Contact Us
News

VK Buys Another; The Deal Sheet

Chicago

Want to get a jump-start on upcoming deals? Meet the major Chicago players at one of our upcoming events!

VK Buys Another; The Deal Sheet

Venture One Real Estate (through its acquisition fund VK Industrial I) has closed on a 44k SF industrial building at 2011 Swanson Ct in Gurnee. The property was built in 1976 and added to in 1988.

 
VK Buys Another; The Deal Sheet

The food grade distribution and production facility is fully air-conditioned and has land for expansion. Venture One purchased the building in a sale-leaseback with Woodland Foods, which was repped by Paine/Wetzel's Sam Badger, Brad Weiner, and Whit Heitman. The fund has acquired 750k SF of industrial property in 12 transactions in the Chicago market since opening in September 2010.

SALES NEWS

Jones Lang LaSalle's capital markets group closed the sale of 909 Davis in Evanston. The Class-A, 195k SF property was purchased by Franklin Street Properties Corp. Leading the JLL team on this transaction were Jim Postweiler, Bruce Miller, Jascint Vukelich, and Nooshin Felsenthal. The property was completed in 2002 and has a separately owned 12k SF retail portion that was not part of the sale but provides tenants on-site access to national retailers.

***

Cawley Chicago Commercial Real Estate represented the seller of a 10k SF industrial building in Warrenville, which had been in the market for more than a year. The purchaser was a user who lives in the area, looking to reduce his commute time by relocating from the O'Hare area. American Chartered Bank provided financing. 

***

Millennium Properties' Brad Thompson repped the seller of four condo units at 6605 to 6607 S Kimbark Ave for an undisclosed sum. The Paper Street Group purchased the condos from Bayview Loan Servicing. Mike Abraham repped the buyer. The four condo units are part of an eight-unit development near the University of Chicago. At the time of the sale, three of the four two-bedroom apartments were occupied.

AWARDS

@properties' Michael Golden was named the 2011 REALTOR of the Year by the Chicago Association of REALTORS. Michael, a past president of CAR, was recognized for his outstanding contributions to the industry. Behind Michael and his partner, Thaddeus Wong, Chicago-based @properties opened new offices in Winnetka and Lake Forest, surpassed 1,000 agents, and completed sales at Chicago condominium developments including R+D 659, SoNo, and Elysian Private Residences.

***

The Construction Writers Association has given Englewood Construction the 2011 Website & Electronic Communications Blog Award for its commercial construction blog HardHat Chat. Past winners in the blog category have included Building Design+Construction's BuildingTeam360 Blog and ENR - “Critical Path” from Tudor Van Hampton. Launched in 2009, the blog has gotten more than 22,000 page views.

MERGER

Plan B Solutions has acquired property management firm Rockwell Group Property Management. The newly combined company, Rockwell Partners, will offer a range of real estate services including property management, court-appointed receivership, construction management, leasing, and consulting services. Plan B's clients include American Chartered Bank, Wintrust Financial, Bank of America, Cohen Financial, Cole Taylor Bank, Starwood Capital, Hudson Advisors, The University of Chicago, The Broe Group, PNC, and CIT Group. Ted Thilman, Patrick Bader, Douglas Fisher, and Matthrew Welke will serve as managing principals of the new firm. Rockwell Partners will be based on Goose Island with satellite offices in Marquette Park and Rogers Park.  

EXECUTIVE MOVES

Patricia Aluisi has been named chief administrative officer and SVP at MB Real Estate. She will play a multi-faceted role and manage the firm's marketing, human resources, and IT departments. Patricia was previously GC and director of corporate administration for London-based Bovis International. Her projects included the Petronas Towers and Kuala Lumpur City Center in Malaysia, Euro Disneyland, and Canary Wharf. She earned a bachelor's degree and JD from University of Maryland.

***

Kelly Schmidt has joined Trammell Crow Co as project coordinator. She will be responsible for marketing, new business development, financial analysis, accounting and project management throughout the Midwest. Kelly joins TCC from Colle+McVoy in Minneapolis, where she served as an account executive. She has a bachelors in marketing from the University of Minnesota.

