Local Investor Scoops Up Hotel Near Northwestern's New Ryan Field: The Chicago Deal Sheet
A venture of Northbrook investor Parag Patel paid $23.7M for the 178-room Hilton Garden Inn at 1818 Maple Ave. in Evanston as Northwestern University continues work on its new Ryan Field.
Patel bought the six-story building a couple of blocks west of the Northwestern campus from an affiliate of Magna Hospitality Group, according to Crain's Chicago Business. The deal is the fourth suburban Chicago hotel Patel has purchased in the past two years.
Patel told the outlet the ongoing rebuild of Northwestern's Ryan Field drew him to the property. The new stadium will have a more reliable slate of events outside of football games, though the hotel already enjoys good business due to its proximity to the university.
“The old Ryan Field did only weekend games,” Patel told Crain's. “The new one is going to be doing weekdays — that's going to be better for us.”
PEOPLE
Proper Title expanded its escrow services team with the addition of Jake Halter. Based in the firm’s downtown Chicago office, Halter will serve as a commercial escrow officer nationally and a residential escrow officer in the Chicago area.
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David Theyssen rejoined Neal Gerber Eisenberg as a partner in the firm’s real estate practice group after previously working at the firm from 2011 to 2019. Theyssen brings experience representing clients in sophisticated real estate transactions, including acquisitions, dispositions, leasing and financing.
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Clear Investment Group hired several new employees and made internal promotions to support the firm’s continued growth and strategic expansion in preparation for the launch of Fund II.
Matt Kleifges joins as senior director of asset and property management, Steve Duguid was hired as director of construction and capital projects, Steve Taylor was appointed director of technology and John Adam joins as financial controller. Lindsay Rodriguez was promoted to director of acquisitions.
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Clayco made several leadership promotions as it looks to expand across high-demand sectors like data centers and advanced manufacturing. The company promoted Ryan McGuire to president of construction, Ryan Abbot expanded his role to lead multiple markets, Conor Tighe was named vice president of preconstruction strategy and Mike Pierle was promoted to chief operating officer.
SALES
An investor purchased 545 E. Algonquin Road, a 112K SF flex industrial property in Arlington Heights, for $13M from a private investor. The property is fully leased to two long-term tenants. Marcus & Millichap's Peter Doughty had the exclusive listing to market the property on behalf of the seller.
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A national developer purchased 2015 S. Arlington Heights Road, an 8.34-acre land property in Arlington Heights for $3.3M. Marcus & Millichap's Richard Kozarits, Eric Bell and Jordan Callaway marketed the property on behalf of the seller, a trust, and secured the buyer.
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An investor purchased 2300-2312 S. Central Ave., a 24-unit mixed-use building in Cicero, for about $2.5M. The vintage property features 22 apartments and two retail spaces. Interra Realty's Michael Duckler, Patrick Kennelly, Paul Waterloo and Nathan Zito represented both the buyer and the seller in the deal.
FINANCING
PGIM Real Estate provided $22M in preferred equity to Vista Property for the construction of a 32-story multifamily high-rise building at 370 N. Morgan St. in Fulton Market. The building will consist of 494 multifamily units and about 4.5K SF of ground-floor retail.
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DarwinPW Realty/CORFAC International facilitated the refinancing for a large portfolio of buildings for Darwin Investment Group. The portfolio includes 40 buildings totaling 2.2M SF throughout the Chicago area, and the $100M loan was refinanced through the firm’s lender, Wells Fargo.
CONSTRUCTION AND DEVELOPMENT
Leopardo Construction, in partnership with Ujamaa Construction, broke ground on The Ave., a 52-unit mixed-use affordable housing development at 3601 W. Chicago Ave. in Humboldt Park. The four-story development will include one-, two- and three-bedroom apartments as well as a fitness center, bike room, indoor and outdoor community gathering spaces, on-site parking, and 1,000 SF of retail.
