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This Week's Chicago Deal Sheet

Interest rates aren’t going down anytime soon and investors are using the market climate as an opportunity to lay some skin on quality assets. Mesa West, which loaned Hearn $210M to refinance the John Hancock Center in January, is banking big on other local projects.

A rendering of Tucker Development and Acadia Realty's upcoming 900 West development, Chicago.
900 West, Chicago

Mesa West originated two loans totaling $67.7M to finance a couple of high-profile developments. First, the firm originated a $37.5M first mortgage for Tucker Development and Acadia Realty Trust for their adaptive reuse of 900 West, a 91k SF mixed-use redevelopment in Fulton Market (shown). Mesa West also provided a JV led by Golub with $30.2M in short-term financing to acquire Lake Shore Tower, a 20-story multifamily asset at 5600 North Sheridan Road in Edgewater. Part of the proceeds are being earmarked for a capital improvement program.

SALES

6619 South Greenwood Avenue, Chicago

Kiser Group completed the following transactions in the Chicago area, totaling $14.9M:

  • Lee Kiser and Luke Lesniewski repped both parties in the $4.3M sale of 18 condominiums in a 20-unit vintage courtyard building at 921 West Sunnyside Ave in Uptown. The buyer, Chicago-based Seminary Properties, plans to deconvert the units to rentals, capitalizing on continued rent growth in the neighborhood.
  • Michael D’Agostino repped the buyer in the $1.1M purchase of a nine-unit building at 2655 West Haddon Ave in Ukrainian Village.
  • Luke Lesniewski repped the seller in the $990k sale of a 13-unit building at 3554 West Lawrence Ave in Albany Park.
  • Ben Smith repped the seller in the $935k sale of a six-unit building at 3257 West Pierce Ave in Humboldt Park.
  • Noah Birk repped the buyer and Aaron Sklar repped the seller in the $1.4M sale of a 36-unit courtyard building at 6619 South Greenwood Ave (pictured) in Woodlawn.
  • Noah Birk repped both parties in the $1.3M sale of a five-unit apartment building at 5115-17 South Ellis Ave.
  • Noah Birk, Aaron Sklar and Michael D’Agostino repped the seller in the $685k sale of a 10-unit building at 718-728 West 50th St in Back of the Yards.
  • Aaron Sklar and Noah Birk repped both parties in the $635k sale of a six-unit building at 6646 South Greenwood Ave in East Woodlawn.
  • Aaron Sklar and Noah Birk repped both parties in the $615k sale of an 18-unit mixed-use building at 932 East 79th St in Chatham.
  • Aaron Sklar and Noah Birk repped the buyer in the $285k purchase of an 11-unit building at 410 East 107th St in Roseland.
  • Aaron Sklar and Noah Birk repped both parties in the $245k sale of a four-unit greystone at 6424 South Greenwood Ave in East Woodlawn.
  • Aaron Sklar and Noah Birk repped both parties in the $235k sale of an 18-unit building at 6348 South Racine Ave in Englewood.
  • John Meyer repped the buyer and Michael D’Agostino repped the seller in the $1.4M sale of 2125 West 51st Court, a four-story, 34-unit apartment building in Cicero.
  • Matt Halper and John Meyer repped both parties in the $596k sale of 415 Marengo Ave in Forest Park.
  • Mark McCann repped the buyer in the $210k purchase of 12742 Division St in Blue Island.
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6900 North Sheridan Road, Chicago

@properties Commercial’s Kevin Rocio repped the seller, and Kiser Group’s Aaron Sklar repped the buyer, in the $3.2M sale of 6900 North Sheridan Road (shown), a six-unit multifamily building in Rogers Park. The building was 100% leased at the time of the sale.

