This Week's Chicago Deal Sheet
CBRE's latest capital fundraising exceeded expectations. The firm’s global investors unit received $411M in equity commitments from North American and Asian investors for its Wood Partners Development 4 multifamily development program.
The fund will develop, lease and sell modern multifamily developments in infill live/work/play neighborhoods in select US markets. Total development costs, including leverage, are expected to reach $1B. So far, the fund is 40% invested in three properties, totaling 1,400 units in Washington, DC, Dallas and Chicago, including K2 in Fulton Market (pictured). Four of the five investors are repeat clients. The total capital raised in the Wood Partners series is more than $1B with total investment capacity reaching $2.6B.
GI Partners bought a 107k SF data center at 601 W Polk (pictured), through its TechCore discretionary real estate fund, from an affiliate of Pi Data Holdings for $17.5M. The building is fully leased to TierPoint, a St. Louis-based company.
South Street Capital sold a three-story, 30k SF loft office building at 1130 W Monroe for $7.15M. South Street originally bought the building in 2013.
Mid-America Real Estate’s Ben Wineman and Joe Girardi brokered the $20M sale of Home Depot Center, a 150k SF shopping center in Orland Park to Cole Real Estate.
The Boulder Group's Randy Blankstein and Jimmy Goodman brokered the $4.8M sale of a Chick-fil-A at 1100 Northside Dr in Atlanta. It's the highest-priced single-tenant Chick-fil-A ever sold.
CBRE’s David Prell, Cal Payne and Tyson Vallenari repped Simpson Manufacturing in the acquisition of 174k SF at 2505 Enterprise Dr in West Chicago. Cushman & Wakefield’s Britt Casey repped the seller, CenterPoint Properties.
Marcus & Millichap’s Joseph Sigal and Adam Fortino repped both parties in the $1.5M sale of 2 W Burlington Ave, a 16k SF mixed-use building in Westmont.
Quantum Real Estate Advisors' Daniel Waszak was the sole broker in the sale of Savannah Crossings, a 15k SF retail center in Aurora. The property was fully leased at the time of the sale.
First Western Properties' Paul Tsakiris, Thor Madden and Mark Zeglen brokered the sale of an 18-unit multifamily building at 6001 S Sacramento. The property was 100% occupied at the time of the sale.
@properties Commercial’s Mike Levin repped the sellers in the following deals:
- 123 Green Bay Rd in Wilmette for $1.5M
- 111 Green Bay Rd in Wilmette for $1.1M
- 5049 Oakton Ave in Skokie for $900k. Domain Realty’s Silviu Cosmin Moldovan repped the buyer.
- 6425 W Grand Ave in Chicago for $800k. Eldorrado Chicago Real Estate’s Alexis Eldorrado repped the buyer.
- 9751 Gross Point in Skokie for $775k. Cushman & Wakefield’s Joe Gatto repped the buyer.
- 3545 N Kedzie – 3551 N Elston in Chicago for $740k. Mid America Real Estate’s Greg Bayer repped the buyer.
- 6881 N Milwaukee in Niles for $579k. Sebastian Co Real Estate’s Donald Sebastian repped the buyer.
- 1818 Irving Park Rd in Hanover Park for $565k. Exit Realty’s Joseph Chung repped the buyer.
- 8050 N Monticello in Skokie for $320k. @properties Commercial’s Larry Cohen also repped the seller; Mike repped the buyer.
- 7209 W Roosevelt Rd in Forest Park for $205k
- 300 E Lake in Mundelein for $230k. Berkshire Hathaway’s Dee Cox repped the buyer.
- 4632 Church St in Skokie for $205k. Century 21’s Monina Canete repped the buyer.
Baum Realty’s Danny Spitz and Greg Dietz repped the private seller of the Armitage Collection (pictured), a 33k SF retail portfolio at 1123-1133 W Armitage in Chicago for $15M. The property was fully leased at the time of sale.
NGKF’s Adam Marshall repped Ace Relocation Systems in purchasing 4.5 acres at Brewster Creek Business Park in Bartlett. Ace Relocation will build a 50k SF facility.
Sperry Van Ness’ Jeff Baasch repped the sellers of seven multifamily buildings in South Shore for a combined $13M.
Interra Realty’s Ted Stratman and Jeremy Morton repped both parties in the following deals:
- A six-unit apartment building at 6517 S University in Chicago for $480k;
- A six-unit apartment building at 6123 S Eberhart in Chicago for $460k.
Sperry Van Ness’ Al Lindeman and Beverly Hayes repped Magenta in a 10-year lease for 120k SF at 15160 New Ave in Lockport (shown). Lee & Associates’ Jeff Galante repped ownership.
First Western Properties’ Paul Tsakiris and Stan Rivas repped both parties in the following leases:
- 337 W Howard in Evanston to Harold’s Chicken Shack
- 2441 S State St in Chicago to an Asian fusion restaurant
CBRE’s Peter Marino, Elizabeth Arnold, Shawn Rosenthal and Jason Gaccione arranged $136.5M in financing for the acquisition of a 1.3M SF MetLife office portfolio on the East Coast and Ohio. The interest-only balance sheet loan, funded by Wells Fargo, included 65% leverage and a base term of five years followed by two one-year extension options.
Bridge Development Partners promoted Steve Groetsema to principal. Steve joined Bridge as an analyst at the firm’s inception in 2007 and was promoted to director of leasing and development in 2010.
Cushman & Wakefield’s Jeffrey Skender and Skender Construction’s Brian Skender were appointed to serve as directors of the Skender Foundation. Brian and Jeffrey will serve as liaisons between the foundation’s Builders’ Board and the board of directors while working on improving fundraising and membership efforts, and overall operations.