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The Deal Sheet
Mid-America Real Estate's investment sales group sold  The Heritage Shops at Millennium Park, a 105k SF vertical urban retail property in the Loop, to Acadia Realty Trust for $31.6M. The seller was a venture of Mesa Development.
 
The Heritage Shops
Mid-America’s Stan Nitzberg, Ben Wineman, and Joe Girardi repped the seller. The Heritage Shops are anchored by a two-level LA Fitness along with Ann Taylor Loft, Lane Bryant/Cacique, McDonald’s Fannie May Candies, Intelligentsia Coffee, Fifth Third Bank, and Subway. The center fronts both Randolph Street and Wabash Avenue and the mixed-use development includes a 57-story residential component located above the four-story retail/office space.
 
Bisnow Stooge JCHI
 
Construction News
 

Ryan Cos is building a 50k SF expansion of Brookside Marketplace, a 500k SF community shopping center in Tinley Park. The team started in April and expects to be completed in September. The space will be leased to HomeGoods (27k SF), Old Navy (15k SF), and Five Below (7,800 SF). Ryan Cos' Kyle Schott is the project manager.

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Wheaton Drama has commissioned Wight & Co to evaluate its Playhouse 111 theatre facilities and make recommendations for improvements. Located at 111 N Hale St in downtown Wheaton, Playhouse 111 was expanded in 2004 to accommodate larger audiences and create more backstage space. Wight's Andy Joseph is the architect for the project.

Leasing News

Lee & Associates' Nick Eboli represented Aquascape in two transactions: a 135k SF industrial lease at 1800 W Hawthorne and a 20k SF office lease at 1950 S Batavia Ave in Geneva. In the industrial transaction, Lee & Assoicates Jeff Janda and Jim Planey repped the building owner, LaGrou. In the office transaction, Byrnes & Co's Robert Byrnes repped ownership, Batavia Avenue Properties.

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Lee & Associates' Nick Eboli represented Spraying Systems in its renewal of 12k SF of warehouse at 2580 Diehl Rd in Aurora. HSA Commercial's Tim Thompson represented building ownership.

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Citi Trends signed a 10k SF at City Line Plaza in Moline. Mid-America Asset Management's Mary Beth Menelli-Iveljic and Jamie Platt repped the landlord. CBRE's Jim Sakanich repped the tenant.

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Sky Chefs has leased 7,325 SF of warehouse at 201 Eastern Ave in Bensenville. Lee & Associates' Nick Eboli repped building ownership, a private investor, and JLL's Dan McGillicuddy repped the tenant.

Giving Back

Urban Retail Properties is contributing $100k to the Marshall Bennett Institute of Real Estate to facilitate its move to Roosevelt’s new 32-story tower in April 2012. The funds will allow the institute to build new offices in the tower at 425 S Wabash Ave using such sustainable materials as cork, bamboo, and paperstone. Urban Retail also is giving $50k to assist in the first five years of operation in the new location.

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CBRE will join Rebuilding Together to upgrade the Maria Shelter and Vincennes Senior Center through CBRE Cares, the company’s national corporate philanthropy program. On May 11, more than 250 CBRE volunteers will provide upgrades to the facilities, which are operated and supported by nonprofit The Institute of Women Today. Repairs include painting, replacing light fixtures, and building a wheelchair ramp.

Sales News

Cushman & Wakefield's Jim Carpenter and Ken Szady sold a seven-building portfolio in northwest Chicago and Milwaukee totaling more than 2M SF. They repped the seller, a JV of Interstate Partners and Towne Investments. Cushman & Wakefield Sonnenblick Goldman secured financing on the portfolio for the buyer, Stockbridge Real Estate Funds. The Illinois properties are located within two adjacent industrial parks in Elgin—the NorthWest Corporate Park and the NorthWest Business Parkand are 95% leased to 18 tenants. The Milwaukee-area property is located at the RidgeView Corporate Park in Pewaukee and is 100% leased.

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Pratt Blvd Elk Grove Village

Venture One Real Estate's acquisition fund, VK Industrial I, has closed on a 26k SF vacant industrial facility at 1225 to 1235 Pratt Blvd in Elk Grove Village. The property has been approved for a 6B tax abatement. MAS Brokerage's Jeremy Szybowicz repped Venture One. CBRE's Kevin Segerson and Chris Zubel were named leasing agents. The fund has acquired  275k SF so far.

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WSMC Partners acquired Western Springs Medical Center, a former garden center located at 4700 Commonwealth Dr  in Western Springs. The 18k SF renovated building has been recently entitled for medical and general office uses. NAI Hiffman's Michael Van Zandt and Brian Edgerton repped the buyers, including Stage Equity Partners' Brian Howard, and are now leasing the space, which will soon be expanded to 22k SF with an addition to the existing building.

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Marcus & Millichap sold the 305 Pyott  apartments, a 19-unit apartment property in Lake in the Hills, for $1.2M or $64,578 per unit. Marcus & Millichap's Ryan Engle and Andrean Angelov listed the property for the seller. It sold in 200 days and closed at 90% of original list price.

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Millenium Properties' Susan Silver, sold the former Circuit City at 4483 US Route 14  in Crystal Lake for $1.4M. The property was bought by Bradford Real Estate Group from Berkadia Commercial Mortgage. Susan represented both parties. The 32k SF retail property is in the Twin Ponds Marketplace, anchored by The Home Depot, Office Max, and PetSmart.