent and nearby are LA Fitness, Enterprise Car Renta l, Home Depot, 7 Eleven, Cricket Communication and Jimmy Johns. The auction isonline from 10 am to 2 pm, Friday Dec.10.

Company News

Magellan Development Group has created a new affiliate consulting service for underperforming and distressed multifamily developments called Magellan Project Services. Magellan VP Brian Gordon  will lead it. The group plans to use the skills it learned developing the 6,600-unit Lakeshore East to help distressed properties clean up.

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Cambridge Realty Capital Cos processed 27 loan origination requests totaling $505.7M during the month of October. This doubles the total for the same month last year when the company processed 30 loan origination requests totaling $242.1M. The volume increase for October is explained by fact that it processed more requests for new construction and multiple property portfolios during the month.

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AIA Chicago announced that this year’s Firm of the Year Award is being presented to  Tigerman McCurry Architects. A sampling of the firm’s local work includes Burnham Station and the Boardwalk Apartments in Chicago, and the Chicago Bar Association office and the Holocaust Memorial Foundation of Illinois building in Skokie. The firm also designed a proposed 2016 Olympic Village for Chicago.

Executive Moves

MB Real Estate's Kevin Purcell was elected to the board of directors of BOMA/Chicago. He was one of five new board members elected, along with Zeller Realty's Robert Six, who was elected president of the board of directors. The board is comprised of 22 commercial real estate executives.

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Dean Siebert has joined Reed Construction as a senior project superintendent. He will be in charge of daily construction operations including the management of field staff, subcontractors and suppliers. Dean is 35-year veteran of the industry and was previously employed with Executive Construction.

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AIA Chicago and the AIA Chicago Foundation announced that Adrian Smith & Gordon Gill Architecture's Sara Beardsley has won the 2010 Dubin Family Young Architect Award. She played important roles in many significant Chicago projects including the Willis Tower Greening Project  and Hotel, the Trump International Hotel and Tower, and the Dirksen Federal Building  renovation.

Finance News

Marquette Cos has selected Aries Capital as their exclusive agent to secure financing and a hotel development partner for the 190k SF mixed-use development project along the Riverwalk  in downtown Naperville. The project will feature the only hotel in the downtown area complete with a rooftop bar and restaurant and retail.