This Week's Chicago Deal Sheet
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Waterton Associates purchased a tower in Uptown, Pensacola Place, for nearly $66M. It plans to invest in renovating and expanding the 264-unit, 18-story apartment building.
The tower, at 4334 N Hazel St, was sold by local landlords Tony Rossi and Tom Moran. The sale was brokered by Peter Evans, a partner at Chicago-based Moran & Co., which is owned by Tom.
A 46K SF Cicero shopping center by developer Jesal Patel of Patel Realty was sold for $9.5M to an entity headed by Marc Realty’s David Ruttenberg. The Plaza de Cicero is fully leased, with tenants including Panda Express, Fresenius, T-Mobile, Sleepy’s and Access Healthcare. Cushman & Wakefield's Michael Marks and Evan Halkias brokered the deal.
A four-unit, elevator apartment building at 3342 N Halsted St in Lakeview has sold for $1.7M. Jim Darrow and Jordan Gottlieb of Essex Realty brokered the deal.
A 61k SF net-leased Walgreens property in Oak Lawn has sold for $10.7M. The Boulder Group’s Randy Blankstein and Jimmy Goodman repped both the buyer and seller. The new construction Walgreens property has a 20-year lease.
Marcus & Millichap has arranged the sale of a four-building, single-story office portfolio in Gurnee, IL. Located at 1275-1425 Tri State Parkway, the properties total 156.7k SF, currently 51% occupied by six tenants. The portfolio was sold for $8.6M to Costa Construction, of Bridgeview, IL, by Crown Properties Inc.
Marcus & Millichap Capital Corp has financed a multi-tenant retail deal in Arlington Heights, IL. The $2.1M loan was secured by senior director Dean Giannakopoulos and has a 4.38% interest rate for a 10-year fixed term.
Reed Construction has broken ground on a 20.7k SF medical office building in Frankfort, IL. The Riverside Medical Center, a new office building for Riverside Healthcare, is located on 25 acres at the corner of US 45 and Steger Road. Reed EVP Scott Pickands, VP Cy Rangel and senior project manager Jack Sbertoli are overseeing the project.
The commercial real estate investment and development firm Dayton Street Partners is developing a 60k SF warehouse and distribution center at 41st and Halsted streets, in the Stockyards Industrial Park. The warehouse will feature 30-foot ceilings, six exterior docks, two drive-in doors and parking for 34 cars.
Oak Grove Capital has arranged the financing for the construction of a 120-unit, market-rate luxury apartment building at 2211 N Milwaukee Ave in Logan Square (pictured). Principal Real Estate Investors provided the financing for Property Markets Group.
Reed Construction recently completed a 20k SF office renovation and expansion for the digital marketing agency Rise Interactive, at 1 S Wacker Dr. The firm built out the third and fourth floors of the property, managed by Harbor Group Management. The project included an internal steel staircase with glass handrails, a reclaimed wood barn door at the suite’s entry, 10 new private offices, eight conference rooms, and two on-site cafés. Steve Sandquist was the project manager.
Victor Construction has renovated the Skokie, IL, Chicago Ear, Nose and Throat Sleep Center, modernizing the patient bedrooms and employee work facilities. The project came out of a partnership between Stover Management Corp, Chicago ENT and 845 Design Group.
HD Supply and Grand Warehouse & Distribution have renewed leases and expanded to more space in Northlake Submarket. Together they expanded their leases to over 119k SF. HD Supply and Grand Warehouse increased their leased space by 67k and 52k SF, respectively. The Northlake Submarket is located off I-294 south of O’Hare International Airport. The deal was brokered by Duke Realty VP of leasing Susan Bergdoll.
First Western Properties’ Tom Peterson and Paul Tsakiris (pictured) have brokered several new leases, including a lease to Boost Mobile at 311 W Howard St in Evanston; a 1.1k SF lease to State Farm at 162 N Gary Ave in Carol Stream; and a lease to a marketing company at 9449 S Ashland Ave. First Western Properties’ brokers Kellen Duggan and Paul also brokered leases to T-Mobile at 1625 Waukegan Rd in Glenview; Dunkin' Donuts at 1331 W Fullerton Ave.; American Title Loans at 9028 S Cicero Ave in Oak Lawn; a gourmet ice cream shop lease at 9914 W Roosevelt Rd in Westchester, IL; and a long-term lease to a physical therapist at 812 W Van Buren St in Chicago.
Inland Real Estate Investment Corp has named Kathleen Pelletier vice president of broker deal relations for its managing broker dealer Inland Securities Corp. Kathleen will oversee broker dealers in the eastern US. Kathleen comes from NorthStar Realty Securities, where she was vice president of national accounts. She has also worked for AXA Equitable, Salomon Brothers Asset Management and DWS Scudder Investments.
First Western Properties has hired Stan Rivas to lead investment sales and retail leasing. Stan previously worked in Marcus & Millichap’s Los Angeles office and specialized in investment sales and consulting. The firm has also hired Laryssa Moros (pictured) to focus on retail leasing. Laryssa previously worked as a principal with Sierra US in Chicago, and before that was with Jos. Cacciatore & Co Real Estate.