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Virgin Hotel in the Works; The Deal Sheet

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Virgin Hotel in the Works; The Deal Sheet
Virgin Hotels has purchased the Old Dearborn Bank Building in downtown Chicago in an all-cash transaction and plans to convert the former office building, reopening it as Virgin Hotel Chicago in the fall of '13.
 
203 N Wabash
The new hotel at 203 N Wabash will have 250 guest rooms and meeting spaces, restaurants, and lounges. Virgin Hotels will work with The John Buck Co to redevelop the building, a 1928 landmark designed by CW and George L Rapp Architects. Virgin also has hotels being developed in NY, San Fran, DC, and London.

LEASING


CA Technologies signed a lease for 84k SF at Central Park of Lisle in Lisle. The lease includes the top two floors at 3333 Warrenville Rd. Jones Lang LaSalle's Ben Erskine repped the tenant, and Saletta Commercial Realty's Tom Saletta repped the landlord.

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Transwestern's Patrick Owens repped Zip Fitness in four transactions across Chicagoland: 16k SF at the Grandview Court Shopping Center at 730 N Green Bay Rd in Waukegan; 18k SF at the Harlem-Foster Shopping Center at 7300 W Foster Ave; 20k SF in the Marycrest Shopping Center at 1234B W Jefferson St in Joliet; and 15k SF in the Market Shopping Center at Briarcliff and Route 53 in Bolingbrook.

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Paine/Wetzel · ONCOR International's Albert Schulman has completed three industrial transactions in Chicago:

  • Patrick Buck purchased an 8,650 SF building at 2027-29 S Wabash Ave as a new location for the company. The commercial facility with a second floor apartment was chosen primarily because of the convenient South Loop location. Albert repped the seller, 2027-29 S Wabash LLC, and @properties' Marna Spizz repped the buyer.
  • Golden Eagles Distributors leased 14k SF within a 387k SF industrial facility at 4139 W Ogden Ave for the relocation of its operations from Niles. Albert repped the tenant and the building owner, K Town Investment, was self-represented.
  • Fresenius Medical Care of IL leased 8,096 SF of space within a 64k SF building at 1452 W Willow St to accommodate the expansion of its dialysis clinic. Albert repped the landlord, Elston Industrial Lofts, and Cushman & Wakefield Loren Guzik repped the tenant.

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The Valspar Corp expanded its lease by 18k SF at the O'Hare Plaza office complex, where the company now leases a total of 58k SF. Jones Lang LaSalle's Dan Fernitz and Rick Benoy repped building ownership, while Colliers International's David Burden repped Valspar. Valspar moved its architectural products division onto the building's top three floors last June and is taking the additional space on the ninth floor.

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Kudan Group's Dave Bennett negotiated the sublease of the former Spaghetti Warehouse at 101 Busse Rd in Elk Grove Village. Dave represented Spaghetti Restaurants America and Hibachi Grill Buffet. The Asian fusion buffet will be open for lunch and dinner and is set to open spring of 2012.

SALES


Marcus & Millichap's Mark Myers, Christopher Hyldahl, and Joshua Jandris closed the sale of a three-property seniors housing portfolio in Indiana. The properties were sold $52M. The three centers include Forest Creek Commons in Indianapolis, North Woods Commons in Kokomo, and Covington Commons in Fort Wayne. Marcus & Millichap repped the seller, BAI of Indiana, and the buyer, Five Star Quality Care Inc. Marcus & Millichap's Joshua Caruana is the firm's broker of record in Indiana.

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Marcus & Millichap's Kyle Stengle listed and sold an REO River North office condo at 200 W Superior. The property is a 1,551 SF single-tenant net-leased property and sold for $215k. The seller was a bank/financial institution based in Wisconsin. The buyer is a private investor, also repped by Kyle.

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Kudan Group's Dave Bennett negotiated the business sale and lease of Bob McCullough's Pub and Billiards at 333 S Roselle Rd in Schaumburg on behalf of buyer Larry Rebodos, owner and operator of Big Shot Piano Bar in Arlington Heights. He plans to continue the same concept that patrons know. The 3,800 SF sports bar is currently open.

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Marcus & Millichap's Alex Blagojevich, Andrew Daitch, David Gaines, Paul Davis and Kurt Michael Shoemaker lister and sold the Daytona Village Apartments, a 229-unit apartment property at 530 Daytona Pkwy in Dayton, OH. The asset commanded a sales price of $1.9M.The seller was Freddie Mac. The buyer, a private partnership from Cincinnati, was procured by the listing team.

