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This Week's Chicago Deal Sheet

Magellan Development and partner AFL-CIO Building Investment Trust secured $125M to refinance the Tides at Lakeshore East, a 608-unit high-rise in the heart of downtown.

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The loan is a 10-year fixed-rate, full-term interest-only financing with a life company lender. The low leverage deal also included a six-month forward commitment. CBRE’s Pete Marino and Molly Green arranged the financing on behalf of the Magellan/AFL-CIO JV.

SALES

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Baum Realty’s Danny Spitz and Greg Dietz completed the following transactions totaling over 200k SF and $50M in deal volume:

  • Repped the seller of a 45k SF retail center at 7175 N Lincoln Ave in Lincolnwood for $9.9M.
  • Repped the buyer of a 90k SF mixed-use property at 3115 N Broadway in Chicago, which will be converted to multifamily, for $5.8M.
  • Sold Lux24, a multifamily tower in the West Loop (shown), off-market for $35M.

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Avison Young’s Brett Kroner, Keith Puritz and Eric Fischer repped Molto Properties in the sale of 3411 Woodhead Dr, a 117k SF industrial building in Northbrook. Darwin Realty’s Dan Pendergast repped the buyer, Atlas Fibre.

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CBRE’s John Slivka repped the owner in the $8.3M sale of 175 N Franklin (pictured). The four-story, 43k SF building is fully leased. The buyer was a foreign investor.

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Cushman & Wakefield’s Larry Goldwasser, Sally Macoicz, Colin Green and Michael George repped both parties in the $14.3M sale of 6400 W 51st St and 6500 W 51st St in Chicago to 51st Street Holdings. The seller was Venture One.

LEASES

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Transwestern’s Michael Marconi and Joe Kamin repped landlord Liberty Property Trust in a 107k SF lease at 1070 Swanson Dr in Batavia (shown), to PDS Transportation Services. Michael also repped the tenant.

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Jameson Commercial’s Robert Jay Friedman repped Sugar Bliss Cake Boutique in the 15-year lease of storefront space at the Palmer House Hilton. The Palmer House was repped by Thor Equities’ George Stanchfield.

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Avison Young’s Keith Puritz, Brett Kroner and Eric Fischer repped the landlord, Globe Corp, in a 191k SF lease at 45-85 Albrecht Dr in Lake Bluff. The tenant was repped by Colliers’ David Kahnweiler and Fred Regnery.

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CBRE’s Ryan Bain and Zach Graham completed the following leases:

  • Repped the landlord in an 88k SF industrial lease at 13825 Business Center Dr in Green Oaks, IL, to Fidelitone Order Fulfillment. NGKF’s Adam Marshall repped the tenant.
  • Repped the landlord in a 147k SF industrial lease at 1701 Leider Lane (shown) in Buffalo Grove, to Sysmex America. The tenant was repped by Schnitzler Commercial Real Estate’s Frank Schnitzler.

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ML Realty Partners signed IMS Cos into a 10-year, 245k SF lease extension at 1 Innovation Dr in Des Plaines.

FINANCING

Alpha Alternatives’ Anthony Longo arranged for a $13M, high-leverage bridge loan for a new Cambra Suites hotel at 110 Mitchell St in Atlanta.

HIRES/PROMOTIONS

JLL named Ute Braasch as COO of its corporate business solutions team in the Americas. Ute joined JLL in 2011 and previously led the firm’s Asia Pacific corporate solutions team.

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Waterton promoted Lela Cirjakovic to EVP. She’ll be responsible for the national multifamily operations team of more than 500 site-level associates. Waterton also hired Scott Ferguson as assistant VP; he’ll manage the firm’s multifamily properties in Chicago and the western US.

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ML Realty Partners hired John Benson as senior development manager. John will focus on development and construction activities in the Chicago and Dallas-Ft. Worth markets.

KUDOS

W.E. O'Neil Construction received the 2016 Corporate Legendary Landmark Award from Landmarks Illinois. The company was honored for its work to preserve historic buildings throughout the City of Chicago.