In brief: Glenview | 444 N. Michigan | Shorewood
Glenview shopping center fetches $18 million
Regency Centers Corp. paid $18 million for a Trader Joe’s-anchored shopping center at the intersection of Lake Avenue and Waukegan Road in north suburban Glenview. Jacksonville, Fla.-based Regency Centers approached the owner of Glen Oak Plaza with an offer, says Joe Girardi, a vice-president with Mid-America Real Estate Corp., who represented Regency Centers. The seller was the Adinamis family trust. Jim Smirles, the managing member of the trust, didn’t return a call. The 62,443-square-foot property, at 1411 Waukegan Road, is 97% leased. Regency Centers owns and develops grocery-anchored shopping centers nationwide and controls 16 plazas in the Chicago area, says Stuart Brackenridge, vice-president of acquisitions. Mr. Girardi says Regency is looking for more acquisitions here.
Recruiting ad firm expands Michigan Avenue office
New York-based TMP Worldwide Advertising & Communications Inc. has extended its lease and expanded at 444 N. Michigan Ave. The firm, which focuses on recruitment advertising, pushed its lease into 2016 and is to occupy the tower’s entire 31st floor, 15,685 square feet. The firm has been a tenant at 444 N. Michigan for 10 years, previously occupying about 11,000 square feet, says Lenora Adds of Cushman & Wakefield Inc., who handles leasing on behalf of the landlord, Munich, Germany-based GLL Real Estate Partners GmbH.
Big industrial lease in Shorewood
Logistics firm Jacobson Cos. leased about half of a 1-million-square-foot warehouse near Joliet. Des Moines, Iowa-based Jacobson hopes to win work for Fonterra Co-operative Group Ltd., a New Zealand-based dairy giant, says Marty Howard, Jacobson’s vice-president and general counsel. Fonterra would assume the lease if the company chooses another logistics provider, says Mr. Howard, who declines to disclose terms of the lease. The building, 21228 Frontage Road in Shorewood, was completed in 2007 and Jacobson is the first tenant, according to CoStar Group Inc. It is owned by ING Clarion Partners. Fonterra moved its North American headquarters to Rosemont from Pennsylvania in 2008.
Daccord, Chicago Realty Co. merge
Project management firm Daccord Group LLC and Chicago Realty Co., a project management and brokerage firm, have merged to form a new company, CR/Daccord. Chicago Realty founders Chris Hill and David Ariola, both veterans of the Daley administration, join Daccord’s three principals, Leonard Skiba, Jerry Strum and David Gutierrez, as principals of the new company. CR/Daccord will be based in Daccord’s office at 309 W. Washington St.
