Leasing News

Podolsky Northstar CORFAC International has completed three transactions across the US totaling  57k SF. Podolsky's Corey Chase managed the assignments on behalf of MV Transportation. The three transactions were completed in Carol Stream, Ill.; Coon Rapids, Minn.; and Cary, NC. All of the buildings will be used for vehicle storage and maintenance. All transactions were completed in freestanding, single-user buildings. Other common elements of the locations include ample land on site to accommodate additional parking for vehicle maintenance and minimal office space. The combined value of the transactions is approximately  $2.7M.

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National Union Fire Insurance Co. of Pittsburgh is the latest tenant to sign at Woodfield Preserve, 10 N. Martingale in Schaumburg. The subsidiary of AIG recently signed to occupy 40k SF in the office building and will take occupancy Jan. 1. CBRE’s Mark Smith, Rob Graham, and Allison Reynolds represented KBS Woodfield Preserve. Cushman & Wakefield's David Findling  negotiated on behalf of National Union Fire Insurance Co. of Pittsburgh.

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Paine/Wetzel · ONCOR International  completed two industrial lease transactions in the Chicago area. Worldwide Battery has signed a 10k SF lease at 704 Veterans Pkwy. in Bolingbrook. Paine/ Wetzel's Jerry Sullivan and Brandon Wright repped landlord S&F and Lee & Associates' Jeff Galante repped the tenant. DMD Holding Co. leased 7,500 SF at 450 South Spruce St. in Manteno. Paine/ Wetzel's Brandon Wright along with Nugent Curtis Real Estate's Chris Curtis represented the landlord; Manteno RFT while the tenant was self represented.

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Scottrade has completed lease transactions totaling approximately 5,200 SF of space in leases at 318 E Rand Rd. in Arlington Heights, at 1450 W Lake St. in Addison, and at 3021 Butterfield Rd. in Oak Brook. Podolsky Northstar CORFAC International's Thomas Callahan represented Scottrade. Edgemark's Matt Smetana represented the landlord in Addison, AM CAP Northpoint, in the first transaction. NAI HIffman's Claire Bitautas represented the landlord in the Oak Brook transaction.

Awards

NAIOP Chicago has honored Jones Lang LaSalle's Leonard Caldeira  with its 2010 Award for Excellence, recognizing his lifetime of achievement. The award will be presented to Len at NAIOP Chicago’s Awards for Excellence celebration on Nov. 18, 2010 at the Sheraton Chicago Hotel & Towers. Len is a managing director with JLL's Chicago industrial team and heads its land services group. He began his career in commercial real estate in the '70s, and in 1976 started a  23-year career at LaSalle Partners. He left the firm in 1999 for a brief stint as senior managing director and branch manager of Cushman & Wakefield’s Rosemont office before moving over to Staubach in 2001. The company merged with JLL in 2008.

Executive Moves

Tom McClayton has joined CBRE’s Chicago Capital Markets Group, where he will work with Mike Vesper and  Mike Caprile. Tom joins CBRE after spending eight years as a principal at Fulcrum Asset Advisors. Fulcrum, a privately owned real estate investment and operating company, has closed on real estate assets totaling more than $1.1B in the last eight years. He received a bachelor's degree from the University of Illinois and an MBA from Northwestern.

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Ryan Segal has joined JCF Real Estate as assistant property manager. Ryan has more than five years of property management experience and will be responsible for a variety of assignments across several product types; he will work as a member of the firm’s receivership staff. He was previously employed as an assistant property manager with the SS Management Group. He received his bachelor's from  DePaul

Construction News

ARCO/Murray National Construction Co. has completed an 21k SF tenant build-out for General Motors at 387 Shuman Blvd. ARCO/Murray was contracted to complete the interior build-out of the space consisting of interior office renovations and an executive conference room. ARCO/Murray's Brad Dannegger was the project executive with Chris Niedhammer as the lead project manager.

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Ryan Cos. US has started construction on a 21k SF addition for the Good Samaritan Society  senior living community and care facility at 700 Waverly Road in Davenport, Iowa. Construction costs for the two-story addition are estimated at  $4.36M. The project is expected to be completed by  July 2011. Good Samaritan is currently comprised of three single- and multi-story residential buildings with 190 nursing care beds and 44 independent seniors living apartments The two-story addition will include new physical and occupational therapy rooms, lounges, staff offices, and mechanical rooms on the first floor. The second floor of the addition will include 16 resident rooms, an activity area, lounges, and an expanded dining area.

Foreclosure Halted

The NY appellate court granted Broadway Partners' motion to halt the attempted foreclosure on its 500 West Monroe office tower in Chicago. The foreclosure remains halted, extending the injunction that was issued on Sept. 8. The parties are now scheduled to go back to court in January.

Sales News

VK Acquisitions, a division of Venture One Real Estate, has acquired an 86k SF industrial building in Alsip. Podolsky Northstar CORFAC International 's Corey Chase arranged the sale of the property for a private, Las Vegas-based investor. The asking price of the property was $2.3M. The building at 12500-12520 Lombard Lane is 100% leased. Hardt Stern & Kayne's Joe Kayne provided legal representation for the seller. Mason Wenk & Berman's Keith Wenk represented the legal interests of the buyer.

Finance News

Meridian Capital Group negotiated $58M in permanent financing for the 22-story Burnham Center, at 111 W. Washington St. The 580k SF office building is owned by the Harbor Group. Meridian arranged the $46M first mortgage loan and a $12M mezzanine loan. The senior loan was provided by Wells Fargo and the mezzanine loan was provided by Redwood Trust. Meridian Managing Director Ronnie Levine and Tal Savariego negotiated this transaction.