Contact Us
News

The Deal Sheet

Chicago Deal Sheet

Want to get a jump-start on upcoming deals? Meet the major Chicago players at one of our upcoming events!

The Deal Sheet

SALES

Scott Harris, investment specialist in Marcus & Millichap's Chicago Oak Brook office, repped the seller, a private investor, in the $6.3M sale of 73-unit Fox Meadows, 291 N Fraternity Ln in Whitewater, Wis. The buyer, an LLC, was repped by Matthew Whiteside, an investment specialist in Marcus & Millichap's Milwaukee office.

***

Venture One Real Estate, through its acquisition fund VK Industrial II, acquired a 99k SF single-tenant vacant industrial building at 6969 W 73rd St in Bedford Park. NAI Hiffman's Larry Much, Ben Cremer, and Michael Robbins repped Venture One, which plans to renovate the property, and will be retained to continue marketing the facility.

***

Millennium Properties R/E, serving as exclusive advisor to the lender, completed the sale of a one-acre redevelopment site, 5601 N Elston in Jefferson Park, to the Chicago Transit Authority, repped by JLL. Adjacent to the CTA's Forest Glen bus garage, the property was previously used as a garden center and contains five commercial buildings totaling 26k SF. The CTA plans to use the site for additional vehicle parking.

***

Andrean Angelov and Ryan Engle, investment specialists in Marcus & Millichap's Chicago Oak Brook office, repped the seller, a private investor, in the sale of 52-unit Sunrise East & West Apartments, 7 Simpson St in Geneva. The buyer, an LLC, was repped by Eric Bell and Edward Liss, investment specialists in Marcus & Millichap's Chicago O'Hare office.

***

The Boulder Group's Randy Blankstein and Jimmy Goodman repped the seller, a Maryland-based private partnership, in the $3.9M sale of an 80k SF net-leased Brunswick Zone XL property (above), 1515 W Aurora in Naperville. The buyer was a 1031 exchange. Brunswick recently extended its lease through June 2018; offerings include 40 lanes of bowling and 16 billards tables.

***

Sperry Van Ness Chicago Commercial's Reid Bennett, Jim Sears, and Cody Doran repped the buyer in the $3.1M sale of a 72-unit apartment complex, 5703-5725 Forest Hills Rd in Rockford. The sale is the eighth apartment building with an affordable component the group has closed in the last year.

The Deal Sheet

Through its acquisition fund, VK Industrial II, Venture One Real Estate closed on a 38k SF industrial building (above) at 877 N Larch in Elmhurst. The building was purchased from GC Dies, which will lease it back long term. The property has 3,900 SF of high-end office and parking for 60 cars. Colliers' Christopher Volkert repped the seller.

***

Austin Weisenbeck, Adrian Mendoza, and Sean Sharko, investment specialists in Marcus & Millichap's Chicago Oak Brook office, repped the seller, an LLC, and buyer, a private investor, in the $3M sale of 8,544 SF West Dundee Shops, 210-230 N 8th St in West Dundee. The property is 100% triple-net leased to FedEx, Sprint, and Jimmy John's. FedEx and Spring are corporate stores, while Jimmy John's is a franchisee.

LEASING

The Wrigley Building, now 35% leased, signed three new office leases: Grisko (repped by CBRE's David Tropp) is leasing 9,777 SF in the North Tower; Bluebeam Software (repped by JLL's Pam Stamatky) will lease 9,339 SF in the South Tower; and SE10 Creative (repped by CBRE's Jarrett Annenberg) is leasing 1,586 SF in the North Tower. Zeller Realty Group's Carrie Bradley and Newmark Grubb Knight Frank Chicago's Karin Kraii are brokers for the building, which is owned by a consortium of investors led by BDT Capital Partners, which includes Zeller Realty Group, as well as Eric Lefkofsky and Brad Keywell personally, as minority investors.

The Deal Sheet

PressSense Pressure Sensitive Papers leased 52k SF of warehouse space at ML Realty Partners' 122k SF Heritage Crossing Corporate Center (above), 14503 Gougar Rd in Lockport. Winner's Edge president Polly Ozack repped PressSense and NAI Hiffman's Dan Leahy, Mark Moran, and John Whitehead repped ML Realty Partners.

