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The Deal Sheet

Chicago Deal Sheet

Prudential Real Estate Investors has sold more than $1.4B of US real estate this year, and this trend is expected to continue with a Little Village land site on the sale list.

PREI principal Collete English Dixon is overseeing the marketing of the West Side land, one of the largest contiguous sites in the city. The firm has owned the tract since '05 and will sell to capitalize on market conditions, she says. We were in Miami Beach this past week, offering live coverage of the CREW Network's national convention, which is where we found Collete with CREW Network president-elect Lori Kilberg. Collete's got some news on that front, too—PREI will support CREW's scholarship fund in 2015, a cause near and dear to her heart. 

We also ran into CREW Chicago prez, First American Title's Lisa Metzler in Miami Beach. We're surprised Lisa had the time to mingle; she was in the midst of closing a nationwide portfolio of seniors housing and student housing properties.

SALES

The Laramar Group acquired the Halsted Place portfolio in Lincoln Park, a 132k SF residential and mixed-use complex of 11 buildings consisting of 143 apartments and 15k SF of retail. The deal marks the 11th acquisition for Laramar’s Chicago Urban Partners Fund, which now has 30 buildings in the area. Laramar’s capital improvements will include unit and amenity upgrades.

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Cedar Street Co added an eighth property to its FLATS collection on the North Side. The 54-unit REO property, 4303 N Keystone Ave (FLATS No. 4303), was purchased from North Community Bank at a reduced price of $3.5M (the deal took four years to close). Interra Realty managing partner Brad Feldman repped both sides in the deal. Cedar Street will renovate all aspects of the property.

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SVN | Chicago Commercial’s Jeff Baasch and Jared Conen repped the seller in the $2.3M sale of a portfolio of 14 buildings (34 multifamily units, one property is pictured above) located in Englewood, Garfield Park, Washington Park, and Woodlawn to an out-of-state buyer. The seller acquired the portfolio out of foreclosure, completed renovations, and stabilized the properties.

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Jameson Commercial’s Marco Cesario repped the buyer in the $1.7M acquisition of the 54-unit multifamily property at 5235 W Lake St in Austin (over 95% occupied).

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First Western Properties’ Tom Peterson and Paul Tsakiris sold the 11k SF building at 3100 E 92nd St. The building is located just south of the proposed $4B Lakeside Development. The deal closed 10 days after the offer was received and will soon be converted into a pharmacy.

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NAI Hiffman VP Adam Johnson repped PB II OREO in the sale of two office condos totaling 8,238 SF at 3310 W Main St in St. Charles. The buyer, trustee for Landrus Realty 401K Plan & Pension Fund, purchased the suites as an investment and was repped by Conlon Commercial’s Jake Finley.

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First Western Properties’ Kellen Duggan and Paul Tsakiris sold 7154 S Vincennes Ave and 7801 S Burnham Ave, both bank-owned multifamily buildings.

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Ellas Commercial Real Estate president Georgia Kokkinias and Lee & Associates of Illinois’s John Sharpe repped the seller in the sale of a 14k SF property at 2420-2424 Hamilton Dr in Arlington Heights. SVN | Chicago Commercial’s Olivia Czyzynski repped the buyer.

LEASING

Conor Commercial Real Estate and JV partner Globe Corp signed a 137k SF lease with Illinois Tool Works at 343k SF Northwest Pointe (above), the venture’s spec industrial development at 2501 Galvin Rd in Elgin within the Northwest Corporate Park. CBRE’s Ryan Bain and Mike Sedjo repped ITW in the lease; Lee & Associates of Illinois’s Ken Franzese and John Cassidy repped the co-developers.

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Cushman & Wakefield’s Larry Goldwasser, Jay Maher, and Colin Green repped O’Hare Business Park in Schiller Park ownership, KTR, in a 55k SF lease with Winebow. This is the park’s 10th new lease since January, bringing the total new deals signed to 272k SF. New tenants include GoPicnic Brands, ARPAC Group, and Marbles: The Brain Store.

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Ascent and Carter Validus Mission Critical REIT announced TransUnion as the first tenant to occupy the wholesale colocation suite in the new 250k SF multi-tenant CH2 data center facility in Northlake. TransUnion’s space, completed in seven months, is equipped with 1.2MW of power.

