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Stahl Cowen Closes Several Real Estate Deals as Year Ends
Stahl Cowen Crowley Addis LLC News
Stahl Cowen Closes Several Real Estate Deals as Year Ends
— September 27, 2007- Sale of industrial building for $13,500,000. Adding to the complexity of the transaction, one condition of closing was annexing the property into the Village of Plainfield, Illinois. This sale fueled three 1031 exchanges that closed in December as part of Stahl Cowen's year end closing tear. — December 3, 2007- A client acquired an undivided 1/3 interest in a parcel of land in a near south suburb for $1,300,000. Real estate and corporate elements came together as this 1/3 interest gives the purchaser 100% ownership of the property. This partial acquisition was financed by the Private Bank, and the financing also facilitated the payoff of a loan held by a previous 1/3 owner. The land was part of an assemblage with a plan for redevelopment. A portion of the proceeds utilized emanated from a 1031 exchange. — December 5, 2007- $5,800,000 loan from a major insurance company secured by real estate that is subject to leases with Best Buy and Toys R Us. This was a five year loan with interest at 5.95%. — December 10, 2007- The sale of real estate located in DuPage County subject to a Chase Bank lease for $5,471,700. — December 11, 2007- The purchase of 2 separate, but adjacent, commercial parcels by our client from 2 different sellers for $950,000.00. The closing under each purchase agreement was contingent on the closing of the other parcel. — December 17, 2007- The sale of an apartment complex in Hoffman Estates to a Boston-based real estate investment trust. The sale involved many moving parts, including allocating the sale price between 4 parcels that were deposited into 4 separate 1031 exchange trusts. The sale price was $66,000,000.00. This closing appeared in a recent issue of Crain's Chicago. To read the article in its entirety, please click here (http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=27964). — December 17, 2007- Acquisition of an industrial building in Will County. Purchase Price - $1,050,000. This property was acquired as part of a Section 1031 exchange from the sale of the Plainfield property (see first bullet). — December 17/18/21, 2007- $2,635,000 acquisition financing was secured for a client to acquire three separate industrial properties in Will, Kane and DuPage counties. The loan was disbursed in three installments upon the acquisition of each property. Modifications of the mortgage documents were recorded when each transaction closed. — December 18, 2007- Acquisition of industrial building in DuPage County. Purchase Price - $1,225,000. This property was acquired as part of a Section 1031 exchange from the sale of the Plainfield property (see first bullet). — December 20, 2007- Acquisition of residential property for $161,900.00 as part of an assembled lease for commercial redevelopment. Closed on the acquisition of relocation property for the current owner so that the closing of the sale of an apartment building could be delayed until after an existing TIF is modified to include the area in which the apartment building is located. — December 21, 2007- A client acquired 2 adjacent parcels in separate transactions, as part of a land assemblage in Hamilton County, Indiana. One parcel was acquired directly from the land owner and the second was acquired from a contract purchaser. The aggregate purchase price was in excess of $16,000,000, and was financed by National City Bank of the Midwest. The parcel purchased from the contract owner also included Seller financing and a participation in the profits of the purchasing entity. The land was assembled for purposes of developing a regional shopping center. — December 21, 2007- Our client sold the anchor parcel of the shopping center it is developing to Target Corporation. As part of the transaction, we negotiated the following documents: Operation and Easement Agreement, Site Development Agreement, Acquisition Rights Agreement, Off-Site Sign Easement Agreement, Put Call Agreement and several side agreements. — December 21, 2007- Acquisition of an existing former Kroger grocery store in downstate Illinois for construction of new free-standing CVS drug store, as well as redevelopment of existing grocery store. Purchase Price - $1,200,000. Acquisition and construction loan obtained from The Private Bank and Trust Company in the amount of $3,225,000. A new lease was negotiated and entered into with CVS for the new drug store to be built on the property. The clients acquired the property as tenants in common. Tenants-in-Common and Management Agreements were entered into. In addition, one of the joint tenants acquired its interest in this real estate as part of a section 1031 reverse exchange. — December 21, 2007- Acquisition of industrial property in Kane County. Purchase Price - $2,328,000. This property was acquired as part of the Section 1031 exchange from the sale of the Plainfield Property (see first bullet). — December 26, 2007- Sale of the parcel in Aspen, Colorado for $1,600,000 as a part of the like-kind exchange. — December 31, 2007- Loan with LaSalle Bank. $5,600,000 loan secured by five different properties in Cook, Will and DuPage counties. The note has a five year maturity. One of the properties was owned in tenancy-in-common among five different owners.
Stahl Cowen Crowley Addis LLC is a Chicago-based law firm focused on serving the needs of business enterprises in today's dynamic marketplace. The firm provides sophisticated, yet cost effective legal counsel to organizations ranging from the entrepreneurial to large, publicly traded corporations and municipalities. Practice areas include Bankruptcy & Restructuring, Corporate, Mergers & Acquisitions, Litigation, Local Government, Real Estate and Trusts & Estates.
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