This Week's Chicago Deal Sheet
The exit of RR Donnelley from 111 S Wacker in May left the 51-story office building significantly empty. But two new anchor tenants will soon call the tower home.
Axis Reinsurance signed an 11-year lease for all 28k SF on the 35th floor, while Houlihan Lokey inked a 15-year deal for over 57k SF on the 37th and 38th floors. The new leases keep 111 S Wacker's occupancy rate at around 97%. Telos Group's Jamie Dix, Brian Whiting and Bill Truszkowski repped building owner Union Investment Real Estate in the leases. Axis was repped by Colliers' Tom Volini, while Houlihan Lokey was repped by Cushman & Wakefield's Chris Wood, Steve Schneider and Andy Heymann.
SALES
Colliers completed the following deals:
James Estus and David Kahnweiler repped Prologis in the acquisition of 800 S Veterans Pkwy (shown) and 850 S Veterans Pkwy in Bolingbrook. The seller was International Airport Centers. 800 S Veterans Pkwy is a 325k SF industrial facility constructed in 1999. It features nearly 25k SF of office, 291-car parking and 46 docks. 850 S Veterans Pkwy is a 361k SF facility constructed in 1997. It features 30-foot clear ceiling height, ESFR sprinklers, 37 current dock positions with ability to expand, and three drive-in doors.
Jason Yale repped the buyer and seller of a 10k SF Family Dollar at 1282 Kings Rd in Jacksonville, FL, for $2M.
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Interra Realty’s Ted Stratman and Dan Byrne repped the buyers and sellers for the following closings:
- 5910 S King Dr, a six-unit multifamily property, for $440k.
- 6427 S Drexel, a six-unit multifamily property, for $510k.
- 5156 S Indiana, an eight-unit multifamily property, for $490k.
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Windy City RE’s Milan Rubenstein repped the buyer of 4801 N Ridgeway, 11 apartments in Albany Park for $1.5M. The sale provided a 65% overall return to investors.
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HSA Commercial Real Estate led a partnership in the acquisition of a 37k SF Barnes & Noble center at 4935 South 76th St in Greenfield, WI. HSA Commercial will lease the center.
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Transwestern’s Mark Imrem and Andrew Watson repped Education Corporation of America (ECA) in the sale and leaseback of the 24k SF Kaplan College building at 7833 Indianapolis Blvd in Hammond, IN, to an undisclosed private investor for $3.5M.
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NAI Hiffman’s John Whitehead repped buyer Cadence Premier Logistics in the closing of 44.5 acres in Joliet’s Laraway Crossings. Cadence will build a 121k SF building to house its corporate HQ and warehouse space. NAI Hiffman’s Steve Connolly and Eric Tresslar repped sellers Ryan Cos and ASB Real Estate Investments.
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Essex Realty’s Kate Varde and Doug Imber repped the buyer of 1261-1301 W Argyle and 1338-1354 W Argyle, a total of 158 apartments, for $17M.
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First Western Properties Fahim Lakhani and Paul Tsakiris repped the buyer and seller in the closing of 6501 S Cicero, near Midway Airport. The property will be home to Vis, Best Western’s new upscale hotel concept.
LEASES
Paine Wetzel’s Jeff Blake repped M&R Printing Equipment in the 14-year lease of 440 Medinah Rd, a 320k SF facility in Roselle. Value of the term rent is in excess of $19.2M.
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Lincoln Property Midwest repped Vistex in its lease renewal and expansion at 2300 N Barrington Rd. Vistex will occupy three floors and more than 70k SF, bringing the building to 92% occupancy.
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JLL’s Robin Stolberg and Kurt Sarbaugh repped HD Electric in its lease renewal of 20k SF at 1475 Lakeside Dr in Waukegan. NAI Hiffman’s Whit Heitman, Sam Badger and Brad Weiner repped landlord Prudential Insurance.
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NAI Hiffman's Mark Moran and Steve Connolly repped Power Equipment Direct (PED) in its new lease with Prologis for 210k SF at 969 Veterans Pkwy in Bolingbrook (pictured).
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Colliers’ David Burden and Thomas Bearducci repped law firm Chapman Spingola in an 11k SF long-term lease at 190 S LaSalle. The building’s owner, Tishman Speyer, was self-represented.
FINANCING
ASC’s Igor Zhizhin arranged $2.95M in financing for an 84-unit multifamily property in Kenosha, WI. ASC was able to secure the cash-out/refinance loan with a 20-year term, high leverage, non-recourse, and fully assumable ARM structure with a correspondent Agency lender.
HIRINGS/PROMOTIONS
Transwestern promoted John Marquardt to EVP in the national tenant advisory services group. John has executed more than 250 transactions totaling over 3.5M SF in 10 years with Transwestern.
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MB Real Estate promoted Suzanne Hendrick to director of asset management. Suzanne will provide oversight and guidance for MBRE’s 20M SF portfolio.
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Jack Devedjian joined The Habitat Co as VP of operations. Jack, a 20-year real estate veteran, was previously SVP of real estate development, facilities and capital projects for the YMCA of Metropolitan Chicago.
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Colliers added Suzanne Serino as VP of its industrial advisory group. A 16-year veteran, Suzanne specializes in repping landlords and tenants in the sale, leasing and development of industrial properties, primarily in the O’Hare and DuPage submarkets.
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Darwin Realty & Development promoted Doug Pilcher to VP. Doug completed over 650k SF in transactions totaling more than $26M in value in 2014.
