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This Week's Chicago Deal Sheet

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Beacon Capital Partners has been busy with capital improvements to One North Dearborn since Beacon bought the 17-story building for $205M in October 2015. That has included sustainable retrofits: One North Dearborn is now a LEED Gold-certified building.

One North Dearborn, Chicago
One North Dearborn

Beacon Capital implemented $27M in capital improvements to One North Dearborn, including upgrading the climate control systems, while maintaining the wide "Chicago windows" that are a hallmark of the First Chicago School of Architecture that make it an attractive lease option for new office tenants.

One North Dearborn is the fourth-oldest building in Illinois, and sixth-oldest nationally, to achieve LEED Gold status.

SALES

Bloomingdale Corporate Center, Bloomingdale, IL

NGKF’s Elise Couston and Adam Marshall repped Barings Real Estate Advisers in the acquisition of Bloomingdale Corporate Center, a 276K SF, 20-acre, three-building industrial business park. Cushman & Wakefield’s Brit Casey and Al Caruana repped the seller, IDI Gazeley.

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Millennium Properties brokered the sale of 14 commercial and residential properties through three recent sealed-bid auctions.

  • One of the auctions sold four commercial condos in Bartlett for more than $500K. These condos included a 5,100 SF turn-key office space with frontage on Bartlett Road and three units with potential for retail or office use.
  • A nine-property portfolio was auctioned off in December. This portfolio included four residential rental properties, including a six-unit mixed-use building, a two-flat apartment building and a duplex three-bedroom condo. Also included in the portfolio were five residential land sites in Chicago and its southern suburbs.
  • The final auction was the sale of a custom three-bedroom single family home the White Oaks subdivision in Yorkville.

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Brown Commercial Group’s Mike Antonelli completed the following transactions:

  • Veethree Instruments purchased a 15K SF distribution center at 2055 Comprehensive Drive in Aurora. Transwestern’s Justin Lerner represented the building’s seller, Kelmscott Properties.
  • Kodiak Controls purchased a 13K SF warehouse at 734 Oakridge in Romeoville. Terri Alexander of Transwestern represented the seller, Lakeridge Partners.

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First Western Properties’ Paul Tsakiris was the sole broker in the sale of an automotive service center at 1911 North Green Bay Road in Evanston.

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Adelphia Properties’ George and Simeon Spirrison repped both parties in the $3.4M sale of a newly constructed, two-tenant retail building at 100 West Rand Road in Mount Prospect.

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A four-building portfolio in Chicago's Hyde Park neighborhood was sold by Interra Realty

Interra Realty’s Joe Smazal repped both parties in the $7.3M sale of a four-property portfolio with a total of 24 units in Chicago's Hyde Park neighborhood. The buildings are at 5409-11 South Blackstone Ave., 5533-35 South Blackstone Ave., 5623-25 South Dorchester Ave. and 5427-29 South Greenwood Ave.

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Lee & Associates’ Jay Farnam completed the following transactions:

  • Farnam repped Madden Glass in the sale of a 7K SF building at 60 Gordon St. in Elk Grove Village. Resource Commercial Advisors' Shaun Burke repped the buyer.
  • Farnam repped Nilan Manufacturing in the sale of a 21K SF warehouse/distribution facility at 1215 West National St. in Addison to Dan Dee II. Century 21 Affiliated's Gloria Nowaczyk repped the buyer.

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Entre Commercial Realty’s Dan Benassi and Mike DeSerto repped Nicholas & Associates in the acquisition of a 31K SF building at 1401 Feehanville Drive within Mount Prospect’s Kensington Business Center. Nicholas & Associates began retrofitting and doubling the footprint of the facility. The seller was repped by Cushman & Wakefield’s Michael Magliano.

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Molto Properties completed the following transactions:

  • Molto acquired 79 acres along McLindon Road in Minooka and will prepare the site in spring to develop a 1.3M SF industrial building. Colliers International’s Jim Estus repped Molto. The seller was repped by Colliers International’s Lynn Reich.
  • Molto acquired 47 acres at 5425 Exploration Drive in Indianapolis, Ind., and will partner with Holladay Properties to build a 621K SF spec industrial building. CBRE’s Terry Busch and John Hanley repped Molto in the transaction and will lease the property. Cushman & Wakefield’s Michael Weishaar and Scott O’Neil repped the seller.
  • Molto closed on a 10-acre site on Davey Road in Woodridge, where it will build a 125K SF spec industrial building. Colliers International’s Jim Estus will lease the new facility.
  • Molto acquired a six-acre site at Fisher Drive in Naperville, where it will build a 105K SF spec industrial facility. CBRE’s Jeffrey Kapcheck repped Molto, and will be responsible for leasing the new building along with CBRE’s David Prell.

