Contact Us
News

This Week's Chicago Deal Sheet

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

Business has picked up for CBRE in the East-West Corridor of late. Along with last week’s news that the firm was consolidating its suburban offices to Oak Brook came an announcement of a prime leasing assignment nearby.

Westbrook Corporate Center, Westchester, IL

CBRE was awarded the leasing assignment for the 1.2M SF Westbrook Corporate Center, at 22nd Street and Wolf Road in Westchester (shown). The property, which is owned by Equity Office, is 83% leased and hosts anchor tenants such as Follett Corp and Ingredion. Equity Office has made improvements to the center's lobbies, fitness center and conference rooms, and is at work building spec suites ranging from 2k to 6k SF. CBRE’s Pete Adamo, Josh Robbins and Tara Torbik will handle leasing.

SALES

Grand Tri-State Corporate Center, Gurnee, IL

CBRE’s Bill Novelli and Derek Fohl and Tri-State Realty’s Robert Elbrechet repped the seller, and Wm C. Groebe & Co’s Bill Groebe repped the buyer, Frank Costa II, in the $9.5M sale of Grand Tri-State Corporate Center. The four-building, Class-B office campus (pictured) in Gurnee is 86% leased.

***

Venture One Real Estate, through its VK Industrial III fund, completed the following acquisitions:

  • A vacant, 22k SF industrial building at 951 North Raddant Road in Batavia. The seller was repped by Darwin Realty’s Brendan Sheahan, who was also retained by Venture One to market the property.
  • A 56k SF, multi-tenant industrial building at 940-950 Greenleaf Ave in Elk Grove Village. Colliers’ Matt Stauber, Thomas Rodeno and Patrick Turner repped the seller and were retained by Venture One to market the property.
***

Interra Realty’s Jon Morgan, David Goss and James Clough repped both parties in the $5.1M sale of 1530-32 North Damen Ave in Wicker Park. Northpond Partners bought the vintage 1904 building from North Avenue Day Nursery, a nonprofit organization.

***
180 North Wacker Drive, Chicago

Greenstone Partners’ Jason St. John, Peter Weitz and Jon Hegwood repped both parties in the sale of 180 North Wacker Drive, and Greenstone Asset Management was hired to lease and manage the property.

***

SVN | Chicago Commercial’s Tim Franz was the sole broker in the $3.5M sale of Georgetown Square, a 16k SF shopping center at 1837-51 West Irving Park Road in Schaumburg.

***

Essex Realty’s Matt Welke was the sole broker in the $915k sale of 1515-1517 Ashland Ave, a nine-unit apartment building in Des Plaines.

LEASES

8601 West 47th Street, McCook, IL

NGKF’s Geoff Kasselman completed the following leases:

  • Geoff repped Assemblers in a long-term, 353k SF lease at 8601 West 47th St in McCook (shown). The owner, Heitman, was repped by Cushman & Wakefield’s Jason West.
  • Geoff and Jack Cozzie repped Petco in a 310k SF lease renewal at 3801 Rock Creek Blvd in Joliet. Cushman & Wakefield’s Jason West repped the landlord, TIAA-CREF.
  • Geoff, along with Corey Chase and Joshua Bauer, repped an undisclosed Fortune 500 manufacturer and distributor in a long-term, 52k SF lease in Hodgkins. Cushman & Wakefield’s Sean Henrick repped the landlord, Exeter Property Group, along with Exeter’s Jason DeFilippis.
***

CBRE’s Ryan Bain, Zach Graham and Tom Harmon repped Clarion Partners in the following leases:

  • Atturo Tires signed a 67k SF lease at 3250 North Oak Grove Ave in Waukegan and was also repped by Ryan, Zach and Tom.
  • K International signed a 31k SF lease at 3210 North Grove Ave in Waukegan and was repped by Transwestern’s Tom Boyle and Jared Paff.

FINANCING

An office building in Glenview, IL

Northpoint Capital’s Mark Perkowski facilitated a $5.5M refinancing loan for a 40k SF office building in Glenview (shown). Mark worked with Kansas City Life Insurance Co to structure a 20-year term loan with flexible prepayment.

***

SomerCor 504 recently completed SBA 504 financing deals in the Chicagoland area:

  • Danco Converting Co obtained $2M to purchase a 110k SF industrial building at 455 East North Ave, Carol Stream.
  • HD Hospitality acquired $999k to purchase a two-story, 60-room hotel at 4375 Frontage Road, Oak Forest.
  • Cahill's Family Restaurant obtained $97k to purchase a 3,480 SF restaurant property at 334 North Gilbert St, Danville.
  • Coker Service acquired $902k to purchase a 14k SF office/warehouse building at 150 East North Ave, Villa Park.
  • Sierra Manufacturing Corp obtained $381k to purchase a 14k SF industrial building at 470-480 South Irmen Drive, Addison.
  • Georgia Nut Co got $657k to purchase a 44k SF industrial building at 7520 Long Ave, Skokie.

HIRES/PROMOTIONS

SmithGroupJJR hired Kay Wulf to lead the workplace studio in its Chicago office. A 25-year industry veteran, Kay was most recently at Fitzgerald Associates Architects, where she launched its interior design practice.

***

Draper and Kramer promoted Ian Novak to VP of condo management services, and appointed Jay Howell as director of operations for the same unit.

***

Berkshire Hathaway HomeServices KoenigRubloff Realty Group promoted Jude Marchetti to assistant managing broker of the Elmhurst, Naperville and Glen Ellyn offices.

***

Essex Realty hired Jordan Multack to the firm’s multifamily practice, where he’ll work with managing partners Jim Darrow and Jordan Gottlieb.

KUDOS

The McShane Cos CEO Jim McShane was honored with the Urban Land Institute Chicago District Council’s Lifetime Achievement Award at the 22nd annual awards dinner on Dec. 1.

***

NAIOP named Building Bravo in RidgePort Logistics Center the Industrial Speculative Development of the Year at the association’s Annual Awards of Excellence.

***

Congratulations to Bradford Allen Realty Services, which was named the exclusive leasing agent for 1900 Spring Road in Oak Brook, also known as Citibank Office Plaza. John Millner and Ryan Moen will be leasing the 107k SF, Class-A building, which is 87% leased.