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This Week's Chicago Deal Sheet

It's the best time of year for the materially motivated, with today's release of Forbes' World's Billionaires List for 2015. We're thrilled Chicago icon Michael Jordan joined the list for the first time with a net worth of $1B, and let's see how our local real estate doyens fared:

This Week's Chicago Deal Sheet
  • #318 - Sam Zell ($4.9B): Up from #345 last year, Sam Zell's Equity Residential is the country's third-largest REIT by market cap, at $28.19B.
  • #512 - JB Pritzker ($3.4B): Up from #520 last year, JB may be known for his tech startup savvy, but his real payday comes from value-add investment in industrial companies.
  • #557 - Thomas Pritzker ($3.2B): Up from #580 last year, Thomas is the only Pritzker still involved with Hyatt and a well-publicized patron of art and architecture.
  • #603 - Neil Bluhm ($3B): Up from #687 last year, Neil has some fun investments. In addition to casinos, he's got luxe hotels like the Four Seasons and a minority stake in the Bulls and Sox.
  • #782 - Ty Warner ($2.4B): Down from #663 last year, the troubled Beanie Babies guru is trying to avoid jail post-tax evasion. Hotels are a big contributor to his billionaire status.

To learn more about these wealthy moguls, check out our slideshow!

SALES

This Week's Chicago Deal Sheet

Essex Realty Group’s Doug Imber and Kate Varde completed the $7.6M sale of 3808-16 N Sheffield Ave (above), a 31-unit courtyard building in Lakeview that was converted to condos in ’08. The property is on the west side of Sheffield, one block north of Wrigley Field.

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Cushman & Wakefield industrial brokers Larry Goldwasser and Colin Green completed two sizable industrial sale transactions in Chicago, totaling over 220k SF. The team repped Balton Corp in the purchase of 102k SF 1001 E 99th St, owned by Structured Development. They also repped the seller of 127k SF 5801 W Dickens. Colliers’ Steve Kohn repped the buyer.

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Chicago Real Estate Resources president Eric Janssen completed the $13M sale of 2401 N Halsted to Newsjet, an affiliate of Newsweb Corp.

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Baum Realty Group’s Danny Spitz and Greg Dietz completed the following deals: they repped The Prime Group in the $4.1M sale of a 1,963 SF storefront at 10 E Delaware Pl in the Gold Coast (a single-tenant property 100% occupied by Le Pain Quotidien) to a private investor; they repped the Trust benefiting the Macchiaroli Family in the $1.8M sale of a 15k SF development parcel at 1011-1023 N Ashland Ave in East Ukrainian Village to a private developer that plans residential condos; and they repped the same trust in the $2.7M sale of a 48k SF building at 1031-1045 E Oakton St (tenants include ACE Hardware and Dollar Tree) in Des Plaines to a private investor.

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Lee & Associates’ Terry Grapenthin and Jeff Galante repped a private investor in the purchase of the almost fully leased 73k SF building at 100-300 Devon in Bensenville. Lee & Associates negotiated the off-market deal on behalf of the buyer to satisfy a 1031 exchange. The property is set up to accommodate around 20 tenants with an average unit size of 3k SF. The seller was Sitex Realty Group. Lee & Associates will lease and manage the property.

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The owners of 410 Warrenville Rd in Lisle sold the 60k SF office building to Napleton Automotive Group. The company will occupy the property as its new HQ and lease one of the remaining floors. CBRE’s Bill Novelli, Derek Fohl, Bill Elwood and Pete Adamo repped ownership.

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Entre Commercial Realty’s Michael Gazzola repped the buyer, The LaSalle Group, in the $2.3M land assemblage of two separate parcels and sale of the 4.7 acres at 156 W Dundee Rd in Wheeling. Shir Hadash Synagogue represented itself, and Horizon Realty’s Barry Millman repped the second seller, Olshansky Properties, in the deal. LaSalle plans to develop The Whitley of Wheeling, a memory care facility, on the site, with completion slated for spring 2016.

