One of the most iconic office assets in the East West Corridor is off the market. Equus Capital Partners bought the MetroWest Building for $33M.
The 10-story, Helmut Jahn-designed office tower is known for its N-shaped design and is at 55 Shuman Blvd in Naperville. The seller was a JV of Franklin Partners and Bixby Bridge Capital, which bought the $23.5M loan on the building at a significant discount in 2011. At the time of acquisition, the building was only 50% occupied. Equus gets a building that is now 92% full. CBRE’s Paul Lundstedt, Dan Deuter, Tom Sitz and Cody Huntermark repped the seller.
SALES
ARA Newmark’s Debbie Corson and Susan Lawson repped seller American Realty Advisors in the closing of a 368-unit apartment community at 1840 Clubhouse Dr in Aurora (pictured) to The Connor Group. At the time of closing, the development was 96% occupied.
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Colliers’ Brian Kling repped The Missner Group in the acquisition of 10 acres within Orchard 88 Business Park in Aurora. The Missner Group will build a 180k SF industrial space on the property with 32-foot clear heights, suitable for lease for up to four tenants.
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Darwin Realty’s Dan Fanelli repped both parties in the closing of three buildings in Broadview to Real Trucking. The buildings are a 59k SF facility at 2001 W Cermak, a 26k SF building at 2900 S 21st Ave, and a 17k SF space at 2100 W 21st St.
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Essex Realty closed the following transactions:
The firm repped both parties in the closing of 2550 S Wabash, a 54k SF vacant warehouse space in the Bronzeville TIF district. The former Kissel Kar Lofts building is zoned for residential.
The firm repped both parties in the sale of 1923 W 63rd St, a mixed-use property in Kenosha, WI.
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Quantum Real Estate Advisors Chad Firsel repped both parties in the sale of 4441 W Diversey, a 12k SF single tenant retail building currently occupied by Unique Thrift Stores. The sale price was $1M.
LEASES
Seneca Real Estate’s Joe Padorr repped landlord United Investors in the five-year lease of its 17k SF banquet space at 3315 N Milwaukee Ave in Glenview to Paris Inc. Originally designed to resemble a scaled-down version of Chicago Stadium (shown), the building accommodates 700 guests and includes a 160-car parking lot.
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RKF’s Anthony Campagni and Steve Schwartz repped landlord L.I.Clybourn in the following leases at 1953 N Clybourn in Lincoln Park, totaling 15k SF. The development is now fully repositioned and 100% leased:
Blue Dot Furniture leased 7,561 SF and will open next spring.
Moe’s Southwest Grill will open its second Chicago location later this year after leasing 2,245 SF.
The UPS Store leased 1,206 SF and will open in Q1 2016.
Floyd’s Barbershop leased 1,200 SF and is currently open.
Eye Mechanix leased 1,157 SF and is currently open.
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Avison Young’s Brett Kroner, Keith Puritz, Eric Fischer and Michael Scadron repped Plexus Corp in the long-term lease renewal of 141k SF at 2400 Millbrook Dr in Buffalo Grove. Landlord Millbrook Properties was repped by its president, Bruce Hecktman.
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JLL completed the following leases:
Shanna Athas and Peter Caruso repped the landlord in a 13k SF space at Marina City, 333 N Dearborn, to Innovative Dining Group. The company will open Katana Chicago in the former BIN 36 space next summer. Conlon Commercial’s David Goldberg repped the tenant.
Scott Duerkop repped landlord Becknell Industrial in a long-term lease at Becknell’s Northwinds Crossing Business Park in Hobart, IN. Tenant Calbrite Industries will occupy 84k SF at a Class-A, 160k SF industrial space under construction. The building is expected to be delivered in Q1 2016.
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NAI Hiffman’s Michael Flynn and Jason Wurtz repped landlord ECD Co in new leases with PT&C Forensics and Michael Scott at 111 Deer Lake in Deerfield, bringing occupancy to 100%. PT&C Forensics will occupy 18k SF in the 59k SF building, while Michael Scott signed a lease for 4,414 SF.
FINANCING
Draper and Kramer’s Bill Barry and Bill Stewart repped a JV of Romanek Properties, Bachmann Associates and Syndicated Equities in securing a $19.5M refinancing of 400 Skokie Blvd in Northbrook. The 195k SF building will see $2.53M in capital improvements and amenity upgrades in the deal.
HIRES/PROMOTIONS
Interra Realty promoted Dan Byrne and Patrick Kennelly to directors. Both were previously associates.
KUDOS
Congratulations to Fifield Cos’ Steve and Randy Fifield, who were named Multi-Housing News’ 2015 Excellence Awards Executives of the Year.
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Congratulations to University of Chicago Booth School of Business professor Joseph Pagliari, who was awarded the Graaskamp Award from the Pension Real Estate Association.
