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The Deal Sheet

The Deal Sheet
Parkway Properties has closed on its sale of 233 N Michigan, a 1.1M SF office property for a gross sale price of $162.2M to Commonwealth REIT.
233 N Michigan
At closing, Parkway repaid the $84.6M first mortgage secured by the property that was previously scheduled to mature in July 2011. Parkway received net cash proceeds from the sale after the repayment of the first mortgage, which it used to reduce amounts outstanding under its revolving credit facility. 
Bisnow Stooge JCHI

Construction News

Summit Design + Build  completed the construction of INDIRA Salon & Spa, a 2,600 SF Aveda salon, at 3435 N Southport. The project required the complete gutting and rehab of an old laundry mat into a new salon and spa, which features high-end finishes, numerous treatment rooms, a retail area and full styling hair center. The demolition and build out of the space was completed in less than 12 weeks. ArchIdeas provided architectural services.

Sales News

Colliers International's Brian Nagle and Jerrod Wigal represented P&S Limited Partnership in the sale of 111 W Jackson Blvd. New York-based private investor  Berkley Properties acquired the 547k SF building. The sale price was less than  $100/SF.


Cawley Chicago Commercial Real Estate's Josh Hearne and Terry Grapenthin secured a buyer for 12 acres in the Crete Park of Commerce in the I-394 Corridor. The buyer, Silliker, plans to develop an expandable 60k SF R&D/food testing facility.


Coldwell Banker Commercial NRT's James Hodur  represented C. Johnson Drywall in the sale of 3800 S Morgan, a 45k SF building on 5.32 acres of land. South Chicago Packing purchased the building for $3.2M


Cushman & Wakefield and Walker & Dunlop have formed a strategic alliance to focus on multifamily agency (FannieMae,Freddie Mac, and HUD) financing and investment sales. The alliance is an extension of the existing relationship.

Leasing News

Ozburn-Hessey Logistics has leased 270k SF at 1150 115th St in Bolingbrook and now occupies the entire building. IDI  developed and owns the building. Champion Realty Advisors repped the tenant.


Colliers International's Matthew Stauber and Thomas Rodeno represented Hegele Logistic in a 207l SF long-term lease at 855 N Wood Dale Rd in Wood Dale. They also repped building owner AMB Property Corp. Hegele is relocating from  90k SF in Grove Village. The company is expected to occupy the building in July.


Whole Foods has signed a lease for 30k SF of ground-floor retail space at the southwest corner of  51st and Lake Park in Hyde Park. The project, designed by Studio Gang's Jeanne Gang will have both retail and residential components. An additional 20k SF of retail are available on the first floor and 30k SF remains to be leased on the second floor.


Westbrook Corporate Center

The Healthcare Financial Management Association has signed an extension of its lease of 23k SF at the  Westbrook Corporate Center in Westchester. Jones Lang LaSalle's Karla Harmon repped the owner, Arden Realty. Colliers International's Joe Dvorak represented HFMA, which has been a tenant at the complex since 1988. The complex is 79% leased.


150 N Wacker
CB Richard Ellis has been named the exclusive leasing agent for 150 N Wacker Dr by owner American Realty Advisors. CBRE's Ron Lakin and Rachel Waymire take over the building's leasing today. The 31-story, 244k SF office tower is two blocks from Ogilvie Transportation Center.


Newmark Knight Frank Epic's Thomas BoyleGerald Olson, and Michael Noeh have been retained to market a 42-acre parcel of land known as Oak Creek Plaza in Mundelein. The site, which is expandable to  54 acres, is one of the largest parcels in central Lake County. Thomas says the site will replace the old Oak Creek Plaza retail center and could be  healthcare, education, or multifamily.

Executive Moves

Karin Kraai has joined Newmark Knight Frank’s property management and landlord advisory division as a senior managing director. Karin will lead the strategic growth of the office agency practice in Chicago, with a primary focus on the CBD. She brings 24 years  of experience representing real estate owners, users and investors at companies like Jones Lang LaSalle, Lincoln Property Co and Vornado Realty Trust. She has an MBA from Loyola University.