This Week's Chicago Deal Sheet
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River West is benefiting from activity to the north in the Halsted Triangle, the east in River North, and the south in Fulton Market and the West Loop. R2 Cos capitalized on that interest, selling 770 North Halsted St to an affiliate of York Capital for $24M.
The sale of the 143k SF building at the corner of Halsted Street and Chicago Avenue marks a sizable return for R2. The firm paid $10.9M for the mixed-use complex in 2013. That intersection is a hotbed for adaptive reuse. Riverside Investment & Development is planning a mixed-use project on a seven-acre site owned by Tribune Media, kitty-corner from the building. The area is also home to 600 West Chicago, best-known as Groupon's HQ.
Cushman & Wakefield’s Chris Lydon and Arthur Brokerage Group’s Chad Arthur repped Danco Converting in the acquisition of a 110k SF manufacturing facility (shown) at 455 East North Ave in Carol Stream. Chris and Chad also facilitated the sale of Danco’s former facility at 1901 Greenleaf Ave in Elk Grove Village.
NAI Hiffman’s Joe Bronson and Josh Will completed the following transactions:
- Morgan/Harbour Construction purchased a 22k SF building at 7510 South Madison St in Willowbrook.
- Renner Supreme acquired a 3k SF space at 1340 and 1350 Ridge Ave in Elk Grove Village.
NGKF’s Geoff Hill and Dan Labes repped First Industrial Realty Trust in the $2.9M sale of 32505 Industrial Drive in Madison Heights, MI. The property was sold to FCS Automotive to accommodate its expansion needs.
NAI Hiffman’s Perry Higa repped seller Out of the Woods in the disposition of 3805 Commercial Drive, an 8,579 SF building in St. Charles. Morken Associates’ Steve Morken repped the buyer, Abzenco Welding, which moved its business to the building from Batavia.
Jameson Commercial’s Chris Irwin, Adam Napp and Mark Jones repped the estate of James Bielarz in the $3.6M sale of 1311 and 1317 West North Ave.
Marcus & Millichap completed the following transactions:
- Richard Kozarits and Joseph Sigal repped the seller, and Richard Kozarits secured the buyer in the $2.4M sale of Pete Miller’s steakhouse at 412 North Milwaukee Ave in Wheeling (pictured). The sale included 228k SF of land.
- Ryan Engle and Andrean Angelov repped both parties in the $2.4M sale of Orchard Apartments, a 34-unit apartment property in Round Lake.
Metro Commercial Real Estate’s Larry Kling repped the seller in the sale of a 28k SF storefront on Lake Cook Road in Deerfield to McAlister’s Deli.
The Boulder Group’s Randy Blankstein and Jimmy Goodman completed the following transactions:
- Randy and Jimmy repped both parties in the $910k sale of a single-tenant, net-leased Jiffy Lube at 3115 South St in Lafayette, IN.
- Randy and Jimmy repped both parties in the $2.4M sale of a single-tenant, net-leased Orscheln Farm & Home at 1311 Business Hwy 61 S in Bowling Green, MO.
Mid-America Real Estate completed the following transactions:
- Ben Wineman and Mid-America Real Estate Group – Michigan's Daniel Stern repped Ramco-Gershenson Properties Trust in the $19.8M disposition of Livonia Plaza in Livonia, MI.
- Ben Wineman and Pace Properties' Scott Seyfried repped both parties in the $10.6M sale of Chippewa Center in St. Louis. The seller was Pace Properties. The buyer was Jared Commercial.
Interra Realty completed the following transactions:
- Joe Smazal repped the sellers, and David Goss and Jon Morgan repped the buyer, in the $7.2M sale of a 39-unit multifamily property at 2201 West Eastwood Ave (pictured).
- Joe Smazal repped the buyer in the $1.3M acquisition of 2107 West Eastwood Ave, a walk-up apartment building with one- and two-bedroom units.
Kudan Group completed the following transactions:
- Juan Carlos Gomez repped buyers Shin Thompson and Anshul Mangal, and Rick Loarie repped the seller of Two Way Lounge at 2928 West Fullerton. Mangal and Thompson are partnering with Moneygun mixologist Dustin Drankiewicz to open a new bar and restaurant, Deadbolt, in the space this winter.
- Juan Carlos Gomez repped both parties in the sale of mEAT at 215 East Chestnut to Cafécito, which will open its third location there later this fall.
NAI Hiffman’s Jason Streepy and Jack Reardon completed the following transactions at 500 Davis Center in Evanston (pictured), totaling 29k SF:
- Katalyst Technologies expanded to 14k SF and was repped by Steinco's Bob Palffy.
- Best Case Solutions renewed its 4,968 SF space.
- Farm Logix signed a new lease for 2,835 SF and was repped by MB Realty's Andy Davidson.
- Best Endodontics renewed its 2,618 SF lease and was repped by ProTen Realty Advisors' Jeff Schomisch.
