Streets of Woodfield sells for $118 million
A Dallas-based investor paid $118 million for the Streets of Woodfield, a 713,000-square-foot shopping center in Schaumburg formerly owned by Chicago developer Joseph Freed & Associates LLC, county records show. An affiliate of Arrow Retail financed the acquisition with a $100 million loan from CIBC World Markets, according to a news release from Holliday Fenoglio Fowler L.P., the brokerage that arranged both the sale and the financing. The Arrow venture bought the shopping center at 601 N. Martingale Road from Hyde Park, N.Y.-based Kimco Realty Corp., which took over the property last year after a legal dispute with Joseph Freed, its joint venture partner. Related story: Streets of Woodfield to sell
Roscoe Village tavern and pizzeria sold, building kept
Restaurateur Steve Soble has sold the Riverview Tavern and Robey Pizza Company at 1958 W. Roscoe St. to a six-person partnership that also owns and operates Merkle's Bar & Grill in Wrigleyville and the Bad Dog Tavern in Lincoln Square. Financial terms of the deal were not disclosed. “We just felt the time was right to reconceptualize and spruce up the place or sell it,” says Mr. Soble, whose ventures also run restaurants in the city and suburbs. He still owns the Roscoe Street building, which he is leasing back to the venture that bought the bar and restaurant. Jason Levin, principal in the entity that bought the businesses, says his group is adding 20 new televisions to the Riverview, plus a new drink and food menu. Robey will be renamed Riverview Brick Oven Pizza, but the two restaurants will remain separate. Chicago-based Kudan Group Inc.'s Marcus Sullivan represented Mr. Soble's venture, while Kudan's James Martin represented Mr. Levin's in the transaction.
Siding products firm expands on LaSalle Street
Dublin, Ireland-based James Hardie Industries SE is expanding in the Bank of America Building at 231 S. LaSalle St., agreeing to sublease an additional 13,000 square feet from the Charlotte, N.C.-based bank, says Scott Barnett, chief financial officer of the firm's Chicago office, its U.S. headquarters. The company had previously subleased 22,000 square feet from Bank of America Corp. The expansion will allow James Hardie to accommodate future growth of the office and make new hires, Mr. Barnett says, declining to discuss specifics. “We're already kind of tight here,” he says. The sublease transaction closed in March and will be folded into the previous deal with the bank, which lasts until 2023. Mr. Barnett declined to comment on financial terms. A Bank of America spokeswoman declines to comment. In late 2010, the bank sublet 207,000 square feet in its namesake building to Northern Trust Corp. The building is 88 percent leased, according to real estate data provider CoStar Group Inc.
Food distributor buys South Side warehouse
A venture led by food distributor Foodliner Inc. paid $2.4 million for an 82,000-square-foot industrial building at 11861 S. Cottage Grove Ave., county records show. Foodliner, which had been leasing the building, bought it from Chicago-based investment group Bulkoa Inc. Michael Nelson, principal at Chicago-brokerage NelsonHill, represented the seller in the transaction. The company will continue to use the space, which includes an active railway line, to transport food and other materials, says a Foodliner representative. Bulkoa could not be reached for comment.
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