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Adelphia Properties’ Simeon Spirrison and George Spirrison completed the sale of Itasca Park Place Plaza, a value-add strip center in Itasca with retail and office units totaling 22k SF. The property sold at full list price and Adelphia repped the seller, a private investor. The buyer was also a private investor.

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This Week's Chicago Deal Sheet

Paine/Wetzel TCN Worldwide principals Jerry Sullivan and Ed Wabick completed the sale of a 21k SF building at 17549 Duvan Dr (above) in Tinley Park to Consolidated School District #146. The district is expanding its warehouse and storage space into the building. Baird & Warner Orland Park’s Marty King repped the seller, 17549 Duvan Drive LLC.

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Mid-America Real Estate Corp’s Carly Gallagher, in cooperation with Mid-Am Wisconsin’s Dan Rosenfeld, repped the seller, Evo Properties, in the sale of The Plaza at Prairie Ridge, a 9,035 SF retail center on the southeast corner of 75th Street and 104th Avenue in Pleasant Prairie, WI. The buyer was Inland Real Estate Acquisitions VP Mark Cosenza. The center’s tenants include Batteries Plus, Heartland Dental Care and US Cellular.

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First Western Properties’ Mark Zeglen and Paul Tsakiris completed the sale of a bank-owned, 10-unit multifamily building at 8001-03 S Calumet Ave after receiving multiple cash offers. The property includes a two-car garage and was 80% occupied.

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Chicago Real Estate Resources Steve Rapoport repped the seller and CRER’s Nate Gautsche repped the buyer in the sale of 1130 W Bryn Mawr. The 5k SF building was vacant at time of sale and will be repositioned by the buyer.

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Daniel Hyman of Millennium Properties R/E sold a 5,300 SF freestanding restaurant (formerly home to Papa Joe’s for 25 years) at 10745 S Cicero in Oak Lawn on behalf of a financial institution and the state. When the tenant fell behind in real estate tax payments, the first mortgage holder chose to have Millennium sell the restaurant quickly to avoid writing off a substantial mortgage. Millennium also managed the property for the bank during the receivership process.

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A 6,600 SF mixed-use building at 739 N Wells in River North sold for $1.9M. Scott Maesel and John Hancko of SVN|Chicago Commercial repped the seller in the deal.

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Interra Realty managing partners Joe Smazal and James Clough repped the seller in the $1.2M (6.9% cap rate) sale of a 23-unit (five retail, 10 studios, eight one-bedrooms) mixed-use building at 4712-20 W Diversey Ave in Kelvyn Park. The closing represents the 13th property sold by Joe and James in NW Chicago in the last 12 months.

LEASING

This Week's Chicago Deal Sheet

Newmark Grubb Knight Frank’s Adam Marshall completed a 50k SF lease with Mygrant Glass Co at 1240 Garnet Dr (above) in Northlake on behalf of ownership, Midwest Industrial Funds, bringing the occupancy to 100%. Midwest Industrial Funds purchased the vacant 101k SF industrial facility in 2014 and completed renovations including new offices, energy efficient lighting and sprinkler upgrades. The property is now fully occupied by Mygrant and General Insulation. Adam and NAI Hiffman’s Jeff Fischer repped Midwest Industrial Funds in lease negotiations and the building acquisition.

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Rightsize Facility Performance signed a 140k SF lease extension and expansion for its HQ at 5000 W Roosevelt. In addition to corporate offices, RFP houses its showroom and warehouse at the Roosevelt space, which now totals 225k SF. The expansion and extension was signed to accommodate operations from its distribution center/remanufacturing facility at 440 W Ohio that the firm recently sold. The firm’s other recent real estate moves include: a 5k SF lease at 280 Shuman in Naperville for its suburban sales and design center; a 5k SF lease at 303 W Erie for its downtown sales and design center; and a 5k SF lease at W233 N2847 Roundy Circle W in Pewaukee, expanding operations into the Milwaukee market.

