A $26M renovation is underway
at O'Hare Airport's Terminal 5.

CHICAGO-The Chicago Department of Aviation (CDA) and Westfield Concession Management unveiled on Oct. 16 the redevelopment plans for Terminal 5 at Chicago O’Hare International Airport. Scheduled for completion in fall 2013, the redevelopment will offer post-security dining and retail along with a re-engineered layout that enhances the traveler experience and maximizes revenues.

Westfield Concession Management and its tenant partners are investing more than $26 million into the terminal over the course of the redevelopment, the first since the terminal’s construction in 1993. The redevelopment efforts are generating a total of 180 construction positions, with the new dining and retail program to create 100 new full-time concession jobs, adding to the existing 180 concession jobs for a total of approximately 280 employees.

Previously, 95% of the terminal’s dining and retail options were located pre-security, making it difficult for passengers to access dining and shopping while waiting for flights. The renovated terminal interior – including a new food court with performance kitchens – will offer a redesigned, more efficient TSA checkpoint and feature new lighting, signage, fixtures and other first-class amenities while incorporating sustainable and recycled materials.

“The reconfigured Terminal 5 raises the bar for airport concessions programs in Chicago and across the country,” said CDA Commissioner Rosemarie S. Andolino during a celebratory unveiling inside the terminal. “The redevelopment fulfills Mayor Rahm Emanuel’s vision to transform the terminal into a world-class experience for international visitors and Chicago travelers alike.”

“We are deploying Westfield’s global expertise in operating some of the most iconic shopping venues in the world to Terminal 5,” added Dominic Lowe, executive vice president, Westfield Concession Management.  “We are transforming the entire passenger experience in Terminal 5.” The redevelopment project was launched July 1, 2012.



ACQUISITIONS/DISPOSITIONS

AURORA, IL

  • A Chicago family trust sold its final Walgreens store from a four-property portfolio to a private investment group for $2.7 million. The 13,905-square-foot property at 1207 N. Randall Rd. is leased to Walgreens on a net lease basis with five years of lease term remaining. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller.

CANTON, MI

  • American Equity sold176,731 square feet of industrial space at 40500 Van Born Rd. to Michigan Best Land, LLC.  Steve Gordon, Brad Viergever, and Mark Hamway of Signature Associates represented the seller.

DEXTER, MI

  • Moore Controls acquired 20,000 square feet of industrial space at 2105 Bishop Circle West from Michigan Automatic Turning. Jim Montgomery and Jay Chavey of Signature Associates represented the seller; Montgomery also represented the buyer.

MUSKEGON, MI

  • Sandy’s Daycare acquired a 2,400-square-foot office building at 222 S. Sheridan Dr. Jim Olsen, of Signature Associates represented the seller, Orchard View Public Schools, and the buyer.

WHEELING, IL

  • Cabot Properties sold a 44,000-square-foot industrial building at 1543 Abbot Dr. to Dynomax. Robin Stolberg and Kurt Sarbaugh with Jones Lang LaSalle represented the seller. The buyer was represented by Darwin Realty.

WIXOM, MI

  • Grand Oaks Management sold 21,835 square feet at 29425-29445 Wall St. David Giltner and Jim Montgomery of Signature Associates represented the seller. Jim Montgomery also represented the buyer, JAM Management.



DEVELOPMENT

CHICAGO

  • M&R Development and RMK Management Corp. recently hosted a groundbreaking for a 332-unit multifamily property at 73 E. Lake St. in the Loop. Construction is estimated to take 24 months, with the first occupancies beginning in April 2014. UBS AG is the project equity investor; Solomon Cordwell Buenz is the architect of record and McHugh Construction the general contractor.



LEASING

AUBURN HILLS, MI

  • P&F Systems, a Division of Dieomatic, Cosma International, leased 167,526 square feet of industrial space at 3800 Lapeer Rd. John Boyd and John Gordy of Signature Associates represented the Landlord, 3800 Lapeer LLC.

BINGHAM FARMS, MI

NAI Farbman’s Sheila Fogarty represented landlord Bingham Center LLC in the following:

  • Child and Parent Services leased 1,510 square feet at 30600 Telegraph Rd.
  • Huntington National Bank leased 1,106 square feet at 30700 Telegraph Rd.

MUSKEGON, MI

  • Plantengas Cleaners leased 1,840 square feet of retail space at 3089 Henry St. Jim Olsen of Signature Associates represented the landlord, E & F Fourteen LLC, and the tenant.

SOUTHFIELD, MI

American Appraisal Associates leased 5,595 square feet at 20700 Civic Center Dr. NAI Farbman’s Lesley Gutman represented the landlord, Oakland Commons Acquisitions . Lesley Gutman also represented landlord FSP Southfield Centre in the following transaction at 18000 W. Nine Mile Rd:.

  • Mavin Global Co. leased 836 square feet.
  • Pirelli Tire LLC leased 1,908 square feet.

TAYLOR, MI

  • Infinity Athletics leased 5,500 square feet at 25991 Northline. NAI Farbman’s Brian Crawford represented the landlord, REA Investments.

TROY, MI

  • Dart Appraisal leased 6,814 square feet at 26000 W. Big Beaver Rd. NAI Farbman’s Jeff Cavazos and Laney Cavazos represented the tenant. The landlord was Bank of America.
  • Energy Power Systems leased 13,590 square feet at 601 Stephenson Hwy. John Boyd, Joe Banyai and Clint Confer of Signature Associates represented both the landlord, C.F. Stinson and the tenant.
  • Landauer LLC leased of 810 square feet at 3250 W. Big Beaver Rd. NAI Farbman’s Lesley Gutman represented the landlord, Sheffield Owner LLC.
  • Magic BM Trading Co. leased 28,000 square feet at 1350 Rankin Rd. Kris Pawlowski, Paul Hoge and John Boyd of Signature Associates represented the landlord, Troy Industrial LLC.
  • MCN Investment Co. leased 1,385 square feet at 3250 Big Beaver Rd. NAI Farbman’s Lesley Gutman represented the landlord, Sheffield Owner LLC.
  • Re-Source Partners leased 24,582 square feet of industrial space at 1101 Allen Rd. John Boyd and Paul Hoge of Signature Associates represented the landlord, Troy Industrial LLC.
  • The Roth Group Inc. leased 590 square feet at 3250 W. Big Beaver Rd. NAI Farbman’s Lesley Gutman represented the landlord, Sheffield Owner LLC.



EXECUTIVE MOVES

CHICAGO

  • Samuel Bendix joined Harrison Street Real Estate Capital as an Associate in the client services and marketing group. Most recently he worked at Blue Vista Capital Management where he focused on acquisitions and supported the capital raising group.  He was also employed at William Blair & Co. as an investment banking analyst, special situations and restructuring group. Bendix earned a Bachelor of Science Degree from Cornell University, and the School of Hotel Administration, in Ithaca, NY.
  • Russell Brenner joined Stage Equity Partners LLC as a partner.  Prior to joining the company, Brenner was senior principal and member of the management committee at Syndicated Equities, a Chicago-based real estate private equity firm where he oversaw the investment sales team and led fundraising efforts for each of the firm’s investment platforms.