This Week's Chicago Deal Sheet
InvenTrust Properties, the Oak Brook-based REIT formerly known as Inland American Real Estate Trust, announced plans yesterday to get out of the student housing game and focus solely on multi-tenant retail.
InvenTrust is selling its student housing portfolio, University House Communities, to a JV of Canada Pension Plan Investment Board, GIC and the Scion Group, in a $1.4B deal. The portfolio comprises 18 properties including The Fields in Bloomington, IN (pictured), and four in development. Scion will operate and manage the portfolio and retain a 5% stake, while CPPIB and GIC will retain 47.5% stakes. Last month, InvenTrust landed a $300M unsecured loan that it plans to use for acquisitions and paying off maturing debt.
Colliers’ Jack Rosenberg, Fredrick Regnery and Ned Frank repped both buyer The Missner Group and the seller in the purchase of a 78k SF industrial building at 6565 W Howard St in Niles, for $3.5M. The Colliers team then fully leased the building to Avery Dennison. The tenant was repped by Colliers’ Brendan Green.
@properties’ Mike Rourke and Dan Stratis repped the seller, a family trust, of a half-acre site at 1571 Maple Ave in Evanston to Centrum Partners and Condor Partners. The buyer will build a 12-story, 101-unit apartment building.
Marcus & Millichap’s Austin Weisenbeck, Sean Sharko, Dominic Sulo and Adrian Mendoza repped both parties in the $3M sale of an 11k SF retail property in Park Ridge. The property is home to ATI Physical Therapy and Corepower Yoga.
Mid-America Real Estate’s Joe Girardi and Rick Drogosz repped both parties in the sale of The Shoppes at Windmill Place in Batavia. The buyer of the 122k SF property was Phillips Edison.
Windy City RE’s Milan Rubenstein closed on the $2M acquisition of 2325 S Michigan Ave in Chicago.
First Western Properties completed the following sales:
- Thor Madden and Mark Zeglen repped both parties at 2200 W 21st Pl in Chicago.
- Paul Tsakiris and Kellen Duggan repped both parties in the sale of 5301-5331 S Cicero Ave in Chicago. The site will be developed into a Choice Hotel.
The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the seller of an 11k SF Family Dollar store at 12610 S Ashland Ave in Calumet Park, for $857k.
CBRE completed the following sales:
- Brian Silberman, Stanley Wang and Scott Miller repped seller Swift Hospitality in the sale of an 80-room Country Inn & Suites in Rock Falls, IL, to an undisclosed buyer.
- Ryan Bain, Zach Graham and John Maloney repped both parties in the sale of 571 South Wheeling Rd, an 84k SF industrial space in Wheeling. The buyer was Orange Crush, a road construction supply company.
SVN | Chicago Commercial’s Craig Franzen repped seller GTC Investments in the disposition of 530 Crescent Blvd, a 10k SF retail building in Glen Ellyn, for $1.1M.
Lee & Associates completed the following deals:
- James Planey repped both parties in the sale of a seven-acre industrial site at 501 Timber Ln in Rochelle.
- Tom Condon repped the seller of a 37k SF industrial building at 1211 Tower Rd in Schaumburg.
Bradford Allen’s Laurence Elbaum repped Lubin-Bergman in a 7,700 SF lease for the firm’s HQ at 5 Revere Dr in Northbrook. JLL’s Dan Fernitz repped ownership.
First Western Properties completed the following leases:
- Paul Tsakiris, Marion Abramiuk and Maryssa Loros repped both parties in a 1,200 SF lease at 142-162 N Neltnor Blvd in West Chicago to Sierra Electronics.
- Paul Tsakiris, Marion Abramiuk and Maryssa Loros repped both parties in a five-year, 1,500 SF lease at 3928-30 N Broadway in Chicago to Charbella Hair & Barber Salon.
- Paul Tsakiris and Kellen Duggan repped both parties in a lease at 9916 W Roosevelt Rd in Westchester to Lawrence’s Fisheries.
Entre Commercial Realty’s Dan Benassi, Dan Jones and Mike DeSerto repped landlord the Bristol Group in an 11k SF lease at 1950 Devon Ave in Elk Grove Village to Peet’s Coffee & Tea. NAI Hiffman’s Cindy Nickell and Joe Bronson repped the tenant.
Avison Young’s Keith Puritz, Brett Kroner and Eric Fischer repped All American Containers in a 52k SF office and warehouse long-term lease at 851 E Park Ave in Libertyville (shown). AY’s John Hauser and Michael Fonda repped the landlord, Bridge Development Partners.
Mid-America Asset Management’s Paige Schiesser and Samantha Spinell Schnell repped landlord Orland Park Crossing in the following leases:
- Soft Surroundings signed 5,445 SF and was repped by Stone Real Estate’s John Vance.
- Comcast/Xfinity inked 5,303 SF and was repped by CBRE’s Carole Borg.
- Massage Green leased 2,509 SF and was repped by Armada Real Estate Services’ Eric Unatin.
Alpha Alternatives’ Anthony Longo arranged an $18.4M bridge and preferred equity loan for 1600 Corporate Center in Rolling Meadows.
Cushman & Wakefield announced the hiring of tenant rep team Michael Sessa and Dan Maslauski as EVPs. The pair was most recently at JLL.