This Week's Chicago Deal Sheet
Baum Revision signed a 30K SF lease with Kids’ Work Chicago Too, a mother/daughter-owned child care and early learning group, at Riverview at Roscoe, the former WMS campus along the Chicago River.
A joint venture between Chicago-based Baum and Dallas-based Meridian Capital bought the campus at 2718 West Roscoe St. on Chicago’s North Side from Scientific Games Corp. in March. It is undergoing major capital improvements, including updates to transform it into a LEED Platinum property with a focus on wellness.
“Our new facility will be easily accessible from several different Chicago neighborhoods and we are particularly excited about the urban nature learning opportunities in our 4K SF playground and beautiful riverfront location,” Kids’ Work Too owner Sarah Cudnik said in a press release.
Stream Realty Partners’ Patrick Russo, Adam Showalter and Jessica O’Hara represented Baum Revision. Andrew Becker with Canvas Real Estate Collective represented the tenant.
This will be Kids’ Work Too’s third child care and early learning venture in the Chicago area.
The Building Owners and Managers Association of Chicago welcomed MB Real Estate Executive Vice President and Managing Director of Asset Management Suzanne Hendrick to its board of directors. Hendrick has 30 years of experience in the Chicago real estate industry and has been with MBRE since 2013.
Jeff Schroeder joined CRG, the real estate development and investment arm of Chicago-based Clayco, as its vice president of investment and asset management. Schroeder joins CRG from CA Ventures, where he managed a $2B portfolio comprising 21 residential assets and more than 20,000 student housing beds. He previously spent 13 years with Heitman.
Ryan Cos. promoted Barry Sullivan to vice president of construction. Sullivan previously served as director of construction. Sullivan joined Ryan as a co-op intern in the company’s Minneapolis office in 1999 and in 2002 officially joined the team.
Chicago-based general contracting firm Kinzie Builders promoted Matthew Shepard to vice president of construction. He will oversee projects from the pre-construction phase through completion. In his nearly five-year tenure at Kinzie, Shepard played roles in suburban Chicago developments like 444 Social, a 302-unit apartment development in Lincolnshire.
Chicago-based Ameritus Real Estate Investment Management purchased Fox Pointe Apartments at 2074 Fox Pointe Circle in west suburban Aurora. Inland Real Estate Commercial Brokerage's Paul Montes and Eric Spiess facilitated the transaction on behalf of the seller. New Directions Housing Corp., a nonprofit 501(c)(3) that creates affordable housing, developed the 248-unit complex.
Bridge Development Partners acquired a 12-acre site at 7800 Austin Ave. in Skokie. The company plans to develop Bridge Point Skokie, a 171K SF industrial development with 32-foot clear heights. Bridge will immediately begin demolishing the existing facility and plans to finish the new building by Q3 2021. Thomas Rodeno and Matthew Stauber of Colliers International brokered the transaction and will serve as the exclusive listing agents for the new project.
Los Angeles-based investor ShainRealty Capital purchased for $8.2M a 96-unit apartment complex at 3147 West Madison St. in East Garfield Park on Chicago’s West Side. Jeff Baasch and Finley Askin of SVN Chicago Commercial brokered the transaction for both seller and buyer. The property, built in 1986, is almost entirely leased to households with Section 8 vouchers from the Chicago Housing Authority. The new owners plan to immediately begin renovations that will improve the property. Arbor Realty Trust provided $6.7M of Fannie Mae debt.
Meyer Concrete Pumping and Conveyor Service bought a 29K SF industrial building at 104 Foster Ave. in Bensenville near Chicago’s O’Hare International Airport. The company expanded from an 18K SF lease in Des Plaines. Brown Commercial Group’s Trinity Scurto and Pat Crowley represented the seller, Windy City Cutting Die. Brown Commercial Group’s Candace Scurto represented the buyer.
Alpha Industrial Properties signed an industrial lease transaction with World Wholesale Inc. for 27K SF at 845 North Larch Ave. in west suburban Elmhurst. Christopher Lydon and Ryan Hanley of Avison Young represented Alpha, while Avison Young’s Brian Colson and Brian Pomorski represented World Wholesale.
Berger Asset Management signed two new leases at Concourse Chicago, a single-story office campus at 8623 West Bryn Mawr Ave. BASE Engineering, a structural engineering firm, signed for more than 2K SF and is relocating its offices from Mount Prospect. Cordant Health Solutions, which provides drug testing programs, signed for 2K SF. Steve Chrastka and Jason Wurtz of NAI Hiffman are the exclusive leasing representatives for Concourse Chicago. NAI Hiffman’s Jack Reardon represented BASE Engineering, and CARR’s Dennis Thornton represented Cordant Health.
AndySunflower Café opened at the One Eleven Food Hall in Pullman’s 111th Street Gateway Retail Center at 756 East 111th St., according to owner Andrea Robinson. Developed by Chicago Neighborhood Initiatives, One Eleven is the first food hall on the city’s Far South Side. AndySunflower Cafe joins the food hall’s two restaurant tenants, Majani Soulful Vegan Cuisine and Lexington Betty Smokehouse.
Bradford Allen was appointed the exclusive leasing agent for One North LaSalle in downtown Chicago. The 47-story, 500K SF art deco office tower was renovated in 2016. It now includes an outdoor terrace, fitness center, new conferencing facilities and an upgraded tenant lounge. Bridge Investment Group has owned the property since 2018. Bradford Allen’s Andy DeMoss will lead the leasing team.
CONSTRUCTION AND DEVELOPMENT
Developer Parkside Realty completed construction on Fulton East, a 12-story, 90K SF, all-glass boutique office and retail building at 215 North Peoria St. in Chicago’s Fulton Market District. It features a number of health- and hygiene-focused tech and design elements, including MAD Elevator’s new foot-activated, hands-free elevator system and a nonthermal plasma technology from airPHX that provides employees with cleaner air and work surfaces.
J.C. Anderson completed a 21K SF spec suite project for Glenstar in the Chicago Board of Trade Building at 141 West Jackson Blvd. The builder was hired to complete a build-out to the art deco property’s spec suites on multiple floors. The construction team was led by J.C. Anderson’s Joe Maguire, Larry Regovic and Jose Verduzco. Nelson provided the architectural services, and Glenstar provided the project management services.
THIS AND THAT
Illinois home sales climbed again in October, marking the fourth consecutive month that closed sales outpaced the year before, according to data from Illinois Realtors. The statewide median price also increased as consumers faced inventory shortfalls in some areas. Statewide home sales, spanning single-family homes and condominiums, totaled 17,713 in October, up 34.9% from 13,127 in October 2019. The statewide median price in October was $233K, up 16.5% from a year prior.
The Chicago industrial market saw robust construction activity in Q3, with approximately 21.7M SF under construction and 5.9M SF delivered, according to Avison Young research. Net absorption reached 6.2M SF, significantly higher than the previous quarter’s 3.6M SF, causing a slight decrease in the vacancy rate to 6.4%.