In brief: Law firm move | Burlington Coat | Inland Diversified
Law firm plans to move Chicago office
A Minneapolis-based law firm will expand the size of its local office in a planned move next year to 55 W. Monroe St. Foley & Mansfield PLLP, which specializes in asbestos litigation defense, has not finalized its lease but plans to move to the building no later than May 1, says attorney Robert Brummond, managing partner of the Chicago office, which has four lawyers and four staff. The firm is to take about 5,000 square feet to be vacated by IntercontinentalExchange Inc., which is moving to 353 N. Clark St. Foley's current local office is just under 3,000 square feet at 39 S. LaSalle St., Mr. Brummond says. He declines to disclose financial terms. 55 W. Monroe is about 78% leased, according to CoStar Group Inc. The building is owned by the investment arm of Chicago-based Jones Lang LaSalle Inc.
Burlington Coat Factory signs at Marshfield Plaza
Burlington Coat Factory plans to open a store next year at Marshfield Plaza, a shopping center off Interstate 57 on the Far South Side. The Burlington, N.J.-based company declines to disclose terms of its lease for the 64,428-square-foot store. Burlington Coat Factory currently has 21 stores in the Chicago area. Target Corp. and Jewel Food Stores are among the stores that have opened at Marshfield, the first local project for Beverly Hills, Calif.-based Primestor Development, which is partnering with Prudential Real Estate Investors on the center.
Village to take over Sears Centre
(AP) — The Hoffman Estates village board on Wednesday approved taking over ownership of the financially troubled Sears Centre arena, whose majority owner is Ryan Cos. Trustees approved shortcutting a foreclosure suit filed by the village and taking title, which is expected by Monday. An interim agreement also was approved Wednesday with Philadelphia-based Global Spectrum, a subsidiary of Comcast Corp., to operate the facility as of Jan. 1. The arena's ownership entity posted more than $500,000 in operating losses last year and threatened to close it Sept. 1, leaving in the lurch those who had booked events and started selling tickets. Ryan owns 75% of the arena partnership and Sears Holdings Corp. owns the remainder.
New Inland REIT makes first purchase
Inland Diversified Real Estate Trust Inc., a new company launched by Oak Brook-based Inland Real Estate Group, has bought its first property, an 82,000-square-foot shopping center in Merrimack, N.H. Inland Diversified paid $9.8 million for the Merrimack Village Center, a 97% leased property anchored by a Shaw's Grocery Store, according to a Securities and Exchange Commission filing. The property's initial yield, or capitalization rate, is 9.5%. The seller was an affiliate of Jacksonville, Fla.-based Regency Centers Corp. Inland Diversified is the fifth non-traded real estate investment trust founded by Inland Real Estate Group, which aims to raise $5 billion for the company in an initial public stock offering launched in August.
