This Week's Chicago Deal Sheet
Mesa West has been making it rain in recent weeks, providing acquisition financing and refinancing for Chicago real estate assets. Mesa West’s newest round of skin involves a prime CBD office building.
Mesa West provided a JV led by Sterling Bay with $82.6M to recapitalize 121 West Wacker (pictured, center). The financing included a first mortgage loan originated out of the open-ended Mesa West Core Lending Fund, and mezzanine debt provided by Pearlmark Real Estate on behalf of its Pearlmark Mezzanine Realty Partners.
The money comes as Sterling Bay completed extensive renovations on the 41-story tower, including a new lobby and retail level, updated building systems and a new tenant amenity floor overlooking the Chicago River. This isn’t the first time Mesa West and Sterling Bay have done business; Mesa West provided Sterling Bay with a $220M floating rate loan to refinance 1KFulton in February 2015.
The Missner Group acquired Olympian Office Center, at 4343 Commerce Court (shown) in Lisle, in a short sale from Riverview Realty Partners. The 168k SF, seven-story office building is best-known as the former HQ for Porsche North America and represents Missner Group’s largest office acquisition to date. Ed Adler repped The Missner Group, and CBRE’s Paul Lundstedt, Dan Deuter, Tom Sitz and Cody Hundertmark repped the seller.
Jameson Commercial’s Mark Jones and Esther Berman repped the seller in the $1.8M sale of 18801 South Halsted in Glenwood to Agree Realty. The property is leased to an AutoZone, with 9.5 years remaining on the lease.
Quantum Real Estate Advisors’ Chad Firsel and Dan Waszak repped the seller in the $6.2M sale of Laraway Ridge, a 33k SF retail center at 800-838 West Laraway Road in New Lenox. The property was 95% occupied at the time of sale.
Mid-America Real Estate’s Joe Girardi and Ben Wineman repped both parties in the $63M sale of Danda Square East, a 199k SF shopping center in Wheaton. The shopping center is anchored by a Whole Foods.
Darwin Realty’s Dan Prendergast repped Matrix Financial Partnership in the sale of a 39k SF property at 3721 Chase Ave in Skokie. The buyer, R2 Cos, plans to redevelop the building along with others for a mix of retail and industrial uses.
Interra Realty completed the following transactions, totaling $3M:
- Craig Martin repped the seller, and Ted Stratman and Jeremy Morton repped the buyer in the $880k sale of 6800 South Clyde in Jackson Park.
- Ted Stratman and Jeremy Morton repped both parties in the $725k sale of 7308 South Crandon in South Shore (shown).
- Ted Stratman and Jeremy Morton repped both parties in the $1.6M sale of 7901 South Phillips in South Shore.
- Ted Stratman and Jeremy Morton repped the seller, and Brad Feldman repped the buyer, in the $390k sale of 9942 West Walden Pkwy in Beverly.
Jameson Commercial’s Chris Irwin and Hunter Cannon repped landlord Rahul Bajaj in a lease with The Walking Duck at 1359 North Milwaukee. The Walking Duck is targeting a December opening in the former Columbus Curry storefront (shown).
Entre Commercial Realty’s Brian Bocci repped National Office Interiors & Liquidators in its lease of a 45k SF facility at 4350 North Knox in Chicago. CBRE’s Mitch Adams repped ownership.
Mid-America Asset Management completed the following leases:
- Marget Graham and Paige Schiesser repped the landlord in an 8,500 SF lease with Dependable Maytag at Aurora Marketplace at Route 59 and 75th Street in Aurora.
- Angela Gasbarro repped the landlord in a 4,090 SF lease with OrangeTheory Fitness at Main Street Commons in St. Charles.
- Angela Gasbarro and Jaime Bertsche repped the landlord, and Sierra Realty Advisors’ Marc Offit repped tenant Marigold Maison, for 3,472 SF at Lincolnshire Commons in Lincolnshire.
- Greg Bayer, Jaime Bertsche and Samantha Schnell repped the landlord, and Cushman & Wakefield’s Danny Jacobson and Stephen Ansani repped tenant AT&T, in a 2,357 SF lease at 1891 West Division St in Wicker Park.
- Sarah Norlander and Campbell Wickland repped the landlord in a 2k SF lease with Nothing Bundt Cakes at Mokena Marketplace in Mokena.
CBRE announced the promotion of Scott Marshall to executive managing director of investor leasing, while Adam Mullen succeeds Scott as leader of the firm’s industrial and logistics business.
MB Real Estate selected Michael Smolen to serve as a senior project manager for the firm’s project services division. Michael, a 26-year industry veteran, will oversee construction assignments for MBRE’s entire asset management portfolio.
KTGY Architecture + Planning has added Joe Hirsch as director of business development. Most recently, Joe served as director of business development for Berglund Construction and The Opus Group.
1st Advantage Mortgage has added Deena Sisson joined the firm as regional VP. Deena will focus on top talent recruitment and growing the company’s presence nationwide, with an emphasis on Southwest markets.
Earles Architects and Associates has added Michelle Down to the firm, where she’ll work in the SEAATS commercial office furniture division.
Inland Private Capital Corp CIO Rahul Sehgal was named by Real Estate Forum as one of its “50 Under 40.”