L3 Capital Drops $50M On Shopping Center: The Chicago Deal Sheet
L3 Capital bought 3030 North Broadway, a five-story, 132K SF center anchored by a Mariano's, for $50.1M from Site Centers Corp.
The retail center, which serves Lakeview and Lincoln Park, also includes an LA Fitness, a PNC Bank location, a Starbucks and a Fresh Dental. Mid-America Real Estate Corp.'s Ben Wineman and Joe Girardi brokered the deal on behalf of Site Centers.
The property was listed for sale last August, CoStar reported. The company has been offloading properties that don't fit its strategy of acquiring convenience shopping centers and retail properties not anchored by a big-box tenant or grocery store.
PEOPLE
Cross Street made three executive promotions and a new hire. The company promoted Oren Pollack to managing partner, Erin Higgins to vice president of leasing and Taylor Maggi to vice president of marketing and systems. In addition, Laura Ballou has joined the firm as senior market analyst.
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ML Realty Partners promoted Grace Crossin to transaction coordinator. In the role, Crossin will work with a legal team to negotiate and execute purchase and sale agreements for building and land buys in both Chicago and Dallas-Fort Worth.
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The Inland Real Estate Group hired Michael Collins to serve as the head of global wealth of Inland Securities Corp. Collins will report to Inland Real Estate Cos. CEO and President Tony Chereso and will be responsible for driving Inland’s financial advisory platform strategy.
SALES
An undisclosed buyer scooped up a 46-unit multifamily building at 4400 S. Drexel Blvd. in Kenwood for $11.7M. Every resident of the building has a housing choice voucher administered through the Chicago Housing Authority, and the building was 91% occupied at the time of sale. Interra Realty's Lucas Fryman represented both parties in the deal.
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A private investor group acquired a 111-room Holiday Inn Express at 2111 S. Arlington Heights Road in Arlington Heights. The purchase price was not disclosed. Marcus & Millichap's Ebrahim Valliani and Michael Klar brokered the deal for both the seller and buyer.
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The STG Group purchased Conway Park, a 225K SF office complex at 100 and 150 N. Field Drive in Lake Forest for $8.9M. The complex is currently 43% leased. Greenstone Partners' Danny Spitz represented the buyer, while Frontline Real Estate Partners' Matthew Tarshis, Andrew Rubin, Andrew Picchietti, Zack Pearlstein and Andrew Slovis represented the seller.
LEASES
OmniTRAX signed a long-term lease at a multimodal logistics hub. The 90-acre parcel on the South Side is on the border of 119th and Division streets at the Blue Island Commercial Center. Active operation at the hub will begin immediately.
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Inland Real Estate signed a 140K SF, 16.5‑year headquarters lease at 3050 Highland Parkway in Downers Grove. The company will take more than half of the building and consolidate teams into a newly renovated, amenity‑rich environment. Inland is expected to move in later this year. JLL's Jeff Shay and Allyson Birchmeier represented the landlord in the deal, while JLL's Larry Sajdak and Sean Steuart represented Inland.
FINANCING
Inland Real Estate Investment Corp. completed a capital raise of more than $120M for the private investment offering Wheaton Multifamily DST. The DST owns Wheaton 121 Apartments, a multifamily community at 121 N. Cross St. in Wheaton. The property consists of a seven-story building with 306 apartments.
CONSTRUCTION AND DEVELOPMENT
Skender completed the 230K SF build-out of Invenergy’s One South Wacker Drive headquarters. Invenergy originally occupied floors 18, 19 and 20, which Skender completed upgrades to, in addition to the demolition and full construction of five other floors.
