Obama Presidential Center Reveals Opening Schedule: The Chicago Deal Sheet
The Barack Obama Foundation announced that the long-awaited Obama Presidential Center will open with four days of celebrations spanning June 18-21.
A dedication ceremony on the John Lewis Plaza is June 18, and the campus and museum will open to the public on June 19. Community celebrations will take place throughout the campus on June 20 and 21.
"This is not a monument to the past; it is a living destination for people who refuse to accept the status quo," former President Barack Obama said in a statement. "If you feel that way, this is your invitation to join us."
A majority of the Obama Presidential Center is free and open to the public, including a playground, a branch of the Chicago Public Library and a forum building for public programming. Tickets to the museum will be available in May.
PEOPLE
CBRE promoted Guy Ponticiello, a senior member of its corporate capital markets practice, to vice chairman. Ponticiello advises corporate and institutional net lease clients across the country on real estate monetization strategies, sale-leasebacks, credit-based structures and portfolio optimization strategies. He has spent over two decades at CBRE.
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Hilco Global hired Ted Tomaras as chief operating officer of its professional services division. Tomaras will help lead growth initiatives, including strategic acquisitions, investment in senior advisory talent and expansion of the firm's real estate advisory capabilities in key institutional and commercial sectors. He previously held multiple executive-level roles at JLL, including as the global chief operating officer and chief financial officer for the brokerage's hotels and hospitality group.
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Daniel Burke joined HNTB as a senior group director and vice president in the firm’s Chicago office. Burke will oversee the delivery of complex transportation programs and support client relationships across the region. Prior to joining HNTB, Burke worked as managing deputy commissioner and chief engineer for the Chicago Department of Transportation, where he helped oversee a $600M annual capital program.
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ISS tapped Brian Velo as senior vice president of sales for ISS North America. He will be responsible for delivering facility management, workplace and culinary solutions across the country. Prior to joining ISS, Velo worked as senior managing director at CBRE Global Workplace Solutions.
SALES
A joint venture between Eastham Capital and Artisan Capital acquired Arrowhead Apartments, a 200-unit, garden-style community in Palatine, for $31.5M. The venture plans to spend $1.9M on amenity updates and building improvements. The community is currently 85% occupied, with average rents of $1,776 per month.
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A venture between Honore Properties and Peerless Development acquired a 54K SF retail center at 1415-1417 N. Kingsbury St. for $19.5M from Westwood Financial. Great Southern Bank provided $13.6M in financing for the purchase. Marcus & Millichap Capital Corp.'s Dean Giannakopoulos secured the financing on behalf of the venture. Greenstone Partners' Danny Spitz and AJ Patel represented Westwood Financial in the deal.
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An undisclosed buyer scooped up a nine-building, 36-unit rental townhome portfolio in Batavia for $7.9M. The properties were 92% occupied at the time of sale. Interra Realty's Nathan Zito, Patrick Kennelly and Paul Waterloo represented both parties in the deal.
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An unnamed buyer purchased a 19-unit multifamily building at 2848 N. Seminary Ave. for $10.8M. Essex Realty Group's Jim Darrow, Jordan Gottlieb and Brian Keegan represented the seller in the deal, while Essex's Steve Livaditis represented the buyer.
LEASES
The Illinois Housing Development Authority signed a roughly 73K SF lease at Michigan Plaza. The new lease is set to start on Oct. 1. Transwestern's Mark Buth, Kathleen Bertrand and Steve Hennessy represented landlord, Aegis Asset Management, while Avison Young's Jeff Lindenmeyer, Chris O’Leary and Shannon Connerty Morris represented IHDA.
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Silver Cross signed a 174K SF lease at the medical office building at 1890 Silver Cross Blvd. in New Lenox. Immediately following execution of the lease, the building was sold for $88.6M to Farpoint and The Landes Group. NAI Hiffman's Perry Higa represented Silver Cross in the deal. CBRE's Chris Bodnar represented the sellers, PGIM Real Estate and NexCore Group.
FINANCING
Origin Credit Advisers announced its Origin Real Estate Credit Fund, a multifamily credit interval fund that aims to capitalize on current sector dynamics. The closed-end fund aims to combine public and private multifamily credit strategies, including Freddie Mac-backed bonds, CRE-backed loan obligations and direct loans to developers and operators.
CONSTRUCTION AND DEVELOPMENT
Skender broke ground on The Moorings of Arlington Heights, a senior living community operated by Presbyterian Living. The 172K SF project will deliver 70 independent living apartments as part of a larger campus expansion and repositioning at 811 E. Central Road in Arlington Heights. Construction is expected to be completed in fall 2027.
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Northern Builders announced plans to develop a 365K SF build-to-suit industrial facility in New Lenox for an undisclosed tenant. The building will feature a 40-foot clear height and about 14K SF of office. Construction is currently underway and expected to finish in December.
