This Week's Chicago Deal Sheet
Summer is here and with the rising temps come hotter deals. CIM Group announced yesterday it closed on its acquisition of Four40 at 440 South LaSalle.
CIM bought the 39-story, 1M SF building overlooking Congress Parkway from TIER REIT for $191M. The seller is also entitled to an extra $12.5M based on the asset's future performance. Four40 is one of the gems of the Financial District office market. The tower is home to fine dining restaurant Everest on the top floor. 440 South Lasalle has a 45k SF outdoor plaza and a 5k SF retail component. TIER REIT completed renovations, including a 25k tenant amenity space, last year.
HFF’s Amy Sands, Clinton Mitchell, Daniel Finkle and Mark Katz repped Intercontinental Real Estate Corp in its $133M sale of River East Center, a 251k SF retail and entertainment center in Streeterville. The buyer was Madison Capital.
Rockwell Partners acquired a portfolio of 313 units at the Huntington Condominiums residential complex in Naperville. The property consists of 16 buildings totaling 356 units, a clubhouse, two pools, tennis courts and a recreational park.
Marcus & Millichap’s Ryan Engle, Andrean Angelov, Adrian Mendoza and James Ziegler repped the seller, and Ryan, James, Adrian and William Sardegna repped the buyer in the $9.2M sale of Park Village Luxury Apartments, a 63-unit apartment property at 2451 West Howard in Chicago (pictured).
Interra Realty’s Craig Martin repped both parties in the $2.8M sale of 4724 South Vincennes, a 59-unit apartment building in Bronzeville. The seller was Bil-Mar Management, and the buyer was Mark DeAngelis.
Colliers’ Jeff Devine and Steve Disse repped Molto Properties in the sale of its three-building portfolio to Lincoln Property. The portfolio consists of 1485 Normantown, Romeoville (190k SF); 1055 Remington Veterans, Bolingbrook (116k SF); and 49 North Paragon, Romeoville (45k SF).
Essex Realty’s Abe Eilian and Brian Karmowski were the sole brokers in the $1.4M sale of 1542-50 West Chicago Ave.
Urban Innovations completed the following new leases in River North totaling over 56k SF:
- SPINS signed a new lease for 21k SF at 222 West Hubbard (shown) and was repped by NGKF's Ted Prillaman and Joe Zona.
- Simple Truth Communications Partners expanded its offices by an additional 7,500 SF at 314 West Superior, bringing the company's total footprint to 16k SF. DTZ Americas' Jonathan Seeley repped the tenant.
- Tiger Financial Management signed a new long-term lease for 13k SF at 440 North Wells. CBRE's Kevin McLennan and Brad Serot repped the tenant.
- The Chopping Block at the Mart signed a new 4k SF long-term lease at 300 West Hubbard. JLL's Christine Bower repped the tenant.
- Rubin Postaer and Associates signed a 4,400 SF lease at 325 West Huron. CBRE's David Tropp repped the tenant.
Savills Studley’s Jon Azulay repped Command Alkon in its 11k SF lease at 1211 – 1315 West 22nd St in Oak Brook. CBRE’s Pete Adamo, Bill Elwood and Tara Torbik repped landlord Golub & Co.
Darwin Realty’s Richard Daly repped Porreca Freight in its 59k SF lease at 1850 Greenleaf in Elk Grove Village. Colliers' Jonathan Kohn and Tom Rodeno repped the landlord.
HFF arranged a construction loan for the development of a 20-story office tower at 625 West Adams. HFF worked on behalf of the borrower, a partnership comprising USAA Real Estate and a JV between White Oak Realty Partners and Vanderbilt Investment Properties, an affiliate of CA Ventures. The construction loan was provided by Bank of the Ozarks.
ASC’s Igor Zhizhin arranged $1.4M in financing for a mixed-use property in Old Town.
Rob Wheeler joined JLL Chicago’s industrial team as SVP. A member of JLL’s supply chain and logistics group, Rob has more than 20 years of supply chain experience and specializes in corporate services, tenant representation, industrial, supply chain and logistics. He comes to JLL after seven years at Cresa. Prior to that, he spent 15 years with FedEx in multiple customer-facing leadership roles.
Golub & Co named Joshua Patinkin as VP, capital resources. Josh comes to Golub from Starwood Capital Group, where he served as VP, finance and investments for Starwood Retail Partners. He was previously an equity analyst at BMO Capital Markets, launching the firm’s equity research coverage of the mall sector, and initiating on more than $100B of equity capital across several REITs.
Fifield Realty Corp promoted Lindsey Senn and Matt Miller to VP. Lindsey will continue to focus on underwriting multifamily and office projects, as well as sourcing debt and equity financing. Matt’s primary responsibilities will continue to include underwriting and financing multifamily projects, as well as asset management for projects in Texas, Chicago and Los Angeles.
Principle Construction hired Alexander Olen as a senior estimator.
Elise O’Connor has joined MB Real Estate Services’ corporate services & tenant advisory team.
CA Ventures founder/CEO Tom Scott was awarded the EY Entrepreneur of the Year 2016 Award in the real estate category for the Midwest region.