Inland Taps Industry Vet To Lead Asset Management Platform: The Chicago Deal Sheet
The Inland Real Estate Group appointed Lou Kruk as CEO and president of its institutional asset management platform, Inland Institutional.
He will oversee Inland Institutional’s strategic growth initiatives, including the development and execution of fund strategy, capital market activities, institutional investment efforts, operations and investor relations.
Kruk will work with Inland Chief Investment Officer Joseph Binder to guide the firm’s global debt and equity investment strategies.
Prior to joining Inland, Kruk served as senior vice president and managing director for MetLife Investment Management.
PEOPLE
McHugh Construction announced four promotions and made a new hire. The company promoted Jeanne Bartels to project executive from senior project manager and Kasey Bethea from project engineer to assistant superintendent. It also elevated Michael Sinickas and Kyle Jennings from assistant project managers to project managers and hired Chelsea Hoff as a project engineer.
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The Cook County Land Bank Authority appointed Michael Davidson and Jennifer Parks to its board of directors. Davidson and Parks will strengthen the Land Bank’s mission to equip stakeholders with the tools to transform vacant and neglected properties and revitalize neighborhoods across Cook County.
SALES
A 1031 exchange buyer purchased Block Belmont, a 54-unit multifamily property at 6336-6360 W. Belmont Ave. in Belmont Cragin, for $18.1M from a Chicago-based developer. Greenstone Partners' Jordan Multack represented the seller and procured the buyer.
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An unnamed buyer shelled out $7.8M for a 28-unit courtyard apartment building at 5553-59 N. Magnolia in Andersonville. The building has 23 one-bedroom units and five two-bedroom duplex units. Kiser Group's Jacob Price and Katie LeGrand represented the buyer and seller.
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An institutional investor paid $5.2M for Elmwood Commons, a 17K SF retail center on Harlem Avenue in Elmwood Park. Long-term tenants include FedEx Office, Wingstop and Jimmy John's. Greenstone Partners' Brewster Hague represented both parties in the deal.
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An undisclosed buyer purchased Rick's Auto Care Collision Repair on Old Skokie Road in Highland Park for $4.1M from Rick Shoemaker, who has operated the business since 1971. The five-building industrial complex is about 41K SF and sits on more than 70K SF of land. @Properties Commercial's Gus Karigan and Mike Levin represented Shoemaker.
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A 1031 exchange buyer bought 1553 N. Wells St., a mixed-use property in Old Town, for $15.7M. The building has 23 apartment units with accompanying retail and was built in 2019. Essex Realty Group's Jim Darrow, Jordan Gottlieb and Brian Keegan facilitated the transaction.
CONSTRUCTION AND DEVELOPMENT
Evergreen Real Estate Group topped off Leyden Senior Apartments, a four-story, 80-unit independent senior living community at 2506 N. Mannheim Road in Franklin Park. The community will offer 72 one-bedroom and eight two-bedroom residences designed for seniors age 62 and older with incomes at or below 60% of the area median income. Preleasing is scheduled to begin in spring 2026, with completion expected that summer.
THIS AND THAT
A 225K SF Class-A office property at 100-150 N. Field Drive in Lake Forest is set to go to auction on Dec. 15, with bidding ending two days later. The two-building campus is 43% occupied and on 17.8 acres. The starting bid for the asset is about $1.7M. Frontline Real Estate Partners is handling the receivership sale.
