This Week's Chicago Deal Sheet

One of the most iconic office assets in the East West Corridor is off the market. Equus Capital Partners bought the MetroWest Building for $33M.

The 10-story, Helmut Jahn-designed office tower is known for its N-shaped design and is at 55 Shuman Blvd in Naperville. The seller was a JV of Franklin Partners and Bixby Bridge Capital, which bought the $23.5M loan on the building at a significant discount in 2011. At the time of acquisition, the building was only 50% occupied. Equus gets a building that is now 92% full. CBRE’s Paul Lundstedt, Dan Deuter, Tom Sitz and Cody Huntermark repped the seller.

SALES

ARA Newmark’s Debbie Corson and Susan Lawson repped seller American Realty Advisors in the closing of a 368-unit apartment community at 1840 Clubhouse Dr in Aurora (pictured) to The Connor Group. At the time of closing, the development was 96% occupied.

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Colliers’ Brian Kling repped The Missner Group in the acquisition of 10 acres within Orchard 88 Business Park in Aurora. The Missner Group will build a 180k SF industrial space on the property with 32-foot clear heights, suitable for lease for up to four tenants.

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Darwin Realty’s Dan Fanelli repped both parties in the closing of three buildings in Broadview to Real Trucking. The buildings are a 59k SF facility at 2001 W Cermak, a 26k SF building at 2900 S 21st Ave, and a 17k SF space at 2100 W 21st St.

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Essex Realty closed the following transactions:

• The firm repped both parties in the closing of 2550 S Wabash, a 54k SF vacant warehouse space in the Bronzeville TIF district. The former Kissel Kar Lofts building is zoned for residential.
• The firm repped both parties in the sale of 1923 W 63rd St, a mixed-use property in Kenosha, WI.

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Quantum Real Estate Advisors Chad Firsel repped both parties in the sale of 4441 W Diversey, a 12k SF single tenant retail building currently occupied by Unique Thrift Stores. The sale price was $1M.

LEASES

Seneca Real Estate’s Joe Padorr repped landlord United Investors in the five-year lease of its 17k SF banquet space at 3315 N Milwaukee Ave in Glenview to Paris Inc. Originally designed to resemble a scaled-down version of Chicago Stadium (shown), the building accommodates 700 guests and includes a 160-car parking lot.

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RKF’s Anthony Campagni and Steve Schwartz repped landlord L.I.Clybourn in the following leases at 1953 N Clybourn in Lincoln Park, totaling 15k SF. The development is now fully repositioned and 100% leased:

• Blue Dot Furniture leased 7,561 SF and will open next spring.
• Moe’s Southwest Grill will open its second Chicago location later this year after leasing 2,245 SF.
• The UPS Store leased 1,206 SF and will open in Q1 2016.
• Floyd’s Barbershop leased 1,200 SF and is currently open.
• Eye Mechanix leased 1,157 SF and is currently open.

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Avison Young’s Brett Kroner, Keith Puritz, Eric Fischer and Michael Scadron repped Plexus Corp in the long-term lease renewal of 141k SF at 2400 Millbrook Dr in Buffalo Grove. Landlord Millbrook Properties was repped by its president, Bruce Hecktman.

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JLL completed the following leases:

• Shanna Athas and Peter Caruso repped the landlord in a 13k SF space at Marina City, 333 N Dearborn, to Innovative Dining Group. The company will open Katana Chicago in the former BIN 36 space next summer. Conlon Commercial’s David Goldberg repped the tenant.
• Scott Duerkop repped landlord Becknell Industrial in a long-term lease at Becknell’s Northwinds Crossing Business Park in Hobart, IN. Tenant Calbrite Industries will occupy 84k SF at a Class-A, 160k SF industrial space under construction. The building is expected to be delivered in Q1 2016.

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NAI Hiffman’s Michael Flynn and Jason Wurtz repped landlord ECD Co in new leases with PT&C Forensics and Michael Scott at 111 Deer Lake in Deerfield, bringing occupancy to 100%. PT&C Forensics will occupy 18k SF in the 59k SF building, while Michael Scott signed a lease for 4,414 SF.

FINANCING

Draper and Kramer’s Bill Barry and Bill Stewart repped a JV of Romanek Properties, Bachmann Associates and Syndicated Equities in securing a $19.5M refinancing of 400 Skokie Blvd in Northbrook. The 195k SF building will see $2.53M in capital improvements and amenity upgrades in the deal.

HIRES/PROMOTIONS

Interra Realty promoted Dan Byrne and Patrick Kennelly to directors. Both were previously associates.

KUDOS

Congratulations to Fifield Cos’ Steve and Randy Fifield, who were named Multi-Housing News’ 2015 Excellence Awards Executives of the Year.

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Congratulations to University of Chicago Booth School of Business professor Joseph Pagliari, who was awarded the Graaskamp Award from the Pension Real Estate Association.