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This Week's Chicago Deal Sheet

Centrum Partners has high hopes for its River North projects, a 50k SF office building at 412 North Wells (below) and adjacent 195-unit apartment tower at 221 North Hubbard. Construction on the $100M development is underway, thanks to Centrum locking in a $53M construction loan.

412 N Wells: Centrum’s boutique, trophy development at 412 N Wells

Centrum secured the $53M loan on the apartment tower in June from BMO Harris Bank. It's finalizing a separate $14M loan for the office tower. Both buildings are expected to deliver next year. Centrum and 412 North Wells' property management team, led by CBRE's Sara Spicklemire, are expected to market the building to tech tenants seeking smaller footprints in River North's red-hot tech office sector.

SALES

IFly at 800 West Scott Street, Chicago

Quantum Real Estate Advisors’ Chad Firsel repped both parties in the $3.4M sale of 800 West Scott St in Chicago, a 5,215 SF building leased to indoor skydiving company iFly (pictured).

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Millennium Properties’ Brad Thompson brokered the $1.2M off-market sale of three commercial condos at 114-120 North Halsted St. The condos, totaling 4,400 SF, are fully leased.

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Lee & Associates completed the following transactions:

  • Walter Murphy repped GD Carriers in the acquisition of 7373 South Lockwood Ave in Bedford Park. NGKF’s Jim Cummings and Jack Cozzie repped the seller, Eljay Realty Associates.
  • Chris Nelson repped Door for Builders in its acquisition of 800-850 Lunt Ave, a 54k SF warehouse and distribution center in Elk Grove Village. The seller was Sitex Group.
  • Chris Nelson repped CSM Fastener Products in its acquisition of 1850 Estes Ave, a 63k SF manufacturing building in Elk Grove Village. Cushman & Wakefield’s Mike Magliano repped the seller, RSI Investment.

LEASES

Butterfield Centre in Lombard, IL

NAI Hiffman's Brian Edgerton and Michael Van Zandt completed the following leases in the East-West Corridor:

  • The duo repped Travelers Insurance in its 6,985 SF lease renewal at Butterfield Centre, 700-720 East Butterfield Road in Lombard (shown), with catering company Notable Events.
  • They repped General Growth Properties in its new 2,354 SF lease with Andrew Staffing at the Oak Brook North Building, at 1200 Harger Road in Oak Brook. Brian and Michael also repped GGP in its 4,107 SF lease renewal with Estatax in the same building. BKB Commercial’s Brian Borken repped Andrew Staffing. Bradford Allen’s Joel Berger repped Estatax.

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Transwestern’s Tom Boyle and Jared Paff repped Design Phase in its 48k SF lease at Amhurst II, at Amhurst Lake Business Park in Waukegan.

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Lee & Associates completed the following leases:

  • Walter Murphy repped Illinois Industrial Tool in its new 166k SF lease at 16410 South John Lane Crossing in Lockport. Nicholson, Porter & List’s Mike Barbato repped the landlord, Lockport 355.
  • Chris Nelson repped ProCraft Cabinetry in its 47k SF lease with Prologis at 950 Thorndale Ave in Elk Grove Village. Prologis was repped by CBRE’s Kevin Segerson.

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Liberty Property Trust completed the following leases:

  • AmLED Technologies will occupy 39k SF at 1035 North Hilltop Drive in Itasca.
  • PSC Industrial Outsourcing signed a lease for 26k SF at 1071 Thorndale Ave in Bensenville, which is now fully occupied.
  • Stanley Black & Decker’s agreement for 12k SF at 901 South Route 53 in Addison brings the property to 100% leased.
  • Office Depot signed a 385k SF lease renewal at 515 Kehoe Blvd in Carol Stream.

FINANCING

A rendering of the new CNA Center at 151 North Franklin Street in Chicago.

HFF’s debt placement team, led by Michael Kavanau and Danny Kaufman, secured a $233.3M construction loan with Bank of the Ozarks, on behalf of The John Buck Co for the construction of CNA Center at 151 North Franklin St (rendering shown). The 35-story, 807k SF tower will be completed in 2018.

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Capital One arranged an $11.9M first mortgage to MedProperties Holdings to finance the acquisition of the 28k SF Center for Minimally Invasive Surgery in Mokena. The center is equipped with four operating rooms, a 14k SF surgery center and a 5,350 SF recovery center.

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ASC’s Alex Rek arranged $1.2M in financing for a six-unit apartment building in Chicago.

HIRES/PROMOTIONS

NAI Hiffman promoted Chris Gary to EVP. Chris was also named the firm’s newest shareholder.

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Saira Mohan Cooper joined Baum Realty as business development manager in the firm’s luxury division, focusing on fashion and high-end lifestyle retail.

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SRS Real Estate Partners established a new national net-lease group office in Chicago. Joining the firm to launch the office are former SVN | Chicago Commercial employees Dan Elliot, Sean Lutz, Chris Migely and Tara Tolomeo.