Three Mouthwatering Transactions; The Deal Sheet
This week's restaurant deals made us hungry. Leading the pack: a new location for Yolk, a favorite among Chicago techies and CRE pros.
Cornerstone Commercial Partners II's Spero Adamis, exclusive tenant rep for Yolk, brokered a 4k SF lease for the restaurant's fourth location at Citigroup Center, 500 W Madison. It has locations in the South Loop, River North, and Streeterville.
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Kudan Group's Juan Carlos Gomez repped buyer Benji Tomlinson and Ray Parker in the sale of 1045 W Madison, formerly Westminster Hot Dogs. Benji and Ray plan to open Real Comfort American Kitchen, a to-go cafe with a focus on prepared meals. Slated to open later this spring, the cafe will have a variety of soups, a salad bar, homemade sandwiches, and mac and cheese.
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Fusion Buffet opened in Wood Dale after extensive renovations. Cornerstone Commercial Partners II's Michael Bauer and Chad Arthur brokered the 5k SF lease at 352 Georgetown Sq.
SALES
Scott Harris, SVP investments in Marcus & Millichap's Chicago Oak Brook office, repped buyer and seller in the $34.5M sale of Town & Country Apartments, a 662-unit complex including a 52-unit self-storage facility at 1032 E Kerr Ave in Urbana. The seller was Axiom Properties and the buyer is Colorado-based Monarch Investment and Management Group.
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Paragon Real Estate purchased a 43k SF former Wickes Furniture building at 165 Randall Rd in Batavia, leasing the property to Warren, Mich.-based Art Van Furniture. HSA Commercial Real Estate SVP Michael Havdala and associate Brenton Schrader repped the seller, US Bank. Bobowski Commercial Real Estate's Stan Bobowski and Chris Bobowski repped Art Van Furniture in the lease.
LEASING
Touchpoint Logistics renewed a 100k SF industrial lease at 2300 Galvin Dr in Elgin. Lee & Associates principals John Cassidy and Ken Franzese repped Touchpoint and principal John Sharpe and Steve Bass repped building ownership, Stockbridge.
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Bradford Allen was hired as exclusive leasing agent for four suburban properties: 220 Remington Blvd, Bolingbrook; 720 Enterprise, Oak Brook; Woodgrove Professional Center, 7425 Janes Ave, Woodridge; and Stratford Medical Center, 231 S Gary, Bloomingdale. Bradford Allen senior managing director Joel Berger and director Ryan Moen will be leasing the Bolingbrook and Oak Brook properties. Director John Millner will be leasing the Woodridge and Bloomingdale properties.
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Toll Global leased 33k SF at 1226 Michael Dr in Wood Dale. Lee & Associates SVPs Mike Plumb and Terry O'Hara repped Toll Global and CBRE's Chris Zubel repped ownership, Prologis.
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@properties Commercial was hired to lease 26k SF of retail space and 8k SF of office space in the 91k SF Marshall Field & Co building, 1144 Lake St, in downtown Oak Park. VP and managing broker Dan Stratis and senior broker Larry Cohn will exclusively represent ownership, Water Tower Realty. The retail space was most recently leased to a Borders bookstore, which closed in 2011.
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Studley completed three leases in the Inland Steel Building, 30 W Monroe, totaling 32k SF. Executive managing director Robert Sevim repped NELSON in a 9k SF lease co-brokered by CBRE's Kyle Kamin. Robert also repped the Jacobsen Group in a 13k SF lease and law firm Kerns Frost & Pearlman in a 10k SF lease. Studley assistant director Kevin Donohoe assisted in the Kerns transaction. MB Real Estate's Gary Denenberg and Sara Spicklmire handle leasing for building ownership, New York-based Capital Properties.
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Stanley Steemer renewed a 10k SF industrial lease at 403 Vernon St in Palatine. Lee & Associates principals John Cassidy and Ken Franzese repped building ownership, Larson Co, and Colliers' Sean McHale repped the tenant.
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Lee & Associates senior associate Jay Farnam repped Polydigitech in a 7k SF lease at 2420 Oakton St in Arlington Heights. Wagener Equities' Jeff Gilbert repped ownership.
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Jameson Commercial's Brent Burden and Lou Kahn repped the landlord in a 5k SF lease at 191 E Deerpath Rd in Lake Forest to law firm Lesser Lutrey and McGlynn. Smith Commercial's Lynn Smith repped the tenant.
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Architectural firm Juan Gabriel and Moreno leased 3k SF at 218 S Wabash. Jameson Commercial's Lou Kahn and Brent Burden repped the landlord and Competitive Property Solutions' Chris Pontarelli repped the tenant.
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Custom Grille, repped by Lee & Associates SVP Terry O'Hara, leased 3k SF of industrial space at 2701 Deborah Ave in Zion. RD Strategic's Rick Delisle repped ownership in the transaction.
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Symphony Financial Services inked a 3k SF lease at 7358 N Lincoln Ave in Lincolnwood. Jameson Commercial's Lou Kahn and Brent Burden repped the landlord.
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Mass Medical SC signed a 3k SF lease at 1025 Everett Rd in Lake Forest. Jameson Commercial's Lou Kahn and Brent Burden repped the landlord and Grant Griffith and Lackie's Elizabeth Wieneke repped the tenant.
CONSTRUCTION & DEVELOPMENT
Meridian Design Build completed a 172k SF build-to-suit (cross-dock warehouse, vehicle repair facility, and corporate HQ) for Polmax Transportation at 122nd and Central in Alsip. Knight Engineers & Architects provided architectural and structural design services and Hoefferle-Butler completed civil engineering work.
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A ceremonial groundbreaking was held for the Shops and Lofts at 47, a mixed-use development at the corner of 47th St and Cottage Grove in Bronzeville. The development team: Quad Communities Development Corp, Skilken, TROY Enterprises, and The Community Builders. When completed in 2014, the $46.5M complex will include 96 mixed-income apartments and 55k SF of commercial space anchored by a 41k SF Walmart Neighborhood Market.
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JC Anderson completed a 50k SF remodel for Morgan Stanley Smith Barney at 70 W Madison. Tom Raveret was project executive and Wight & Co provided architectural services.
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Morgan/Harbour Construction completed two office build-outs at The Crossings at 1420 Kensington Dr in Oak Brook, owned by a JV of The David Cos and Arthur Goldner Real Estate: a second floor build-out for Career Staff and an expansion and build-out for GeoSyntec. Ware Malcomb provided architectural services.
EXECUTIVE MOVES
DTZ appointed Chicago-based EVP John Wickes as head of Americas' research, overseeing all research analysts in the region. John joined DTZ in 2007 after five years as SVP and director of research, Americas at JLL.
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Sperry Van Ness Chicago Commercial added John Hancko, a 14-year industry vet with experience in property management, development, major construction management, and finance. John previously served as business advisor for FARA Commercial Brokerage.
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Leslie Karr joined Newmark Grubb Knight Frank Retail as senior managing director. With 20 years of industry experience, she was previously VP of CBRE's retail services group. Leslie received her BA in political science and urban studies from Northwestern.
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Cornerstone Commercial Partners added Mario Ponce to its restaurant brokerage team. He was previously with Kudan Group.
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Fitzgerald Earles Architects and Associates tapped Christine Pahlke as interior designer. She was previously showroom liason at Poliform USA and recieved her BS in design studies from Indiana University in Bloomington.
AWARDS
Bella Terra Partners, a tenant representation commercial real estate firm, received national certification as a Women's Business Enterprise (WBE) by the Women's Business Development Center of Chicago. Bella Terra Partners is owned by Rhea Campbell, who opened the company in 2008.
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