City Picks $24M Industrial Project For Vacant Land: The Chicago Deal Sheet
Chicago Department of Planning and Development Commissioner Ciere Boatright announced the city selected a $23.7M project planned by the Missner Group and Cabrera Capital to replace about 8 acres of vacant land at 1924 W. 46th St.
The 126K SF building was planned in response to the department's request for qualifications and is expected to create up to 120 permanent jobs.
“Given the location in the Stockyards Industrial Corridor, the RFQ prioritized development teams that could leverage the site’s potential for new jobs on behalf of nearby residents,” Boatright said in a statement.
The city acquired the site in 2008 for $2.2M. The proposed purchase price is the property’s market value of $3.3M. A public meeting is set as part of the project’s formal review and approval process.
PEOPLE
Greenstone Partners hired Alex Cohen as an investment associate. Cohen comes to the firm with more than $315M of urban Chicago investment sales and nationwide capital markets transactions completed. Cohen said in a release that he looks forward to collaborating with senior brokers and specialists on commercial transactions and utilizing his background in debt brokerage.
SALES
A Southeast-based 1031 exchange buyer paid $13.7M for McHenry Town Center, a 95K SF shopping center at 2226 N. Richmond Road. The center's tenants include Aldi, Petco, Five Below, Bath & Body Works, Michaels and Famous Footwear. Marcus & Millichap's Adrian Mendoza, Sean Sharko and Austin Weisenbeck represented the buyer and the seller in the deal.
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A New York-based investor paid about $5.1M for a retail portfolio comprising 1514, 1519 and 1525-1529 N. Milwaukee Ave. in Wicker Park. The properties are 100% leased to tenants including Crossroads Trading Co., 2nd Street, Thursday Boot Co. and Saint Alfred. Greenstone Partners’ Danny Spitz and Brewster Hague represented both parties.
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Vladimir Novakic paid $30M to acquire Eclipse at 1450, a 222-unit rental community at 1450 Busse Road in Mount Prospect. Monument Capital Management sold the property after executing a value-add program, renovating approximately 75% of the apartment interiors and upgrading key amenities.
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Octave Holdings and Investments paid $29M for Randall Square, a 172K SF shopping center in Geneva, according to public records. The property features a variety of tenants, including Nordstrom Rack, Marshalls, Ulta, PetSmart, Skechers, Five Below, Uncharted and Old Navy. Mid-America Real Estate Corp.'s Joe Girardi and Emily Gadomski brokered the deal on behalf of the seller, Viking Partners.
LEASES
Crunch Fitness franchise owner JEM Wellness Brands signed a 33K SF lease to occupy the former Bed Bath & Beyond space in the shopping center at 704 Illinois Route 59 in Naperville. The location is expected to open in the fall. Continental Realty Corp.'s Cherene Keenan represented the landlord, while Newmark's Holly Estler, Larry Kling and James Scutter represented the tenant.
FINANCING
Newcastle Investors refinanced Reside on Barry, a 161-unit high-rise multifamily community in Lakeview, for $45M. The refinance was completed through PGIM on a seven-year term at a sub-5.25% rate. NorthMarq's Kevin McCarthy arranged the refinance.
CONSTRUCTION AND DEVELOPMENT
Vista Property and Skender topped out 370 N. Morgan St., a mixed-use multifamily tower in Fulton Market. The 32-story, 539K SF development will include 494 apartment units and amenities including a pool deck, yoga terrace, fire pits and outdoor grill kitchens.
THIS AND THAT
Bridge Industrial announced a rebrand as Kurv Industrial. The company, founded in 2000, announced the name change as part of a “sharper articulation” of how it operates, it said in a release. The company will maintain its organizational structure, leadership and strategy.
