In brief: First Industrial | Oak Street deals | Congress Center
Shidler to leave First Industrial board
First Industrial Realty Trust Inc.'s cofounder and largest shareholder, Jay H. Shidler, 63, is retiring as a director of the Chicago-based real estate investment trust. The Wednesday announcement comes nearly 13 months after the REIT announced that Mr. Shidler had stepped down as chairman, replaced by W. Ed Tyler, and that Bruce W. Duncan had been hired as CEO. Mr. Shidler controls a nearly 10.8% stake in the REIT, according to the company's April 9 proxy, up from 7% in 2008. The retirement is effective May 5.
3 new upper-level retailers on Oak Street
A beauty salon, a spa and a Judaica store each leased 1,000 square feet of upper-level space at 67 E. Oak St. Mondragon Salon and the Spa on Oak, both new businesses, recently opened on the building's third floor. Dreidels & More plans to move to the buildings fifth floor this spring from its current location at 875 N. Dearborn St. The two third-level spaces at 67 E. Oak had been used by Gallery Colletti, which sells antique posters and decorative arts and last year opened a bigger store across the street at 102 E. Oak. The gallery's remaining space at 67 E. Oak, 2,000 square feet on the first level, is being marketed for lease available in July, according to a flier from Sharon Kahan of CB Richard Ellis Inc., who represented the building in the three upper-level leases. Gallery owner Russell Colletti says he hasn't yet talked with the landlord about his plans. The new salon and spa were represented by Goriana Alexander, a principal with Chicago-based Vertical Brokerage Inc.
Growing restaurant chain slated for Park Ridge complex
Eggsperience Pancakes & Café will open a sixth restaurant this spring at the Shops of Uptown Park Ridge, part of a six-acre retail and residential project at Northwest Highway and Touhy Avenue in the northwest suburb. The family-owned breakfast and lunch spot leased 5,324 square feet, according to Oakbrook Terrace-based retail brokerage Mid-America Real Estate Corp. Mid-America oversees the 70,800-square-foot retail portion of the project, which also includes Trader Joe's, Chico's and Houlihan's. Eggsperience has other locations in Glenview, Long Grove, Naperville and in north suburban Bannockburn, where the first restaurant opened in 2005. A 24-hour location in River North is to open Monday at 35 W. Ontario St.
Big tenant at Congress Center extends lease
Chemical manufacturer AkzoNobel N.V. re-upped for six more years in an early renewal at Congress Center, 525 W. Van Buren St. The Amsterdam, Netherlands-based firm, which leases two and a half floors in the 16-story West Loop tower for its specialty chemicals business, extended its lease through the end of 2019, according to Grubb & Ellis Realty Investors LLC, which advises the building's ownership group. AkzoNobel looked around for alternate locations before deciding to keep its 90,138-square-foot space, says Mark Parrish of Grubb & Ellis Co., who represents the building. Congress Center, which is 84% leased, was nearly sold in January 2009 and was marketed for some time afterward before being taken off the market about six months ago. Jones Lang LaSalle Inc. represented AkzoNobel.
Algonquin mall lands creperie, bar, maternity store
Inland Real Estate Corp. announced that Creperie Normandie leased 1,800 square feet at Algonquin Commons. The crepe restaurant, which is to open in March, will join three other new tenants that have opened in recent months: Thirsty Whale Bar & Grill, which leases 6,480 square feet; maternity fashion chain Hot Mama, 2,348 square feet, and sports apparel store United Sports, 2,516 square feet. The five-year-old mall, which Inland bought in 2006 in a joint venture with the New York State Teachers Retirement System, isn't generating enough cash flow to cover its debt service and the loans have gone to a special servicer. As of September, the most recent data available, the center was 91% leased. An Inland spokesman says there's no new development regarding efforts to restructure the mortgage. Related story: Loan problems dog lifestyle center
