| Twenty years ago we would have been out at Skate on State on Block 37, but today, there are far more profitable assets on the site. Prudential Real Estate Investors closed on its purchase of 22 W Washington, PREI’s Catherine Marcus tells us. The building kicked off the reconstruction of the once-vacant block about five years ago. The $183.5M purchase is part of PREI’s core PRISA fund, an open-ended fund that began in 1970. | ||
| The 480k SF building’s location and two major tenants (Morningstar and CBS) attracted PREI to the property, Catherine says. Sellers Golub & Co and BlackRock tried to sell the building over the summer, but an investor who had planned to pay $188Mfor the property pulled out in the midst of stock market troubles. PREI paid all cash for the building, which houses Regus office spaces and the CBS street-side studio across from Daley Plaza. Golub will remain the property manager. | ||
SALES NEWS Marcus & Millichap's Charles LeClaire arranged the sale of 42 self-storage facilities in California, Illinois, and Hawaii. In all, the A-American Self-Storageportfolio includes 2.8M SF. The assets, which include 25 units sold
for $163.4M. The seller was A-American Self Storage. The buyer was CPA:17-Global, a non-traded REIT affiliate of WP Carey & Co. *** Cole Real Estate Investments acquired Caremark Tower II, a 195k SF office building in Northbrook for $44M. The property is net-leased to CVS Caremark, with 10 years remaining on the lease. The property includes a three-story, 250-space parking structure. Cole’s Boyd Messmann repped the buyer. HFF’s Ken Glomb and Stephen Livaditis represented the seller. *** Lee & Associates’ Scott Anderson repped seller CenterPoint Property Trust in the sale of a 102k SF manufacturing facility on 5.8 acres at the Ford Supplier Park on the southeast side. Ford Motor Co was the buyer. *** Essex Realty Group's Doug Imber and Mike Tetrick brokered the sale of Oak Knoll Apartments, a 98 unit apartment community in Cary. The sales price for the four two-story buildings, which include 59 one bedrooms, 36 two bedrooms and 2 three bedrooms, was $6.5M. ***
*** Lee & Associates’ Scott Anderson repped seller Arquilla Industries in the sale of a 40k SF warehouse on 5.9 acres in Harvey. The buyer, Seefried Properties was represented by CBRE. The property, which is adjacent to the Canadian National Railroad intermodal, will serve as a distribution center for The American Bottling Co. *** The Boulder Group's Randy Blankstein and Jimmy Goodman repped the seller of a single tenant net leased Starbucks property at 4820 N University St in Peoria for $1.2M. The 1,928 SF building was developed in 2005 on an outparcel to a Schnuck’s grocery store. The buyer was a private individual investor from Los Angeles. EXECUTIVE MOVES Kevin Rocio has joined @properties commercial divisionas a multifamily specialist. Prior to joining @properties, Kevin was an associate specializing in multifamily investment sales at Marcus & Millichap. He also has 17 years of experience as a mortgage broker, most recently at National City Mortgage Corp. He attended Elmhurst College. *** Alli Chapman has joined Skender Construction as VP of business development. Alli has a bachelor’s degree in environmental interior design from Illinois State University. She was formerly VP and senior designer at VOA Associates. *** Studley’s Lisa Davidson and Tony Smaniotto have completed the professional development series for the CoreNet Global Master of Corporate Real Estate designation. To receive the designation, professionals must complete 104 hours of classroom training by finishing three required seminars, two elective seminars, and a capstone within a five-year period. CONSTRUCTION NEWS | ||
Leopardo has reached the halfway point of an 88-room modernization and privatization project at Provena Mercy Medical Center in Aurora. Each room is 218 SF and equipped with flat-screen TVs, new windows, and guest chairs. As part of the multi-phased room privatization project, which will wrap up in late 2012, Leopardo is replacing the HVAC and plumbing infrastructure as well as all exterior windows. Jensen & Halstead is the architect. LEASING NEWS Lee & Associates’ John Cassidy and Ken Franzese represented JAS Forwarding in its lease of 78k SF of industrial space at 1400 Algonquin Rd in Mt Prospect. Colliers’ Matt Stauber represented building ownership, ING/Clarion Partners. *** CBRE’s Keith Puritz, Brett Kroner, Ryan Bain, and Zach Graham represented Cosco Industries in the renewal of its 49k SF lease at 7220 W Wilson Ave in Harwood Heights. Colliers’ Tom Condon repped the owner, Summa Properties. *** CBRE’s Keith Puritz, Brett Kroner, Ryan Bain, and Zach Graham repped both owner and tenant in McShane Liberty Point’s lease of 30k SF at 1400 Harris Rd in Libertyville to Laser Precision. The lease begins on Dec. 1. *** AMEC leased 7,700 SF at 650 Warrenville Rd in Lisle, relocating from another space in Lisle. Cushman & Wakefield’s Jordan Rovito and Alex Smith repped AMEC. NAI Hiffman’s Patrick Kiefer repped the landlord, Winthrop Realty Trust. GIVING BACK | ||
22 W Washington Fetches $183.5M
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