The Deal Sheet
SALES
Cedar Street Co paid $12.5M for 800 N Clark St, formerly The Bush Temple of Music (above), now FLATS No. 800, the eighth property in its FLATS portfolio. The landmarked building will be a multifamily, retail and land development site, and Cedar Street plans a gut renovation and stabilization of the property. Associated Bank provided $7.5M in acquisition financing.
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Lee & Associates of Illinois principals Jeff Galante and Terry Grapenthin repped Pritzker Realty Group in its purchase of a 419k SF industrial building at 555 St James Gate in Bolingbrook.
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Avison Young principals Erik Foster, Mike Wilson and John Moysey sold a 35k SF FedEx distribution center at 1121 Northpoint Blvd in Waukegan, within Northpoint Business Park. The team repped the seller, a private fund manager. FedEx recently extended its lease for full occupancy of the building on a long-term basis.
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An expanding Addison manufacturer purchased two warehouse/distribution buildings at 34 Official Rd (13k SF) and 16 Official Rd (13k SF) in Addison. Lee & Associates of Illinois VP Nick Eboli repped the sellers and Brown Commercial Group’s Michael Antonelli repped the buyer.
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Scott Harris, SVP in Marcus & Millichap’s Chicago Oak Brook office, repped the seller, a private investment company based in Merrillville, IN, in the $11.3M sale of Hampshire Park Apartments, a 186-unit apartment community at 400 N Lake Park Ave in Hobart, IN. The buyer is Chicago-based Tricap Residential Group.
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Triad Real Estate Partners completed the $7.6M sale (8.25% cap rate) of the 99% occupied Stadium View portfolio at Northern Illinois University in DeKalb. The portfolio includes three student housing properties totaling 384 beds, all within walking distance to campus. The buyer was a regional student housing owner.
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CG Greenhouses purchased a 20.5-acre industrial land site at 200 CenterPoint Dr in Rochelle. Lee & Associates of Illinois principal Jim Planey repped both parties. The seller was a private trust.
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Mark Lewenauer, an investment specialist in Marcus & Millichap’s Chicago Downtown office, secured and repped the buyer, a private investor, in the $5.2M sale of a 14k SF retail property at 15005-45 State Rd 23 in Granger, IN. Josh Caruana, Indiana broker of record, assisted in closing the deal.
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Millennium Properties R/E brokered the sale of five former Dominick’s outlots throughout the Chicago suburbs for a total of $3.4M. The outlots were sold as a portfolio to GMX Real Estate Group, a regional retail developer. Three properties, located in Fox Lake, Oswego and Shorewood, were developed as gas stations, and the sites have been decommissioned and are ready for redevelopment. Two outlots, in Aurora and Frankfort, are zoned for retail or future gas station development.
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Interra Realty sold two multifamily properties in Wicker Park totaling more than $3M. Managing partner Justin Ross and associate Ray Tiernan repped both sides in each deal. Eight-unit 1420 W Blackhawk sold for $1.3M and 10-unit 1414 N Noble sold for $1.8M.
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Stephen Lieberman, senior associate in Marcus & Millichap’s Chicago Downtown office, repped the seller in the $2.8M sale of 24k SF 1455 W Hubbard St in West Town, a converted loft office property. The buyer was a private investment group that will occupy a portion of the building (which includes 16 parking spaces).
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Kudan Group’s Jarret Fradin completed the sale of 17k SF 2500 W Chicago in Ukrainian Village, repping both the seller, Eagle Bank Chicago, and the buyer, Scott Stiffle. Jarret also negotiated the lease at 3109 N Broadway, previously home to House of Fine Chocolates for 75 years. Wendy Grahan will open Lakeview Kitchen & Market in the space this spring.
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Lee & Associates of Illinois SVP Mike Prost and VP Sergio Chapa repped Anthem Memory Care in its purchase of 4.3 acres of commercial land at 211 75th St in Burr Ridge. John Gillespie repped the seller.
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Bear Insurance Group acquired a 6,234 SF building at 9563-9567 Franklin Ave in downtown Franklin Park. Podolsky|Circle principal John Homsher repped a regional bank in the deal. The 55% leased building includes street-level retail and a small warehouse unit.
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An affiliate of South Shore Partners sold the 43-unit building at 6724 S Chappel to an investor group from Ohio for $1.5M. The deal was brokered by Marcus & Millichap’s Jordan Callaway and Eric Bell.
