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This Week's Chicago Deal Sheet

2 North LaSalle is one-third vacant. But there's reason for optimism at the 26-story, 700k SF building.

2 North LaSalle, Chicago

A JV of Hearn and Fortress Investment Group is investing $42M into upgrades and attracting new tenants to the building. 2 North LaSalle's owner, Harbor Group International, paid $153M for the building in a debt-laden 2007 deal, and was facing default on a $127.4M loan that will mature in February because the vacancies caused lease revenue to fall below the level needed to make payments.

SALES

2834 North Southport Avenue, Chicago

SVN | Chicago Commercial’s Wayne Caplan and John Livaditis were the sole brokers in the $1.6M sale of 2834 North Southport Ave, a 6,950 SF mixed-use building in Lakeview (pictured).

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Interra Realty’s Brad Feldman and Brian Debasilio repped the buyer in the $2.6M sale of a five-building multifamily portfolio in Chicago. The properties are at 6203 North Ravenswood Ave, 1016 North California Ave, 2500 West Thomas St, 2609 West Division St and 3454 West North Ave.

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The Boulder Group’s Randy Blankstein and Jimmy Goodman completed the following transactions:

  • Repped an institutional investment firm in the $2.1M sale of a single-tenant US Bank at 1103 East 9th St in Lockport.
  • Repped a Midwest-based real estate investment company in the $1M sale of a single-tenant net lease Qdoba at 3225 Alpine Ave NW in Grand Rapids, MI.
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Quentin Corners, Palatine, IL

Quantum Real Estate Advisors’ Chad Firsel repped the seller in the $4.5M sale of Quentin Corners, a 43k SF retail center (shown) at 801-861 North Quentin Road in Palatine.

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Chicago Real Estate Resources completed the following transactions:

  • Steven Rapoport was the sole broker in the sale of a 6k SF retail space at 507 North Wells St.
  • Steven Rapoport was the sole broker in the sale of a 24k SF development site at 3112 South Indiana to a local developer.
  • Steven Rapoport and Tim Keenan repped both parties in the sale of a 12-unit apartment building at 3014-18 East Cheltenham in South Shore.
  • Steven Rapoport repped the seller, and Michael Tolliver repped the buyer, in the off-market sale of a six-unit property at 7740 South Yates in South Shore.
  • Michael Weaver sold 2036 West Armitage to Lipe Property Co, and negotiated a five-year lease with Armitage Auto Repair for the property.
  • Ashley Dillard closed on a four-unit, renovated multifamily property at 3658 West Cermak Ave.

LEASES

500 West Madison, Chicago

CBRE’s Todd Siegel and Phillip Golding repped landlord KBS in signing leases with Pret a Manger, FireFin Poke, American Wildburger and Pizza Hut’s Slice Bar at Marketplace @500, the recently renovated dining hall at 500 West Madison (shown).

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Chicago Real Estate Resources’ Nate Gautsche repped Chicago Mosaic School in the lease of 9,500 SF on two levels that will be part of a new, mixed-use development at 1127 West Granville in Edgewater.

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Bradford Allen’s Craig Nadborne and John Skalla repped Test Positive Aware Network in its 13k SF lease relocation from 5050 North Broadway to 5533 North Broadway.

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26125 North Riverwoods Boulevard, Mettawa, IL

Cushman & Wakefield’s Chris Cummins and Kevin Clifton repped landlord Dell Realty Co in an 89k SF HQ lease to Vyaire Medical at 26125 North Riverwoods Blvd in Mettawa (pictured). Vyaire was repped by AREA Corporate Real Estate.

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Mid-America Real Estate repped the tenants in the following leases:

  • Tony Colvin repped HuHot Mongolian Grill in its 4,550 SF lease at Janesville Plaza at 2431 Milton Ave in Janesville, WI.
  • Dan Cohen and Tony Colvin repped Starbucks in its 2,100 SF lease at 600 West Drexel Ave in Oak Creek, WI.
  • Dan Cohen and Tony Colvin repped Starbucks, and Scott Satula repped the landlord, in a 2,100 SF lease at Sendik’s Town Centre at 19005 West Capitol Drive in Brookfield, WI.
  • Dan Cohen and Tony Colvin repped Starbucks in its 1,800 SF lease at Johnson Crossing at 1151 East Johnson St in Fond du Lac, WI.

FINANCING

SomerCor 504 recently completed the following SBA 504 financing deals across the Chicagoland area:

  • Al-Amin Brothers Transportation obtained $3.1M to build a new cold storage facility at 25525 Dixie Hwy in Crete.
  • X-L Engineering acquired $352k in financing to purchase new CNC machinery for its facility at 6150 West Mulford St in Niles.
  • Side Lot Brewing obtained $182k in financing to purchase a restaurant/bar at 110-114 Slocum Lake Road in Wauconda.
  • Sealcoat Solutions acquired $207k to purchase a 6,828 SF commercial office and warehouse property at 550 South River St in Batavia.
  • Megleo's School of Dance acquired $126k to purchase a 3,990 SF office condo at 3891 Industrial Ave in Rolling Meadows.
  • Lakin General acquired $1.5M to purchase a 102k SF industrial building at 2001 Greenfield Road in Montgomery.

HIRES/PROMOTIONS

Mortenson Construction completed the following hires and promotions:

  • Greg Werner was promoted to SVP. Since opening the Chicago office 16 years ago, Greg has overseen more than $2.6B in projects while creating partnerships with customers such as Allstate Insurance, United Airlines, Lurie Children’s Hospital and the University of Chicago.
  • Joe Krueger, who joined the company in 2005, was promoted to construction executive. Joe is the project leader of the new $485M Mercyhealth hospital and medical office building in Rockford.
  • Andy Stapleton, a 20-year Mortenson veteran, was promoted to general manager. In addition to leading the Mission Critical market sector and serving customers such as QTS, Andy will oversee business development, marketing, design phase and virtual design and construction teams in Chicago.
  • Vladimir Stevanovic joined Mortenson as construction executive for healthcare. He has nearly 20 years of construction experience in healthcare and mixed-use projects. Some of his key experience includes projects at RUSH University Medical Center in Chicago; the Westin Hotel & Convention Center in Lombard, IL; Wilson Yard in Chicago; and numerous Target retail stores and distribution centers across the United States.
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Avison Young hired Marc Fiedler, who will work with principal Rick Morris to expand the company’s tenant-representation practice in suburban office markets.