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Spencer Hayes' Blog

By Spencer Hayes | Agent in Montgomery, AL

TSA Processing Expands to Chicago Suburbs

BENSENVILLE, IL-Mark Baumhart with Arthur J. Rogers & Co. recently completed a 134,000-square-foot lease to TSA Processing, a processor of stainless and aluminum. The firm currently operates from facilities located in Houston and Arlington, TX, and is expanding its operations to the Chicago area.

The lease location is 520 Thomas Dr., just west of O’Hare International Airport. The company has leased the entire facility, which features 10,000 square feet of office space, six cranes, eight interior docks and three drive-in doors. The tenant chose the facility in Bensenville for its heavy power, 30-ton crane, drive-through capability and its central Midwest location, Baumhart tells GlobeSt.com.

Baumhart represented the building owner, Multi-Trans Services LLC, in the lease negotiations. John Basile with Colliers International represented TSA.

CHICAGO-Marcus & Millichap Real Estate Investment Services has arranged the sale of the Lock-Up portfolio, a 1,603-unit, two-property portfolio of self-storage facilities in the Chicago area. Terms of the sale were not disclosed. The properties will be rebranded as Uncle Bob’s Self Storage. Sean Delaney, a senior associate of Marcus & Millichap and director of the firm’s National Self-Storage Group (NSSG) in the Chicago Oak Brook office and John Pasquesi, an investment specialist also in the Chicago Oak Brook office, represented the seller. The buyer is Sovran Acquisition LP, a REIT based in Buffalo, NY, operating as Uncle Bob’s Self Storage. Sovran was represented by Angelo Tomasello and Tony Rider with Locke Acquisition Group LLC. The properties are located at 1401 N. Plum Grove Rd. in Schaumberg, IL and 1400 S. Skokie Hwy. in Lake Forest, IL.

CHICAGO-The Chicago Community Loan Fund and Chicago Jobs Council will remain as long-term tenants at 29 E. Madison St., having just signed a 10-year lease renewal and expansion for the 17th floor. The two non-profits will now have the required space for growth needs they are both experiencing. Although culturally different, CJC and CCLF have elected to share their ancillary office space to maximize efficiencies and reduce overhead, thus having the ability to upgrade their facilities to better accommodate their Chicago clientele. The lease includes reduced occupancy expenses, flexibility and additional improvements to the space. Ownership was represented by Marc Realty. Patrick Brady, vice president at Steinco Corporate Real Estate Advisors, represented both tenants.

CHICAGO-Meridian Capital Group LLC recently negotiated a $15.9 million mortgage to refinance a nine-building mixed-use portfolio in the Lakeview, Bucktown, and Uptown neighborhoods. The 10-year, non-recourse CMBS loan provided by Ladder Capital Finance, features a competitive interest rate of 5.25%. The portfolio contains 30,200 square feet of retail space in addition to 76 apartment units that have been completely renovated with condominium level finishes. This deal was negotiated by Gershon Friedman.

NAPERVILLE, IL-Cohen Financial has secured $10 million to finance the MetroWest office building at 55 Shuman Blvd. Dan Rosenberg, director, secured financing through a regional bank. The borrower is a joint venture between Chicago-based Bixby Bridge Capital and Franklin Partners.

WAUKEGAN, IL-The Ramada Inn at 200 N. Green Bay Rd. will be sold via an open outcry auction - webcast, with a Suggested Opening Bid of $1.7 million, which is about $9,000 per key. This recently renovated, two-story interior corridor hotel with 186-guest rooms and over 10,000 square feet of meeting space is near the Great Lakes Naval Training Center. The hotel property is being offered unencumbered of the Ramada brand and free of any management agreement. The auction will be held at the hotel on Aug. 23 by CBRE Auction Services Douglas Johnson.

ST. LOUIS PARK, MN-CBRE Capital Markets recently arranged the sale and acquisition financing for Village Park of Minnetonka, a 186-unit property here. Abe Appert and Keith Collins represented the owner, Village Green, on the sale of the asset. The buyer, an affiliate of Timberland Partners, Inc., acquired the property in mid April 2012 for approximately $16.5 million. CBRE successfully secured a mortgage of 80% loan to value for Timberland Partners through its Freddie Mac Seller/Servicer program. Acquisition financing was originated by Joel Torborg and Murray Kornberg in CBRE’s Minneapolis office. The financing was obtained through Freddie Mac’s 10 year loan program. Timberland plans on repositioning the property by making significant interior and exterior capital improvements including in-unit upgrades, new exterior paint, siding repair and landscaping upgrades. The new name for this community is PARKone Apartments.

BELLEVUE, OH-STAG Industrial Inc. has acquired an approximately $5.8 million, 181,838 square foot, warehouse and distribution facility here. The building is 100% leased to Amcor Rigid Plastics USA Inc. with a remaining lease term of more than six years. Amcor manufactures and delivers packaging solutions for beverages, food, pharmaceuticals, spirits, wine and beer, and personal and home care markets in the United States and Canada. This acquisition brings STAG's total 2012 acquisition volume to approximately $119 million.

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