This Week's Chicago Deal Sheet
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Sterling Bay co-founder Scott Goodman has been busy since he stepped down in April. Scott's next move: founding another real estate firm.
Scott announced the launch of Farpoint Development with Sterling Bay veterans Patrick O'Connor, Regina Stilp and Eric Helfand. The group already has four deals under contract and is busy raising its initial fund of $100M to $150M. Befitting the man who helped make Fulton Market one of Chicago's most active real estate submarkets, Farpoint set up shop at 120 North Racine and has a right of first refusal on any offer to buy the building, which is owned by CTA.
Inland Private Capital Corp announced the $36.4M sale of a Mariano’s Fresh Market at 1720 North Milwaukee Ave in Vernon Hills. IPCC, through a subsidiary that serves as asset manager, facilitated the sale of the property through one of its 1031 investment programs.
The Boulder Group’s Randy Blankstein and Jimmy Goodman were the sole brokers in the $14M sale of a US Bank at 615 East Michigan St in Milwaukee.
Millennium Properties’ Brad Thompson brokered the $1.4M sale of a six-flat apartment building at 5532 South Kimbark Ave in Chicago’s Hyde Park neighborhood.
EnTrust Realty Advisors completed the sale of Laurel Terrace, a 28k SF Class-A medical office building in downtown Highland Park, to an investment fund of Harrison Street Real Estate. The sale took only one week to complete, from start to finish.
Adelphia Properties’ George Spirrison completed the following sales as the sole broker:
- Seven Brothers Restaurant (shown), a landmark restaurant that has been operating for over 35 years in Morton Grove. The transaction closed in 60 days from start to finish, which included the business and real estate.
- Omega Restaurant, a restaurant that has been operating for over 15 years, in Lombard, near Yorktown Mall. The transaction closed in 30 days.
First Western Properties’ Mark Zeglen, Marion Abramiuk and Paul Tsakiris were the sole brokers in the sale of 3202 North Cicero Ave, a mixed-use building with 15 apartments and nine retail storefronts in the Belmont-Cragin neighborhood.
NAI Hiffman completed the following transactions for Midwest Industrial Funds:
- Adam Johnson and John Whitehead repped the seller of a 45k SF multi-tenant/flex building at 1600 Shore Drive in Naperville. Midwest Industrial plans to install a new roof; paint and upgrade the building façade, signage and parking lot; perform landscaping enhancements; and renovate the interior vacant units to make them market ready. Adam and John were retained by Midwest Industrial to handle leasing on the vacant units.
- Jack Cozzie and Jim Cummings repped Midwest Industrial in the disposition and lease of a 50k SF, two-tenant property at 10499 West 164th Place in Orland Park. The property was sold to an affiliate of Robert James Sales, which was leasing space in half of the building. NAI Hiffman’s Chris Gary repped Robert James Sales.
NGKF’s Rob Lundin and John Norris repped Piedmont Office Realty Trust in a long-term, 20k SF lease to Civiltech Engineering at Two Pierce Place in Itasca (pictured). This transaction brings the building’s occupancy to 97.5%.
SVN | Chicago Commercial’s Tim Rasmussen, Marcus Sullivan and Jim Martin repped landlord Hearn Co in a 10k SF ground-floor restaurant lease at 70 West Madison. The tenant is an affiliate of One North Kitchen, a popular restaurant at One North Wacker.
Baird & Warner leased a new office in the Transportation Building at 620 South Dearborn St, which will be focused on providing brokerage, mortgage and title services primarily to the South Loop and its surrounding neighborhoods. The new office builds upon the company’s exponential growth, marking its 28th location in the Chicago area and following two record-breaking years in revenues, including $7.2B in sales and 27,500 transactions in 2015. The new location is scheduled to open later this year. Jim Psyhogios will be managing broker.
CBRE completed the following leases:
- Jon Springer and Andrew Kaplan repped Midwest Real Estate Data in a long-term lease renewal of a 12k SF office in Westwood of Lisle at 2443 Warrenville Road in Lisle.
- Jon Springer and Gary Fazzio repped Compass Mortgage in its long-term lease expansion of a 21k SF office space at 27755 Diehl Road in Warrenville. Compass Mortgage is expected to move in during the first half of 2017.
Mid-America Asset Management secured the following leases:
- Marget Graham and Samantha Schnell repped the landlord, and Great Street Realty’s Bill Argall repped tenant The Tile Shop, in a 14.5k SF lease at Algonquin Commons (shown) at Randall and County Line roads in Algonquin.