***

Bank of America, Millennium Pharmacy Systems, and Edelman Financial Services leased space at 442k SF, 93% leased Oak Brook Regency Towers, 1415-1515 W 22nd St in Oak Brook. NAI Hiffman EVP Patrick Kiefer repped the landlord, American Realty Advisors in all three transactions. CBRE's Kevin Rogers repped BofA; Advocate Commercial Real Estate's Dan Obiala repped Millennium; and JLL's Ben Erskine repped Edelman.

***

CitySports signed a 5,800 SF lease at Pullman Park, a 270-acre mixed-use development anchored by Walmart, Ross Dress for Less, and Planet Fitness, on the NW corner of I-94 and 111th Street. Mid-America Asset Management principal/VP Marget Graham repped the landlord; MHK Investments' Kenny Kang repped the tenant.

***

Baum Realty Group principals Janika Brenner and Adam Secher repped Austrian-based Porsche Design in its first Chicago market leases: 1,300 SF at The Shops at North Bridge, 520 N Michigan Ave in Chicago (opening this week), and 1,000 SF at Oakbrook Center in Oak Brook (open in spring 2014). The firm's lifestyle products include footwear, eyewear, and sophisticated electronics.

The Deal Sheet

Sperry Van Ness Chicago Commercial SVPs Albert Lindeman and Wayne Caplan repped the landlord in an 11k SF, 10-year lease of retail space to GiGi's Playhouse (above) at the 100k SF Barrington Square Town Center in Hoffman Estates. The space will be used as the national prototype for Down Syndrome Achievement Centers. Existing tenants at the center include Buona Beef, Fred Astaire Dance Schools, and Garibaldi's Restaurant.

American Realty Advisors, repped by NAI Hiffman EVP Patrick Kiefer, signed a new leased with Telephone USA at 1900 Spring Rd in Oak Brook, bringing the building's occupancy to 89% leased. Tenant Advisors' Dave Hamilton repped the tenant.

***

Newmark Grubb Knight Frank senior managing director Wayne Shulman repped the Chicago Board Options Exchange in a 28k SF office lease at 40-story One Financial Place, 440 S LaSalle. Moving from its existing space at 111 W Jackson, one of CBOE's larger divisions will occupy the entire 35th floor of the building in the spring of 2014.

***

RKF arranged a 17k SF lease for Forever 21, 10 S State St in the Loop, which will replace an existing location (34 S State St) next fall. RKF managing director Anthony Campagni, senior director Lara Keene, and chairman and CEO Robert Futterman repped Forever 21 on the long-term lease. The landlord, 10 S Street Property LP, was repped by a team from Cushman & Wakefield.

***

Selfish Clothing Boutique signed a 4,400 SF lease at 294k SF Scottsdale Shopping Center, located at the SE corner of Cicero Avenue and 79th Street and anchored by Lowe's and The Room Place. Mid-America Asset Management principal/VP Marget Graham and VP Katie Hennegan repped the landlord.

FINANCING

Thorofare Capital funded a $7.9M recapitalization loan for a 31k SF, Class-A Aldi-anchored retail property in Edgewater, on the ground floor of 160-unit luxury condo project Clarovista. The sponsor built the property in '08 for more than $50M; 110 condo units were sold individually, but the retail condos were left encumbered by $20M-plus in debt. Two new tenants, Sleepy's and Nova Spinal Care, have signed long-term leases and the property is now 75% occupied.

EXECUTIVE MOVES

James Crotty joined SCGroup Real Estate as VP. His area of focus will be tenant representation and investment sales of office properties in the greater O'Hare market. James was previously administrative manager for a subsidiary of The Inland Real Estate Group of Cos and graduated from SIU-Carbondale.

***

Lee & Associates Valuation and Consulting Services hired associate appraiser Harrison Myers in its Chicago office. Lee & Associates launched its Atlanta-based appraisal service line in January.