This Week's Chicago Deal Sheet
Pioneer Acquisitions completed its purchase of a 21-property, 676-unit multifamily portfolio from the University of Chicago, including two land sites in Hyde Park and Kenwood.
The properties have a total of 883 beds and approximately 461k SF with individual units averaging about 681 SF each. HFF’s Matthew Lawton, Michael Higgins and Brian Kelly repped the University of Chicago in the closing. Pioneer Acquisitions bought the portfolio free and clear of existing debt.
SALES
Deutsche Wealth & Asset Management repped an institutional client in acquiring a 95% interest in The Catalyst, a 19-story, 223-unit multifamily building (shown) at 123 N Desplaines in Chicago. The Class-A property was 96% occupied at the time of closing.
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Essex Realty’s Jim Darrow and Jordan Gottlieb repped the seller in the closing of 911 W Willow, a four-unit apartment building in Lincoln Park, for $1.1M. Essex’s Doug Imber and Kate Varde repped the buyer.
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The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the buyer in the closing of a single tenant net lease Hooters at 316 SW Greenville Blvd in Greenville, SC, for $1.5M. The seller was a local real estate developer.
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Quantum Real Estate Advisors’ Chad Firsel repped both parties in the closing of 900 Uniek Dr in Waunakee, WI, for $1.8M. The property is a 25k SF cross-dock truck terminal fully occupied by Saia Motor Freight Line.
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Entre Commercial’s John Gazzola repped the firm in the sale of 220 Gateway in Bensenville, a 20k SF industrial building in the O’Hare submarket. The buyer, Accurate Parts, acquired the facility for an expansion.
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Jameson Commercial’s Mark Jones and Mark Kishtow repped the seller of 7169 N Crawford in Lincolnwood for $1.2M. The property is an unbranded gas station with eight pumps and two service stations. The buyer was repped by Century 21’s Mark Ahmad, and plans to remodel and reopen the station.
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NelsonHill’s Frank Melchert repped seller Jeron Electronic Systems in closing 1743 W Rosehill, a 40k SF facility in Chicago, for $2.6M. Candea Development's Alan and Armand Candea bought the building with a leaseback agreement and plan to redevelop it for residential in early 2016.
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Jameson Commercial’s Pat McGuire repped the buyer in the closing of 209 W Lake in Chicago for $2.3M. The property will be part of a multifamily residential development.
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Lee & Associates' Terry Grapenthin and Jeff Galante repped Molto Properties in buying 49 North Paragon Dr in Romeoville, a 45k SF industrial building in Paragon Business Park. The newly built building features 28-foot clear heights, four exterior docks and two drive-in doors. First American Properties was the seller.
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Baird & Warner’s Anthony Adams repped the buyer of 1955 N Halsted, for $1.6M. The seller was repped by Jameson Commercial’s Pat McGuire. The property is vacant and will be developed into recording studios.
LEASES
JLL’s Kurt Sarbaugh, Robin Stolberg and Bart Lammerson repped thredUP in a full building lease at 100-130 Lakeview Pkwy in Vernon Hills (pictured). thredUP, a San Francisco-based consignment shop specializing in upscale women’s and children’s clothing, will occupy 133k SF. NAI Hiffman’s Sam Badger, Whit Heitman and Brad Weiner repped landlord GLP US Management.
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NGKF’s Tom Gath and Mike Bacik repped landlord Millbrook Real Estate in a new 43k SF lease at 2550 Millbrook Dr in Buffalo Grove to Zebra Technologies. JLL’s Kurt Sarbaugh, Robin Stolberg and Dan McCarthy repped the tenant.
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CBRE’s Jon Springer, Gary Fazzio and Mike Nardini repped University of Chicago Medicine in the lease of 18k SF at Southgate Market, 1101 S Canal in the South Loop. U of C will open a center for advanced care in the space in late 2016.
FINANCING
Pearlmark's Mark Witt arranged a $14.8M mezzanine loan for Penzance in the acquisition of Elan Potomac Heights, a 288-unit Class-A apartment complex in Woodbridge, VA. At the time of closing, the asset was 93% leased.
HIRES/PROMOTIONS
Pine Tree Commercial promoted Erin Bremen to EVP of asset management and due diligence; Graham Grochocinski to SVP of brand, creative and omnichannel marketing; and Conor Bossy to VP of acquisitions.
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Michael Lincoln joined MBRE Healthcare as SVP. Michael has more than 27 years of client management and new business development experience and was a founding member and managing director of GE’s healthcare financial services strategic relationship group in Chicago.
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Wight & Co hired Robert Ijams as the firm’s first-ever director of parks and recreation. Robert has played a key role in the design and construction of over 100 parks, athletic fields, trails, play environments and indoor recreation facilities across northeastern Illinois.
KUDOS
Congrats to JC Anderson business development director Clint Hickman, who took first place in the USA Racquetball regional tournament. The event was held at Glass Court Swim and Fitness in Lombard and 78 players competed in the tournament.
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DePaul University’s Theatre School project recently won the AIA Chicago Distinguished Building Award for design excellence. The design team included architect of record CannonDesign, associate architect Pelli Clarke Pelli, general contractor WE O’Neill, and consultants Kirkegaard, WMA Consulting Engineers and Hitchcock Design Group.
