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The Deal Sheet

Chicago

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The Deal Sheet
VK Industrial I, a fund of Venture One Real Estate, has closed on two industrial buildings in Elgin totaling 217k SF. The buildings are at 1875 Holmes Rd and 1355 Holmes Rd.
 
1875 Holmes
1875 Holmes Road is a 135k SF manufacturing and distribution building which is 100% leased to Amtec Precision Products. 1355 Holmes Road is an 82k SF vacant manufacturing and distribution facility. The property will be marketed for lease or sale and is divisible to 40k SF. Grubb & Ellis's Bruce Granger will market the building. The purchases are the seventh and eighth of the fund, which has been open since September.

Sales News

The Boulder Group's Randy Blankstein and Jimmy Goodman repped the seller, a private company, and the buyer, an institutional investment firm in the sale of a single-tenant net-leased  Hobby Lobby. The property is at 212 Gable Crossing Dr in Avon, Ind. and sold for $5.8M.

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Marcus & Millichap's Mark MyersRay Giannini, and  Matt Fitzgerald brokered the sale of Golden Living Centers  of Kenosha, a large 97-bed senior living facility for $3.9M, well above the asking price. The facility is located near the historic downtown area in Kenosha, where it is also within close proximity to the  Kenosha Medical Center Campus.

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Marcus & Millichap's Alex BlagojevichDavid Gaines, and Anthony Hardy, sold 5747 to 49 S Michigan Ave, an eight-unit apartment property for $420,000. They had the exclusive listing to market the property on behalf of the seller, a private partnership.

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Millennium Properties' Daniel Hyman repped the sellar in the disposition of a 10k SF office retail building a 20876 Rand Rd in Kildeer for $803M. Edgemark Commercial Real Estate's Jeffrey Kowal represented the buyer.

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An affiliate of LEM Equities acquired a 5,262 SF retail building at 1115 Lake St in Oak Park in an all cash transaction. The seller was an affiliate of Preferred Development  and Preferred Consulting's Peter Giadla was the sole broker on the deal.

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Quantum Real Estate Advisors brokered the sale of a single-tenant net leased PNC Bank property in Waukegan to a foreign investor from Brazil. Quantum's Chad Firsel represented the seller.

Leasing News

JLL  received a real estate services contract for Bell Helicopter’s 8M SF global portfolio. The new contract is a key strategic component of the company’s long-term plan to increase operational efficiencies across its worldwide office and manufacturing facilities and will include  transaction management, lease administration, business and economic incentives, and project and development services. JLL's  Todd Burnette, Steve RamseurJohn Gates, and Roger Staubach led the team’s efforts for the highly competitive bid.

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JLL's Steve SmithGary Kostecki and Brad Despot  have been selected by Piedmont Office Realty Trust as the leasing agents for 500 W Monroe, a 46-story, 1M SF Class-A office tower in the West Loop. The building, which was acquired by Piedmont at the end of March, offers an array of available spaces including a nearly 400k SF block on its top floors.

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CBRE’s Keith PuritzBrett KronerRyan Bain, and Zach Graham represented Dreams in its 125k SF new lease at 2881 Busse Rd in Elk Grove Village. The 251k SF building is owned by ML Realty Partners, which was repped by CBRE's John Suerth and Kevin Sergerson.

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Wounded Warrior Project has leased a 4,500 SF office space at 1111 W 22nd St in Oak Brook for a Midwest regional office. JLL's Bruce Renwick repped building owner Arden Realty. Studley's Jon Azulay  represented Wounded Warrior Project.

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Forever Yogurt leased 8,000 SF at 1880 W Fullerton for warehouse and production facilities. Chicago Industrial Real Estate's John Stocco repped Forever Yogurt and Mark IV Realty's George Marks represented ownership.

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CenterRidge Partners relocated to the 6,210 SF building at 438 W 43rd St. Chicago Industrial Real Estate's Matt Rogatz  represented the owner and Carter Ware Group's Sarah Ware represented CenterRidge Partners.

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Kudan Group's David Bennett repped Blue Agave Restaurant and Tequila Bar owner Mario Gonzalez in a lease at 555 W Kinzie. Sperry Van Ness's Wayne Caplan repped the owner, Fifield Development. The bar will relocate from River North this fall.

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Chicago Industrial Real Estate's John Stocco found the tenant Supreme Laundry for the property he represents at 2252 N Elston. Supreme Laundry will use the 6,000 SF space for equipment repair and warehouse.

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Skechers USA signed a lease for 8,690 SF at Burbank Station at 78th and Cicero. Mid-America's  Jaime Platt repped the landlord while Metro Commercial Real Estate's Steve Baer repped the tenant.

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Kudan Group's David Bennett  and Mario Ponce recently negotiated the business sale of Aladdin’s Eatery at 614 W Diversey Pkwy. Mario represented the seller, while David represented the buyers, The Rhett Group's Jeffrey Zucker and James Kinnaird, who plan to open a new fast-casual pizza concept, Pizza Persona.

Architecture and Construction News

Adrian Smith + Gordon Gill Architecture won an international competition to design Wuhan Greenland Center. At 606 meters, it will likely be China’s third-tallest building, and the fourth tallest in the world, when completed in about five years. Construction is scheduled to begin this summer in Wuhan. It will include 300k SM of floor area, including about 200k SM  of offices, 50k SM of luxury apartments and condominiums, a 45k SM five-star hotel, and a 5,000 SM, 27-meter tall private club.

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Anthony and Nick Gambino, restaurateurs of Cucina Paradiso Restaurant in Oak Park, have added to their restaurant group.Burger Boss is a new fast-casual burger concept that opened in Elmwood Park. The 2,643 square foot space was designed by Ridgeland Associates. Level Construction was the general contractor for the project.

Awards

One Energy Center (40 Shuman Blvd) in Naperville has earned an ENERGY STAR designation. The 163k SF office building is leased and managed by  CBRE  and owned by KBS Realty Advisors. The Class-B building was built in 1980 and features a sunlit interior atrium.

Finance News


CBRE's Capital Markets group secured a $99M first mortgage construction loan and arranged a jv between Magellan  Development and JP Morgan Investment Management. Proceeds from the capital raised were used to finance the development of a site known as  The Coast at Lakeshore East at 345 E Wacker. The construction financing was structured as a long term fixed rate construction/permanent loan and was provided by Northwestern Mutual Life. CBRE’s Debt and Equity Finance team of Pete Marino,John Clifford, and Jesse Karasik teamed with CBRE’s John Jaeger and Dan Cohen to represent Magellan Development and JP Morgan Investment Management.

Company Acquisition

C-III Capital Partners acquired NAI Global, the largest network of independent commercial real estate firms worldwide. C-III is led by Andrew Farkas, who founded and was Chairman and CEO of Insignia Financial Group. NAI Global's  350 offices will continue to operate as a separate company under its current management following the acquisition. The transaction is expected to close in Q3. Financial terms were not disclosed.

Executive Moves

Brett Garrett has joined ARCO/Murray National Construction Co as a project manager. Brett is a graduate from  Georgia Southern University’s Construction Management program and brings onsite, estimating, and operations experience to the team with an emphasis in healthcare and mixed use facilities. Prior to joining ARCO/Murray, Brett was a project engineer with JE Dunn in Atlanta.

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Glenn Broome has joined ARCO/Murray National Construction Co as a construction superintendent responsible for managing project coordination and field work. Glenn will help continue to expand ARCO/Murray’s in-house project  capabilities while simultaneously broadening its expertise in process related projects.