After more than t wo years on the market, the 160,944 SF Custom Accessories building (6440 W Howard St) in Niles sold to GHP Group for $5.2M, a deep discount on the original 2010 list price of $7.9M. CBRE's Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham repped the seller, a Custom affiliate, and Colliers' Chris Volkert and Brendan Green repped the buyer.
SALES
Quantum Real Estate Advisors brokered the $3.4M sale of a 7,964 SF National Tire and Battery store in Montgomery. The seller, repped by Quantum SVP Daniel Waszak, was a private investor from Alabama and the buyer, repped by Quantum president Chad Firsel, was a West Coast institutional investor. National Tire had about 20 years remaining on its 25-year lease at the time of sale.
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EnTrust Realty Advisors, an Alter Group affiliate, sold a 147,932 SF distribution building in Mount Prospect for $16M, according to public records. Fully-leased to CVS Caremark for 15 years, the property is located at 1780 Wall St.
Centrust Bank, repped by NAI Hiffman's Adam Johnson, sold a total of 12k SF of office condos in Fox Valley Office Commons, 4260 Westbrook Dr, in Aurora. New businesses include dental, accounting, IT, and engineering.
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A 4,711 SF Buffalo Grove IHOP sold for $2.5M. The breakfast chain has seven years left from an original 25-year corporate sale-leaseback of the site. Transwestern managing directors Andrew Watson and Marc Imrem both repped the seller.
A 12-unit Addison apartment building, 529 N Macie Court, changed hands for $680k. The buyer was a private investor repped by Ryan Engle and Andrean Angelov in Marcus & Millichap's Chicago Oak Brook office. Ryan, Andrean and Voltaire Zapanta repped the seller, an individual/personal trust.
LEASES
Kudan Group's Scott Reinish repped ownership in the lease of a 5,607 SF River North restaurant space, formerly home to Al Primo Canto. The tenant, repped by Kudan's Jarrett Fradin, plans to open a new concept on the site (749 N Clark St) later this year.
CrossFit Defined signed a five-year, 9,300 SF lease to open its second location at 2750 W Lawrence Ave in Lincoln Square. @properties Commercial's Lee Ffrench repped the fitness facility.
Subway inked a five-year, 1,200 SF lease in the Olympia Center, 956 Harlem Ave, in downtown Glenview. First Western Properties brokered the deal.
FINANCING
A Lowe Enterprises Investors affiliate closed up to $33.3M for the 237-room Embassy Suites of Chicago in Deerfield and the 281-room Doubletree by Hilton Hotel Boston in Bedford Glen, Mass. CapitalSource provided the financing, which includes future funding associated with property improvements and an earn-out. Jared Kelso and Ernest Lee of Cushman & Wakefield's US hospitality group repped the borrower.
CONSTRUCTION & DEVELOPMENT
Meridian Design Build will renovate a 90k SF manufacturing facility in Cicero. Currently occupied by CRL Glass Machinery, the building is being updated to accommodate CRL's newly acquired US aluminum division. Heitman Architects will provide architecture services and Spaceco will provide civil engineering work. The glass machinery division will remain fully operational during construction.
EXECS IN MOTION
Golub tapped Thomas Gatti, 56, as SVP of accounting and administration. A 30-year industry vet, Thomas was previously CFO for Stone Levy, Strategic Realty Advisors and Stone Financial Group as well as SVP for VMS Realty. He is a CPA and received his undergraduate degree from DePaul in 1978.
David Egan joined CBRE Chicago as director of research and analysis. Previously, David worked as manager of transaction real estate at Ernst & Young, investment sales broker at Colliers and acquisitions officer and financial analyst manager at Duke Realty.
It's never too cold for ice cream. Send ideas and suggestions to marissa.oberlander@bisnow.com.
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