This Week's Chicago Deal Sheet
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Cedar Street Co is one of the most successful adaptive reuse firms in Chicago, with its Flats Chicago apartment brand. The firm agreed last week to sell a six-building portfolio in Uptown and Edgewater for $67M.
The six buildings include 4875 North Magnolia Ave (shown), total 435 apartments and are the earliest buildings Cedar Street developed under the Flats Chicago brand. It paid $12.9M for the buildings in 2011 and refinanced the Magnolia property and two other buildings with a $17.4M loan two years ago. The buyer, CLK Properties, also acquired nine apartment buildings near Wrigley Field last year for $50.5M from Marc Realty.
Sinatra & Co Real Estate and Stadt Group acquired Timber Creek Apartments, a 304-unit apartment complex at 3421 Foxboro Drive in Woodridge (pictured), for $25M. The JV plans to spend another $4M to $8M to renovate the asset.
Interra Realty’s Joe Smazal repped both parties in the $3.5M sale of a three-building, 40-unit apartment portfolio in Jefferson Park. The buildings include a mixed-use property at 5802 West Catalpa ($2.2M); and multifamily properties at 5402 West Windsor ($658k) and 4518 North Long ($703k).
CBRE’s Andrew Sandquist, JC Asensio, Briggs Goldberg, Chris Bosworth, Will Pike and Brian Pfohl served as exclusive advisers for Raben Tire in the sale-leaseback of 19 properties across Arkansas, Illinois, Indiana, Kentucky and Missouri totaling nearly 451k SF. The portfolio was acquired by Broadstone Net Lease.
NAI Hiffman’s Joe Bronson facilitated the following sales:
- Joe repped Neill Leasing Co in its acquisition of 7424 South Mason Ave, an 86k SF industrial property in Bedford Park, from Chicago Title Land Trust.
- Joe repped Midland IRA in its disposition of an 8k SF building at 645 Lunt Ave to Basic Holdings. Colliers’ Jonathan Kohn repped Basic Holdings.
- Joe repped MJ Celco in its purchase of 3759 North Willow Road, a 36k SF industrial building in Schiller Park, from Willow 3759. Joe also repped the seller.
Adelphia Properties’ George Spirrison and Simeon Spirrison repped the seller of Crossroads of Darien, a 100% leased 14k SF shopping center at 2805-2819 West 83rd St in Darien (shown).
The Boulder Group’s Randy Blankstein and John Feeney repped both parties in the $5M sale of a single-tenant, net-leased Walgreen’s at 1855 Hudson Bridge Road in Stockbridge, GA.
SVN | Chicago Commercial’s Dawn Overstreet was the sole broker in the $1M sale of 5342-46 South Kedzie, a 12-unit multifamily building in Chicago.
Kudan Group completed the following transactions:
- Adam Salomon was the sole broker in the sale of 66 East Devon Ave in Elk Grove Village to Leona’s Restaurants, which will open a franchise there.
- Adam Salomon repped the owners of Rito’s Mexican Grill & Cantina in the disposition of 86 West Dundee Road in Buffalo Grove to Tacos Y Mariscos La Presa.
- Scott Reinish facilitated the sale of 105 West St. Charles Road in Lombard, where a casual American restaurant will open later this year.
Draper and Kramer’s Kurt Warnke repped the landlords in the following leases:
- Athletico Physical Therapy leased 3,547 SF at Lake Meadows Shopping Center, at 3357 South Martin Luther King Drive (shown). The asset is now 95% leased.
- JD Strength Performance leased 3,200 SF at OMNI Plaza, a 40k SF retail center at 1300 South Main St in Lombard. The property is now 96% leased.
NAI Hiffman’s Joe Bronson repped Phoenix Binding in its 40k SF lease renewal with Prologis at 1100 Pratt Blvd in Elk Grove Village.
Kudan Group’s Adam Salomon repped Winter’s Jazz Club in a new lease at River East Lofts, 411 East Illinois. Winter’s Jazz Club is targeting a fall opening.
First Western Properties' Paul Tsakiris, Marion Abramiuk and Laryssa Moros repped both parties in a lease at 4021 West 63rd St to a physical therapy client.
Bellwether Enterprise’s Victor Agusta closed three affordable housing loans totaling $36.6M in the Chicago area. The loans include $9.1M for Thornwood Apartments in Chicago Heights; $21.9M for the acquisition of the Mark Twain Apartments in Chicago; and $5.8M in refinancing for five Senior Suites properties across Chicago.
Ann Caron returned to @properties. A 20-year industry veteran who’s produced an average of $16M in closed sales volume annually, Ann spent the last two years at Related Realty.
Michael Ricketts joined ROC Realty Group, a division of @properties commercial. Michael previously was at Patrick Capital Group, where he was VP of asset management.
Congrats to Seneca Real Estate, which was named the managing agent for 4 East Elm (pictured) by Convexity Properties.
Fulcrum Asset Advisors hired Colliers’ Steven King and Darryl Silverman as the leasing agents for 3, 6 and 9 Parkway North in Deerfield. Steven and Darryl, along with Karen Ptasnik, will also serve as the properties’ managers.
Proper Title’s Kim O’Donnell was appointed to the board of directors of the Chicago chapter of Random Acts of Flowers (RAF), a a nonprofit organization that recycles and repurposes flowers. 500 volunteers create and deliver beautiful bouquets to 130 healthcare facilities across Chicagoland, including hospitals, nursing homes, hospice and rehab centers and veteran’s medical facilities.