Lincoln Park developer shifts gears

(Updated 5:20 p.m.)

Lincoln Park developer shifts gears

The developer of the Lincoln Park 2520 condominium development is tweaking its plans for a stretch of land just west of the 39-story tower. Ricker-Murphy Development LLC, which had originally planned to build 11 townhomes on the lots on the 400 block of Deming Place, has decided instead to build large single-family homes on the property. Chicago-based Ricker-Murphy has teamed up with Chicago high-end homebuilder BGD&C, which will design and build the homes, according to a news release. The property will accommodate about four houses, and a buyer has already expressed interest in acquiring one that would be built on three of the original 11 townhome lots, says BGD&C Principal Charles Grode. Ricker-Murphy also had planned on building eight townhomes on a neighboring parcel along St. James Place but sold the land to Morningstar Inc. chief Joe Mansueto, who is building a 7,200-square-foot mansion there. Ricker-Murphy expects residents to begin moving into the 213-unit condo tower in June. Related story: Morningstar chief plans Lincoln Park mansion

TA Associates Realty bought this property.

GE sells Aurora warehouse

Boston-based TA Associates Realty paid $16 million last month for a single-tenant warehouse property in west suburban Aurora. The 259,416-square-foot property at 600 and 700 Commerce Drive is fully leased to fitness supplement maker Optimum Nutrition Inc., a subsidiary of Irish dairy company Glanbia PLC. Norwalk, Conn.-based GE Capital Corp. sold the building. Property records show GE Capital paid about $8.3 million for the property in 2007. Todd Torak, Chicago-based principal of Los Angeles-based Lee & Associates Investment Services Group, brokered the sale to TA Associates.

Evanston office building sells for $5 million

A venture led by Amy Joffe and Edward Zale closed in late December on a four-story, 50,564-square-foot office building at 1840 Oak Ave. in Evanston for around $5 million, according to Stephen Lieberman, an investment associate with Marcus & Millichap Real Estate Investment Services Inc. who represented both the buyer and seller. The seller, an affiliate of Chicago-based Real Estate Investments & Solutions Inc., paid $3.2 million for the building in 2005, county records show. Real Estate Investments & Solutions President Jeffrey Bernard said the company invested $1 million upgrading the structure. “It's a good building for small and medium-sized tenants who want to be close to transportation,” he says. The building has 21 tenants and is 95% leased. Neither Joffe nor Zale returned calls. Alissa Helgesen, president of Chicago-based Circle Realty Advisors LLC, also advised the buyer.