This Week's Chicago Deal Sheet
A huge portfolio of sites around Midway Airport was sold to a Cincinnati family in a mid-eight figure deal. Manuel Chavez III, whose family owns Parking Company of America, bought the mixed-use office/industrial property for $50M.
Cushman & Wakefield’s Larry Goldwasser and Craig Cassel repped Chavez. Sticking with what he knows, Chavez plans to redevelop part of the property into a 1,600-space parking complex that would be a relief to passengers flying out of Midway. According to the Chicago Department of Aviation, total passenger volume at Midway in Q1 increased 3.8% over the same time frame last year. CBRE’s Marty Stern repped the seller, the estate of Sue Gin, founder of airline catering company Flying Food Group.
Heitman bought neighboring warehouses in McCook totaling 666k SF (pictured) from Dermody Properties for $60M. The buildings were built by Dermody on spec.
Jameson Commercial’s Hunter Cannon repped Sugar & Spice Properties in the $1.4M sale of 500 N Fairway in Vernon Hills. The seller was repped by Mass Realty.
CBRE’s Derrick Almassy and Rich Frolik repped a JV led by Regency Centers in the $5.5M sale of McHenry Commons, a 99k SF retail property at 2000 N Richmond Rd in McHenry. The buyer was First Midwest Group. The asset was 91% occupied at the time of sale.
Merit Partners’ David Liebman repped seller Chenille Kraft Co in the disposition of a 22k SF distribution facility at 65 Ambrogio Dr in Gurnee to Venture One. The buyer will rehab the property and re-market it for lease or sale as a single-tenant industrial property.
Marcus & Millichap completed the following transactions:
- Sean Sharko and Austin Weisenbeck repped the seller, and Matthew Rosenzweig repped the buyer, in the $4.9M sale of a 5k SF Chase Bank ground lease at 399 S Weber Rd in Romeoville.
- Sean Sharko, Austin Weisenbeck and Brewster Hague repped Lipe Property Co in the $2.1M sale of 2045 W North Ave, a 4,913 SF mixed-use property in Wicker Park.
Essex Realty completed the following transactions:
- Jim Darrow and Jordan Gottlieb were the sole brokers in the $4M sale of 2942 N Lincoln Ave, an eight-unit mixed-use building in Lakeview.
- Brian Kochendorfer was the sole broker in the $760k sale of 2641-43 W Estes, an eight-unit condo complex in West Rogers Park.
- Abe Eilian and Doug Fisher were the sole brokers in the $460k sale of 1242 N Campbell, a two-unit apartment building in Humboldt Park.
- Doug Imber, Kate Varde and Brian Kochendorfer were the sole brokers in the $4M sale of 3747 W Sunnyside, a 31-unit apartment building in Albany Park (pictured).
Paine Wetzel’s Terry Lynch repped Enterprise Holdings in its purchase of 24 acres in East Dundee. The seller was self-represented.
HSA Commercial Real Estate’s Tim Thompson repped ownership in a 120k SF lease with Trinity Partners at Delany Commerce Center at 2431 Delany Rd in Waukegan (pictured). Transwestern’s Tom Boyle and Jared Paff repped the tenant.
RKF’s Cooper Annenberg repped landlord Park & Sheridan Associates in its 3,224 SF lease with Tanoshii Sushi Mike’s at 430 Park Ave in Highland Park. This will be Sushi Mike’s first suburban location and is expected to open in July.
Chicago Real Estate Resources' Mike Weaver repped Bow Truss Coffee Roasters for a new corner retail space at 800 W Diversey Pkwy in Chicago.
JLL’s Mark Kolar and Jim Rose repped MECU in its long-term, 28k SF lease at Schaumburg Corporate Center, 1501 Woodfield Rd in Schaumburg. MECU will move its 110 employees from Motorola Solutions' former campus to its new HQ in Q4 2016. John Hancock Real Estate’s Brent Jacob repped the landlord.
Patrick Sullivan joined NAI Hiffman as SVP in its investor services group. A 30-year industry veteran, Patrick will focus on expanding the firm’s industrial capital markets platform. He was most recently a managing director at HFF’s Chicago office.
CBRE’s Bob Winslow received the Chicago Architecture Foundation’s Legacy Award at CAF’s 41st annual gala. Bob was recognized for his support of the arts and stewarding of civic engagement in Chicago. He serves on the boards of the Chicago Library Foundation; Rush University Medical Center; and the Museum of Contemporary Photography, Columbia College; and is former chair of the Chamber of Commerce, the only real estate professional to hold that position.