This Week's Chicago Deal Sheet

CBRE landed a plum leasing assignment yesterday. The world’s largest commercial real estate firm is partnering with JMIC to lease the 1.5M SF 175 West Jackson Blvd.

The assignment comes at a good time for CBRE with the downtown office leasing market riding its strongest activity in years. For the first time in over a decade, two blocks of space in the building, totaling more than 130k SF, will be available. 175 West Jackson was built by Daniel Burnham in 1912 and was modernized by Lucien Lagrange Architects in 2002. CBRE’s Drew Nieman, Seth Tuscher and Kerry Middleton will partner with JMIC’s Sean Murphy on the assignment.

SALES

The Boulder Group completed the following transactions:

• Randy Blankstein and Jimmy Goodman repped the seller in the $6.5M sale of a single tenant, net leased Walgreens at 4385 South Archer Ave in Chicago.
• Randy Blankstein and Jimmy Goodman repped the buyer in the $4.2M sale of a single tenant, net leased CVS Pharmacy at 6820 North Pear Tree Lane in Peoria.
• Randy Blankstein and Jimmy Goodman repped both parties in the $3M sale of a single tenant, net leased McDonald’s at 1070 North Roselle Road in Hoffman Estates.

Mid-America Real Estate completed the following transactions:

• Joe Girardi and Ben Wineman, along with Duemelands Commercial Real Estate’s Jill Duemeland, repped the seller in the disposition of Pinehurst Square West, a 69k SF retail center in Bismarck, ND, purchased by Dakota REIT.
• Joe Girardi and Mid-America Real Estate Group – Minnesota’s Mark Robinson, repped both parties in the sale of Division Place in St. Cloud, MN. The buyer was an affiliate of Core Acquisitions.

Cushman & Wakefield’s Jason West repped buyer Venture One Real Estate, and Cushman & Wakefield’s Keith Puritz and Brett Kroner, along with Mass Realty’s Bill Mass, repped the seller of an 86k SF industrial building at 401 Terrace Drive in Mundelein. Venture One purchased the asset through its VK Industrial III fund, a JC between Venture One and Kovits Investment Group.

Quantum Real Estate Advisors' Dan Waszak repped the buyer, a California-based 1031 exchange buyer, in the $10M purchase of the Shoppes at Campbell Station in Spring Hill, TN (shown). The seller was a development group based in South Carolina.

Kiser Group’s Aaron Sklar repped the buyer in the $3.2M purchase of a fully leased six-unit apartment building at 6900 North Sheridan Road. At $525k/unit, the sale price is the highest on record for Rogers Park on both a per-unit and per-square-foot basis.

LEASES

CBRE completed the following leases:

• Brad Serot and Jarrett Annenberg repped PowerReviews in its 52k SF lease expansion at 180 North LaSalle (pictured).
• CBRE’s Ryan Bain, Zach Graham and Tom Harmon repped Sleep On Latex in its 39k SF lease at 5600 Jarvis Ave in Niles. JLL’s Robin Stolberg and Kurt Sarbaugh repped the landlord, Cabot Properties.

First Western Properties’ Marion Abramiuk repped DolEx Financial Services in its lease at 4233 North Kedzie in Albany Park.

FINANCING

NorthPoint Capital Funding’s Mark Perkowski originated a $21.4M loan on a 192-unit, 576-bed student housing development in Allendale, MI. Phase 1 of the project’s construction is expected to be completed in time for the 2017-18 school year.

HIRES/PROMOTIONS

Inland Mortgage Capital announced the appointments of Scott Filippelli VP - portfolio manager and Eileen McDonald as SVP - credit director. Scott, a 19-year industry veteran, will be responsible for the surveillance and oversight of all facets of Inland Mortgage Capital’s commercial real estate bridge loan portfolio, including oversight of loan servicing and post-closing functions. Eileen, a 25-year industry veteran, will be tasked with overseeing all aspects of credit, including underwriting, due diligence and closing.

Mid-America Real Estate promoted net lease investment sales director Wes Koontz to VP. Wes, a 16-year industry veteran, originally joined Mid-America in 2002 as part of the firm’s tenant rep team, and rejoined the firm three years ago.