Bradford Allen completed its acquisition of Tri-State International Office Center, a five-building, 560K SF office complex in Lincolnshire that headquarters computer company CDW. The $75M purchase from Principal Real Estate Investors comes with a significant amount of debt.
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Bradford Allen Capital's Chuck Hoag arranged a $58M loan from Regions Bank to facilitate the deal. Tri-State International Office Center is 80% leased. Other tenants include Solo Cup, Wells Fargo and LTD Communities. The property has new amenities, including a state-of-the-art fitness center, a 135-seat auditorium, a new deli and a parking structure built for CDW that contributes to the asset's above-average 4.3/1,000 SF parking ratio.
SALES
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CBRE completed the following transactions:
Whit Heitman, Sam Badger, Jared Paff and Brad Weiner represented both parties in the sale of a 71-acre site in Kenosha, Wisconsin. Bridge Acquisitions sold the property to Towne Realty. Located near Interstate 94 and Highway 142, the site allows for up to 1M SF of industrial and distribution development.
Peggy McTigue represented the American Academy of Dermatology in the sale of its 44K SF HQ at 930 East Woodfield Road in Schaumburg to the Emergency Nurses Association. The buyer was represented by Savills Studley’s Terry Mostrom and Jon Azulay.
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Avison Young completed the following transactions:
Erik Foster, Mike Wilson and Tim Henry represented Franklin Partners in the sale of a 93K SF health system-anchored medical office complex to J. Emil Anderson & Sons. The building at 101 Waukegan Road in Lake Bluff is anchored by Fresenius Medical, which occupies 61K SF.
Foster and Wilson, along with Chip Ryan and Jim Kornick, represented Skin MD Dermatology Group in the sale-leaseback of a 14K SF medical office building at 16105 South LaGrange Road in Orland Park to Community Healthcare Trust.
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SVN | Chicago Commercial’s John Livaditis represented the buyer in the $1.4M sale of a 9K SF, four-unit multifamily building at 2422 North Orchard in Lincoln Park. The building is part of the Children’s Memorial Hospital redevelopment. Contemporary Concepts, a development firm, purchased the asset for an adaptive reuse multifamily project.
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Millennium Properties’ Michael Mints was the sole broker in the $1.7M sale of 1930 South Cicero Ave., a 38-unit multifamily property in Cicero.
LEASES
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CBRE’s Peggy McTigue and Paul Diederich represented the American Academy of Dermatology in a 41K SF lease at O’Hare Gateway, 9500 West Bryn Mawr Ave. in Rosemont. The firm will move to O’Hare Gateway in spring 2018. The landlord was represented by Cushman & Wakefield’s Jim Ward and Dan Svachula.
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Friedman Integrated Real Estate Solutions’ Alan Stern and Torrey Lewis represented the tenant in a 2,562 SF lease at Copley Center, 152 East Golf Road in Schaumburg.
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First Western Properties’ Laryssa Moros and Marion Abramiuk represented both parties in an 8K SF lease at 4521 West Lawrence Ave. in the Mayfair neighborhood. Mayfair Massage and Acupuncture will open a shop in the new shopping center.
FINANCING
ASC’s Alexander Rek arranged a $7.6M bridge loan for a 55K SF self-storage facility in Old Town. The loan will be used for capital improvements to the facility, which has 885 traditional storage units and 490 wine storage units.
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Lodge Financial’s Matt Lebenson arranged $1.9M in financing for a 12-unit multifamily property in Chicago.
HIRES/PROMOTIONS
ML Realty Partners appointed Ryan Hesch as president and CEO. Hesch was also elected to join the firm’s board of directors. Hesch will work with ML Realty Partners founder and CEO Mike Luecht, who is retiring, on a transition process. Luecht will remain on the firm’s board of directors.
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Krusinski Construction hired David Paulaskas as project executive, Sean Donald as project manager and Salvatore Natale as senior superintendent.
CONSTRUCTION
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Caddis started construction of Heartis Village North Shore, a 105-unit assisted living and memory care development in Glendale, Wisconsin, a suburb of Milwaukee. The 97K SF development at 100 West River Woods Parkway is expected to be completed in early 2019. The architect is Katus, and the general contractor is Stevens Construction.
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Capital Seniors Housing will soon break ground on Atria Glenview, a 71K SF, $28.4M assisted living and memory care facility at 4700 West Lake Ave. in Glenview. The residences are expected to be ready in Q4 2018.
