This Week's Chicago Deal Sheet
There is plenty of capital available today for commercial real estate assets with strong sponsorship. The latest example: Yesterday, The Prime Group landed a $47.5M loan for 208 South LaSalle.
The loan, arranged by Sonnenblick-Eichner Co, was secured on the retail and office components of the 1.1M SF mixed-use building, which totals 219k SF and is 94% occupied. The loan refinanced a $35M mortgage that was part of a $321M facility Sonnenblick-Eichner arranged for the ownership two years ago. The building is owned by a JV controlled by The Prime Group CEO Mike Reschke and is best known for being home to the 610-room JW Marriott Hotel.
NAI Hiffman’s Mark Moran and Brian Colson repped seller High Street Realty, and Colliers’ Steve Kohn repped buyer United Business Mail in the sale of 1001 Foster Ave (pictured), an 80k SF industrial building in Bensenville.
Marcus & Millichap’s Austin Weisenbeck, Sean Sharko and Adrian Mendoza repped the seller, and Marcus & Millichap’s Steven Schechter and Daniel Hirth repped the buyer, in the $4.2M sale of a BMO Harris Bank at 10 Huntington Lane in Wheeling.
The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the seller in the $1.5M sale of a single-tenant new construction Family Dollar at 19132 State Route 52 in Metamora, IN.
Venture One Real Estate (through its acquisition fund, VK Industrial III) acquired a vacant 40k SF industrial building at 120 Fairbank St in Addison. Venture One has extensive renovations planned, including a new roof, a new parking lot, and office and warehouse upgrades. Transwestern's Justin Lerner and Joe Karmin repped the seller and will be retained by Venture One to market the property.
Jameson Commercial completed the following transactions:
- Clark Patterson repped Church of God North Central Spanish in the sale of its church at 1062 North Ashland Ave to developer Mark Sutherland. Mark will convert the property into a 34-unit apartment building.
- Art Collazo and Ryan Holden repped the buyer in the $5.8M acquisition of 2950 West Chicago Ave, a fully leased loft office space in Chicago. CTK Chicago Partners City Properties repped the seller.
Interra Realty’s Brad Feldman repped both parties in the $2.2M sale of 5510 North Kenmore, a 10-unit multifamily property in Edgewater (shown).
Essex Realty completed the following transactions:
- Steve Livaditis and Joseph Scheck were the sole brokers in the $2M sale of 1223 West North Shore and 1240 West North Shore in Rogers Park. 1223 West North Shore is a six-unit apartment building and 1240 West North Shore is a three-unit building. Both are near Loyola University.
- Brian Kochendorfer, Doug Imber and Kate Varde were the sole brokers in the sale and de-conversion of a 31-unit condo building at 3115-23 West Foster in Albany Park. Essex exclusively listed 22 of the condo units and negotiated to acquire the remaining nine units.
Windy City RE completed the following sales:
- 4856 North Albany, a 10-unit apartment building in Albany Park, sold for $1.5M.
- 2939 West Belmont, a 10-unit mixed-use property, sold for $1.7M.
- 1317 West 18th St, a seven-unit mixed-use property in Pilsen, sold for $835k.
Lee & Associates' Walter Murphy repped landlord Hillwood Development, and JLL’s Charlie Kenning and Dan McGillicuddy repped Exel in its new 206k SF lease at 2520 West Haven Ave (pictured) in Joliet.
NAI Hiffman’s Dan O’Neill repped ownership in the following lease transactions at Midwest Office Center in Oakbrook Terrace:
- Hassett Express signed a new 15k SF lease, repped by NAI Hiffman’s Jeff Fischer. Other new tenants include CMS Communication, repped by Tenant Advisors’ Dave Hamilton, and Apprize Promotions.
- Tenants who recently renewed commitments to the property include TPR Education (3,377 SF); Daniel Greenman, CPA for 1,980 SF; and Vire Technologies (3,254 SF). Vire Technologies was repped by Bespoke Commercial’s Steve Rasiarmos.
NAI Hiffman’s Mark Moran and Brian Colson repped High Street Realty in the following leases:
- North Coast Logistics signed a new lease for 77k SF at 340 Remington Blvd in Bolingbrook and was repped by CBRE’s Dave Prioletti.
- Supply Technologies signed a 51k SF lease renewal at 419 Village Drive and was repped by Colliers’ Brian King.
- ICP Industrial renewed its 75k SF lease at 1600 Glenlake Ave in Itasca and was repped by Darwin Realty’s Rick Daly.
Dayton Street Partners’ Howard Wedren signed Trane and Stanley Steemer to leases at 920 West Pershing Road (pictured) in Chicago. Trane signed a 25k SF lease at the building, which will serve as the company’s Midwest distribution center, while Stanley Steemer will occupy the remaining 19k SF in what is the company’s first Chicago location.
Cushman & Wakefield completed the following leases:
- Steve Schneider and Daniel Nack repped Levy Restaurants in a 42k SF lease extension at 980 North Michigan Ave. JLL’s Chris Cassata repped the landlord.
- Adam McCostlin, Brian Duffy, Chris Wood and Jordan Decker repped DuPage Montessori School in its lease for two floors at 1111 Ease Warrenville Road in Naperville. Owned by Calamos Investments, the 38k SF office building is vacant and will be redeveloped into a PreK-8 school complete with an outdoor playground and artificial turf athletic field.
Michael Schack joined Dayton Street Partners as EVP to oversee the firm’s asset management and day-to-day operations. A 30-year industry veteran, Michael was most recently a senior director and head of American Realty Advisors’ Chicago office.
The Gettys Group promoted principal Jerry Zeitner to COO, which comes as Jerry celebrates his 20th year with the firm.
Transwestern promoted Michael Marconi to managing broker of the firm’s industrial practice in Rosemont. Effective immediately, he will succeed John Coleman, who was named EVP for Midwest regional resource development, based out of Transwestern’s Midwest headquarters in downtown Chicago.
Proper Title hired Beth LaSalle, a 32-year veteran of the title insurance industry, to handle insurance and escrow services, with a specialty in commercial construction escrow.
KTGY Architecture + Planning announced the hirings of Joy DeWitt and Ralitsa Todorova. The pair will oversee construction document production and building coordination for a number of national projects out of KTGY’s Chicago/Midwest office.