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HSA Commercial Real Estate EVP and managing director Timothy Thompson repped ownership of an industrial facility at 309 E Crossroads Pkwy in Bolingbrook in a 48k SF long-term lease with Forest Envelope Co, repped by NAI Hiffman EVP and partner Mark Moran. The firm is more than doubling its operations as it relocates from its current 23k SF building in Lisle. An HSA affiliate purchased the building in 2010.

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Qualanex expanded into an additional 40k SF at 1400 Harris Rd in Libertyville. The tenant, repped by Colliers’ Ned Frank, Jack Rosenberg and Fred Regnery, now occupies a total of 71k SF in the building. JLL’s Kurt Sarbaugh, Robin Stolberg and Steve Trapp repped the landlord, The Silverman Group.

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Zilber Property Group signed Tru-Spec Metals to a new long-term lease on 37k SF at 3075 Oak Grove Ave in Waukegan. JLL’s Kurt Sarbaugh and Robin Stolberg repped both sides in the deal.

Related Topics: Sam Zell, Neil Bluhm, CBRE, Colliers, Cushman & Wakefield, JLL, Transwestern, The Prime Group, Eastdil Secured, Mid-America Real Estate Corp, Adelphia Properties, Credit Suisse, Deal Sheet, Phil Reiff, Newmark Grubb Knight Frank, Lee & Associates, Fred Regnery, Ned Frank, Jack Rosenberg, Essex Realty Group, Podolsky|Circle CORFAC International, First Western Properties, Tom Peterson, Prologis, Exeter Property Group, Baum Realty Group, Sterling Bay, Prudential Financial, Interra Realty, George Spirrison, Simeon Spirrison, GlenStar Properties, Paul Tsakiris, Mesa West Capital, Kate Varde, Doug Imber, Structured Development, James Clough, Joe Smazal, Chloe Reaumond, Jerry Sullivan, American Landmark Properties, Phil Reiff, Jr., Ed Wabick, Dan Rosenfeld, Kellen Duggan, Jeff Galante, Terry Grapenthin, Millennium Properties R/E, JB Pritzker, Thomas Pritzker, Ty Warner, Larry Goldwasser, Pete Adamo, JBS Commercial Real Estate, Jason Shibata, Brian Silverman, Rothbart Realty, SVN|Chicago Commercial, Mark Moran, Nicolson Porter & List, Joe Karmin, Justin Lerner, HSA Commercial Real Estate, Mark Zeglen, Carly Gallagher, Dominic DeRose, Steve Trapp, Kurt Sarbaugh, Robin Stolberg, Scott Maesel, Entre Commercial Realty , Midwest Industrial Funds, Randy Podolsky, Timothy Thompson, NAI Global, Adam Tarantur, The LaSalle Group, Colin Green, Inland Real Estate Acquisitions, The Dobbins Group, Danny Spitz, Steve Kohn, Adam Marshall, Adam Stokes, Zilber Property Group, The Silverman Group, Greg Dietz, Thorofare Capital, Jeff Fischer, Chicago Real Estate Resources, Sitex Realty Group, Lou Hall, BMO Capital Markets, John Hancko, Nate Gautsche, Bill Elwood, John Parrett, MB Real Estate Services, Horizon Realty, Bill Novelli, Craig McCaw, Peter Marino, Bill Moston, Evanston Art Center, Lebar Construction Management, First Bank & Trust., Ken Ziebelman, Jeff Altenau, Cedar Street Capital, Edgar Cervantes, Arthur J Rodgers, Marty Patterson, Sean Bostrom, Rightsize Facility Performance, Steve Rapoport, Mark Cosenza, Baird & Warner Orland Park, Marty King, Michael Gazzola, Barry Millman, Olshansky Properties, Napleton Automotive Group, Derek Fohl, Macchiaroli Family, Eric Janssen, Balton Corp, Forbes Billionaires List, Paine-Wetzel Associates