This Week's Chicago Deal Sheet
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Cedar Street Cos continues to invest in redeveloping historic properties across Chicago. Its latest acquisition: the Otis Loft Timber Warehouse on the Near West Side.
The 130k SF building at 1435 W 15th was built by Otis Elevator Co between 1900 and 1905. Otis built elevator cabs there, and later the building served as a loft timber warehouse. It's listed on the National Register of Historic Places. Cedar Street plans on redeveloping the property to hold 92 apartments and 46 parking spots. The warehouse's listing on the National Register qualifies Cedar Street for a 20% federal tax credit on the project's costs. Cedar Street will spend $14M to redevelop the building.
Stream Capital Partners’ Jordan Shtulman and Jonathan Wolfe repped the seller of a Walgreens at 840 N Main St in Glen Ellyn (shown) for $7.25M. There are 14 years remaining on the original 20-year, double net lease, with eight five-year options.
CBRE’s Ryan Bain and Zach Graham repped Ash Pallet in the purchase of a 143k SF industrial space at 61 McMillen in Antioch. The seller was FirstMerit Bank.
Bradford Allen Realty Services' Laurence Elbaum and Essex Realty Group’s Jason Fishleder repped the seller, Gamla Cedron Group, in the sale of 925 W Chicago, for $4.25M. The three-story, 27k SF creative loft office building in River West was 66% occupied at closing.
Essex Realty Group’s Doug Imber and Brian Karmowski repped both parties in the closing of 1901 N LaCrosse, a 23-unit multifamily property in Belmont-Cragin. The sale price was $1M.
Smithfield Properties and @properties announced the sellout of its planned 25-unit condo development at 400 W Huron, on the site of the former Scoozi restaurant (pictured), prior to groundbreaking. Demolition of the restaurant is underway. Thaddeus Wong, @properties co-founder, says the sales team wrote over $51M in contracts, at prices ranging from $1.2M to $4M, in less than 10 months. First deliveries are expected for Q4 2016.
Interra Realty’s James Clough and Joe Smazal repped both parties in the closings of 3748 W School and 6971 N Greenview. The School sale is a 12-unit multifamily property. It sold for $2M. The Greenview sale is a 19-unit multifamily property with a closing price of $1.9M.
The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the buyer of a newly constructed, single tenant net leased O’Reilly Auto Parts store at 5618 Treaschwig Rd in Spring, TX, for $1.4M.
Transwestern’s Tony Karmin repped Freeborn & Peters in its lease renewal at 311 S Wacker (pictured). The law firm extended its 125k SF lease for another 10 years. Zeller Realty’s Cody Sundberg and Howard Meyer repped ownership.
Jameson Commercial Real Estate’s Brent L. Burden and Ed Gerstein repped CDM Media in the lease of 13k SF at 20 W Kinzie. NGKF’s Matthew Ward and Melissa Porcelli repped landlord The Alter Group.
NAI Hiffman’s Brian Edgerton and Michael Van Zandt repped the following lease renewals, totaling 14k SF at 1200 Harger Rd in Oak Brook:
- Roux and Associates renewed and expanded its 6,129 SF space, and was repped by CBIZ Gibraltar Real Estate’s Bill Main and Ben Cooper.
- Select Staffing expanded its space to 2,557 SF, and was repped by BKB Commercial’s Brian Borkin.
- Affiliated Independent Legal Professionals renewed 2,343 SF, and was repped by Tenant Advisors’ David Hamilton.
- Corporate Payroll Services renewed 1,705 SF.
- Hoy and Sahlas renewed 1,090 SF.
CBRE’s David Justh, David Saad and Kevin Riley repped Verizon in the lease of 160k SF at GlenStar’s Continental Towers in Rolling Meadows (shown). Verizon will move its Care Center HQ there next year, from its current 125k SF facility at 777 Big Timber Rd in Elgin. GlenStar’s David Trumpy and Bill Debb repped ownership.
A JV of Bridge Development Partners and Akard Street Partners fully leased 2475 Touhy Ave, a 124k SF industrial space and 1701 Nicholas Blvd, a 151k SF industrial facility, both in Elk Grove Village. Basic Enterprise moved to a 70k SF unit at 2475 Touhy in a long-term renewal and expansion, and Labelmaster Packing Services/DGM Inc immediately leased the 32k SF unit vacated. NGKF’s Brian Carroll and Tom Gath repped the landlord, while the tenants were repped by Colliers’ Jonathan Kohn. The Nicholas property is fully leased to NNR Global Logistics USA. The tenant was repped by NAI Hiffman’s John Cash and David Haigh, and White Cube’s Tak O’Haru. The landlord was repped by Colliers’ David Bercu, Tom Rodeno and Patrick Turner.
CBRE Los Angeles' Kyle Kamin, Dan Lyne and James Otto repped Horizon Pharma in subleasing 127k SF at 150 S Saunders Rd in Lake Forest, where the Irish specialty pharmaceutical company plans on establishing its US HQ. Colliers’ Chris Cummins and Steve King repped the current tenant, Solo Cup, in the deal.
Bloomfield Capital and Alpha Alternatives closed on an $8.5M senior bridge loan. The loan proceeds were used to purchase a discounted note from the existing lender on a 102k SF Class-B office building in Schaumburg, and a 34k SF Class-B office building in Milwaukee.
ASC’s Igor Zhizhin arranged $2.4M in financing for an 85-unit multifamily property in Marquette Park on behalf of a foreign national client. The loan is for at least a 10-year, fixed term.
Congratulations to Imperial Realty’s father-and-son team of Larry and Alfred Klairmont, who were inducted into the Chicago Association of Realtors’ Hall of Fame. Larry Klairmont, a winner of two Purple Hearts, two Silver Stars and a Bronze Star for his service in World War II, began his real estate career in 1967. Alfred joined him after graduating from the University of Illinois.
The Oaks of Vernon Hills, a 288-unit multifamily development in Vernon Hills, was awarded LEED Silver verification from the US Green Building Council. The Oaks earned points toward its certification for things like Energy Star-rated appliances, energy-efficient construction materials, efficient plumbing fixtures, superior indoor air quality, and recycling construction waste. The Oaks also offers a walkable location, which is an important LEED criteria, with proximity to dining, recreation, entertainment and schools.