This Week's Chicago Deal Sheet
Trammell Crow Co. closed on the land it will use to build Fulton Labs, a 423K SF facility that company officials say will help solve the Chicago region’s chronic lab space shortage.
The 1.3-acre plot of land is located at 400 North Aberdeen St. in Chicago’s Fulton Market neighborhood. The company expects to break ground in July on the facility, which will span 16 floors, with 12 floors of wet or dry lab space. All lab spaces were designed to meet VC-A vibration criteria.
“With Fulton Labs’ advanced R&D infrastructure, flexible lab spaces and full floor launchpad for early stage companies, we are confident that this facility will help to promote growth in the Midwest’s life science industry,” TCC Midwest Business Unit Managing Director Grady Hamilton said.
Demand for new life sciences laboratories is growing, but the Chicago region has few available, according to Cushman & Wakefield’s Life Sciences 2020, The Future Is Here report. The vacancy rate in the Chicago region’s sector, now encompassing about 5.4M SF, is 1.3%. In addition to Fulton Market, Cushman & Wakefield expects new clusters of lab space to form in Bronzeville, as well as Sterling Bay’s Lincoln Yards and Related Midwest’s The 78.
CBRE is marketing Fulton Labs for lease.
Jack Higgins joined CRG, the real estate development and investment arm of Chicago-based Clayco, as operating partner. He will continue leading his current portfolio of projects established at Chicago-based Higgins Development Partners, where he was chairman and CEO. Higgins founded the company in 1980. Past projects include Chicago buildings like 71 South Wacker, the Blue Cross Blue Shield Headquarters at 300 East Randolph St. and the FBI building in the Illinois Medical District.
Walsh Investment Group promoted Greg Ciambrone to president. The company also elevated Michael Gibbons to senior managing director–alternative investments; Aaron Toppston to managing director–infrastructure investments and strategic planning; and Brian Walsh to managing director–real estate investments.
PREMIER Design + Build Group promoted Michael Pacini and Mark Melone to principal. In addition, Pacini was also tapped as the Itasca, Illinois-based PREMIER’s new president. He previously served as vice president. Melone was named principal and director of construction. Most recently, he served as executive vice president and director of construction.
Back Nine Apartment Investors promoted Rick Eddington to principal. Eddington led the firm’s acquisition team since 2017 and helped source and close more than $50M in multifamily and mixed-use assets.
Northbrook, Illinois-based Pine Tree LLC appointed David Henry and Paul Freddo to its board of directors. Henry served Kimco Realty Corp. as CEO for six years before retiring in 2016. Freddo recently served as senior executive vice president of leasing and development at DDR, now known as Site Centers.
Glazier Corp. sold to an undisclosed investor for $2.18M a new net-leased, Starbucks-occupied retail building and 9.59 acres at 10259 South Harlem Ave. in Chicago Ridge. A JLL team representing the seller was led by Alex Sharrin.
Condo owners at 1143-1193 Deerfield Road in suburban Deerfield agreed to a $6.15M deconversion sale. Known as Deerfield Gardens, the property totals 36 condominiums. John Meyer, Sean Connelly and Matt Petersen of 33 Realty represented both parties in the transaction.
Associated Bank completed a $20M construction loan to Green Street Realty and Jackson Dearborn Partners for ICON, their student housing project adjacent to the University of Illinois at Urbana-Champaign. The six-story, 276-bed building at 309 East Springfield Ave. will have studio, one-, two-, three- and four-bedroom units. The developers broke ground and anticipate finishing by the start of the 2021-2022 school year. Associated Bank’s Alec Bliss managed the loan and closing.
CONSTRUCTION AND DEVELOPMENT
Developer JK Equities started construction on 1400 Monroe, a 42-unit, seven-story luxury condominium in the West Loop. Lakeside Bank provided a construction loan, and Summit Design + Build leads the construction effort. JK Equities expects to deliver the project by summer 2021, with sales led by ON Collaborative. Designed by Chicago-based architecture firm Booth Hansen, 1400 Monroe blends the neighborhood’s industrial past with modern design elements. Industrial-sized windows will flood the homes with natural light, and the façade will use gray brick paired with metal detailing.
Mosaic Construction started construction on a new medical office renovation project for TCA Health, a medical clinic serving an at-risk community on Chicago’s far South Side at 1029 East 130th St. The project will update the patient reception area, waiting rooms, private offices, counsel rooms and connecting corridors in the East Wing to match an earlier renovation of the building. Demolition and renovation of the East Wing started in May.
North Wells Capital and Urban Innovations, North Wells' affiliate, reached the final height of their development at 306 West Erie St. in River North. North Wells Capital purchased the original structure and lot in 2017. In November 2019, it began the project, which will double the building’s size and add amenities. Company officials say it will also suit health-conscious tenants by providing an open atrium stairwell, independent HVAC systems, new elevators, touchless restrooms and more nearby parking.
McShane Construction Co. completed the construction of Avenida Naperville, a senior living community in Naperville, Illinois, for adults 62 and older. Designed by Meeks + Partners, the property provides a total of 146 apartment homes across six two- and three-story wood-frame buildings. Avenida Naperville is McShane’s 14th senior living assignment in the past five years.
THIS AND THAT
EQ Office launched Catalog Cares, an initiative that allows both the 15,000 people who work at Willis Tower in Chicago and the public to give meals to front-line healthcare workers. For every e-gift card purchased at Willis Tower’s Catalog, a five-story retail, dining and entertainment venue, Willis Tower will make a matching donation to Frontline Foods Chicago, which provides meals to hospital workers, first responders, public servants and those in affected communities. Catalog restaurants participating include Brown Bag Seafood, Do Rite Donuts & Chicken, Shake Shack, Starbucks, Sweetgreen and Tortazo.
Pacific Construction, a Chicago-based general contractor, construction management and development services firm, was acquired by BlockPoint, a project development and general contracting company also located in Chicago. Pacific Construction built Fermilab’s research and development building in west suburban Batavia, the Universe Theater at the Adler Planetarium, and multiple hospital and military bases around the state, including the Army Reserve Center in north suburban Fort Sheridan.
@properties will open a new office at 4100 North Lincoln Ave. on the border of the Lakeview and North Center neighborhoods. According to @properties’ Thad Wong and Mike Golden, it’s part of a larger expansion initiative that also includes soon-to-be-announced technology rollouts, key personnel moves and additional office openings.
Frontline Real Estate Partners, Four Corners Advisors and Aries Capital, all Chicago-based firms, formed Frontline Real Estate Partners: Hospitality Division, a joint venture to provide a beginning-to-end hotel receivership platform for financial institutions, banks, special receivers and debt fund servicers throughout the U.S., Caribbean and Canada.