So gasoline is heading toward $4 a gallon, unemployment is a growth industry and the economy is developing a sour, maybe even rancid, taste.
Perhaps it’s time to think of something cheerful and reassuring, like truck tires.
Reviva Logistics LLC signed a five-year lease for 231,880 square feet of warehouse space in Aurora, making it one of the largest industrial deals in Illinois so far this year. Reviva is occupying HSA Commercial Real Estate’s Aurora Distribution Center II at 1203 Bilter Rd.
Reviva remanufactures medium-duty diesel engines and distributes vehicle parts and also plans to use the Aurora Distribution Center to distribute Hankook Tires.
The warehouse space was developed in 2006 and 2007. Colliers Bennett Kahnweiler represented HSA Commercial in the deal. CresaPartners represented the tenant.
The British are coming: Meanwhile, Colliers Bennett Kahnweiler announced the lease of 75,000 square feet at 814 W. Eastman St. to house the British School of Chicago.
The school offers a British-modeled education based on individualized teaching and a national standard curriculum.
Accepting bids: Want to buy a lot of land near a very large airport? Parker Hannafin Co. is accepting sealed bids for its 35 acres in Bensenville, across the street from O’Hare International Airport. The site, located at 800 N. York Rd., is adjacent to the proposed Elgin-O’Hare Expressway extension on Thorndale Avenue.
The property, formerly zoned for manufacturing, is now zoned for retail use. Lawrence Much of NAI Hiffman is helping with the sale. There is no minimum bid.
Kids ‘R’ Kids coming: Get ready for a franchise educational child-care center near you, although perhaps not until your children are grown.
Stone Development Group has an agreement to develop 87 Kids “R” Kids Learning Centers in the greater Chicago area. The child-care centers are franchises of DBMB KRK 27 of Georgia.
Initial zoning and permitting work is under way on the first site, proposed for Crystal Lake. Stone Development plans to begin construction of six to eight units per year, with the final centers completed in 2019. Stone Development put the final value of the project at $182.7 million.
This is Kids “R” Kids first Midwestern venture. The 150 child-care centers are mainly located throughout Georgia, Florida, Kansas, Kentucky, Mississippi, Missouri, Nevada and North Carolina.
Financing available: And finally, yes, there is money to borrow.
MJ Partners Capital Services said it has helped obtain nearly $19 million in financing for a mixed-use project at 3030 N. Broadway, the site of a Dominick’s grocery store that was destroyed by a fire in 2005.
The joint venture between JFJ Development Co. and Dionysis Enterprises includes 53 condominium units on top of a 45,000-square-foot Dominick’s and a 3,200-square-foot Mid-America Bank.
“Financing still exists in today’s market for well-located developments with experienced developers,” said Dennis Nyren, a principal with MJ Partners Capital Services.
Who knew?
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rmanor@tribune.com