LEASES

225 West Wacker Dr., Chicago

MB Real Estate’s Andrew Davidson, Jay Beadle and Craig McCaw repped PPM America in its lease renewal and expansion at 225 West Wacker Dr. PPM will now occupy 101K SF in the building. Owner Mirae Asset Global Management was repped by Hines’ Brian Atkinson.

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NAI Hiffman’s Adam Johnson repped PT Solutions in its 3,600 SF lease at Willowbrook Shopping Center in Willowbrook.

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Baum Realty’s Bob Aranyi repped the Wongkamalasai family (owners of Caffé Baci and Caffe RōM) in a lease for pHlour Bakery at 1138 West Bryn Mawr in Edgewater. The bakery is slated to open this spring.

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Cushman & Wakefield’s Britt Casey, Chris Lydon and Al Caruana repped Apollo Flow Controls in its 226K SF industrial lease at 1881 Normantown Road in Romeoville. The landlord, Molto Capital, was repped by Colliers International’s Jim Estus.

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One Oakbrook Terrace, Oakbrook Terrace, IL

NAI Hiffman’s Brian Edgerton and Michael Van Zandt repped ownership of One Oakbrook Terrace in its 4,129 SF lease expansion with AMICO, a Denver-based multifamily REIT. The tenant was repped by Cresa Partners’ Matt Schiffler and Brendan Fisher.

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Lee & Associates’ Nick Eboli and Andrew Block repped Duke Realty in a 34K SF lease with Radiac Abrasives at 880 Enterprise in Aurora. JLL repped the tenant.

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Savills Studley’s Jon Azulay and Bruce McConnell repped Breg in a 109K SF lease at 2835 Fortune Circle West in Indianapolis, Ind. The landlord, Exeter Property Group, was repped by Andy Brown.

HIRES/PROMOTIONS

Molto Properties hired Anthony Cincinelli as vice president of construction and development. Cincinelli was most recently a project executive and director of business development at McShane Construction.

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Transwestern expanded its Chicago occupier services with the acquisition of TRU Office Advisors. TRU founders Dave Wilson and Ryan Foran will join Transwestern as executive vice presidents, and Wilson will sit on the firm’s Chicago advisory board.

Sheppard, Mullin, Richter & Hampton hired Katherine Gillespie and Laurette Petersen as partners in the firm’s energy, infrastructure and project finance team, and Katarzyna Levecke as special counsel on that team.

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CBRE Corporate Capital Markets promoted Andrew Sandquist to executive vice president. Sandquist has closed more than $10B in total transactions across North America, Europe and Asia.

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Maverick Mortgage promoted Matthew Cohen to associate. Cohen has been involved in the financing of more than $500M of commercial real estate, including securing a $34M first mortgage for Sunset Village Manufactured Housing Community.

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Stantec Architecture hired Barbara Riekse to head the firm’s Chicago workplace studio.

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Lexington Homes hired Michelle Bendien as director of sales.

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Louise Barry joined the CBRE Advisory & Transaction Management team in Chicago as director of international transaction management reporting into the LMA. In her new role, Barry will serve as a key integrator of the international transaction management program, optimizing the delivery of transactions outside of North America and ensuring alignment with clients’ global portfolio strategies. She will be working with one of CBRE’s leading transaction management teams, led by Chicago-based executive vice presidents Mark Pasquella and Chris Reynolds.

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Hospitality industry veteran Chad Severson joins Kudan Group, bringing his hospitality expertise to the brokerage world. Some of the notable restaurant groups Severson has worked with are Champp’s, Tilted Kilt and Punch Bowl Social. Kudan Group also partnered with attorney Daniel Rubinow as an expert in regulation and litigation pertaining to business licensing. A gaming expert, Rubinow has worked for Chicago’s Department of Business Affairs and Consumer Protection, the city’s License Appeal Commission and the Cook County Circuit Court.

KUDOS

Morgan/Harbour Construction's new offices in Willowbrook, IL

Morgan/Harbour Construction relocated its HQ to 7510 South Madison St. in Willowbrook. Morgan/Harbour doubled its footprint to 19K SF and relocated from Woodridge.

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RE/MAX Horizon's Ronald Ewing was named Single-Office Broker/Owner of the Year by RE/MAX Northern Illinois at its 40th annual awards celebration Feb. 17 at Navy Pier.

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Berkshire Hathaway HomeServices KoenigRubloff Realty Group’s Mikus Kins was named by the Illinois Realtors Association to represent the association as it works to build ties with the Republic of Lithuania. The partnership is through the association’s Consulate General Liaison program, which matches members with experience in international real estate with foreign consulates.