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This Week's Chicago Deal Sheet

Crescent Heights has purchased a 36K SF surface lot at 640 West Washington Blvd. in the West Loop. The developer is known for multifamily and mixed-use high-rises but hasn’t said what it will build on this site.

This Week's Chicago Deal Sheet
Aerial image of 540 West Washington Blvd. in Chicago.

The lot is between Wacker Drive and the Fulton Market district and is zoned DX-7, allowing for residential, mixed-use, office or hospitality development. Crescent Heights has built two multifamily high-rises in Chicago, both in the South Loop: NEMA, an 800-unit, 76-story project, and the 207-unit Astoria Tower.

“We are excited to work with the Alderman and community on this project and this acquisition further bolsters our commitment to this great city and its distinct neighborhoods,” Crescent Heights Vice President Jason Buchberg said in a statement.

The $20M deal between Crescent Heights and the seller, an affiliate of Matthew Pritzker Co., was agreed to in September but closed in late May as the coronavirus pandemic was in full swing. 

“This is a great deal for everyone involved and is especially exciting for Chicago, as it is a clear vote of confidence in the city and its future,” Matthew Pritzker Co. Vice President Jordan Dubnow said in a statement. “We were thrilled to work with Crescent Heights and CBRE on this transaction and are especially pleased that after striking a deal in September 2019, all parties remained dedicated to seeing it through to full fruition. Crescent Heights has already done great things in Chicago and I look forward to what they do next.”

CBRE’s Tom Svoboda represented the buyer. Matthew Prizker Co. was unrepresented.

EXECS

Darwin Realty/CORFAC International’s Jeffrey Provenza was promoted to senior vice president. His brokerage expertise spans tenant and owner representation, acquisition and disposition services, build-to-suit projects and investment sales. He has completed more than 8.5M SF in transactions totaling more than $200M throughout his 10-year career at Darwin Realty/CORFAC International.

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Christopher McDonough joined Mary Cook Associates as chief design officer. He will oversee all staff, processes, execution and quality of project work produced by the commercial interior design firm. McDonough is an architect known for his work in the hospitality industry, including the transformation of The Renaissance Chicago’s conference center and the renovation of Chicago’s Godfrey Hotel. He has more than 25 years of experience in interior design, most recently as principal of The Gettys Group in Chicago.

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David Egan joined Stockbridge Capital Group as senior vice president. He has 17 years of real estate experience, primarily in industrial and the capital markets, and was previously head of strategy and consulting for CBRE Industrial Capital Markets.

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Colliers International Executive Vice President Lynn Reich will be honored with The Goldie Initiative’s Shero Award at the organization’s annual Goldie Gala in September. The Goldie Initiative’s Shero award is conferred upon exemplary role models to women leaders in commercial real estate who have achieved success in the industry and have paved the way for others to follow in their footsteps. Recipients are also dedicated to developing and mentoring future leaders.

Reich has served as president and operations director of SIOR International and as president of the SIOR Foundation. She is on its board of trustees. She also was one of the 50 founding members of CREW Chicago and served as its president.

SALES

The American Way corporate medical office building complex in Libertyville, Ill.
The American Way Corporate medical office building complex in Libertyville, Ill.

An undisclosed out-of-state buyer purchased the American Way Corporate medical office building complex at 1232-1280 American Way in Libertyville, Illinois. SVN | Chicago Commercial’s Albert Lindeman and Nathalie Fisher represented the buyer, which they said was drawn to the medical tenant mix in the building.

LEASES

Tonn and Blank Construction leased 83K SF of manufacturing space at 6500 South U.S. Highway 421 in Westville, Indiana. Lee & Associates’ Tom Condon and Ben Cohen represented the owner, Northpoint Development. Tonn and Blank’s Donna Hovey represented the tenant in-house. The building is now 84% occupied. 

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Savoye North America leased 43K SF of industrial space at 3950 Sussex Court in Aurora, Illinois. Lee & Associates’ Ryan Earley, Jeff Galante and Terry Grapenthin represented the tenant. Transwestern represented the owner, Link Industrial Properties.

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Stream Realty Partners and Baum Realty Group were awarded leasing of The Fields, a 1.5M SF campus at 4000 West Diversey Ave. in Chicago. The 23-acre property, built as the Marshall Field’s warehouse a century ago, is undergoing a multimillion-dollar office renovation that is slated to be done in Q4. Knickpoint Ventures is the owner. Stream’s Adam Showalter, Patrick Russo and Jessica O’Hara and Baum’s Ari Topper and Tyler Dechter will lead the leasing of the property.

FINANCING 

NorthMarq’s Brett Hood secured $16M in combined agency debt, recapitalizing two multifamily properties in the Old Town and Logan Square neighborhoods in Chicago.

Freddie Mac structured the financing as two separate loans of $8.5M and $7.5M. Both featured a sub-3% fixed-rate coupon for seven years with interest-only payments throughout. The properties, 2420 North Kedzie and 1220 North LaSalle, have a combined 94 units with in-place average rents qualifying as “mission-driven” under the agency’s affordability directive.  

CONSTRUCTION AND DEVELOPMENT

The topping off of Alcove Wicker Park.
The topping off of Alcove Wicker Park.

Alcove Wicker Park has topped off in preparation for expected first move-ins in October. The property, which has 43 luxury condo units and 12 townhomes, is being developed by Vermilion Development, marketed by @properties Developer Services and designed by Hirsch MPG Architecture. Located between Division Street, Paulina Street and Milwaukee Avenue, Alcove Wicker Park is next to the CTA Blue Line Division Street station.

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Avidor Evanston, a 169-unit active-adult community in Evanston, has delivered and is welcoming its first residents in June. The property was developed by High Street Residential, a subsidiary of Trammell Crow Co., and will be managed by Allegro Management Co. 

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This Week's Chicago Deal Sheet
The MORE Taproom

The conversion of a 25K SF Chevrolet auto dealership at 13980 Automall Drive in Huntley into a brewery and restaurant is complete. Villa Park-based MORE Brewing is operating the 11K SF beer production space and 14K SF restaurant, which has been given a rustic and industrial look and which has views of the brewery through 12-foot-tall glass walls. Principle Construction Corp. handled the construction, Harris Architects provided design services and JLL’s Dominic Carbonari represented the brewery.

THIS AND THAT

Metropolitan Tower, Chicago
Metropolitan Tower in Chicago.

The Habitat Co. was awarded property management of Metropolitan Tower, a 234-unit luxury condominium building at 310 South Michigan Ave. Constructed in 1924 and known as the city’s first high-rise, the 30-story Metropolitan Tower building was originally home to office space and converted to condominiums with ground-floor retail in 2007.