DES PLAINES, IL—Andy Jaffe, senior vice president of Commercial Properties Inc./CORFAC International in Tempe, AZ, has just begun his term as 2018 president of Des Plaines, IL-based CORFAC International. He replaces G. Raymond Lyons, the organization's 2017 president. Other 2018 officers include Sim Doughtie, vice president; Alan Joel, treasurer; and Joe Latina, secretary. “I'm proud of our accomplishments as an organization this year,” says Lyons. “We launched a new, industry-leading website, began the process of strengthening the CORFAC brand worldwide, scheduled our first-ever overseas Fall Summit in London for September 2018 and added new member firms in several locations domestically and abroad. I look forward to the many initiatives Andy Jaffe and the rest of the 2018 leadership team will undertake in the year ahead.” Jaffe, a full-service broker with more than 38 years of experience in the industry, has previously served on CORFAC's executive committee as vice president, treasurer and secretary.

OAKBROOK TERRACE, IL—As it begins its 20^th anniversary year and following a record year in 2017, Cawley Chicago has appointed industry veteran Michael P. McKiernan to the position of sales manager, effective immediately. The appointment of McKiernan was made by Daniel Cawley, the founder and managing principal of the firm. “With his presence and experience at all levels of commercial real estate brokerage, Mike McKiernan will assist our effort to add new people, help them be better, more productive professionals and, in the process, elevate the performance of the entire firm,” he says. In this new role, McKiernan, who has held senior-level local, regional and corporate management positions at national brokerage firms, will help further expand the firm. This will include the recruitment of additional office, industrial and investment-focused brokers, and the hiring and development of new brokers to the firm. For the last year, McKiernan has served as a consultant to Cawley Chicago.

WILMETTE, IL—The Residences of Wilmette, a five-story transit-oriented rental community in downtown Wilmette, has earned LEED Gold certification from the US Green Building Council, according to RMK Management. The upscale rental community, located at 617 Green Bay Rd., features 75 apartment homes and opened last October. “The Residences of Wilmette is noteworthy on many levels – not only is it the first class A rental community in downtown Wilmette in over 20 years, but now it also can claim LEED Gold certification,” says Anthony Rossi Sr., chairman of RMK Management Corp. “We always wanted to exceed the basic LEED requirements, many of which have been adopted as standard building code, and achieve a certification that would serve as a benchmark for future development in Chicago's inner-ring suburbs.” the community scored points in several LEED categories. The building's green roof helps manage storm water runoff; energy-efficient heating/cooling systems maximize indoor air quality; increased levels of insulation and Energy Star appliances improve energy efficiency.

DEALTRACKER

DES PLAINES, IL—Podolsky Circle CORFAC International recently completed the sale of 1221-1311 Rand Rd. in Des Plaines, IL, a four-building, 136,533 square foot industrial/flex warehouse complex, on behalf of Ameritus Real Estate Investment. The Podolsky team comprised of Alissa Adler, managing principal, John Homsher, principal, and Paul Tesdal, senior vice president, represented Ameritus in the $6.2 million transaction. Additionally, Podolsky Circle provided debt placement services to the purchaser, Clear Height Properties. “This was an excellent investment opportunity for the buyer given Rand Center's desirable location, its flexible unit sizes, stable cash flow, future rent growth and lack of other comparable new construction in the area,” says Adler. “The transaction also allowed our client to focus solely on its office portfolio strategy.” Tenants ranging in size from 1,306 to 7,879 square feet occupy 94.5% of Rand Center.

CHICAGO—Elise Couston, Adam Marshall, both senior managing directors in Newmark Knight Frank's Chicago office, along with Mark Deady, director, recently completed three new leases totaling 118,000 square feet on behalf of Barings Real Estate Advisers in support of an institutional investor. The first two transactions were for 260 Madsen Dr. in Bloomingdale, IL, at Bloomingdale Corporate Center, including a new, 50,000-square-foot lease to Reliable Automatic Sprinkler. Sam Durkin of JLL represented Reliable. The second was a 20,000-square-foot lease signed by Service Spring. Dominic Carbonari of JLL represented the tenant. Couston, Marshall and Deady were appointed the exclusive leasing agents for this business park in 2016 when it was under development. The three-buildings total 276,250-square-feet on 20-acres and have 30' clear ceilings. Additionally, Marshall, Couston and Deady completed a 48,000-square-foot lease to Brolite Products, Inc. at 1331-1337 Schiferl Rd. in Bartlett, IL. They represented ownership and Ken Franzese and Joe Feeney of Lee & Associates represented Brolite.

CLEVELAND—KeyBank Real Estate Capital provided a $237.1 million first mortgage, bridge loan to Bridge Investment Group Partners for the acquisition of a twelve-property office portfolio located throughout eight states, including AZ, IL, GA, FL, MD, MA, MI and TN. The class A/B office properties consist of nine, multi-tenant and three, single-tenant buildings totaling more than 2.2 million square feet of rentable space. Tenants lease 71% of the portfolio. Alex Buecking, Devin Jolley and Josh Berde of Key structured the non-recourse financing with a three-year term and two, 12-month extension options.

EVANSTON, IL—Marcus & Millichap recently completed the sale of a 35,000-square-foot assemblage of lots on Sherman Ave. in downtown Evanston, IL. Albion Residential will develop and build 270 apartment units on the land, according to Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office. Combined, this asset sold for more than $7 million. Investment specialists in Marcus & Millichap's Chicago Oak Brook office, Richard Kozarits, Tami Andrews and Joseph Sigal had the exclusive listing to market the land. Albion was secured and represented by Kozarits and Richard Lynn, also an investment specialist in the Oak Brook office. Evanston's City Council has approved the developer's plan. To fulfill the city's affordable housing goals, Albion will create 15 affordable units.

CHICAGO—Quantum Real Estate Advisors, Inc. has brokered the sale of a new construction dual-tenant building located at 1454-1462 South Randall Rd .in Algonquin, IL. The 7,500-square-foot property sold for $4.1 million and was leased to tenants AT&T and Aspen Dental at the time of sale. The buyer was a private real estate investor based in San Diego, CA. The seller is a prominent development company from the Chicagoland area. Chad Firsel, president of Quantum, represented the seller in the transaction. “The buyer was able to acquire a new retail center in the heart of a regional trade area,” says Firsel. “The property has excellent curb appeal and excellent design, plus both Aspen Dental and AT&T executed long-term leases at this property.”

BUILDING BLOCKS

CHICAGO—Summit Design + Build, LLC, recently completed work at The Montrose Apartments at 4334 N. Hazel St. in Chicago's Uptown neighborhood. Formerly known as Pensacola Place, the 18-story mixed-use complex underwent a phased conversion and renovation of floors one through three as part of a larger redevelopment plan. Waterton Associates purchased the postmodern Montrose Apartments in the spring of 2015, and immediately set forth with plans to modernize and refresh the building. Summit, a Chicago-based general contractor, started construction on floors one through three in the summer of 2016, beginning with the conversion and new construction of 23 studio and one-bedroom apartments. The work that followed included the renovation of the lobby and first floor leasing center and the addition of new tenant amenity spaces including a fitness center and third floor urban lounge with large floor-to-ceiling windows, fire place and unique, Chicago-themed murals. Chicago-based Brininstool + Lynch provided architectural services for the renovation.