CHICAGO — MB Real Estate (MBRE) has won the assignment to manage and lease the Illinois Tollway Oases, six properties servicing commuters and travelers along the Illinois Tollway system. The tollway oases offer patrons a variety of convenient food options, a wide range of services and are directly accessible from the tollway with on-off ramps. Properties include the Belvidere Oasis along I-90; the Lake Forest Oasis on I-94; the DeKalb Oasis on I-88; the Chicago Southland Lincoln Oasis along I-80/I-294; the Hinsdale Oasis on I-294; and the O’Hare Oasis, also on I-294. Current tenants of the oases include the Illinois Tollway, McDonald’s, Starbucks, Best Buy Express, Subway, Illinois Lottery and Sbarro, among others. Kathleen Bertrand of MBRE will serve as the leasing representative for the six properties, which offer a variety of spaces available for lease.
BRADLEY, ILL. — Mid-America Real Estate Corp. has brokered the sale of Village Square Shopping Center in Bradley, 57 miles south of Chicago. A private California-based buyer purchased the 85,002-square-foot center for an undisclosed price. Village Square Shopping Center is located at the northwest corner of Illinois Route 50 and East North St. The retail center is leased to a diverse mix of both national and local retailers, including Jo-Ann Fabrics, Dollar Tree, Premier Rental, Advance America and Carquest. Carly Gallagher and Ben Wineman of Mid-America Real Estate brokered the transaction on behalf of the seller.
CHICAGO — Geller Investment Co. has closed on its acquisition of the iconic Waldorf Astoria hotel on Chicago’s Gold Coast. Sam Zell’s Zell Equity Group Investments completed the sale, but will maintain a minority stake in Waldorf. The 189-room hotel at 11 E. Walton St. sold for a record-breaking $111.9 million, according to a Cook County transfer tax form. The purchase equals just over $592,000 per room, well above the previously held record of $505,000 per room paid by Zell for the Elysian hotel. Geller plans to add 26 hotel rooms in the 60-story tower, which also features 52 private residences. The new owners also plan changes to the hotel’s food, drink and public areas.
RIVERWOODS, ILL. — Milton Podolsky, founder of Podolsky|Circle CORFAC International, passed away this past weekend at the age of 94. Born in 1921, Podolsky attended DePaul University and studied at John Marshall Law School before serving in the U.S. Army from 1943 to 1946. He first considered a career in commercial real estate in 1957 when a frequent customer of his family’s drug store encouraged him to do so. Over the next five years, he worked at two commercial real estate firms in the Chicago market doing primarily industrial brokerage. Then he began developing and managing buildings in what later became known as the O’Hare market. In 1962, Podolsky co-founded his first entrepreneurial firm. In 1971, he established Podolsky and Associates Ltd., which evolved into the company now known as Podolsky|Circle CORFAC International based in Riverwoods. His accomplishments include the development of seven industrial parks and myriad individual industrial and office buildings, as well as Westbrook Corporate Center, a 1.1 million-square-foot office complex in Westchester, Ill. He is survived by his wife, Lois; his brother, Jerry; his three children, Steven, Bonnie and Randy; and seven grandchildren and four great grandchildren.
CHICAGO — Piedmont Office Realty Trust Inc. has signed Kraft Heinz Co. to a 170,000-square-foot lease at Aon Center, located at 200 E. Randolph St. in downtown Chicago. The new lease at the trophy tower extends through 2029. After recently completing the merger of Kraft Foods Group and H.J. Heinz Co., the global food and beverage giant will relocate its Chicago headquarters from Northfield, Ill., to five floors of the 83-story building. The company will be co-headquartered in Pittsburgh, Pa. Ned Franke and Steve Holmberg of Cushman & Wakefield represented the tenant in the transaction. Steve Smith and Mark Georgas of JLL, along with Tom Prescott and Alex Valente of Piedmont, facilitated negotiations on behalf of the owner.
EVANSTON, ILL. — Baum Realty Group LLC brokered the sale of a multi-tenant retail strip center in Evanston for $2.3 million. The site is located at 3330 Central St. in Evanston, 14 miles north of Chicago. The 3,235-square-foot strip center is divided into three suites and was 100 percent occupied at the time of the purchase. Several tenants include Starbucks, Subway and Kenny the Kleeners. A private out-of-state investor purchased the property. Greg Dietz and Danny Spietz of Baum Realty represented the private seller.
CHICAGO — Owner and developer GlenStar Properties has begun construction on a new rooftop terrace on the 23rd floor of the Chicago Board of Trade Building complex. The 4,300-square-foot deck will be located on the east side of the south building. It will accommodate up to 150 guests and feature a 20-foot illuminated water wall with bubblers, a 10-foot illuminated planter with bubbler, Cozumel curver sofas and sectionals, leather benches and wood deck tiling. The project is slated for completion later this year. Since acquiring the building, GlenStar has embarked on a significant capital campaign aimed at breathing new life into the landmark property and attracting a more diverse tenant base.
CHICAGO — The University of Illinois has expanded its lease at 200 S. Wacker in Chicago from 42,000 square feet to 44,000 square feet under terms of a 10-year renewal with building owner John Hancock Real Estate. The university’s Illini Center includes programs for university development, career services, fundraising and the Executive MBA and Masters in Tax Programs. Geoff Euston and Matt Dobry of CBRE represented the university in the transaction. Daniel Shapiro of John Hancock Real Estate represented the owner.
GLEN ELLYN, ILL. — Adelphia Properties has brokered the sale of a 3,400-square-foot freestanding retail building in Glen Ellyn. The vacant building is located on three-quarters of an acre at 369 Roosevelt Road in Glen Ellyn, 27 miles west of Chicago. The property sold for $750,000. Adelphia Properties’ Simeon Spirrison represented the seller, a private investor. George Spirrison of Adelphia represented the private buyer.
BERWYN, ILL. — Reed Construction will begin work this month on a remodeling of the Acute Care Rehabilitation Center at MacNeal Hospital in Berwyn, approximately 10 miles southwest of Chicago. The 427-bed medical facility is located at 3249 South Oak Park Ave. The project, which spans 11,250 square feet, will include updates to the mechanical, electrical and plumbing systems along with all the finishes. The project also involves upgrading a major portion of the base bid electrical infrastructure. Completion is scheduled for early September. Rich Melone, senior project manager, is leading the construction team for Reed. MRF Ltd. of Western Springs, Ill., is providing architectural services. Boca Raton, Fla.-based In.design Inc. is providing interior design services. MacNeal Hospital serves the medical needs of more than 1 million people in the near west and southwest suburbs of Chicago.