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Marcus & Millichap has received the exclusive listing for Stonegate Apartments, an 11-building 420-unit apartment complex in Glendale Heights. The listing price of $31M equates to $73,810 per unit. Marcus & Millichap's Nicholas Manganais and David Tarnoff are repping the seller, Stonegate Venture Corp. The complex is at the interstection of Glen Ellyn Rd and Gregory Ave in Glen Ellyn.

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Millennium Properties' Brad Thompson sold two buildings for Bayview Loan Servicing in Humboldt Park. The 10k SF industrial property at 944 N Spaulding Ave was purchased by Tucker D Enterprises after securing financing with American Chartered Bank for an undisclosed sum. Brad repped both parties. The second property was a commercial condo at 860 N California Ave. In an all-cash deal, EDJ Investments purchased the condo from Bayview Loan Servicing for an undisclosed sum.

CONSTRUCTION


Bluestone Healthcare Partners is developing an new medical office building on 2.5 acres at 4220 W 95th St in Oak Lawn. The new three-story construction will be located adjacent to Advocate Christ Medical Center and have 60k SF of MOB space. It is planned as a regional outpatient and primary care facility and will include a specialized cancer treatment center. Groundbreaking is scheduled for summer 2012 with occupancy in mid 2013. Anderson Mikos Arhictects is designing the building.

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The Missner Group was selected as the general contractor for the construction of the new 58k SF McGrath Acura of Chicago dealership at 1301 N Elston in Chicago. This is the first location for Acura within the City of Chicago. The construction includes an 11k SF addition to the 47k SF facility and renovations including the addition of a service center and 21 service bays. Sustainability will also be a consideration as Missner builds a vegetative roof and uses permeable pavers. Missner's Judd and Glen Missner are the principals overseeing the project, while Jess Knigge is the firm's project executive and Drue Stohr is the senior project manager. Balay Architects is providing the architectural services.

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Catfish Point selected JC Anderson to remodel 51k SF of office space at 5515 N East River Rd in Chicago for FH Paschen, SN Nielson. JC Anderson will remodel two full floors of the facility and include an open office space area, conference rooms, executive offices, café/break room, and support areas. FHPSNN is relocating its offices from 8725 W Higgins Rd in Chicago. JC Anderson's Bruce Sturgis is the principal and Tom Wold is the project manager. Gensler is providing architectural services, and completion is scheduled for fall 2011.

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Flavorchem Corp hired Krusinski Construction Co to build its laboratory, manufacturing, and office renovation and addition to its HQ in Downers Grove. The project includes a 50k SF renovation, the addition of a 5,000 SF link between two buildings, and process work to accommodate its manufacturing functions. Krusinski's Joe Krusinski III is the senior project manager and Rick Drews is the project superintendent. Heitman Architects is the project designer.

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Morgan / Harbour Construction has been selected to construct an office build-out for TECTA in Rosemont. Co-owners White Oak Realty Partners and Transwestern Investment Co hired Morgan / Harbour to construct an 11k SF office build-out within Columbia Centre I, a nine-story, 221k SF office property located at 5600 N River Rd. The project will include the construction of private offices, conference rooms, and a break room. Morgan/Harbour's Ben Warriner will be the project executive and Scott Staros will be the project manager. Whitney will provide architectural services.

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Summit Design + Build completed construction on the newest Prasino, a family-owned chain of restaurants, at 1846 W Division in Wicker Park. The 5,000 SF restaurant features a 100-person patio that spans the south side of the restaurant. Summit's Mark Heffron and Bryana Yergler were responsible for the on-site construction. Simeone Deary and Byrne Design provided architectural services.


EXECUTIVE MOVES


Wayne Kouf has joined @properties as VP of brokerage services for the company's Gold Coast/Streeterville office. Prior to joining @properties, Wayne was managing broker at the Lincoln Park/Halsted office of Prudential Rubloff. He also has held management positions at two other independent real estate firms in Chicago, as well as the largest real estate company in Canada.

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Todd Halamka has been promoted to SVP at the Chicago office of HOK. He continues as director of design and co-lead of the Chicago Management Committee. Todd has more than 25 years of professional experience. His current projects include a 500-room Hilton convention hotel in Columbus, Ohio, a 1,000-room JW Marriott Hotel in downtown Indianapolis, and the Seawoods mixed-use development in Navi Mumbai, India. He is a graduate of the University of Illinois at Urbana-Champaign.