- Opex Analytics signed for 4,368 SF and was repped by Cushman & Wakefield's Howard Perino.
CBRE’s Gary Fazzio, Jon Springer and Andrew Kaplan assisted Abercrombie & Kent in its long-term lease renewal of 43k SF in Executive Towers West II at 1411 Opus Place in Downers Grove. NGKF’s John Clark and John Norris repped the landlord, Blackstone.
NAI Hiffman’s Joe Bronson and Josh Will completed the following leases:
- Marketplace Brands will occupy 155k SF at 1501 Nicholas Blvd in Elk Grove Village.
- Facility Solutions Group signed a 48k SF lease with High Street Realty for 47k SF at 1000 North Main St in Lombard.
- Fastenal signed a new 7,200 SF lease with Twang Holdings at 2427-2435 Braga Drive in Broadview.
- Datt Express signed a 5,869 SF lease at 650 West Grand Ave in Elmhurst.
NAI Hiffman’s Michael Flynn and Jason Wurtz recently completed the following leases:
- At 2201-2231 Lakeside Drive in Bannockburn, Willow House signed a 3,620 SF lease and was repped by Mass Realty's Bill Mass.
- Chess Scholars leased 2,164 SF and was repped by Tenant Advisors' David Etshokin.
- Intracoastal Financial signed a 1,632 SF lease and was repped by Colliers' Tim Hart.
- Employee Benefits Solutions will occupy 2,428 SF.
- At 2801 Lakeside Drive, Michael and Jason repped ownership in its 5,621 SF lease with Byline Financial Group. JLL's Jess Van Dyke repped the tenant.
Metro Commercial Real Estate’s Danielle Kling (now with Mid-America Real Estate) repped the landlord in a 3,408 SF lease at 561 West Main St in Lake Zurich to Grand Dental. The shopping center is now 100% leased.
Jameson Commercial’s Brent Burden and Jameson Sotheby’s International Realty’s Mario Ochoa repped Trade Commission of Spain in leasing 6,880 SF in 500 North Michigan Ave. Zeller Realty Group’s Daniel Baumeister repped the landlord.
American Street Capital’s Igor Zhizhin arranged $3.8M in refinancing for a 90-unit multifamily property in Hazel Crest. ASC secured a competitive 20-year loan term funded through the Freddie Mac Small Balance Program.
Inland Bank and Trust hired seven commercial lending executives:
- Daniel Healy, EVP and head of commercial lending, comes to Inland Bank with more than 35 years of experience. He previously held positions with Byline Bank/North Community Bank and Park National Bank & Trust.
- William Chioros, SVP of commercial real estate lending, has more than 20 years of experience in commercial lending. He also used to work at Byline Bank/North Community Bank.
- Timothy Haviland joins Inland Bank as SVP of commercial lending and community association loan programs. With more than 20 years of experience, he most recently worked at Community Advantage of Barrington Bank & Trust Co, a Wintrust Community Bank.
- Andrew Kelpsa, SVP of commercial lending, brings 30 years of commercial lending experience, including a stint as VP of core middle markets at Fifth Third Bank.
- Jim Soukoulis, SVP of commercial real estate lending, has more than 30 years of experience in commercial lending and structuring multifaceted loans. He previously worked at BankFinancial.
- Chris Metcalf returns to Inland Bank as VP of commercial real estate lending. He most recently served as AVP at Associated Bank and had previously worked at Inland Bank for 11 years.
- Terrence Velan joins Inland Bank in Morton Grove as VP of commercial real estate lending. Prior to joining Inland Bank, he served as regional VP of commercial banking with BankFinancial.
Principle Construction hired Matt Frane as an assistant superintendent. Matt has nearly 10 years of experience in the construction industry.
CBRE Assessment & Consulting Services appointed Jessica Campbell as VP of Premier Client Group responsible for regional business development in the Midwest. She was most recently a regional sales specialist at CA Ventures.
Nathaniel Marrs joined DLA Piper's finance practice in Chicago. He represents domestic and international real estate fund sponsors and other real estate owners and operators in a variety of corporate transactions, including the formation and structuring of private equity real estate funds and management companies, joint ventures and operating companies.
DRA Advisors and M & J Wilkow appointed Cushman & Wakefield to handle leasing duties at One East Erie (shown). The JV acquired the 126k SF mixed-use office and retail asset in August. The Cushman & Wakefield team is Barb Schenberg, Jack McKinney Jr. and Teddy Walsh. One East Erie is 80% leased.
John Greene Realtor was ranked among the fastest-growing companies in the country in the prestigious Inc. 5000 listing for the second consecutive year. The firm achieved this year’s honor with 72% growth over a three-year period.
Pine Tree was awarded a “Green Star” and ranked first among its peers in the 2016 Global Real Estate Sustainability Benchmark real estate assessment, which measures environmental, social and governance performance of real assets and real estate companies around the world. This was Pine Tree’s first year participating in the annual survey.