REVA Development Partners just broke ground on two luxury multifamily projects in the ‘burbs, each in a submarket that hasn’t seen new high-end product in years.
In Orland Park, REVA and Wanxiang America Real Estate broke ground on 231-unit The Residences of Orland Park Crossing at 143rd Street and LaGrange Road. In Wheeling, the firm and Blue Vista Capital Management broke ground on 288-unit Northgate Crossing, 250 Northgate Pkwy. Both projects’ X-factor: rare suburban walkability and proximity to critical masses of new development, REVA principals Warren James and Matt Nix (above) tell us. The Orland Park development is adjacent to the 75k SF Orland Park Crossing retail center and an upcoming Mariano’s, and it’s across the street from the Main Street Triangle PPP and it’s new Metra station, along with a future UChicago MOB. Northgate Crossing’s within the Town Center district, where Wheeling plans 17 more acres of residential and retail in addition to the near complete $38M Heritage Park redevelopment, they say. First occupancies at both properties are expected in spring 2015.
SALES
Mid-America Real Estate Corp’s Ben Wineman and Carly Gallagher repped the seller, Ohio-based Chase Properties, in the $24.7M sale of 109k SF Prairie Crossings Shopping Center (above, tenants include Bed Bath, Sports Authority, and Office Depot) at the SE corner of US Route 39 and Wolf Road in Frankfort to Inland Real Estate Corp.
***
Svigos Asset Management purchased 301k SF at 5990 W Touhy Ave in Niles from CJF2 LLC. CBRE’s Ryan Bain, Keith Puritz, Brett Kroner, and Zach Graham repped Svigos in the deal and NGKF’s Ryan Kehoe repped CJF2.
***
Opus Development, repped by Cushman & Wakefield’s Jason West and Sean Henrick, purchased 22.35 acres of industrial land at Paragon Business Park. Lee & Associates of Illinois principals Jeff Galante and Terry Grapenthin repped the seller, Paragon Business Park LLC.
***
Mid-America Real Estate Corp’s investment sales team brokered the sale of 31k SF The Fresh Market Center at Roosevelt and Lambert in Glen Ellyn to American Realty Capital Properties. Mid-Am’s Joe Girardi and Rick Drogosz repped the seller, Opus Development Co. The Fresh Market-anchored center’s tenants include Firehouse Subs, Great Clips, and Tide Dry Cleaners.
***
Podolsky|Circle CORFAC International completed the sale of a 9.35-acre land site in Hampshire Woods Business Park in Hampshire. Steven Podolsky, serving as asset manager for the property’s owners, referred the sale to Premier Commercial Realty’s Bruce Kaplan and Joseph Billitteri, who repped ownership. The buyer, Northern Builders, plans to develop a build-to-suit for Nutriad and both firms were repped by JLL’s Frank Griffin and Dominic Carbonari.
***
Kudan Group’s Juan Carlos Gomez negotiated the sale of Flat Iron Grill at 1571 N Milwaukee Ave in Wicker Park. Chef Shin Thompson has partnered with Takito Kitchen operators Mario Ponce and Anshul Mangal for their latest venture, a late-night ramen concept called Furious Spoon. The new restaurant is set to open in the space in February.
***
Colliers EVP Peter Block and senior associate Eric Suffoletto repped a private owner in the $4.5M sale of 31k SF Maple Plaza, a retail strip center at 2241-2311 Maple Ave in Downers Grove. Affiliated Realty repped the buyer, a private investor. The property is 96.5% leased to tenants including Just Tires, Dairy Queen, and Anytime Fitness.
***
Caton Commercial Real Estate Group’s Steve Caton completed the sale of .84 acres at the SW corner of Route 59 and Lockport Street in Plainfield in three weeks. The piece of land is the entrance to Plainfield’s retail, shopping, and dining area. The seller was Synergy Property Holdings and the buyer was Lincolnshire Property Holdings.
LEASING
Cision, repped by JLL EVP Jesse Van Dyke, signed a long-term 49k SF lease at One Prudential Plaza, occupying the entire seventh floor. The Telos Group SVPs Matt Pistorio and Bill Truszkowski repped ownership, Berkley Properties and 601W Cos, which have committed nearly $85M to building improvements (including a 13k SF rooftop deck, above). Nearly 230k SF of deals have been completed and an additional 155k SF are under negotiation since renovations began last year.
