Assurance Expands in Northwest Suburbs

SCHAUMBURG, IL-Assurance Agency Ltd. has increased its office lease at One Century Centre to 61,239 square feet. The insurance brokerage had leased three floors at the building, and has now added an additional 18,242 square feet on the first and second floors.

The 212,212-square-foot office tower is 95% leased, says Fred Ishler from Transwestern Investment Co., the owner of the building. Career Education Corp. is also a tenant at the property, located across Golf Road from Woodfield Mall. Asking rates at the complex are at about $13 per square foot, net.

“This is one of the largest subleases in the Northwest market this year,” Ishler tells GlobeSt.com. “This wasn’t even an expansion, the company is just doing well.” Ishler, Joe Stevens and Zach Fox represented the owners in the transaction, and Lou Hall, Paul Buckingham and Craig Cassell with Grubb & Ellis represented the tenant.

BUFFALO GROVE, IL-CB Richard Ellis recently negotiated the sale of 900 Busch Pkwy. R.G. Ray sold the 121,096-square-foot industrial building to Forefront Properties for an undisclosed amount. The asking price was $6.6 million. Keith Puritz, Brett Kroner, Ryan Bain and Zach Graham were the sole brokers in the transaction.

NORTHBROOK, IL-The Boulder Group has completed the sale of a single tenant net-leased Walgreen’s property located in Northbrook, Illinois for $10 million. The 14,500-square-foot building is fully leased on a long term basis to Walgreen’s. Randy Blankstein and Jimmy Goodman represented the seller, a Chicago based development partnership. The purchaser was a private investor based in San Francisco.

ROSEMONT, IL-International Housewares Association has signed a long-term extension of its lease for 12,137 square feet of space at 6400 Shafer Ct. Gregg Raus and Mark Kolar with Jones Lang LaSalle completed the transaction on behalf of the association. The association, which has been a tenant at 6400 Shafer since 1982, is the 72-year-old voice of the housewares industry, which accounts for more than $300 billion in sales worldwide annually. The seven-story, 172,000-square-foot 6400 Shafer building is along the north side of Higgins Road just east of Interstate 294. Jim Weber with ACG Management represented the building owners in the transaction.

SCHILLER PARK, IL-Boston Coach Illinois Corp. has leased 21,678 square feet at 3733 N. 25th Ave., a three-building 133,098-square-foot industrial complex. Podolsky Northstar’s Adam J. Tarantur and Randy D. Podolsky represented owner KTR in the transaction. Kevin Segerson with CB Richard Ellis represented the tenant. Dapo Adedejo with Barack Ferrazzano provided legal services for KTR Capital. Boston Coach, owned by Fidelity Investments, is a 23-year-old company that owns and manages a fleet of 25,000 vehicles worldwide. The complex is now approximately 80% leased.

OTTAWA, IL-Cambridge Realty Capital Cos. reports closing on a $15.3 million loan to provide new construction and permanent financing for Ottawa Pavilion, a 129-bed skilled care nursing home here. Cambridge Chairman Jeffrey A. Davis said the 40-year term loan was arranged for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites FHA-insured HUD loans. The fully-amortized loan was processed using HUD’s Section 232 funding program. The interest rate was not disclosed.

CHICAGO-Reed Construction recently completed an office build-out for Wolf Haldenstein Adler Freeman & Herz LLP at 55 W. Monroe in Chicago, Illinois. The project at the 45-story building included a 2,500 square foot office renovation which included a new reception area, a large executive conference room, and multiple private offices as well as a server room.

VERNON HILLS, IL- Principle Construction Corp. completed a 53,000 square foot renovation project for Probat Burns Inc. at 601 Corporate Woods Pkwy. Probat designs, manufactures, and installs industrial grinding and roasting equipment for the coffee, pharmaceutical and food industries. The company is relocating from its current headquarters in Memphis.

CHICAGO-Cohen Financial has arranged a $3.3 million refinance of an apartment complex at 2240 W. Morse Ave. The complex contains 32 units and is fully leased. Michael Wieden, VP, secured the 10-year, fixed-rate loan at 75 percent loan-to-value with a 30-year amortization schedule below a 5% rate. The borrower is a local commercial real estate investor. “This was a failed condo conversation that was recently purchased and stabilized as apartments,” said Mr. Wieden. “While the operational history of the asset was shorter than preferred, we were able to identify strengths in the transaction providing comfort to the lender and ensuring a commitment.”

CHICAGO-McShane Construction Co. has completed a 20,300-square-foot office assignment on behalf of Ogletree, Deakins, Nash, Smoak & Stewart, P.C. (Ogletree Deakins). The law firm has relocated its Chicago office from 20 S. Clark St., Suite 2500 to 155 N. Wacker Dr., Suite 4300. The enhanced legal services suite includes 36 private offices, 12 soft offices, three conference rooms, an extensive law library and a kitchen/breakroom. The 45-story high-rise is a glass and curtainwall office building that was designed by the architectural firm of Goettsch Partners Inc.

ELKHART, IN-Centro Properties Group announced a 2,000-square-foot General Nutrition Center (GNC) recently opened at Elkhart Plaza West, located south of Interstate 80/Interstate 90, on North Nappanee Street (Route 112/State Road 19) at the intersection of McNaughton Avenue. Tom Hovanec with Hovanec Properties represented GNC. Centro is the owner of the center and was represented by Brian Mychajluk.

INDIANAPOLIS-HSA Commercial Real Estate's Timothy Stanton, EVP, represented Carlson Wagonlit Travel in a 5,076-square-foot lease at the Indiana Farm Bureau Building at 225 S. East St. Carlson is relocating within the market from their current offices at 3077 E. 98th St. NAI Olympia also represented Carlson Wagonlit Travel as a co-broker.

AUBURN HILLS, MI-Chrysler Group LLC has leased 157,100 square feet of industrial space at 4400 Purks Rd. Paul Hoge and Joe Banyai with Signature Associates represented the landlord, First Industrial Realty Trust. The tenant was represented by UGL-Equis.

NOVI, MI-Friedman Real Estate Group Inc. recently negotiated the lease of 5,365 square feet of office space located at Novi Technology Center, 40000 Grand River Ave. The landlord, Ericar Co. LLC, leased the space to Gecom Corp., a manufacturer of door latches, trunk locks, door handles, and other automotive components. Glenn N. DesRosiers represented the landlord in this transaction.

PIQUA, OH-Denizen Inc. will be doubling the size of its space and relocating its operations within the Sherry Industrial Park, announced Tim Echemann, broker and principal with Industrial Property Brokers/ CORFAC International. Denizen has leased the former CompAir Inc. facility at 130 Fox Dr. for its new headquarters. The building is 21,000 square feet with sufficient land to build an additional 60,000 square feet in the future.

BLOOMINGTON, MN-Exact Software has signed a seven-year lease for 12,895 square feet at Northland Center, at 3600 American Blvd. United Properties, owner of the office center, was represented by Bill Rothstein, NorthMarq SVP. The tenant was represented by Brad Bohlman of Welsh Cos. This new lease brings the building’s occupancy to 93%.