This Week's Chicago Deal Sheet
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American Realty Advisors, which made one of the biggest office acquisitions of 2016 with its $304M purchase of 1K Fulton, is laying more money down on West Loop real estate.
American Realty Advisors is in talks to buy The Madison on Racine, a 216-unit apartment building delivered by a JV of Ascend Real Estate Group and Intercontinental Real Estate three years ago. The deal isn't finalized yet, but it is believed ARA will pay close to $100M for the building, according to Crain's Chicago Business. If that is the price, it would be a hefty return on investment for Ascend and Intercontinental, which built The Madison for $67M.
NelsonHill’s Michael Nelson and Stevan Arandjelovic repped ownership in the $5.6M sale of The Hudson (pictured), a historic auto showroom at 2222 South Michigan Ave. Echelon Capital purchased the building, which was constructed in 1922 as part of Chicago’s Motor Row.
Essex Realty completed the following transactions:
- Jim Darrow and Jordan Gottlieb were the sole brokers in the $2.9M sale of 7381 North Damen (pictured), a 32-unit apartment building in Rogers Park.
- Brian Kochendorfer and Matt Welke repped the seller, and Doug Imber and Kate Varde repped the buyer in the $7.5M sale of a 110-unit suburban multifamily portfolio at 10409-35 South Menard in Oak Lawn, 10300-20 South Parkside in Oak Lawn, and 6615-19 West Lloyd Drive in Worth.
Paine Wetzel – TCN Worldwide’s Denise Stein Chaimovitz repped the seller in the disposition of a 5,600 SF medical building at 1824 Wilmette Ave. in Wilmette. The buyer, 1824ACT, was repped by Emily Atia. The building will be completely renovated and used as medical/lab space.
NAI Hiffman’s Linda Garske and Jason Wurtz repped KBS in finalizing two leases at Edens Corporate Center, 630 and 650 Dundee Road in Gurnee. The leases bring the campus's occupancy rate to 98%.
- Continuum Clinical occupied an additional 6,614 SF in the 630 building. Continuum Clinical is a global healthcare research and communications company. Chris Cummins of Cushman & Wakefield repped the tenant in its expansion.
- CTE Global, an international representative for enzyme production facilities, signed a new lease for 4,823 SF in the 630 building. Bill Mass of Mass Realty repped the tenant.
NAI Hiffman’s John Whitehead and Mark Moran repped the owner, GLP, in its long-term lease renewal with Bendix Commercial Vehicle Systems for 34k SF of industrial space at 301-329 Airport Road in North Aurora.
Friedman Integrated Real Estate Solutions’ Jeff Feste repped PMMG in a 7,818 SF lease at 501 North Vermont St. in Palatine.
NGKF’s Adam Marshall and Mark Deady completed the following leases:
- A long-term, 46k SF lease renewal on behalf of Good News Publishers at 320 West Army Trail Road in Carol Stream.
- A 43k SF lease to ComEd on behalf of the landlord, Zilber Property Group, at 1333 Davis Road (shown) in Elgin. Chicagoland Commercial Real Estate’s Randy Olczyk repped ComEd.
- Represented Caldic USA in a 42k SF lease renewal at 2425 Alft Lane in Elgin. The landlord, Exeter Property Group, was repped by Jason DeFilippis.
Inland Securities Corp. hired Carlos Hammer and Jonathan Freeman as vice presidents. In their positions, Hammer and Freeman will serve as external wholesalers working to build relationships with current and new financial advisers.
MB Real Estate promoted David Graff to executive vice president of the firm’s project services division. Project services is responsible for the development of more than $200M worth of hospitals, medical office buildings and ambulatory care facilities.
The Gettys Group hired Jeff Bullied as a principal, leading the company’s business development efforts.
KIG promoted Jason Stevens to senior director and hired Marissa Pellegrini as a director.
The Missner Group hired Justin Sewell to handle property management duties across Missner Group’s portfolio, including assisting with all contracts, vendor management, request for proposals on projects, assisting with risk management and general records administration.
LM Commercial Real Estate hired Andrew O’Connell as director of real estate investment sales, Nate Ecker as development associate and Josh Sinnema as leasing broker. They will help lead the firm’s expansion in the multifamily brokerage, development and retail leasing sectors, respectively.