***
Lee & Associates of Illinois principal Walter Murphy repped Dynamic 3PL in a 393k SF lease at 4100 Rock Creek Blvd in Joliet. CBRE’s John Seurth repped ownership, First Industrial Realty Trust.
***
CIM Group and AMC Theatres signed a lease to bring a new AMC Dine-in Theatre to Block Thirty Seven, the 275k SF shopping, dining, and entertainment destination in the Loop. The theatre will include 11 auditoriums and MacGuffin’s Bar & Lounge, all occupying 44k SF on the third floor of the building. It’s scheduled to open by early 2016. CIM is also underway with the construction of a 34-story, 690-unit apartment tower above the property.
***
Brown Commercial Group completed three leases totaling 24k SF: Brown sales assistant Brian Lindgren repped Japan Machine Tools in a 10k SF lease at 203 Christina Dr in East Dundee as a showroom space for its machine inventory (Brown’s Dan Brown repped ownership, a private investor); Brian also repped JNJ Enterprises in a 1,500 SF lease at 1330 Crispin Dr in Elgin (Dearborn Construction’s Chuck Lucchese repped ownership); and Brown’s Mason Hezner repped Graphic Innovators in a 12k SF lease at 852 Lively Blvd in Wood Dale (Arthur J Rogers & Co’s Mark Baumhart and Brian Schmitz repped ownership).
***
Stage Equity Partners’ Russell Brenner and Brian Howard completed a seven-year lease extension for Fresenius Medical Care (dialysis), a 13k SF tenant at Stage’s 52k SF Woodland Square medical office building, located on the campus of Alexian Brothers Medical Center, 901 Biesterfield Rd in Elk Grove Village.
***
Workout Anytime Darien leased a 7,240 SF building at 7516 S Cass Ave in Darien. Lee & Associates of Illinois SVP Joe Herron repped ownership, Jemco & Associates. Vision Realty’s Akram Zanayed repped the tenant.
***
Lee & Associates of Illinois senior associate Jay Farnam repped Herzing University in its 4,412 SF office lease at 635 E Butterfield Rd in Oakbrook Terrace. NAI Hiffman’s Brian Edgerton repped ownership, Premises Group.
***
Hireology is expanding from its 2,000 SF space into a new Chicago office at 303 E Wacker Dr. The new office, previously overflow space for Groupon, is a 15k SF facility that will help accommodate the firm’s expanding team. Hireology has hired 40 new employees since January and expects to hire an additional 30 by year-end.
FINANCING
Aries Capital AVP Joshua Krueger arranged a $4.1M loan for two vacant commercial condos in River North, located within 225-233 W Huron (above) and totaling 13k SF. The condos previous occupants were Graham Elliot and a Sears “Craftsman Experience” showroom. The borrower is an entity managed by an affiliate of The Lord Cos, which has already secured a new restaurant tenant, Oak + Char, for the old Graham Elliot space.
CONSTRUCTION & DEVELOPMENT
InSite Real Estate, Interplan, and Development Solutions broke ground (above) on a new 20k SF retail location for West Marine at the corner of Halsted and Division, 1160 N Halsted, in Goose Island. Sustainable features for the precast concrete steel structure include an underground storm water detention system, LiveRoof Lite system, and rain garden. Scheduled completion is February 2015.
***
USAA Real Estate Co retained Seefried Properties as the park developer for 250-acre Commerce Center in University Park (currently home to Solo Cup and Georgia Pacific). The site has 50 acres of pad-ready sites available for outright sale or build-to-suit. Lee & Associates of Illinois’s Brian Vanosky, Jeff Janda, and Tim McCahill will continue as the park’s exclusive listing brokers.
EXECUTIVE MOVES
Lauren Lambe joined Bradford Allen as financial analyst. She will be working closely with the acquisitions, lending, and leasing teams. Previously Lauren was an associate with PricewaterhouseCoopers’ real estate advisory group and received her undergraduate degree in accounting and economics from Boston College’s Carroll School of Management.
KUDOS
MB Real Estate is helping to spread breast cancer awareness through the “Go Pink” campaign. Through the month of October, the firm’s HQ at 181 W Madison (above) will be lit pink in support of the Lynn Sage Cancer Research Foundation and National Breast Cancer Awareness Month.
***
ProTen Realty Group/CORFAC International’s Kurt Walsh received CORFAC International’s Charlie King MVP Award, its highest honor. Walsh was recognized for his contributions to CORFAC’s transactions committee (he’s been chair for four consecutive years), generating new business with CORFAC affiliates.