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First Western Properties’ Kellen Duggan and Paul Tsakiris completed the sale of 1255 S Prairie Ave. The property is a fully occupied bank-owned commercial storefront located in the South Loop, with tenants including a dry cleaner and café/bar.
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Kudan Group’s Juan Carlos Gomez and Scott Reinish facilitated the sale and lease at 1629 N Halsted in Lincoln Park, formerly Caminito Argentinean Grill. Juan Carlos repped ownership, Logan Ventures. Scott repped the tenant, Kee Chan, who will open a new location of Strings Ramen early next year.
LEASING
First Western Properties completed the following leases: a fully built out office at 2240 W Armitage Ave (above) leased to a law firm (completed by Liliya Ilieva and Tom Peterson); 3,800 SF of office space at 650 N Dearborn in River North (completed by Kellen Duggan and Paul Tsakiris); 2812 W 55th St, a former Cricket Wireless space, leased to Metro PCS (completed by Tom and Paul); 3215 Cermak Rd leased to Optical 20-20 (completed by Liliya and Paul); 8100 Stony Island Ave leased to Tattoo World (completed by Tom and Paul); and 9900 W Roosevelt Rd in Westchester leased to a nail salon for five years (completed by Kellen and Paul).
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Communication Test Design leased a 69k SF warehouse/distribution space at 2380 Galvin Dr in Elgin. Lee & Associates of Illinois principal John Sharpe and VP Steve Bass repped the landlord, Stockbridge, and Jackson Cross Partners’ David Mackey repped the tenant.
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Brown Commercial Group president Daniel Brown repped Elgin Recycling in a 37k SF lease at 86 Prairie Pkwy in Gilberts. The new space, part of Interstate Partners’ 60-acre Prairie Business Park, will help the firm expand its electronics recycling operations and improve efficiencies. The firm is expanding from a 16k SF space in Elgin. Colliers principal David Bercu, EVP Jonathan Kohn and associate John D’Orazio repped Interstate in the lease.
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Ross Dress for Less signed a 24k SF lease at Howard and Western Shopping Center at the southwest corner of Howard Street and Western Avenue. The 89k SF center is anchored by Walgreens. Mid-America Asset Management’s Maria Rossobillo and Paige Schiesser repped the landlord. Mid-Am’s Dan Tausk repped the tenant.
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Savills Studley’s Greg Gerber and Jake Ehrenberg repped Klein and Hoffman in a full-floor 17k SF lease renewal at 150 S Wacker. Joe Alberts repped the landlord, Fulcrum Asset Advisors and Lincoln Property Co.
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Mid-America Real Estate Corp principal Paul Bryant and VP Michael Wexler secured a new 5,600 SF retail lease on behalf of Yoga Six at 9 W Erie St in River North. The studio is expected to open in early 2015. New-York based Jenel Management Corp is the landlord. Yoga Six has another studio under construction in the Gold Coast, delivering early next year.
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Club Champion Golf signed a 2,756 SF lease at Fresh Thyme Farmers Market-anchored 80k SF Cadwell’s Corners at the northeast corner of Waukegan and Lake Cook in Deerfield. Mid-America Asset Management’s Jaime Bertsche and Maria Rossobillo repped the landlord. KB Partners’ Keith Bank repped the tenant.
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Orange Theory Fitness signed a 2,831 SF lease at 76k SF Carillon Square at the northwest corner of Waukegan Road and Lake Street in Glenview. Mid-America Asset Management’s Katie Hennegan and Sarah Drumgould repped the landlord. Metro Commercial Real Estate’s Larry King repped the tenant.
FINANCING
Maverick Commercial Mortgage president Ben Kadish funded a $2.5M first mortgage loan on a 110-unit courtyard building (above) in Kenwood. The loan was funded by a Chicago-based financial institution for the LLC that has owned the property for the last 37 years. The loan allows the owners to refinance, complete capital improvements and acquire an adjacent land parcel and improve the vacant land with a 50-space secure parking lot for the residents.
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BUSINESS
NAI Hiffman was awarded the leasing and management assignment of 90k SF Pine Meadows Corporate Center II (with anchor tenant Snap-on Credit), 950 Technology Way in Libertyville, by EverWest Real Estate Partners. NAI’s Jason Wurtz and Jason Streepy will lead the brokerage team to market the building and promote new ownership.
