TNT Logistics has agreed to lease a 720,000-square-foot distribution center to be built in the BaillyRidge Corporate Center, the first deal in the south suburban Monee industrial park.
The North American subsidiary of the Dutch logistics and express delivery company TPG NV signed a 10-year lease for the building, said Martin Burke, a partner in Mokena-based Location Finders Inc., the developer of the 307-acre park on Manhattan-Monee Road along Interstate Highway 57.
The structure will cost roughly $20 million and be completed by October, he said. TNT’s costs for the 100-employee facility will be offset by a tax increment financing grant of about $4 million, sources said.
TNT is expanding as a result of a 2002 outsourcing deal with French tiremaker Michelin, which has a 366,700-square-foot center in Carol Stream.
Real estate firm CB Richard Ellis Inc. brokered the deal.
Evanston foreclosure: Wells Fargo Bank has filed to foreclose on a $5.2 million mortgage on 1840 Oak Ave. in Evanston, a four-story office building controlled by developer Mark Goodman.
The loan, issued three years ago and charging nearly 7.6 percent interest, would have matured in 2011. The mortgage payments stopped a year ago, according to the complaint.
Goodman, president of the Chicago-based real estate firm that bears his name, said he has had some talks with outside investors about refinancing.
Amid the poor Evanston office market, the 51,000-square-foot building has been hurt by the downsizing of a key tenant, software firm Cognitive Arts, after it was acquired last year by a New Delhi information technology company, Goodman said.
Jones Day renewal: Prime Group Realty Trust is close to an early lease renewal with law firm Jones Day at 77 W. Wacker Drive, which the Chicago-based real estate investment trust co-owns, sources said.
Chicago-based real estate firm Jones Lang LaSalle Inc. represented the law firm, which has about 140,000 square feet of space under a lease that runs until 2007.
The new 15-year lease, for about the same amount of space, will start this year, sources said.
As expected, Prime Group said last week that another tenant at 77 W. Wacker, law firm McGuireWoods LLP, had nearly doubled its space, to about 133,600 square feet, under a lease that expires in 2018. The 944,000-square-foot building is more than 92 percent leased.
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833 W. Buena acquired: Investor William O’Kane has purchased 833 W. Buena Ave., a 210-unit apartment building, said Symeon D. Stavrakas, director of Genesis Commercial Real Estate Services, a brokerage owned by O’Kane that handled the $22.75 million deal.
The 22-story building had been owned by real estate investor Dennis Fields of Skokie-based Town Management Corp.
Bitter ending: Argentine luxury lingerie store Caro Cuore–the company says it means “sweet heart” in Italian–closed its Woodfield Shopping Center location a few days before Valentine’s Day, after just two months in business.
The store was to be the first step in an ambitious U.S. expansion that was to include stores in Los Angeles, in Miami and on North Michigan Avenue.
Marc Strich, Woodfield’s general manager, confirmed the store’s closing. Caro Cuore’s U.S. franchisee, a Coral Gables, Fla.-based firm called CC LLC, could not be reached for comment.
East Ontario lease: Northern Realty Group Ltd. said it represented Metropolitan Capital Bank in a 7,700-square-foot lease at 9 E. Ontario St., part of Tree Studios, which will be the headquarters for the start-up bank.
Separately, the Chicago-based retail real estate and development firm said it has joined GVA Worldwide, a network of real estate service firms.