Cawley Tries 50% Off Rent at 701 Building

Wendorf said the offer plays off of Subway's $5 foot-long sandwich, as Subway Restaurants opened a new location in the 701 Building in February. Tenants who sign a minimum three-year lease by Aug. 31 will be awarded a "sub-market" first year rate of $5 per square foot. Following years will be at standard 701 market rates, she said.

The building has seen some activity recently, as Archer Daniels Midland leased more than 18,000 square feet in the 18-story 701 Building in February, boosting the 286,586 square foot property to nearly 60% leased. Wendorf said another deal is pending that will boost the property to 72% leased, but she did not respond to questions about the name or type of firm, or whether the company will take advantage of the $5 offer.

CB Richard Ellis recently rolled out a multi-million dollar renovation of this Helmut Jahn-designed boutique office building. The renovation included updating common areas, elevators, restrooms, retail and creating an environment where new amenities and services enhance the success of its tenants. The largest tenant is the Hennepin County Public Defender's Office, which leases 60,000 square feet.

MINNEAPOLIS-Jones Lang LaSalle announced has been retained by Timothy D. Moratzka, Chapter 7 bankruptcy trustee for locally-based Home Valu Inc. to market for sale two multiuse properties of more than 150,000 square feet. The sites are in Fridley, MN and Urbandale, IA. Moratzka is an attorney with the firm of Mackall, Crounse & Moore PLC. Brian Ginkel and Chris Rohrer with JLL are leading efforts at the 99,000-square-foot Fridley facility, offered at just less than $4 million. Marcus Pitts with NAI Ruhl joins the team in marketing the 58,600-square-foot Urbandale property, being offered for $2.6 million. The assignment is part of Jones Lang LaSalle's Value Recovery Service.

COLUMBUS-Hackman Capital, a Los-Angeles-based real estate investment firm, recently purchased the industrial property at 4280 Alum Creek Dr. here. The 225,433-square-foot, warehouse-distribution facility is the company's entrée into the Columbus area. The facility, which formerly housed Pilkington North America Inc.'s Automotive Glass Replacement Distribution Center, was built in 1992.

OAK BROOK, IL-Inland Real Estate Corp., based here, has signed four new leases in the Chicago area. The leases total more than 5,600 square feet, and retailers are scheduled to begin opening in spring. The largest of the new leases was signed with Chiro One, a chiropractic center with locations across the Midwest, for 1,800 square feet at the Oak Forest shopping center in Oak Forest, IL. Inland also signed a 1,609-square-foot lease with Salon GC at Hawthorn Village Commons in Vernon Hills, IL; a 1,043-square-foot lease with Bein Assorti, a high-end nail salon which is replacing TCBY at Gateway Square in Hinsdale, IL and a 1,225-square-foot lease with Little Caesars at Park Center Plaza located in Tinley Park, IL.

RICHMOND, IL-CB Richard Ellis' Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham were the sole brokers in the sale of 5900 Ami Dr. here. Intermatic, which makes time-based energy control products, sold the 240,158-sq.-ft. industrial building to Bro Trust. The sale price was not disclosed, but the asking price was $5.9 million. The buyer manufactures automotive aftermarket accessoriess. Bro Trust will be relocating from Niles and will take occupancy of the new space May 1. The building was built in 1990 and is on 14 acres.

ELGIN, IL-Grubb & Ellis Co. has represented Memorylink, a developer of wireless broadband products, in the lease of 9,314 square feet of office space located at 590 Tollgate Rd. Craig Cassell, SVP and Max Chopovsky, senior associate, both of the company's Tenant Advisory Group, facilitated the six-year lease for the location, which serves as the company's headquarters and lab/office space. "Memorylink wanted to move out of its existing space immediately, upgrade its image and consolidate separate operations under one roof," said Chopovsky. "This new location fit the client's timing, space and economic needs."

ROMEOVILLE, IL-Champion Realty Advisors LLC has completed a lease with Worldwide Material Handling Products LLC for 35,000 square feet at 32 Forestwood Dr. The tenant is relocating from its prior location in Schiller Park, IL and selected this new facility based on the functional building layout, outdoor storage yard, and access to Interstate 55. The 70,400-square foot-industrial distribution center features precast construction and includes 3 acres of fenced outdoor storage, four exterior docks with levelers, three drive-in doors, and 5,000 square feet of office space. The long-term lease brings the building's occupancy to 100 percent. J.D. Salazar, and Michael Bader represented the landlord, Tom Rediehs. Randy Koch and Fred Freeman with Transwestern represented the tenant.