- Marget Graham and Sarah Norlander repped the landlord and Metro Commercial Real Estate’s Bobby Melsher repped tenant Pet People in a 4,800 SF lease at Prairie Point at New York Street and Eola Road in Aurora.
- Samantha Schnell repped the landlord and Metro Commercial Real Estate’s Nathan Tonnies repped tenant Orange Theory Fitness in a 3,000 SF lease at Empire Crossing at 143rd Street and LaGrange Road in Orland Park.
- Samantha Schnell and Paige Schiesser repped the landlord, and RKF's Robin Sande repped tenant Evereve in a 3,000 SF at Orland Park Crossing located at 143rd Street and LaGrange Road in Orland Park.
- Marget Graham and Maria Rossobillo repped the landlord, and Morrow Hill’s Jon Bolsins and Jonathan Hill repped tenant Hand and Stone Massage, in a 2,562 SF lease at an Elmhurst Retail Out lot at the northwest corner of York Street and I-290 in Elmhurst.
SomerCor 504 completed the following SBA 504 financing deals:
- The Chempetitive Group obtained $1.3M in financing to purchase an 11.5k SF commercial building at 657 West Lake St, Chicago.
- Forge Builders acquired $163k to purchase a 2,500 SF retail building at 2814 North California Ave, Chicago.
- Eastway Trans obtained $953k to purchase a 42k SF industrial property at 600 Kingsland Drive, Batavia.
- SD Wheel acquired $1.73M to purchase a 105k SF industrial property at 620 Stetson Ave, St. Charles.
- Ash Pallet Management obtained $475k to purchase a 150k SF industrial building at 61 McMillen Road, Antioch.
- Cardinal Wine & Liquors acquired $627k to purchase a 14k SF retail building at 320 South Virginia St, Crystal Lake.
- Interactive Inks & Coatings acquired $591k in financing for an 18k SF industrial building at 160 Shanahan Drive, South Elgin.
- NorthPoint Lending Group acquired $145k for the purchase of a 2,500 SF office building at 7434 North Harlem Ave, Chicago.
- Firehouse Movement acquired $218k to purchase a 15k SF industrial building at 2504-06 Hiller Road, Johnsburg.
- Doors for Builders acquired $877k to purchase a 54k SF industrial facility at 800-850 Lunt Ave, Elk Grove Village.
- Gaetano’s acquired $228k to purchase a 6k SF restaurant property at 15 East Wilson St, Batavia.
- Aquascape Designs acquired $4.7M for the 207k SF industrial facility at 901 Aqualand Way, St. Charles.
American Street Capital’s Igor Zhizhin arranged $1.5M in financing for the acquisition of a 10-unit mixed-use building in Chicago.
Rick Morris joined Avison Young as principal, based in the suburban Chicago office. Rick, who was most recently a VP with Colliers International, will continue to specialize in tenant representation with a mandate to expand the company’s footprint in outlying office nodes.
Cushman & Wakefield expanded its Business Incentives Practice with the addition of Jason Lake and Bradley Migdal as senior managing directors and Shannon O’Hare as managing director. The three have a combined 45 years of commercial real estate experience.
Northpoint Capital hired Ryan Stankard as an associate director, where he’ll join the firm’s loan origination team, financing loans for commercial and multifamily properties through correspondent life insurance relationships or direct lenders offering long-term, fixed-rate financing. His financing career began in 2012, with a significant stint at ValStone Partners in Birmingham, MI, and later Marcus & Millichap.
@properties has hired Matt Scales and Tim Youkhana. Matt, a 10-year industry veteran, will focus on working with owners and investors buying and selling investment properties as well as assisting retail tenants by identifying new locations. Tim will focus his business on shopping centers in Chicago’s suburbs.
Rick Grabowski joined Principle Construction as senior project manager with the firm. A 36-year veteran of the construction industry, Rick will provide oversight for all phases of construction projects.
Kudan Group has hired Anthony Citriglia; he’ll focus on securing spaces for restaurant clients.
Ryan Cos announced the promotions of Bob Wehner to director of pre-construction, Jason Cmelo to assistant field coordinator and Larry Listermann to senior superintendent.
Karoline Eigel joined MB Real Estate as SVP and chief marketing officer. Karoline was previously a principal at MarketHooks Consulting.