Nuveen Buys Algonquin Commons For $100M: The Chicago Deal Sheet
Nuveen Real Estate bought Algonquin Commons, a 548K SF shopping center at 1900 S. Randall Road in Algonquin, for $100M from Red Mountain Group.
During Red Mountain's ownership, the company increased the shopping center's occupancy from 60% to more than 90%, according to a press release. It also brought on a second grocery anchor, The Fresh Market, which opened this year.
"The sale of Algonquin Commons reflects the successful transformation of this 70+ acre shopping center into a dynamic, fun, and entertaining retail destination," Michael Mugel, CEO of Red Mountain Group, said in a statement.
The shopping center features a tenant lineup including Trader Joe's, Nordstrom Rack, Bob's Furniture, Ulta Beauty, Old Navy, Dick's Sporting Goods and Barnes & Noble.
PEOPLE
Logistics Property Co. appointed Matt Leffler as executive vice president, general counsel. Leffler has been with Logistics Property Co. for five years, serving as senior vice president, associate general counsel. He succeeds the company's former general counsel, Bill Peltin, following his retirement.
SALES
A private investor scooped up the seven-story, 295-room Four Points by Sheraton Chicago O’Hare Airport hotel at 10249 W. Irving Park Road. Marcus & Millichap's Ebrahim Valliani marketed the property on behalf of the seller and procured the buyer.
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A joint venture of Stocking Urban and Ashland Capital acquired a 27-unit mixed-use property in Wicker Park for $15.5M from Newcastle Investors. The asset consists of two buildings: 2010 W. Pierce Ave., which contains 18 two-bedroom apartments, two retail spaces and 31 parking spaces, and a two-story structure at 1542 N. Damen Ave. that has loft apartments, offices and three retail spaces. Wintrust Bank provided the senior loan for the acquisition.
LEASES
Burns & Wilcox expanded its space at 111 S. Wacker in the West Loop. The insurance wholesaler will increase its footprint from 10K SF to 15K SF on the 39th floor. Savills' Eric Feinberg, Brandon Nasatir, John Goodman, Kirill Azovtsev, Isabel Schwartz and Shay Bolton lead the real estate process for the company. Landlord Union Investment Real Estate GmbH was represented by The Telos Group's Jamey Dix and Matt Whipple.
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Uniqlo is set to open new stores in Oak Brook and on the Magnificent Mile in 2026. The stores' square footage and lease terms weren't disclosed. In addition to the two Chicago-area locations, the brand will open nine other new stores across seven cities.
