In brief: Grocer expanding | Keystone | Airport Chapter 11
Local grocer expanding
Tony's Finer Foods Inc., which has seven locations in the Chicago area, paid about $4.7 million in cash and assumed a $12.6-million loan when it acquired Ballard Plaza at 8888 N. Greenwood Ave. in north suburban Niles from Newport Capital Partners LLC, says Derrick McGavic, a managing principal with Skokie-based Newport. The 90,867-square-foot retail center includes a vacant Dominick's that closed in 2007. Meanwhile, Tony's paid $8.6 million for a shuttered Jewel-Osco at 3120 N. Pulaski Road on the Northwest Side, property records show. The seller was Chicago grocer Pete's Fresh Market, which had contemplated a store there but never submitted plans and is focused on a store planned for Madison Street and Western Avenue on the Near West Side, Endy Zemenides, a lawyer at Chicago firm Johnston Greene LLC who represents Pete's, said recently. Pete's owner James Dremonas and the owners of Chicago-based Tony's did not return calls requesting comment. Tony's will spend an additional $5 million to renovate Ballard Plaza, says Dino Geroulis of Chicago-based Axis Realty Inc., who represented Tony's in that deal.
Call center firm expands in north suburbs
APAC Customer Services Inc. is expanding its headquarters offices by 42%, to 14,089 square feet, as part of a lease extension at the Bannockburn Lake Office Plaza, says Brian Lauck, a regional director with Bala Cynwyd, Pa.-based Keystone Property Group, which owns the north suburban complex. APAC, which had 9,936 square feet, is moving to another building in the complex, says Mr. Lauck, who declines to disclose financial terms. APAC, whose lease was to expire next year, has extended to 2016, he adds. The three-building, 315,000-square-foot complex is 71% leased, Keystone says in a release.
Airport owner files Chapter 11
The venture that owns McHenry County's Galt Airport is seeking Chapter 11 bankruptcy protection from creditors on the heels of a $14.3-million foreclosure suit in February. The private airfield, 5112 Greenwood Road in northwest suburban Wonder Lake, is controlled by Ivan Djurin, president of North Street Properties in Lake Forest, who did not return a call for comment. A petition filed Aug. 4 in U.S. Bankruptcy Court in Chicago lists assets of $1 to $10 million against liabilities of $10 million to $50 million. Its largest unsecured creditor is Mobil Oil distributor Jerry Willkomm Inc. of Somers, Wis., which is owed $8,215, according to the petition. In addition to the Galt bankruptcy filing, five ventures affiliated with North Street Properties have filed for Chapter 11 bankruptcy protection in the past 10 months. Related story: Foreclosure suit hits McHenry County airfield
New coffee shop for Lincoln Park
Independent coffee bar DarkCloud plans to open in October at 2122 N. Halsted St. in Lincoln Park, where the business leased about 3,000 square feet. DarkCloud is owned by Andy Atkinson and has no other locations, according to Chad Tepley of Garrett Realty & Development, which represented the shop. Mr. Tepley declines to disclose financial terms of the five-year lease. 2122 N. Halsted is owned by Spiros & Kiki Stamelos, according to Garrett Realty.
(Note: This story has been supplemented with additional information about Tony's Finer Foods Inc.'s plans for Ballard Plaza. Also, the number of Tony's Finer Foods stores has been corrected.)
