Annenberg Investments Acquires Former Senior Housing Community: The Chicago Deal Sheet
Annenberg Investments, alongside an undisclosed local investment group, acquired a former senior housing community that it plans to turn into apartments.
Annenberg purchased the 14-story property at 3121 N. Sheridan Road for about $30M, sources told Crain's Chicago Business. Seller Ventas put the property on the market last year after Brookdale Senior Living didn't renew its master lease at the building.
The company is renovating the building to create 296 studio and one-bedroom apartments, aiming to offer them to renters later this year.
“Lakeview is one of Chicago’s most supply-constrained neighborhoods. We are excited to deliver modern apartments and upgraded amenities at a more attainable price point and on a faster timeline than new ground-up development,” Jarrett Annenberg, partner at Annenberg Investments, said in a statement.
The property will be managed by Peak Properties and leased by Cross Street.
Berkadia's Mike Garbers, Cody Tremper, Dave Fasano, Ross Sanders, Pete Evans and Richard Evans brokered the deal.
PEOPLE
Becknell Industrial brought on four industry veterans to the sales team in charge of raising capital for Becknell Industrial Income Trust. Linda Cobelo, in partnership with Alliance160, will work as the company's director, national accounts, while Richard Ranck will serve as director, retail capital markets for the eastern region. Chris McCaffety will fill the role of director, retail capital markets for the western region, and Michael Gazsi will work as associate director, retail capital markets.
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Harrison Street Asset Management hired Mark Heavey as vice president of development and investments within the company's digital team. In this role, Heavey will be responsible for deal sourcing and pipeline management, supporting the expansion of the company's digital investment platform across data center investments. He will oversee transaction execution across digital asset and development deals and work with asset management, portfolio management and the investor solutions group.
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Valbridge Property Advisors opened its newest office in Chicago and tapped Matthew Magdziarz to serve as managing director. Magdziarz has over two decades of appraisal experience and has managed projects for government agencies, law firms, financial institutions and Fortune 500 companies across multiple states. Magdziarz will be joined in the new office by Benjamin Branca and Cindy Slabaugh.
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BKV Group made two new hires to its Chicago practice site. The firm hired Charles Swanson as senior design leader and development managing partner and Kelsey Fissinger as director of business development and senior associate. Swanson will shape the firm's long-term strategy, mentor practice and project leaders and represent the company in client, industry and community engagement. Fissinger will work with practice leaders to identify opportunities, guide pursuit strategy and connect clients with the firm.
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Hilco Global brought on Lauren Leach to work as its senior director, receivership advisory, with a specialization in fiduciary services. Leach will support the growth and expansion of the Hilco Global Receivership practice. She will work alongside Matt Mason, who leads the firm's receivership practice following its launch in 2023.
LEASES
The American Hip Institute and Orthopedic Specialists signed a 25K SF lease renewal at 999 E. Touhy Ave. in Des Plaines. Lee & Associates' Tony Russo represented the landlord, Siete 7, while CBRE's Jon Springer represented the tenant.
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Bartlit Beck signed an 80K SF lease renewal and expansion at Friedman Properties' Court House Place at 54 W. Hubbard St. in River North. The transaction increased the law firm’s footprint by more than 20%. Renovations will begin soon on the additional 15K SF the law firm is leasing.
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AmTrustRE inked a deal with Espiritu for approximately 10K SF of ground-floor retail at One East Wacker and another 2K SF of outdoor patio space. The company has also secured three new office leases totaling 15K SF at the property, including Flight Centre Travel Group, the Trade Commission of Spain in Chicago and the Consulate General of Bosnia and Herzegovina in Chicago.
SALES
Realty Income Corp. purchased The Cubes at ORD, a newly constructed 67K SF industrial facility at 10698 Seymour Ave. in Franklin Park, from CRG. Terms of the deal weren't disclosed. The building is fully leased to Worldwide Flight Services. Avison Young’s Erik Foster, Mike Wilson, Brian Coson and Brian Pomorski represented CRG.
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An undisclosed buyer scooped up 1701 W. Estes Ave., a 25-unit apartment building in the Rogers Park neighborhood operating under a long-term HUD Housing Assistance Payment contract. The price of the deal was not disclosed. Essex Realty Group's Doug Imber, Kate Varde and Rick Ofman represented the seller, while the company's Steve Livaditis represented the buyer.
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Dalfen Industrial purchased an industrial property on Howard Street in Elk Grove Village, which has multiple tenants. The property is currently 75% leased. Including this deal, Dalfen owns and operates 17 buildings across the Midwest and aims to double its footprint in the area over the next year.
CONSTRUCTION AND DEVELOPMENT
Marquette Cos. broke ground last week on The Union Villa Park at 100 S. Villa Ave. in Villa Park. The seven-story development will include 238 luxury apartment units and about 7K SF of commercial space. Leasing and delivery are slated for fall 2027.
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LJC completed the adaptive reuse of the former Loyal Casket Factory at 148 S. California Ave. in East Garfield Park. The project converted the industrial building into a performing arts center and community hub for nonprofit BandWith Chicago. The building will serve as a permanent home for BandWith's drum line, dance, choral, sound engineering and multigenerational community programs.
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The Chicago Department of Planning and Development selected a team led by DL3 Realty to develop Acoda at 331-35 S. Plymouth Court. The 25-story design introduces 300 mixed-income residences to the Loop, with 20% of units designated as affordable. Perkins&Will serves as the project's architect.
