|Avanti Properties paid $10.8M for the partially developed Grande Reserve, a residential community in Yorkville. For its first Chicago area investment, Avanti’s Marvin Shapiro says it plans extensive additional spending to develop, manage, and carry the community designed to have nearly 2,200 residences. The Florida-based investment firm likes the property because it expects strong growth in the area over time.
Wilson Golf bought the 18-hole Northville Hills Golf Club in Northville, Michigan from Capmark Bank. The Arnold Palmer-designed club has a 7,003-yard championship course, a 10k SF clubhouse, cart barn, and maintenance facility. Links Capital Advisors’ Chris Charnas repped Capmark and the buyer repped itself.
Great Dane Trailers purchased a 9.5-acre site at 1035 S Frontage Rd in Darien from Trex Holding for expansion of its operations. The site houses a 2,100 SF office building and a 2,100 SF maintenance building. The campus fronts the I-55/Stevenson Expressway and is located just east of the Cass Ave interchange. Paine/Wetzel/TCN Worldwide’s Elise Couston and Albert Schulman repped Great Dane, and Trex repped itself.
ChiCargo bought a 36k SF industrial building on 2.3 acres at 2301-2311 Touhy in Elk Grove. The mutlimodal company took advantage of low-interest rates to buy the building they had been leasing. The only brokers in the deal were Paine/Wetzel/TCN Worldwide’s Gregory Wright and Adam Naparsteck.
Lake Cable paid $1.1M for a 55k SF manufacturing building at 4430 Eastland Dr in Elkhart from CopperCon Realty. Podolsky Northstar’s Steven Podolsky and FM Stone Commercial’s Ross Miller repped the buyer.
***Kinter Co acquired an 84k SF industrial facility at 3333 Oak Grove Ave in Waukegan from JP Morgan Investments. Kinter will move and expand from 30k SF in Gurnee. Newmark Knight Frank Epic’s Thomas Boyle and Jared Paff repped Kinter and Colliers’ Jack Rosenberg, Fred Regnery, and Ned Frank repped JP Morgan.
|A JP Morgan Chase affiliate sold a 97k SF industrial building at 833-855 Commerce Parkway in Carpentersville that it had taken through a deed-in-lieu of foreclosure process. The buyer is a private investor. Podolsky Northstar’s Randy Podolsky and Adam Tarantur repped JP Morgan.
Parsons Corp renewed the lease on its nearly 37k SF at 10 S Riverside Plaza, enjoying a reduced rental rate and other concessions. CBRE’s Cal Wessman repped the engineering and construction management firm based in Pasadena. JLL’s Nikki Kern and Brian Atkinson repped the landlord, Harvard Behringer.
The law firm HeplerBroom signed a long-term lease for 17k SF at 30 N LaSalle St, a relo from 150 North Wacker Dr with a July move expected. Studley’s Adam Mitchell and Tiffany Winne repped the lawyers. The landlord, Tishman Speyer, was repped by Greg Tait.
CONSTRUCTIONReed Construction completed 45k SF at One N State St for Westwood College. In Chicago, the Denver-based school added classrooms, computer labs, design labs, and staff offices. The new facility also features a career services center, a learning commons, server rooms, and a student common area. Reeds’ Scott Pickands, Christine Roche, and Robert Marks led the construction team. Atul Karkhanis Architects provided design services.
|EXECUTIVE MOVES & NEWS
Bradford Allen promoted Ryan Moen to director from associate last month. Ryan is based in Bradford Allen’s West Suburban office and reps a wide variety of firms.
Michael McKiernan, an Avison Young principal who manages the company's Chicago office, announced that data center specialists Jim Kerrigan and David Horowitz have joined the brokerage’s Chicago operation as principals. They’ll work with clients in Canada and the US.
VOA Associates CEO Michael Toolis was re-elected to the Board of the Greater North Michigan Avenue Association. Toolis, an active GNMAA member since ’01, will serve a two-year term on the Board that expires in ’13.
Goettsch leaders elevated to the AIA College of Fellows recently include: Steven Niles (partner), James Pendergast (partner) and Leonard Koroski (principal). Of the 105 architects admitted to the college this year, six are based in Chicago.