This Week's Chicago Deal Sheet
In a win for preservationists and affordable housing advocates, a New York developer purchased a rundown Gold Coast hotel and announced plans to keep it as affordable housing after extensive renovations.
The NHP Foundation paid $21M for the Mark Twain Hotel at 111 W Division St. Pembrook Capital Management provided $16.6M in financing to NHP for the transaction. NHP will renovate the building’s 152 units into affordable rentals under Chicago’s single room occupancy preservation ordinance. Built in 1932, the Mark Twain Hotel has a long history of providing affordable housing to renters on the brink of homelessness. It’s across the street from The Sinclair, Fifield Cos’ $230M mixed-use project expected to open next year.
Cushman & Wakefield’s Michael Marks and Trisha Connolly repped Eleven Hundred in its $53.2M disposition of 1100 N State St (pictured) to the Ohio State Teachers Retirement System.
Venture One Real Estate, through its acquisition fund VK Industrial III, acquired 2 Territorial Ct in Bolingbrook, a 102k SF industrial facility fully leased to Personalization Mall. Cawley Chicago’s Josh Hearne repped Venture One, while Transwestern’s Steve Stone and Brit Properties’ Joel Friedland repped the seller.
SVN|Chicago Commercial’s Tim Rasmussen repped the seller in the $1.3M disposition of a 4,700 SF restaurant at 101 W Campbell in Arlington Heights.
CBRE’s Michael Caprile, Zach Graham and Ryan Bain were the sole brokers in Serra Laser Holdings’ sale of a 129k SF industrial property at 2400 Commerce Dr in Libertyville to Founders Properties. Serra Laser Holdings is leasing back the property from the new owner.
SVN|Chicago Commercial’s Jeff Baasch was the sole broker in the $2.2M sale 7220 S South Shore Dr, a 48-unit multifamily property in South Shore.
Marcus & Millichap’s Andrean Angelov, Jordan Gilbert and Ryan Engle repped the seller, and John Bailey and Bill Bailey repped the buyer in the $3M sale of Brown Stone Apartments, a 48-unit multifamily property at 6200-6212 & 6244-6256 West 64th Place in Chicago.
CBRE’s Michael Kaider and Christian Williams repped Inland Private Capital, and Coldwell Banker Commercial’s Eric Sackler repped Royal Palace Hotels Partnership, in the $25M sale of a 76k SF Mariano’s Fresh Market at 678 N York St in Elmhurst.
CBRE’s Jon Springer, Traci Payette Buckingham and Paul Diederich repped GEA Farm Technologies in its long-term, 162k SF lease renewal at 1880 Country Farm Dr in Naperville (shown), from Brennan Investment Group.
NGKF’s Christopher Dowell repped both parties in Delphi Automotive’s 10-year, 128k SF lease renewal at 3000 University Dr in Auburn Hills, MI, from Shamrock Holdings.
NAI Hiffman’s Aubrey Van Reken completed the following leases totaling 47k SF:
- The School Association for Special Education in DuPage consolidated its staff to 30k SF at 2900 Ogden Ave in Lisle.
- American Income Life signed a long-term renewal and expansion at 1910 S Highland Ave, where it now occupies 8,490 SF.
- Educational Solutions Development signed a lease renewal for 2,082 SF at 1910 S Highland Ave.
- Condo CPA renewed its 3,923 SF lease at 188 Industrial Dr in Elmhurst.
- ManageForce Corp renewed its 2,762 SF lease at 2625 Butterfield Rd in Oak Brook.
CBRE’s Tom Harmon, Ryan Bain and Zach Graham were the sole brokers in North Shore Depot’s 22k SF lease at 65 Ambrogio Dr from Venture One Real Estate.
Cushman & Wakefield’s William Strey repped Zurn Industries and CBRE’s Kevin Segerson repped landlord Hamilton Partners in a 135k SF lease at 340 County Line Rd in Bensenville (shown). Zurn will move to Bensenville from Elkhart, IN.
Seneca Real Estate’s Joe Padorr repped The Barre Group in its five-year, 23k SF lease at Vernon Hills Marketplace, at Milwaukee Avenue and Townline Road in Vernon Hills. Mid-America Real Estate’s Greg Bayer repped the landlord.
Draper & Kramer’s Kurt Warnke repped the landlord in the following leases:
- A 3,547 SF lease to Athletico at Lake Meadows shopping center at 35th Street & King Drive in Chicago.
- A 3,200 SF lease to JD Strength Performance at Omni Plaza shopping center in Lombard.
Wool Finance Partners’ Matt Lebenson arranged a $25M construction line of credit for a single-family home developer in Northbrook.
Leah Dauer Murphy joined Cushman & Wakefield as senior director and will lead the firm’s hospitality and gaming practice, within Valuation & Advisory, in the greater Chicago region. During her real estate career, Leah has appraised properties valued at more than $11B.
IDG's CIO named Inland Real Estate Investment Corp as a recipient of the 2016 CIO 100 Awards. The 29th annual award program recognizes organizations around the world that exemplify the highest level of operational and strategic excellence in information technology.
RKF’s Anthony Campagni, Steve Schwartz and Elan Rasansky were named the exclusive leasing agents for The Shops at Millennium Station at 151 N Michigan Ave. Located in the Metra train station underneath the intersection of Michigan Avenue and Randolph Street, the retail space totals 16k SF and reaches 20,000 Pedway commuters per day.