Crains-Chicago: Centrum sells Wheaton retail property for $4.8 million

December 17, 2012 An affiliate of Chicago-based Centrum Properties Inc. sold a 12,996-square-foot retail center it developed several years ago at 2200 N. Main St. in Wheaton for $4.8 million, according to a news release from Quantum Real Estate Advisors Inc. The buyer was a venture controlled by Louis Hong, a Chicago restaurateur, according to a Quantum spokeswoman. Mr. Hong did not return calls. The property is fully leased to tenants including Verizon Wireless, GameStop and Starbucks.

DuPage County records show that a Centrum entity borrowed $8.2 million in 2006 to finance construction of the retail center as well as a bank branch at the site. A Centrum executive did not return messages. Quantum president Chad Firsel represented both sides in the deal.

Lexington to pay $4 million for parcel in Wilmette

Lexington Homes LLC has agreed to pay the village of Wilmette $4 million for an approximately 40,000-square-foot village-owned property at 611 Green Bay Road. John Adler, Wilmette’s director of community development, said the Chicago-based developer plans a six-story building on the property with at least 7,000 square feet of ground-level retail space and between 95 to 110 apartments. A Lexington Homes executive was traveling Monday and unavailable for comment. Wilmette’s board is scheduled to consider the sale at a meeting scheduled for Wednesday. The village bought the property in the spring of 2011 for nearly $3.7 million.

DTZ announces new leadership structure

About a month after the departure of Chicago-based CEO David Montross, Los Angeles-based real estate firm DTZ announced several changes to its leadership. DTZ said Friday that Nick Westley, who was promoted to president in October, also has become CEO of the Americas. Among several other changes, Chicago-based Greg Schementi, executive vice president for U.S. Occupier Services/Tenant Representation, is assuming national oversight of DTZ’s business planning, operations management and U.S. tenant representation services. DTZ is a unit of Sydney, Australia-based UGL Ltd., which bought Chicago-based Equis Corp. in 2006. At that time, Mr. Montross became CEO.

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