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Bradford Allen senior managing director Ben Azulay and director Ryan Moen completed a new 42k SF lease on behalf of Epsilon at 1 Pierce Pl in Itasca. Epsilon is relocating from 1100 E Woodfield Rd in Schaumburg and consolidating its existing Schaumburg location with its office in West Chicago. Ben and Ryan co-brokered the deal with Cassidy Turley’s John Boyle and Denise Orlando (based in Boston). Hamilton Partners’ Scott Schroeder repped ownership.

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Jameson Commercial’s Ari Topper repped Origin Capital Partners in its 8,500 SF lease with Thresholds at 2240 W Ogden Ave (above). Cresa Partners’ Chad Bermingham repped Thresholds.

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First Western Properties’ Tom Peterson leased three spaces to Metro PCS. He’s now completed seven deals with the cell provider in the past two months. The spaces are located at: 105 E 51st St (1,040 SF), 6247 S Ashland Ave (1,000 SF), and 2404-06 W 63rd ST (2,400 SF).

FINANCING

Marcus & Millichap Capital Corp director Dean Giannakopoulos completed the $4.4M financing of a Class-A multifamily property in Evanston for a foreign investor. The five-year, fixed-rate loan bears a 3.87% interest rate and 30-year amortization. The loan matures in 30 years.

CONSTRUCTION & DEVELOPMENT

Liberty Property Trust broke ground (above) on a 430k SF industrial building at 300 Mitchell Rd in Liberty Business Center in Aurora. The project is being developed by a JV in which Liberty holds a 25% interest and it’s the first of three buildings planned for the 81-acre park. Liberty is working with Colliers to lease the new building.

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The Opus Group plans two spec industrial buildings in Paragon Business Park, off Taylor Road in Romeoville. Upon completion, the project will include 255k SF of Class-A industrial space in I-55 with an additional seven-acre site that can accommodate build-to-suits up to 115k SF. The 22-acre site was purchased from First American Properties and construction will begin this fall. Lee & Associates of Illinois’s Terry Grapenthin and Jeff Galante repped First American Properties; Cushman & Wakefield’s Jason West and Sean Henrick repped Opus.

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2500 Green Bay Road LLC, whose managing partner is @properties Commercial VP Mike Rourke, completed a 12-unit apartment development at 2500 Green Bay Rd in Evanston, which involved the acquisition, rezoning, and construction of a stalled, former condo project. The property has 12 indoor parking spaces and a geo-thermal heating and cooling system (the only one of its kind in Evanston).

EXECUTIVE MOVES

Inland Mortgage Capital tapped Daniel Schmitz as VP of loan origination and Kenneth Schuttler as SVP-credit director. Both will oversee Inland Mortgage Capital’s real estate venture capital program, a new bridge lending platform (up to $12M) for value-add commercial real estate. Daniel was previously a commercial loan officer at National Republic Bank of Chicago and attended St. Olaf College. Kenneth is a graduate of the University of Saint Francis.

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HFF tapped Phil Mahler as managing director in its Chicago office and a member of its national healthcare practice, focused on healthcare capital markets and investment sales throughout the US. The 22-year industry vet was most recently managing director in Savills’ medical office group. He is a graduate of UT Austin.

BUSINESS

@properties and Seneca Property & Asset Management formed a strategic partnership to offer multifamily owners and investors a full-service property management and leasing solution. The venture’s first assignment is 850 Lake Shore Dr (the Lakeshore Athletic Club building), a 198-unit Class-A apartment community developed by Integrated Development Group and DC-based National Real Estate Advisors.

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Interra Realty plans to open offices in two new markets within the next six to 12 months and is currently negotiating space in one of the markets. The firm has grown its team of brokers to 16 since last year and expects to double that due to increased sales. It’s on target in 2014 to have 400% higher revenues than its first full year in operation.

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Shared office facilities provider Amata Office Solutions launched Amata Realty Group, an office brokerage that specializes in working with companies requiring as much as 10k SF of office space in the Chicago area. The firm just added two brokers to its team and plans to hire several more over the next nine months.