WESTMONT, IL-Morgan Realty Partners has completed two new leases within the Oakmont Business Center at 825 N. Cass Ave. In the first transaction Allen Chiropractic Orthopedics, a chiropractic physicians group, leased 2,354 square feet of office. The firm is relocating from another location in Westmont. Truffleberry Market, a catering company specializing in customized and seasonal menu options, also leased 1,363 square feet of tech space within the property. The center is a 59,751-square-foot, single-story brick building offering office and tech space to multiple users.

CHICAGO-Regina Webster & Associates has signed a new 7,000 square foot, long-term lease at the JCF Real Estate's Interpark Corporate Center at 8601 - 8623 W. Bryn Mawr Ave. The professional engineering services firm relocated from its prior location on Chicago's Northwest side. The 164,000 square foot single-story Interpark is near O'Hare International Airport. The property consists of 12 buildings on approximately 8 acres of land that is surrounded by high-rise office and multifamily developments.

BEDFORD PARK, IL- Jeanne Rogers, SIOR, CCIM, and Partner of the Arthur J. Rogers & Co., has completed a 300,000-square-foot industrial building sale on behalf of GRM. Located at 7123 W. 65th St., the industrial property was sold to GRM for $8.1 million. The buyer is an information management services provider specializing in records management, data protection, certified destruction, video and film storage and electronic vaulting. Mitch Adam and Mike Caprille of CB Richard Ellis represented the unnamed seller in the transaction.

NILES, IL-American Science & Surplus recently renewed 69,056 square feet for a long-term extension at 7410 N. Lehigh Ave. Marat Safir, president of Taurus Realty Partners, represented the tenant. Rich LeBrun with NAI Hiffman represented the landlord, Mirvac Industrial Trust.

SCHILLER PARK, IL-Sabic Polymershapes has completed a lease renewal for 29,500 square feet in a building it has occupied since 1992. The landlord is KTR Capital. The tenant handles distribution, conversion and fabrication of plastic products and associated materials. The building includes 2,000 square feet of office space and two loading docks. It is also benefits from a location that offers close proximity to O'Hare International Airport. Adam J. Tarantur, assistant vice president, Podolsky Northstar CORFAC International, represented KTR in the renewal

ELK GROVE VILLAGE, IL-Venture One Real Estate LLC has purchased a 62,597-square-foot empty industrial facility at 1150 Lively Blvd. The building was previously owned and occupied by Flextronics International. The facility is located in the heart of the Centex Industrial Park just west of O'Hare International Airport. The seller was represented in the transaction by Dan Hollingsworth, SVP with of Santa Clara, CA-based Cassidy Turley CPS CORFAC International and Geoffrey Dowling with GVA Williams. The property will be marketed for lease or sale. Venture One will improve the property with the addition of energy-efficient T-8 warehouse lighting, floor improvements and a resurfaced parking lot. The company seeks leased, partially leased and vacant industrial buildings in the Chicago and Milwaukee markets. "This is our second property acquisition in 2010 and we will continue to pursue functional industrial properties. We plan to significantly increase the size of our industrial portfolio over the next 12-48 months," said Mark B. Goode, principal. The acquisition was financed with First Midwest Bank in Arlington Heights, IL.

ST. LOUIS-David Garfinkel, SVP and managing director of NorthMarq Capital's St. Louis Regional office, recently arranged a $14.5 million mortgage for Charter Place Apartments, a 284-unit multifamily property here. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the unnamed borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The loan was an acquisition loan for the property acquired from Principal Global Investors out of Des Moines, IA.

SAGINAW, MI-Holland Rescue Mission has leased 11,950 square feet at Green Acres Shopping Center, approximately 3.5 miles west of Interstate 675, at the northwest corner of State Street (Highway 58) and Hemmeter Road. Ross E. Pope with Redstone Commercial Investments represented the tenant. Martin Liles represented the owner, Centro Properties Group.

CLIO, MI-Friedman Real Estate Group Inc. recently negotiated the sale of 12,000 square feet of industrial space located at 900 Tacoma Ct. The seller, PNC Bank National Association sold the property to Webster & Garner Inc, a distributer of commercial fuel, propane and petroleum products. Webster & Garner is a family-owned business established in 1921, and the oldest Sunoco distributer in the United States. Vice President Paul Feldman with Friedman represented the seller in this transaction.