This Week's Chicago Deal Sheeet
The market for suburban office properties continues to be strong. The latest eight-figure deal: KBS Realty Advisors bought Edens Corporate Center in Northbrook for $30M.
The seller, Boston-based Davis Cos, acquired the two-building, 188k SF asset at 630 and 650 Dundee Rd in 2011, when it bought the remaining $15M debt on a CMBS loan when the previous owner defaulted, and took the title to the property via a deed-in-lieu of foreclosure deal in March 2012. HFF's Mark Katz repped the seller at closing.
Kiser Group’s Brian Semel repped both parties in the closing of Carriage House Lofts (shown), a historic seven-story, 81-unit multifamily property at 1545 S State, for $20.2M. The building was built in 1898 and underwent renovations in 1996. The new owner, The Laramar Group, plans to upgrade the building.
First Western Properties' Thor Madden and Mark Zeglen repped both parties in the closing of 2200 S Marshall Blvd, a 32-unit apartment building in Pilsen.
A JV led by Gus Danleh bought a Walmart and former Sam’s Club store in the Marketplace of Rolling Meadows from Tri-United Management for $24.3M. The stores are seated on 15 acres at 1460 Golf Rd and total 260k SF of retail space. The Sam’s Club has been vacant since 2010, but Walmart still pays rent on the building, and Gus has expressed interest in reopening the Sam’s Club.
Interra Realty’s Brad Feldman closed on the following transactions totaling $2M:
- A four-unit apartment building at 2613 W Armitage, steps from the Bloomingdale Trail, for $775k.
- A 12-unit property at 4950-56 S Michigan for $838k.
- An eight-unit property at 7556 S Eberhart for $248k.
- A bank-owned, 12-unit mixed-use property at 1735 E 71st St sold for $105k.
Sedgwick Properties sold all 17 of its residences at Hermitage 1611, a luxury condo development in Bucktown. The three-bedroom, two-bath units range from 1,800 to 2,300 SF and were priced from $650k to $900k. Hermitage 1611 is one of the few new high-end condo projects in Bucktown.
CDM Media leased 13k SF at the former Google HQ at 20 W Kinzie. The company was repped by Jameson Commercial Real Estate’s Brent L. Burden and Ed Gerstein. The landlord, The Alter Group, was repped by NGKF’s Melissa Porcelli and Matthew Ward. WeWork will also occupy the former Google space.
JLL’s Robin Stolberg, Kurt Sarbaugh and Steve Trapp repped landlord Manulife Financial in a new 16k SF lease at 1000 Asbury Dr in Buffalo Grove. The tenant, California Eastern Laboratories, was repped by Wagener Equities' Jeff Gilbert.
Bradford Allen’s Justin Kessler and Brad Azulay repped GrubHub in an extension and expansion of its lease at the Burnham Center, 111 W Washington. GrubHub, which leases 59k SF in the building, will add another 72k SF and remain in the building another 10 years. JLL’s Monica Moore and Craig Coupe repped the landlord.
NAI Hiffman’s Pat Kiefer repped landlord Deen Investments in a new 12k SF lease at 1717 Park St in Naperville. The tenant, First Student, was repped by JLL’s Kevin Rogers.
Pearlmark’s Mark Witt arranged a $9M mezzanine loan, to be used to buy three single-tenant, net leased properties totaling 355k SF in Minnesota, Louisiana and North Carolina.
Henderson Global Investors named Bob Thomas to head its North American properties equities team, from its Chicago office. Bob was hired by Henderson in August after serving as co-head of North American listed real estate at AMP Capital.
Brennan Investment Group hired Thomas Philbin as SVP of asset management. Tom spent the last 17 years at CenterPoint Properties, with a portfolio of 135 industrial buildings valued at $1.2B.
Thomas Guel joins the Kiser Group as director, specializing in the acquisition and disposition of multifamily and mixed-use properties. Tom previously owned a boutique real estate firm, and title and mortgage companies.
Congrats to the Hyatt Place Chicago-South/University Medical Center for being awarded LEED Gold Certification by the US Green Building Council in the new construction category. The hotel is the first Hyatt in the world to be LEED Gold certified.
The Waldorf Astoria Chicago was named the top hotel in the country by Conde Nast Traveler readers in the magazine’s 28th annual readers’ choice awards. It's the third time the Waldorf Astoria has earned the honor.