This Week's Chicago Deal Sheet
Dick Portillo has been laying the mustard thick into real estate since he sold his namesake hot dog empire two years ago. He just dropped $139M to purchase 48 single-tenant retail assets across 18 states, including seven in the Chicago area. That’s a lot of mustard!
The deal was the first major real estate play by BlueRoad Ventures, a multi-strategy asset management and investment company that Dick is chairman of. The firm bought the portfolio from Brauvin Net Lease, a REIT managed by Brauvin Real Estate, and the acquisitions bring BlueRoad’s total holdings to over 1M SF nationally. BlueRoad was repped by the law firm of Much Shelist. The team was comprised of David Brown, Michael Burstein, Barry Comin, Steven DeGraff, Scott Lapins, Katherine Bonk Lewis, Courtney Mayster, Kristin Nordman and Joel Resnick.
SVN Chicago Commercial’s Dawn Overstreet repped both parties in the $5.1M sale of 5022-30 N Winthrop Ave (pictured), a 32-unit multifamily property in Uptown.
Adelphia Properties’ George Spirrison and Simeon Spirrison repped both parties in the sale of Gabby’s Kitchen, a 4,350 SF restaurant at 1650 W Main St in St. Charles.
Essex Realty’s Doug Imber and Kate Varde repped both parties in the following transactions:
- The $1.7M sale of 4715 W Cornelia, a 12-unit multifamily property in the Portage Park Neighborhood (shown).
- The $635k sale of 7720 N Eastlake Terrace in Rogers Park.
Quantum Real Estate Advisors’ Chad Firsel repped both parties in the $680k sale of an O’Reilly Auto Parts store at 2250 Waycross in Cincinnati.
NAI Hiffman's Dan Leahy completed the following leases, totaling over 244k SF:
- Repped the owner in Kellstrom Commercial Aerospace's 160k SF lease renewal at 450 Medinah Rd in Roselle (pictured). The tenant was repped by Cresa South Florida’s Mike Glascock.
- Repped Time Definite Services in its 58k SF lease renewal at 1360 Madeline Dr in Elgin.
- Dan and Bruce Granger repped the owner in its 27k SF lease to AMI/Alside at 901-907 Wesemann Dr in West Dundee. The tenant was repped by NGKF’s Geoff Kassmann and Josh Bauer.
Savills Studley’s Robert Sevim and Joe Learner repped Bel Brands in its lease extension and expansion at 30 S Wacker. Bel Brands, which occupies the 28th and 30th floors, is now leasing over 40k SF, a 15% expansion. Tishman Speyer’s Joe Gordon repped the landlord.
JLL’s Dominic Carbonari repped RJW Logistics in its 512k SF lease at Heritage Crossing Corporate Center, 14908 South Gougar Rd in Lockport. NAI HIffman’s Dan Leahy, Mark Moran and Jon Whitehead repped the landlord, ML Realty Partners.
NorthMarq Capital’s Melissa Marcolini Quinn and Sue Blumberg arranged the $42.22M refi of The Residences at 1550 (shown), a 509-unit multifamily property in Mt. Prospect. The transaction was structured as an adjustable rate loan with a seven-year term with two years interest-only, followed by a 30-year amortization schedule.
Avison Young’s Justin Piasecki and Ethan Blum arranged $34M in acquisition financing for Grays Pointe Apartment Complex, a 396-unit property at 1900 Country Dr in Grayslake. Justin and Ethan secured the loan from a lender advised by Pine River Capital Management on behalf of Strategic Properties of North America, which is purchasing the property.
Amy Lind joined Cushman & Wakefield as managing director of asset services for the Chicago market. Amy was most recently at Transwestern as SVP of the firm’s Midwest property management group, and was responsible for its 19M SF portfolio.
CBRE promoted the following:
- Jon Springer is now EVP in the tenant representation group. Jon completed 100 transactions exceeding 1M SF last year.
- Matt Mulvihill is now EVP in the industrial and logistics services group. Throughout his career, Matt has completed more than $1B in transactions and in the past three years, his deals have exceeded 10M SF.
HSA Commercial’s Brenton Schrader was recognized as the top Chicago leasing broker by CoStar Group. Brenton brokered deals totaling 119k SF last year.
JLL was one of 26 companies to receive Intel Corp’s Preferred Quality Supplier (PQS) award for their performance in 2015. JLL has demonstrated industry-leading commitment across all critical focus areas on which they are measured: quality, cost, availability, technology, customer service, labor and ethics systems, and environmental sustainability.
Bridge Development Partners was named Developer of the Year at the recent Greater Chicago Food Depository awards at the Hyatt Regency Chicago.