Closer highlights for Dec. 7
Sale
A Canadian firm that makes reusable interior walls for offices and medical buildings paid $5.8 million for its roughly 9,000-square-foot showroom on the top floor of the former Helene Curtis headquarters along the Chicago River at 325 N. Wells St. DIRTT Environmental Solutions bought the space from a venture of Chicago-based Sterling Bay Cos., which also provided seller financing of $3.05 million, according to property records. The Calgary, Alberta-based company (whose name stands for Doing It Right This Time) already has its name atop its glass-clad space. The company is a longtime tenant that formerly leased space on the second floor before moving to the 10th floor a few years ago, says Scott Goodman, Sterling Bay’s founder.
Foreclosure
PrivateBank &Trust Co. sued collect a little more than $4 million on three older industrial buildings on the Northwest Side owned by a partnership managed by Chicago industrial developer Michael Goldstein. In 2004, PrivateBank issued a loan for $4 million on 3057 N. Rockwell St., a two-building, 150,000-square-foot complex along the Chicago River, and 3029 N. Rockwell St., a 27,000-square-foot building constructed in 1930. The loan was scheduled to come due July 12, according to the seventh amendment to the loan documents. Mr. Goldstein, president of the company that is the general partner of the partnership, did not return a call requesting comment.
Construction
Teen fashion retailer Buckle Inc. plans a 4,498-square foot store in the Louis Joliet Mall in Joliet, according to BidClerk.com. Buckle is taking space formerly occupied by a Disney store. Kearney, Neb.-based Buckle has fared better than some of its competitors because of the company’s large presence in Midwestern states where unemployment is relatively low, such as Iowa and Minnesota. The company has 16 stores in Illinois, including six in the Chicago area.
Mortgage
A venture led by local retail developer Scott Gendell refinanced a 58,200-square-foot office building in Wilmette with two loans totaling $7.3 million from North Shore Community Bank & Trust. The three-story building at 3201 Old Glenview Road, just west of the Edens Expressway, is about 66% leased with tenants including Mr. Gendell’s development firm, Terraco Inc. The Gendell venture paid $7.3 million for the property in 2007, assuming a $5-million loan from LaSalle Bank. The larger new loan reflects “significant upgrades to the building,” including a renovation of its common areas, says Mr. Gendell, Terraco’s president and CEO.
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