The Deal Sheet
|Canyon-Johnson Urban Funds has teamed with Harper Court Partners (a JV between Vermilion Development and JFJ Development) on the redevelopment of Harper Court in the Hyde Park neighborhood. The mixed-use project represents over $106M of investment from a combination of public and private sources on a 3.3-acre site at the corner of 53rd Street and S Lake Park Avenue.|
The project will be constructed in two phases, beginning with a nine-story, 150k SF office tower that has been leased to the University of Chicago. The office tower will be integrated with structured parking and a three-story retail building anchored by LA Fitness. A Hyatt Place hotel will also be included in the project’s first phase. The second phase will involve the construction of up to 425 residential units. The project’s general contractor James McHugh Construction Co, expects to finish Phase 1 in 2013.
Beech Street Capital provided $12.9M in Fannie Mae loans to refinance four properties in Rogers Park and Lakeview. The transaction was originated by Meridian Capital Group's Gershon Friedman and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. Totaling 230 multifamily units and one commercial space, the portfolio consists of low-rise, brick buildings constructed in the mid-1920s. The fixed-rate loans have a 10-year term, with 9.5-year yield maintenance and 30-year amortization schedule.
John Dobrott has been named president of the industrial division at The McShane Cos. Formerly the firm’s SVP, he will oversee McShane Development’s industrial real estate development activities throughout the West and Southwest regions and within the State of Texas. John joined McShane as VP in October 2006. He has a bachelor's degree from the University of California, Irvine.
Marc Imrem and Andrew Watson have joined Transwestern as managing directors in the investment services group. The team will focus on the sale of single-tenant triple net lease properties in the Midwest, as well as nationally. They will continue to represent major institutional and private clients while establishing and growing the firm’s national net-lease and sale-leaseback specialty. Marc and Andrew join Transwestern from Baum Realty Group, where they were responsible for sale of single tenant net-lease properties.
Ryan Engle has been named associate VP of investments at the Oak Brook office of Marcus & Millichap. Most recently, Engle held the title of senior associate. He joined Marcus & Millichap in February 2007 and has received two sales recognition awards from the firm.
Colliers International's Tom Volini and Sven Sykes represented two clients in recent deals. Griffin Pipe Products leased 10k SF at 1011 Warrenville Rd in Lisle and Promus Capital 9,616 SF at 30 S Wacker Dr.GIVING BACK
Last week, as a part of Jones Lang LaSalle’s annual Midwest Leadership Summit, around two dozen of the firm’s top leaders from Chicago, Minneapolis, Indianapolis, and St. Louis spent an afternoon putting a fresh coat of paint on the interior of The Youth Campus, a residential home for abused and neglected children in Park Ridge. The team included Midwest market director Dan Ryan, industrial head Keith Stauber, agency leasing head Steve Smith, investment sales lead Bruce Miller, property management lead Steve Zsigray, director of research Rena Christofidis, and marketing director Adrienne Fasano, among others.
Cerulean Partners acquired The Atrium of Belleville, a 76-unit seniors living community located in Belleville.The acquisition by Cerulean and its strategic partner, an entity associated with The Inland Real Estate Group, is a first for the two real estate investors in the high-growth seniors living sector. The community was previously owned and operated by Brookdale Senior Living, Cerulean intends to invest $1.5M to improve the property.
***NAI Hiffman's Claire Bitautas and Anne Callard represented Lakeside Bank in the sale of a 12k SF former restaurant building at 777 E Butterfield in Lombard. Darwin Realty's Matthew Lewandowski repped the buyer, a private LLC.