This Week's Chicago Deal Sheet
With over $4B in sales last year, Chicago was the nation’s second strongest industrial real estate market. Developers are making mint off deals. The latest blockbuster: Panattoni Development sold six suburban warehouses for $105M.
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Five of the warehouses are at Turnberry Lakes Business Park in Roselle (shown). Those were acquired by Deutsche Bank’s investment unit for $83.5M. The 4.85% cap rate is believed to be a Chicago-area record for an industrial deal. The sixth warehouse, a 150k SF unit in Skokie, sold for $21M. Panattoni continues to be aggressive in industrial, with 2.3M SF under construction in Franklin Park and Romeoville.
SALES
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HFF’s Amy Sands, Clinton Mitchell and Barry Brown repped Retail Properties of America in the $17.5M sale of Stateline Station, a 143k SF shopping center in Kansas City, MO (pictured), to Shottenstein Property. The property was 85% leased at the time of the deal.
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The Boulder Group’s Randy Blankstein and John Feeney repped a Northeast-based real estate firm in the $594k sale of a single-tenant net-leased Jiffy Lube at 660 N Grandstaff Dr in Auburb, IN. The buyer was a private investor.
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Marcus & Millichap’s Sean O’Brien, Brandon Kramer and Bob Kaplan repped the seller of 740 Burr Oak Dr, a 40k SF industrial property in Westmont, for $1.5M.
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Paine Wetzel’s Jeff Blake repped M&R Printing Equipment in the $3.7M sale of 1372 Main St, a 107k SF building in Glen Ellyn, to LifeStorage. The buyer was repped by Cushman & Wakefield’s Sean Henrick.
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CTK Chicago Properties’ Nick Saraceno repped buyer Skyline Properties in the acquisition of a four-building, 161k SF industrial portfolio at 5040–5050 N River Rd and 9420–9500 W River St in Schiller Park. The seller, a trust in the name of the late Howard Bernstein, was repped by Transwestern’s Phillip Rosenberg and Ryan Phillips.
LEASES
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NAI Hiffman’s Chris Gary repped Nufarm Americas in a 376k SF lease at 21399 Torrence Ave in Sauk Village (pictured) with landlord STAG Industrial.
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Mid-America Real Estate’s Peter Scannell repped Ivy Rehab in a new lease at Central Parkway, a 65k SF retail development at 799 Central Ave in Highland Park. Owner Tucker Development was repped in-house by Andrew White.
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NAI Hiffman’s Perry Higa repped Viskase Cos in a long-term lease with Highland Pointe for 27k SF at 333 E Butterfield Rd in Lombard.
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Lee & Associates’ Joe Grody repped landlord Cameo Management, in a 10-year, 3k SF lease at 21000 S LaGrange Rd (pictured) in Frankfort with Orangetheory Fitness. The tenant was repped by Metro Commercial Real Estate’s Nathan Tonnies.
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CBRE’s Dan Persa repped NuCurrent in the lease of 4,100 SF at 641 W Lake St.
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Transwestern’s John Marquardt, Cece Conway, Phil Utigard and William Briggs repped Coyne College in a 47k SF lease at 1 N State. The college will move from its campus at 330 N Green. Transwestern’s Michael Lirtzman, Jeff Dowdell and Katie Steele repped the building owner, FD Stonewater.
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Transwestern’s team of Michael Lirtzman, Courtney Baratz, Jeff Dowdell and Katie Steele completed the following leases, totaling 89k SF, at 200 W Madison:
- Greensfelder, Hemker & Gale P.C. renewed and expanded to 23k SF;
- Premier Business Centers leased 15k SF;
- Philadelphia Insurance Cos leased 11k SF;
- VacayStay Connect leased 6,500 SF; and
- Beacon Hill Financial Corp leased 5,262 SF.
FINANCING
Aries Capital’s Rushi Shah arranged three non-recourse CMBS loans totaling over $17M on behalf of Jariwala Hotels for the refinance of three limited-service hotels in North and South Carolina. The 10-year, fixed rate loans with interest rates ranging from 5.1% to 5.3%, include a $6.3M loan for a 120-key Comfort Suites in Charlotte, NC; a $6M loan for a 126-key Clarion Inn & Suites in Greenville, SC; and a $5M loan for a 130-key Best Western Plus in Winston-Salem, NC.
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Aries Capital’s Eric Jones arranged a $9.3M permanent loan on behalf of Douglas Crocker II and partners for a 23-unit apartment building at 858 N Franklin in River North. The 10-year, fixed-rate, non-recourse loan with 30-year amortization was secured at 100% of the total cost basis.
HIRES/PROMOTIONS
Aries Capital promoted Rushi Shah to EVP of the originations and business development team. Rushi is also president of LendingCap Commercial, Aries’ online non-recourse loan platform that streamlines the commercial loan process. Since joining the firm in 2014, he’s secured over $100M in bridge and permanent financing on behalf of his commercial real estate owner clients nationwide.
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Inland Real Estate Acquisitions promoted Mark Cosenza and Matthew Tice to SVP. Mark joined the firm in 2006 as a property manager and acquisitions negotiator and has handled negotiations for over 200 properties, totaling over $3B and nearly 21M SF. Matthew joined Inland in 2003 as VP of property management and acquisitions negotiator, and has handled negotiations for over 240 acquisitions, totaling more than $6B and nearly 25M SF.
KUDOS
NGKF’s James Schutter and Terry Alexa were named the leasing agents for NEC Taylor & Jefferson, a 119k SF, eight-story retail center in the South Loop. The development will feature four floors of retail space, 209 on-site parking spaces, 20-foot ceilings and elevated exposure for tenants with pylon signage.
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CBRE’s Joe Parrott and Sean McCourt were named leasing agents for the following properties:
- Dunning Square, a 128k SF retail property at Irving Park Road and Narragansett Avenue in Chicago;
- Marketplace of Matteson, a 263k SF retail property at Route 30 & Crawford in Matteson;
- River Pointe of Algonquin, a 160k SF retail property at Randall and Algonquin roads in Algonquin;
- Shoppes at Schererville, a 260k SF retail property at 701 US Hwy 41 in Schererville, IN; and
- Southpoint Shopping Center, a 250k SF retail property at 750 E Rand Rd in Arlington Heights.