***

Julie Markin has been named director of sales at Avenue Business Center. She has many years of experience in sales and management of executive suites in the Chicago area. She will be in charge of leasing individual offices and virtual offices at the 500 N Michigan Ave location.

***

Darin Reed has joined JCF Real Estate as assistant property manager. He will be responsible for a variety of property management assignments across several product types including industrial, office, retail, residential, land, and multifamily. Additionally, he will be a member of the firm's receivership staff, which currently services more than 75 assignments. Darin was previously employed as an assistant community manager with Sherman Residential.

***

Jack Sbertoli and Phil Larsen have joined The Missner Group as project manager and superintendent, respectively. Jack brings more than eight years of experience and will be directly responsible for preparing estimates and proposals, bidding construction trades, awarding and issuing subcontracts, and managing all phases of construction. He comes to The Missner Group from McShane Construction. Phil is a 35-year industry vet. He will be directly in charge of daily construction operations, including the management of field staff, subcontractors, and suppliers. He was previously a field superintendent with Summit Design + Build.

 

LEASING

Jones Lang LaSalle's Robin Stolberg and Kurt Sarbaugh completed a variety of sales and lease transactions totaling more than 750k SF in Lake County, northern Cook County and southeast Wisconsin. The deals, which were finalized on behalf of both occupiers and owners, include:

  • The long-term renewal of a 194k SF lease at 1515 Franklin Blvd in Libertyville for the US HQ of Zeller Plastik.

  • The sale of a three-building, 270k SF portfolio in Northbrook between buyer Zilber Property Group and seller Gemstone Real Estate Partners.

  • A new 82k SF lease negotiated for tenant Hospira Worldwide at 10616 82nd Ave in Pleasant Prairie, Wisc.

  • The renewal of a 69k SF lease for Baxter Healthcare at 900 Corporate Grove Rd in Buffalo Grove on behalf of the building's owner, Clarion Partners.

  • More than 135k SF of additional acquisitions and leases completed for clients including Smith's Medical, Gehrke Technology, Norandex, and Graebel Relocation Services

***

Paine/Wetzel • ONCOR International's Jerry Sullivan and Brandon Wright have completed the lease of 10 acres of land located at 2302 Channahon Rd in Joliet. Maritime Delivery Services leased 10 paved, fenced and lighted acres for container and trailer parking. The intermodal transportation company is relocating its operations from New Lenox. Jerry and Brandon repped the tenant. CenterPoint Properties was represented internally by Brian Quigley.  

***

Kudan Group's Jeremy Kudan repped Brendan Sodikoff, owner of Maude's Liquour Bar, Gilt Bar and the Doughnut Vault, in two recent lease negotiations. Sperry Van Ness's Scott Maesel represented the landlord of 800 W Randolph, where Sodikoff plans to open Sweeney's, a modern gastronomic diner, in the 1,300 SF space. Brendan also plans to open another restaurant at 112 N Green St. The 12k SF space will be the new home of his barbecue concept. The space is scheduled to open in early 2012.

CONSTRUCTION NEWS

Morgan / Harbour Construction Co has completed a 5,300 SF office build-out and expansion for Evergreen Private Bank at Oak Brook Regency Towers at 1515 W 22nd St in Oak Brook. The bank leased the additional square footage to accommodate an expansion on the 12th floor of the building. Morgan / Harbour Construction will convert the existing open area into separate offices and build out a new open work space. Project managers were Morgan/Harbour's Ben Warriner, Noah Warriner, and Andrew MacMillian. Richard Piper is providing the architectural services.

FINANCING

Aries Capital arranged an $8.4M, non-recourse loan for a 180-bed skilled nursing facility in eastern Oklahoma. Aries' Leonard Smith and Eric Jones were the originators of the transaction. Aries Capital arranged the two-year IO bridge loan on behalf of a borrower that had been seeking financing options for more than a year. The new loan secured by Aries enabled the owner/operator of the nursing facility to close out an existing HUD loan as well as buyout the other partners in the business.