Closer highlights for Dec. 15
Sale
A venture controlled by Elk Grove Village real estate investor Joseph Cannella paid $5.3 million for a fully leased 39,885-square-foot retail property near the Westfield Fox Valley shopping center in west suburban Aurora. Tenants include OfficeMax Inc. and Bolingbrook-based ATI Physical Therapy. The center, called New York Square, is at 4332-40 Fox Valley Center Drive. The seller was an affiliate of Halyard Cos., a real estate investment firm whose principals included Stephen A. Weiss, Lawrence Blankstein and David M. Kaufman. Lincolnwood-based Halyard is selling off assets as it winds down its affairs.
Foreclosure
United Central Bank has sued to collect $6.9 million on four properties owned by ventures controlled by Michael P. Musa, president and CEO of consulting firm Environmental Protection Industries Inc. One of the properties is the company's own offices at 16650 S. Canal St. in south suburban South Holland. Mr. Musa did not immediately return a phone call seeking comment. In the largest case, United Central is seeking to recover $3.8 million against 15901 S. Harlem Ave. in south suburban Tinley Park, where Potbelly Sandwich Works, Starbucks and FedEx Office Print & Ship Center are tenants. The other properties are 15901 Halsted St. in south suburban Harvey and 1201 E. Central Road in northwest suburban Mount Prospect. Garland, Texas-based United Central inherited the loans as part of its acquisition of Harvey-based Mutual Bank.
Construction
Parisian fashion house Hermes International S.A. is moving ahead with plans to move its Oak Street boutique about a block west, where it has agreed to take a key portion of the former Barneys New York store. In its new location at 25 E. Oak St., Hermes would take just 2,000 square feet, less than originally expected and less than the 5,600 square feet the company has at its current location at 110 E. Oak St., which is owned by Chicago-based Miglin Properties LLC. Related story: Hermes to move to high-profile corner
Mortgage
Gold Coast Bank provided a $1.61-million mortgage to a venture backed by investors Timothy and John Collins for the acquisition of the retail and apartment building at 3469 N. Clark St. for their planned boutique hotel. The loan, which carries a 7.5% interest rate and matures Oct. 28, 2010, was used for the $2.1-million purchase, which included well-known sushi restaurant Matsuya. Timothy Collins, president of Main Event Tickets Inc., says the acquisition will allow them to double the size of their planned hotel to 42 rooms. The first phase of the hotel at 3473-75 N. Clark St. is to open this spring, while the additional rooms are to open next fall. Mr. Collins says his venture has also acquired Matsuya and will continue to run the restaurant while adding American and French bistro-style food. He also says he expects Gold Coast to provide a construction loan to build the additional rooms at 3469 N. Clark.
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