PCCP LLC arranges a $16M loan
to refinance the 251-room Aloft
Chicago O'Hare.

ROSEMONT, IL- Continental Properties obtained a $16.5-million senior loan to refinance the 251-key, six-story, Starwood-flagged Aloft Chicago O’Hare. PCCP LLC arranged the financing.

The Milwaukee-based Continental Properties completed development on the hotel, at 9700 Balmoral Ave., in July, 2008. The Aloft is the only select-service hotel located year the 840,000-square-foot Stephens Convention Center.

 “The area immediately surrounding the hotel is undergoing a positive transformation with new restaurants, entertainment venues, and a 530,000-square-foot outlet mall,” says John Prete, vice president with PCCP LLC in a statement. “We were drawn to this financing opportunity by the attractive basis and cash flow metrics, rebounding submarket, and the strength of Continental Properties and its hotel manager, Aimbridge Hospitality.”



ACQUISITIONS/DISPOSITIONS

KANSAS CITY, MO

  • Charford Inc. sold 19.27 acres at 14348-14350 NW Blue Pkwy. to Devery M. Poppenga-Brafford. Doug Hedrick. John Dezler of Colliers International negotiated the transaction on behalf of the seller.

LAFAYETTE, IN

  • Sand Capital acquired the 35,100-square-foot Park East Marketplace, a retail shopping center located at 4315 Commerce Dr. from DDR Corp. for $1.8 million. Janice Sellis and Paul Barile with Transwestern represented the seller in the transaction, which included a 1.9-acre pad site.

WEST CHESTER, OH

  • FAE Holdings 413133R LLC acquired 5.21 acres at the corner of Allen and Mulhauser Roads from JaNaka Ltd. Mike Halonen with Edge Real Estate Group represented the seller. The site will be used to develop a full-service hotel and conference center.



LEASING

CHICAGO

  • Anna’s Linens signed a 12,000-square-foot lease at Chatham Ridge, 110-60 West 87th St./8640-52 S. Lafayette Ave. Inland Real Estate Corp. owns the retail center.
  • The Marketing Store Worldwide signed a long-term, 31,348-square-foot lease at 55 W. Monroe. Robert Sevim and Joe Learner with Studley arranged the transaction on TMSW’s behalf. Jack McKinney, Jr., a vice president with JF McKinney & Associates, Ltd, along with Matt Lerner from JF McKinney & Associates, Ltd, represented building ownership, The Hearn Company.
  • The National Board of Certification & Recertification of Nurse Anesthetists (NBCRNA) leased 5,021 square feet at 8725 W. Higgins Rd. Phil Reiff Sr., and Phil Reiff Jr.with Paine/Wetzel/TCN Worldwide represented the tenant. Rick Benoy of Jones Lang LaSalle represented the landlord.

DEERFIELD, IL

  • Nadler Financial Group Inc. leased 3,200 square feet at 155 Pfingsten  Samuel Badger with Paine/Wetzel/TCN Worldwide represented the tenant and Christopher Cummins of Colliers International represented the landlord, Colony.

ITASCA, IL

  • Stephen Gould Corp. leased a 70,760-square-foot industrial building at 225 Springlake Dr. Jim Planey and Jeff Janda with Lee & Associates of Illinois LLC represented building ownership, CenterPoint, and Bill Mass of Mass Realty represented the tenant.

WESTMONT, IL

  • Jimmy’s Island Grille leased 8,100 square feet at St. James Crossing at the corner of Route 83 and Ogden Avenue. Inland Real Estate Corp. is the landlord.



LEASING/MARKETING ASSIGNMENTS

DETROIT

Marcus & Millichap Real Estate Investment Services’  local office  has the exclusive listing to market a single-tenant, corporate ground lease portfolio of 11 Michigan 7-Eleven locations. Simon Jonna and Raymond Jonna are representing the seller, a private partnership.

The assets are located in the following cities and townships:

  • Chesterfield – 3,000 square feet
  • Clinton Township – 3,000 square feet
  • Howell – 2,485 square feet
  • Lenox Township – 3,215 square feet
  • Macomb – 3,470 square feet
  • Romulus – 4,138 square feet
  • Romulus – 2,900 square feet
  • Shelby Township – 2,915 square feet
  • Shelby Township – 3,430 square feet
  • Warren – 2,424 square feet
  • Warren – 2,174 square feet

The properties are primarily hard corner or main-on-main intersections, with dominant exposure to state-recognized thoroughfares and intersections. Each site has the added functionality of on-site fuel pumps for increased drive-up traffic.



EXECUTIVE MOVES

CHICAGO

  • Laurence Elbaum, principal and co-founder of Bradford Allen Realty Services/TCN Worldwide of Chicago, has been re-elected chairman for the 2012-2013 TCN Worldwide Board of Directors. Originally elected to the board of directors in 2006, Elbaum has served as the board’s chairman for the last two years. Elbaum, a veteran broker from both New York City and Chicago’s commercial office leasing market, co-founded Bradford Allen Realty Services with Jeffrey Bernstein in October 2003.