This Week's Chicago Deal Sheet
High rents and occupancy rates continue to spur suburban multifamily sales. The latest eight-figure deal: Orchard Village, a 272-unit complex at 1240 W Indian Trail in Aurora, for $34.5M.
Built in 2000, Orchard Village consists of one- and two-bedroom floor plans across 10 garden-style buildings. On-site amenities include a pool, fitness center and picnic area. Moran & Co’s Peter Evans repped seller Benjamin Sherman & Sons. The buyer was a JV of Sinatra and Co, Prospect Capital and The Stadt Group.
Colliers’ Steven C. Disse and Jeffrey B. Devine repped Heitman in the sale of a seven-building, 642k SF portfolio in the Chancellory Business Park (pictured) in Wood Dale and Elk Grove Village. The portfolio was 92% leased to 14 tenants at the time of the sale.
First Western Properties' Paul Tsakiris and Mark Zeglen repped both parties in the sale of 8156 S Kingston, a multifamily apartment building on the South Side.
Lee & Associates completed the following sales:
- Chris Nelson repped a private investment group in the sale of 520 Santa Rosa, a 40k SF industrial building in Des Plaines. Transwestern’s John Joyce repped the buyer, Clingan Steel.
- Walter Murphy repped buyer Illinois Pallets in the sale of One Tec Air Drive, a 41k SF industrial manufacturing building in Willow Springs. Podolsky Circle’s Corey Chase repped the seller, Tec Air.
- Jay Farnam repped the buyer, Samesun Products, in the sale of a 12k SF industrial building at 71 W Seegers in Arlington Heights. Frontline Real Estate Partners repped the seller, First Merit Bank.
Adelphia Properties' Simeon Spirrison repped the buyer in the sale of a single tenant, net-leased CVS pharmacy at 2360 W Indian Trail in Aurora (shown). CVS occupies a 13k SF building and has 16 years of lease term remaining.
CBRE’s Nicholas Peters repped seller Old Second National Bank in the sale of Founders Plaza, a 17k SF retail center at 24000 W Dayfield Dr in Plainfield, to COROC Management Group. Founders Plaza was 32% occupied at the time of the sale. COROC plans to fill 10k SF with a daycare center.
Transwestern’s Gary Nussbaum, John Coleman, David Matheis, John Joyce, Justin Lerner, Ryan Phillips and Joe Karmin repped Clear Height Properties in the sale of a six-building suburban industrial building portfolio totaling 146k SF. The buildings are at:
- 600 Northgate Pkwy, Wheeling
- 3847 Exchange, Aurora
- 921–927 State, Elgin
- 3121 Tollview Dr, Rolling Meadows
- 72–92 N Lively Blvd, Elk Grove Village
- 2130 Oxford Rd, Des Plaines
Kiser Group completed the following sales:
- Mike Anguiano and Luke Lesniewski repped both parties in the sale of 3601-05 W 53rd in Schiller Park, for $1.3M. The property consists of 12 bank-owned, new construction partial townhouses and 34 total units.
- Matt Jones repped the seller of 3821 N Monticello, a 10-unit apartment building in Chicago, for $1.45M. Chicagoland Brokers repped the buyer in the transaction.
- Noah Birk repped the buyer of 9300 S Bishop, a 19-unit apartment building in Washington Heights, for $710k.
ML Realty Partners completed the following leases, totaling over 500k SF:
- Learjet Inc – 251 Wille Rd, Des Plaines (pictured)
- Tosca Services LLC – 8811 South 77th, Bridgeview
- ABC Supply– 1133 S Rohlwing, Addison
- Engineered Glass Products – 4151 S Morgan, Chicago
- Northwest Polymers Trading Exchange LLC – 3733 Hawthorne Ct, Waukegan
- Nestle – 4400 S Kolmar, Chicago
- Menasha Packaging Co – 7800 W 71st, Bridgeview
- Ferguson Enterprises – 3733 Hawthorne Ct, Waukegan
Lee & Associates completed the following leases:
- Jeff Galante and Walter Murphy repped the tenant, Kentucky Trailer, in 75k SF at 500 Crossings Dr in University Park (shown). The landlord was repped by Exeter.
- Jeff Galante and Jeffrey Janda repped landlord TA Associates Realty in a lease renewal for a 17k SF facility at 100 North Gary in Roselle. Darwin Realty’s Doug Pilcher repped the tenant, Genesis Inc.
Bradford Allen completed the following leases:
- Joel Berger repped SIRVA Inc in a renewal and expansion at 1 Parkview Plaza in Oakbrook Terrace. SIRVA expanded its footprint 9k SF and now occupies 62k SF. NAI Hiffman’s Jim Adler repped landlord TIAA-CREF.
- Ben Azulay and Justin Kessler repped Mindcrest in a 9,828 SF lease at 400 S LaSalle. Mindcrest will relocate from 1 E Wacker in Q1 2016. Cushman & Wakefield’s Mark Gunderson, Mark Baby and Ben Cleveland repped the landlord.
HFF’s Matthew Schoenfeldt secured $33.65M in acquisition financing for a three-property industrial portfolio, totaling 1.7M SF, near Minneapolis and Green Bay. HFF worked on behalf of the borrower, a JV between Biynah Industrial Partners and Alex Brown Realty to place the three-year, floating rate loan with three one-year extensions with Realty Finance Trust.
ASC’s Igor Zhizhin arranged $17.5M in financing for a partner buyout of a single tenant property in Great Neck, NY. ASC worked exclusively with the client to secure a 10-year fixed loan.
Lee & Associates promoted Crysta Buck from senior property manager to director of property services. Crysta, a 10-year veteran at Lee & Associates, will be responsible for oversight of all property management operations, new assignments, training and new business development.