JPMorgan To Open New Mag Mile Location: The Chicago Deal Sheet

JPMorgan Chase is opening a new 12K SF flagship location on the Magnificent Mile, designed to cater to affluent individuals.

The two-story location at 830 N. Michigan Ave. will feature a new Chase branch on the ground level and a financial center on the second level. The financial center will be the first of its kind in the city and will serve wealthy individuals — those with investable assets of $1M to $5M — seeking professional guidance and holistic financial solutions.

The vacant space on Michigan Avenue was previously occupied by apparel retailer Uniqlo, which closed in 2021.

"The new flagship location will combine the best of Chase’s everyday banking services and J.P. Morgan’s wealth management expertise under one roof," a spokesperson told Bisnow in a statement. 

PEOPLE

Savills added another member to its newly formed U.S. retail advisory services platform, tapping Reuben Rischall to join its Chicago office as managing director. Rischall will specialize in providing tenant and landlord representation and transaction management for retail clients, joining the team led by U.S. Retail President Todd Siegel. Rischall joins Savills from UpCity Real Estate, the CRE firm he founded in 2021.

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Skender is making key changes to its executive team, effective Jan. 1. Andy Halik was promoted to president from senior vice president, and Brian Bukowski was promoted to chief operating officer from senior vice president. Brian Simons was promoted to Indiana president from senior vice president, while Ashlee Pforr was promoted to interiors vice president from project executive. 

SALES

An unnamed buyer purchased an eight-unit apartment building at 10-12 W. Chestnut St. in the Gold Coast for $3.4M. The building was fully occupied at the time of sale. Interra Realty's Jeremy Morton represented the buyer, while Chicago Real Estate Resources' Steven Rapoport represented the seller.

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The Missner Group completed the purchase of 8130 River Drive, a 31K SF industrial property in Morton Grove, for an undisclosed price. The building features a blend of office and warehouse space with one interior dock door and two drive-in doors. 

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A Michigan-based real estate development firm purchased a retail redevelopment site at 1419 W. Diversey Parkway in Lincoln Park for $2.8M. The existing two-story building sits on a roughly 11K SF land site. Greenstone Partners' Brewster Hague and Tom Galvin represented the buyer.

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A private buyer purchased a two-building, 12-unit mixed-use portfolio at 1754-1756 W. 21st Place in Pilsen for $3.1M from an unnamed seller. Both buildings in the portfolio were built in the 1880s and were recently renovated. HomeSmart Connect's Denise Reyes represented the buyer, while Interra Realty's Jeremy Morton and Harrison Pinkus represented the seller. 

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A 1031 exchange buyer purchased the newly constructed, nine-unit multifamily property at 2417 W. Erie St. in Smith Park for about $4.4M. Greenstone Partners' Jacob Goldstein and Alexander Tychalsk procured the buyer, while the firm's Jordan Multack represented the seller. 

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A private buyer purchased the 20K SF Southport Retail Collection for an undisclosed sum. The portfolio includes assets in the Southport Corridor leased to Capital One Café, Tuco & Blondie and Indira Salon & Spa. Mid-America Real Estate Corp.'s Joe Girardi, Emily Gadomski and Patrick Corrigan brokered the deal on behalf of the seller.

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CEDARst Cos. acquired The Weyland, formerly A.M. 1980 Apartments, a seven-story, 132-unit multifamily community at 1980 N. Milwaukee Ave., for $34.6M.  Delivered in 2018, the property features 6K SF of ground-floor retail and a mix of Class-A amenities, including a fitness center, dog run and rooftop deck. The building was 95% occupied at the time of sale.

LEASES

D6, a sustainable packaging supplier, signed a new lease of 41K SF at 11720 W. Grand Ave. in Northlake, expanding and relocating from its previous location. The space is part of an 82K SF building. DarwinPW Realty/CORFAC International's Ed Wabick and Marc Hale represented D6 in the deal, while NAI Hiffman's Terry Herlihy represented landlord Westmount Realty Capital. 

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Wind Point Partners will relocate its headquarters to a 24K SF full floor at the Salesforce Tower at 333 W. Wolf Point Plaza in River North. The company will make the move in a multiyear transaction, growing its footprint by 70%. Savills' John Goodman, Brandon Nasatir, Eric Feinberg and Isabel Schwartz lead the company's real estate strategy.

CONSTRUCTION AND DEVELOPMENT

Peakline Real Estate Funds and Lincoln Property Co. broke ground on The Claire, a 90-unit build-to-rent townhome community in Naperville. The development will offer 34 two-story townhomes and 56 three-story row homes for rent. Construction is officially underway with the first deliveries targeted for the second quarter. 

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Construction completed on The Atrium Club, the new tenant amenity center at 25 E. Washington St., a $12M renovation and repositioning program. The 15K SF amenity center is on the building’s seventh floor. The space's centerpiece is a 3K SF open atrium. 

FINANCING

Northmarq arranged the $27M refinance of Madison Throop Place, a 72-unit luxury apartment community at 1247 W. Madison St. The company's debt and equity team, led by Managing Director Kevin McCarthy, arranged financing on behalf of Breneman Capital through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a five-year term with full-term interest-only payments.

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The Hispanic Housing Development Corp. closed on $36M of financing for its affordable senior housing development at 1539 N. Pulaski Road. The project will provide 61 modern, high-quality units for very low-income elderly households while adaptively reusing the historic Pioneer Arcade Building. Construction is planned to last 15 months.

THIS AND THAT

The Illinois Quantum and Microelectronics Park and Silicon Catalyst announced a new partnership to support quantum startups and bring them to Illinois. Under the agreement, the IQMP will provide infrastructure including lab space and state-of-the-art equipment for the quantum companies participating in Silicon Catalyst’s accelerator.

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Brailsford & Dunlavey, a Bernhard Capital Partners portfolio company, and Project Management Advisors have merged. Together, the firms' services span strategic planning and advisory, project leadership and delivery, owner’s representation and operations consulting. The combined organization includes more than 450 professionals serving clients nationwide from offices in major U.S. markets including Chicago, Atlanta, Washington, D.C., and New York. 

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The Gerber Diaz Group has joined Baird & Warner's Highland Park office from Compass. The team includes Louis Diaz, Joe Tyler Gerber, Tova Goldberg, Lana Shapiro, Michael Sidor and Isaiah Raynal.