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NAI Hiffman completed the following transactions:

  • Kelly Disser and Eric Tresslar repped the seller of a seven-acre site at 2800 West 35th St in Chicago to Thorntons. The Louisville, KY-based convenience store chain will build a store on the site.
  • Kelly Disser and Michael Freitag repped CR Realty in the sale of 3357 South Justine in Chicago to Ace Capital. CR Realty had only purchased the 43k SF asset in July. HMC Realty Management’s See Wong repped the buyer, which will lease the building to a window manufacturing company.
  • Kelly Disser and Alex Sutterer repped The Barbara Cos in the sale of a 35k SF building at 2300-04 South Archer Ave in Chinatown to Mark C. Construction. The buyer plans to build a mixed-use commercial and residential project on the site.
  • Kelly Disser and Michael Freitag repped the buyer, and Colliers’ Peter Block repped the seller, in the trade of 6344-6400 South Cass Ave, a 24k SF multi-tenant retail building in Westmont. The buyer, a wholesale meatpacking distributor that recently sold its Fulton Market building, bought the Westmont asset to fulfill a 1031 exchange requirement.
  • Kelly Disser and Michael Freitag repped TNZ in the purchase of a 16k SF building at 1715 Cortland Court in Addison. Lee & Associates’ Jay Farnam repped the seller, Kencor Investments.
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Adelphia Properties’ George and Simeon Spirrison repped the buyer in the $4.1M purchase of a newly constructed, two-tenant retail building at 1201 Ogden Ave in Downers Grove.

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Mid-America Real Estate’s Ben Wineman and Mid-America Real Estate Group – Michigan’s Daniel Stern repped Ramco-Gershenson Properties Trust in the $20.6M sale of Fairlane Meadows, a 157k SF retail center in Dearborn, MI, to Times Equities.

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837 North Orleans, Chicago

Jameson Commercial completed the following transactions:

  • Justin Collins repped the seller of 837 North Orleans (shown), a mixed-use building in River North.
  • Mark Kishtow repped both parties in the $1.4M sale of a 13-unit multifamily property at 5129-31 South Ingleside in Hyde Park.
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Essex Realty completed the following transactions:

  • Jim Darrow and Jordan Gottlieb repped the seller, and Brian Karmowski repped the buyer, in the $743k sale of 1719 West 18th St in Pilsen.
  • Steve Livaditis, Joe Scheck and Brian Karmowski repped the seller, and Doug Imber and Kate Varde repped the buyer, in the $1.5M sale of 1223-25 West Foster Ave, a seven-unit apartment building in Andersonville.

LEASES

One Oakbrook Terrace, Oak Brook, IL

NAI Hiffman’s Brian Edgerton and Michael Van Zandt repped ownership of One Oakbrook Terrace in the following leases:

  • Western & Southern Life Insurance signed a new lease for 6,354 SF and was repped by CBRE’s Patrick Elwood.
  • Lockwood Andrews & Newman expanded its lease to 3,913 SF and was repped by Savills Studley’s Derrell Curry and Marc Brash.
  • NAI Hiffman expanded its footprint in the building to 3,500 SF.

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Duke Realty completed the following transactions totaling 163k SF:

  • Susan Bergdoll completed a lease renewal with Demandone for 133k SF at Meridian Business 800 corporate park in Aurora. The tenant was repped by Taurus Modal Group’s Marat Safir.
  • Susan Bergdoll, along with CBRE’s Larry Johnson, completed a new 30k SF lease with Erasteel at Crossroads 375 in Bolingbrook. CBRE’s Jason Lev repped the tenant.

HIRES/PROMOTIONS

Northpoint Capital Funding hired Spencer Hellmuth as associate director. Most recently, Spencer was a commercial banking officer at MB Financial Bank.

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Proper Title hired David Garsdale as EVP of title and escrow operations. David was most recently at Fort Dearborn Title, where he led that firm’s expansion into a multi-state operation.

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Inland Securities Corp hired Denise Faber as SVP of investment product research. She will be responsible for the due diligence of all investment products distributed by Inland Securities Corp.

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Ryan Phillips joined Taurus Modal Group. Ryan has experience in multiple areas of real estate including industrial and office brokerage and corporate real estate incentives.

KUDOS

Inland Private Capital president Keith Lampi received the Distinguished Service Award from the Alternative and Direct Investment Securities Association during the organization’s 2016 Annual Conference & Trade Show at The Cosmopolitan of Las Vegas.

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Baum Realty Group VP Ken Robberechts was one of 149 real estate professionals to earn the designation of Certified Commercial Investment Member by the CCIM Institute during the Institute’s Midyear business meetings in Chicago.