Contact Us

This Week's Chicago Deal Sheet

The industrial market remains hot despite rising interest rates and the threat of recession. 

Adding to the record sales pace in Chicago is a 13-asset portfolio of distribution properties sold by KKR to an unnamed global investment manager.


No price was disclosed for the deal, although Commercial Property Executive reported KKR originally acquired the properties in December 2020 through its Real Estate Partners Americas II fund, part of an $835M deal with High Street Logistics Properties to buy 9.7M SF of warehouse assets across seven U.S. metros.

Totaling 1.7M SF of warehouse space, the Chicago-area properties are located within five minutes of Interstate 94, with close proximity to population centers in Chicago and Milwaukee. 

“We continue to see strong demand for well-located, last mile logistics real estate across Chicago,” Ben Brudney, a director in the real estate group at KKR overseeing U.S. industrial investments, said in a release. “We are very pleased to deliver this portfolio of high-quality assets to new owners who share our conviction in the market.”

Across its funds, KKR said it has invested more than $7B in U.S. logistics assets since 2018. It owns over 45M SF of industrial real estate in major metros.


Greg Schementi, a former top tenant representative executive at Cushman & Wakefield, has become the president at Cresa. Schementi was hired last summer but is just now adopting the position. He brings a background in framing end-to-end real estate solutions for corporations and government entities, including portfolio strategy, transaction management, project management, data administration and facility management services.


Cushman & Wakefield has promoted Kari Olbrecht to valuation and advisory Midwest market lead. She will focus on strategic support and development within the market. Olbrecht joined the firm in October 2001 and has been working in valuation and advisory since 2006, recently serving as director of valuation for the Midwest region. She brings experience researching and appraising institutional-grade and corporate real estate, including medical office buildings and suburban office properties.


2244 Corporate Lane in Naperville

A joint venture between Clear Height Properties and Harbert U.S. Real Estate has purchased a 50K SF industrial building at 2244 Corporate Lane in west suburban Naperville. The two-tenant, 20-foot-clear building with 10 drive-in doors is located in the Interstate 88 submarket less than a mile from the I-88/Route 59 interchange. Adam Johnson and Tom Gnadt of NAI Hiffman represented Clear Height and Harbert.


EQT Exeter has acquired an eight-property Class-A industrial portfolio totaling 3.8M SF of existing assets and 144 acres in Pleasant Prairie, Wisconsin, and North Chicago, each located within five minutes of Interstate 94. The portfolio was marketed by JLL on behalf of CenterPoint Properties and a confidential partner. The JLL Capital Markets investment sales and advisory team representing the seller was led by Senior Managing Director and Industrial Group Leader John Huguenard and Senior Director Kurt Sarbaugh.


Colliers’ Jeff Devine and Steve Disse represented a private investor in the sale of 990 and 1000 Deerfield Parkway, a 227K SF lab and warehouse center in northwest suburban Buffalo Grove. Lightstone, a privately held real estate company based in New York, purchased the facility for an undisclosed amount. The building is fully leased to Siemens and serves as the technology firm’s U.S. engineering headquarters. Siemens has occupied the space since 1987.


Jonathan Rose Cos. purchased the 318-unit Jackson Park Terrace at 6040 South Harper Ave. The property was acquired by the Rose Affordable Housing Preservation Fund V in a joint venture with Preservation of Affordable Housing. The property will be managed by Rose Community Management. The acquisition was financed by an assumed Federal Housing Administration loan and is subject to regulatory agreements.

5899 Northwest Highway in Crystal Lake

Greenstone Partners brokered the $3M sale of a multitenant retail property in northwest suburban Crystal Lake. The 12K SF building is located at 5899 Northwest Highway and is 77% occupied. The sale was brokered by Greenstone Partners Managing Partner Jason St. John and investment associate A.J. Patel, who represented the seller, a local private partnership. The brokers also procured the buyer, a private partnership in a 1031 exchange, with one Chicago-based investor and one New York-based investor.


Marcus & Millichap brokered the $19.2M sale of a three-hotel portfolio in west suburban Elgin and Algonquin. The properties, comprising 262 rooms, include two in Elgin — a Comfort Suites at 480 Bushwood Drive and a Country Inn and Suites at 2270 Point Blvd. — and a Holiday Inn Express at 2595 Bunker Hill Drive in Algonquin. Marcus & Millichap’s Ebrahim Valliani and senior associate Michael Klar represented the seller, a Chicago-based investment group. A Wisconsin-based investment group entered the Chicago-area market with its purchase of the Comfort Suites and Holiday Inn Express, and a local investor bought the Country Inn and Suites in a 1031 exchange.


The city of Chicago and the state of Illinois issued a proclamation declaring Aug. 16, 2022, "Chicago Title and Trust Day.” The day was established to recognize Chicago Title's role in rebuilding the city following the Great Chicago Fire of 1871. The company managed to preserve records that became the foundation of rebuilding the city.