Dermody taps former CenterPoint exec
Dermody Properties said it hired Brian Quigley, a former executive at CenterPoint Properties Trust, to run its Midwest operations. Mr. Quigley, a partner at the Reno, Nev.-based developer, will work out of Dermody's office in Chicago and will be responsible for developing and managing the company's Midwestern portfolio. Mr. Quigley, 46, was vice president at Oak Brook-based CenterPoint before joining Dermody. With offices in Reno, Chicago, Philadelphia and Portland, Ore., Dermody has developed and leased more than 5 million square feet of industrial space over the past five years. The company's current portfolio includes more than 3.5 million square feet, 90 percent of which is occupied.
Foreclosure suit hits South, West side properties
BMO Harris Bank N.A. filed a foreclosure suit to collect $2.1 million from the owner of eight properties on Chicago's South and West sides. Land trusts led by Musa Tadros, president of Crown Commercial Real Estate & Development Inc., own the properties, which include a strip center that once housed a Hollywood Video and buildings leased to a Family Dollar and Popeyes restaurant. The trusts borrowed $2.3 million on the buildings in 2006 and failed to pay BMO Harris back when the loan came due May 23, 2011, according to the foreclosure suit, filed in Cook County Circuit Court. Mr. Tadros says he would like to keep the properties and is working on refinancing them with another lender. A BMO Harris representative declines to discuss the lawsuit.
Zell venture may buy Minn. office park: report
Chicago billionaire investor Sam Zell may buy the largest multitenant office park in Minnesota, according to the Minneapolis/St. Paul Business Journal. A joint venture between Mr. Zell and Chicago-based Perennial Investments & Advisors LLC is expected to pay $255 million, or $150 per square foot, for the 1.7 million-square-foot Normandale Lake Office Park in Bloomington, a Minneapolis suburb. The seller is New York-based financial services firm Teachers Insurance & Annuity Association-College Retirement Equities Fund (TIAA-CREF). The five-building campus at the corner of Interstate 494 and Highway 100 is 83 percent leased, with tenants including Weber Shandwick, Morgan Stanley Smith Barney LLC and Merrill Lynch & Co. Jeff Echt, principal of Perennial Investments, and a spokeswoman for Mr. Zell decline to comment. A representative of TIAA-CREF declines to comment.
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