Mapletree Breaks Ground On 419K SF Industrial Facility: The Chicago Deal Sheet
Mapletree Investments started work on a 419K SF industrial facility at 1851 Brandon Road in Joliet.
The property sits on a 29.4-acre site, and delivery is scheduled for the first quarter. Mapletree owns and manages about 9.8M SF of industrial assets in the Chicago area.
“This groundbreaking brings another high-quality logistics asset to one of the most established distribution hubs in the country,” Mapletree U.S. CEO Richard Prokup said in a statement. “Following a series of recent industrial divestments, Mapletree continues to scale its U.S. development pipeline with well-located, institutional-grade assets across high-demand logistics corridors.”
The property will feature 40-foot clear heights, 78 dock doors, four drive-in doors, 172 car parking spaces and 97 trailer stalls upon completion.
PEOPLE
JLL appointed Ann MacDiarmid as executive vice president, retail corporate services, and she will serve as transaction management practice lead. Based in Chicago, MacDiarmid's responsibilities include leading the transaction management team, serving as a point of contact for client accounts, managing onboarding and program delivery for new accounts, and contributing to new business development. She most recently worked at Cushman & Wakefield.
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Baird & Warner appointed Jeanette Cutler as chief marketing officer. In her new role, Cutler will lead the company’s strategic marketing, brand, communications and growth program. She joins after serving as global vice president of brand and capability at Beam Suntory.
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Skender promoted eight people across its team. The company promoted Lauren Bauer and Brian Skender to project executive and Jack Bauschelt and Jake Lawniczak to senior project manager and team leader, respectively. It also tapped Kiel Hansen and Kelly Allen as senior project managers, David Bentley as senior superintendent, and Will Hansen as senior superintendent and team leader.
SALES
A joint venture between SNS Realty Group and North Park Ventures paid $6.3M for 3233-3247 N. Sheffield Ave. in Wrigleyville, subsequently securing a zoning change that clears the way for a five-story apartment building with 99 units. CBRE’s Tom Svoboda and John Jaeger represented the seller in the sale of the 28K SF redevelopment site.
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WareSpace acquired 1400 Centre Circle in Downers Grove, a 72K SF industrial property. The site becomes WareSpace's third location in the Chicago area and second in Downers Grove. The property was built in 1979 and is vacant. WareSpace will reposition it into approximately 100 suites designed for small businesses.
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A 1031 exchange buyer picked up an LA Fitness-anchored, four-suite retail property in Mundelein for about $14M. The 89K SF shopping center is at 1555 S. Lake St. and was built in 2019. Marcus & Millichap's Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller.
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An undisclosed buyer paid $2.9M for 2555 W. Logan Blvd., an eight-unit multifamily property in Logan Square. The property consists of a six-unit center entrance building at 2555 W. Logan Blvd. and a two-unit building at 2535 N. Rockwell Ave. Essex Realty Group's Jim Darrow, Jordan Gottlieb and Brian Keegan represented the seller. Keegan also represented the buyer.
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Lion Eye Investments paid about $2.3M for Northfield Sportsplex, a five-suite industrial property at 287 Northfield Road in Northfield. The 15K SF facility was anchored by Power of the Golf Ball and is leased to a mix of sports training and technology tenants. Marcus & Millichap's Alexander Zlotnik, Tyler Sharp and Adam Abushagur marketed the property on behalf of the seller.
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RBT Industries paid an undisclosed amount for a 456K SF industrial building at 16801 Exchange Ave. in Lansing, acquiring the property from Plymouth Industrial REIT. RBT will occupy 314K SF, while the remainder of the building is leased to LKQ Corp. Lee & Associates' Walter Murphy represented the buyer, while CBRE's Stephanie Park, Colin Green and Traci Payette represented the seller.
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Florin Pavel paid $5.7M for a 43-unit apartment building at 5123–5131 S. University Ave. in Hyde Park, completed as a part of a 1031 exchange. Norm Levin Trust sold the property. Kiser Group's Lee Kiser facilitated the deal.
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An undisclosed buyer paid $7.6M for Wilson Manor, a 33-unit multifamily property at 3348 W. Wilson Ave. in Albany Park. Essex Realty Group's Jim Darrow, Matt Feo, Jordan Gottlieb and Abe Eilian brokered the deal.
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An investor purchased 1012 W. Randolph St., a fully leased mixed-use investment property in Fulton Market, for $4M. Greenstone Partners' Danny Spitz, Tom Galvin and Brewster Hague represented the seller in the deal.
LEASES
Northern Builders, in partnership with Affinius Capital, inked a long-term lease agreement with an undisclosed tenant for a 1.2M SF industrial facility at Cherry Hill Business Park in Joliet. Originally built as an 800K SF speculative shell in December, the development will be expanded to include roughly 400K SF of convertible freezer-cooler space and 21K SF of offices. JLL's Adam Mitchell and Matt Carolan represented the tenant, and Cushman & Wakefield's Jason West, Sean Henrick and Ryan Klink represented Northern Builders.
FINANCING
LG Development Group secured a $125M refinancing agreement for the Arthur on Aberdeen, a 363-unit apartment building at 210 N. Aberdeen St., Crain's Chicago Business reported. The new debt is in place of a $94.2M construction loan issued in 2022.
