This Week's Chicago Deal Sheet
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Prudential Real Estate Investors announced yesterday it purchased The Roosevelt Collection at 150 W Roosevelt for $222M from a JV of McCaffery Interests and Canyon-Johnson Urban Funds.
The Roosevelt Collection contains 342 apartments and 326k SF of retail space but struggled to find retail tenants during the post-crash market when the McCaffery JV bought it for $160M in 2011, according to Crain's. The Roosevelt Collection is now 93% leased to tenants such as the Container Store, Banana Republic, Victoria’s Secret and Kerasotes theaters, which has a 16-screen multiplex there. The deal includes an adjacent lot that may be used to build a 43-story, 400-unit apartment tower. The sale price would have landed The Roosevelt Collection on our list of top multifamily sales of the year.
Equus Capital Partners announced it's buying MetroWest, a 10-story office tower in Naperville, from a JV of Franklin Partners and Bixby Bridge for $33M, which bought the property out of foreclosure in 2011. The 205k SF building is 93% leased.
Inland Real Estate sold the 73k SF Regal Cinemas Crystal Lake Showplace 16 theaters at 4912 Northwest Hwy (pictured) to EBR Properties. CBRE’s Michael Kaider repped Inland.
CBRE's Robert Mahoney, Paul Lundstedt and Gina Anderson repped Park Place Investors in the $126.5M sale of Park Place Village, a 483k SF mixed-use development in Leawood, KS. The Class-A property is on 8.2 acres. An adjacent parcel that can be developed into a hotel was included in the sale.
Trammell Crow sold a 255k SF industrial facility at 1800 Industrial Dr in Libertyville to BCI Acrylic Bath Systems, which is expanding and moving its HQ from Palatine. The building includes 28-foot ceiling heights and 27k SF of office space on 11.13 acres. Avison Young’s Keith Puritz and Brett Kroner, and CBRE’s Ryan Bain and Zach Graham, brokered the deal.
A private investor bought River Place Shopping Center, a 74k SF retail property at 17030 S Torrence in Lansing, for $2.95M, from a seller based in Schaumburg. The property is anchored by a Dollar General and was 75% leased at the time of the sale. Quantum Real Estate Advisors president Chad Firsel and SVP Daniel Waszak repped the buyer.
Kudan Group's Jerrod Rosen repped both parties in the sale of a Costello's Sandwich Shop at 2015 W Roscoe. Buyer Paul Garcia will continue to run the restaurant and will renovate its interior.
Kudan Group's Brian Laskov repped SFBIV Hospitality in the sale of The Horseshoe Grill at 28682 W Northwest Hwy in Lake Barrington to Kennedy Restaurant Group, which plans to maintain the bar's Western theme.
A Chicago-based JV of Fulcrum Asset Advisors and Millbrook Properties bought a 20-story office tower at 250 E Wisconsin Ave in Milwaukee for $7.5M from Lone Star Funds.
Darwin Realty signed three tenants at the 1M SF DCT Industrial Center in Elgin. Darwin’s Noel Liston and Brendan Sheahan repped DCT in all three.
• Printpack Inc signed a renewal and expansion into over 49k SF at 300 Corporate Dr. Lowenbaum REP’s Ed Lowenbaum and Jason Talanian repped the tenant.
• CentiMark Corp signed a long-term lease on 35k SF at 200 Corporate Dr (shown). NAI Hiffman’s John Whitehead repped CentiMark.
• Wisdom Adhesives signed a long-term lease on 39k SF at 350 River Ridge Rd. Bruce Granger repped the tenant.
Seneca Real Estate Group’s Joe Padorr repped Harris Properties in a 10-year lease at 3357 N Southport to Chicago Medical Health Group. The single-story retail building, which was completed last year, features scissors trusses to allow for high ceilings and skylights. Transwestern’s Patrick Owens repped Chicago Medical Health Group.
BMO Harris Bank signed a 10-year lease for 3k SF for a new bank branch at 554 W Webster in Lincoln Park. Mike Rourke and Dan Stratis of @properties repped landord Webster Square Apartments. BMO Harris was repped by Mid-America Group's Dan Tausk. The lease brings Webster Square's commercial occupancy rate to 85%.
Reed Construction completed extensive renovations at The Franklin, a 60-story office complex in the West Loop (shown). Tishman Speyer owns and manages the property at 222 W Adams and 227 W Monroe. The renovations took place on the fourth, 21st and 24th floors of the Adams tower, and the fifth floor of the Monroe tower, and totaled nearly 104k SF. Nine speculative suites, 10 break rooms and four public corridors with men’s and women’s restrooms were renovated. The new spec suites include full glass partition walls in offices and conference rooms, as well as multiple collaboration areas with idea paint walls. Back-lit millwork feature walls and limestone floors are also included in the four new elevator lobbies.
Skender Construction completed construction of Breaktrough FamilyPlex, a 42.5k SF community center at 3219 W Carroll in East Garfield Park. The $11.4M project features youth and preschool classrooms, a gymnasium, a medical clinic with 10 exam rooms, an art studio, a community café, a technology center, a fitness center and a playground for local residents.
REVA Development announced a second phase of construction at The Oaks of Vernon Hills at Route 45 west of Milwaukee Avenue. This second phase will include an additional 32-unit building with an expected completion in early 2016. Phase 1 will be completed in September and is 70% leased.
Principle Construction announced the completion of a 5,149 SF brewery for Blue Nose Brewery at 6119 E Ave in Hodgkins. The brewery is housed in a new 12k SF multi-tenant retail space and is split between a 2k SF brewhouse and a 3k SF tasting room. The brewhouse features new HVAC fresh air supply, exhaust, gas piping and combustion ventilation systems required for the brewing process. A new sanitary waste system featuring trench drains and clean-out baskets was added to facilitate cleaning brewing vessels and meet room sanitation requirements.
The Opus Group announced an expansion of King Shan's existing facility in West Dundee with the completion of a new 44k SF industrial and office building. The project is an expansion of King Shan's 35k SF building built by Opus in 2010. The new facility features 24-foot clear height, three dock doors and a large conference area, and the two buildings are connected by a graded drive aisle, providing integrated access and ensuring shipping and distribution operations run seamlessly.
American Street Capital arranged $2.8M in financing for a 56-unit multifamily property in Loves Park. ASC's Alex Rek and Tim Dineen secured a 20-year term, high leverage, non-recourse and fully assumable ARM structure loan.
Becknell Industrial hired Dan Fogarty as SVP. Dan will focus on ID'ing and managing new industrial build-to-suit and spec developments throughout the US. He was previously a VP at Conor Commercial Real Estate and is a 20-year industry veteran.
Principle Construction hired Darrin Dehmlow as project manager. Darrin previously was PM at G2Builders, where he was involved with projects including a $10M mosque, a $10M Hilton Garden Inn, the $1.6M DuPage Airport Fire Station and the $3M Winrock Pool reconstruction.
Ridge Development named Keven Mohoney VP in the firm's Chicago office. Keven will oversee new development and value-add acquisition, underwriting and venture partner engagement.