This Week's Chicago Deal Sheet
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Sterling Bay is not finished buying land along the North Branch Industrial Corridor. Last week, the firm acquired a site near Goose Island that will position it to compete with other developers for future growth in the market.
Sterling Bay paid $11.5M for a two-acre site just north of the North Avenue Home Depot. The site was available due in part to Mayor Rahm Emanuel's flexibility in relaxing zoning requirements in planned manufacturing districts. The site is sandwiched between the Home Depot and a maintenance facility for city vehicles, which the city is also looking to sell. One highlight of Sterling Bay's acquisition is 450 feet of river frontage, which would be an attractive selling point to future tenants.
SALES
CBRE’s John Jaeger, Dan Cohen and MJ Zaring repped a JV of Ascend Real Esate Group and Intercontinental Real Estate in the sale of The Madison at Racine, a 216-unit apartment building at 1164 West Madison St. in the West Loop, to American Realty Advisors.
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Baum Realty’s Patrick Forkin, Greg Dietz, Brad Teitelbaum and Danny Spitz repped the seller in the $4.1M sale of a fully occupied retail strip center at 1223 East Oakton St. in Des Plaines.
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Dayton Street Partners sold its 43K SF distribution facility at 920 West Pershing Road to a private investor for $4.1M.
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Essex Realty completed the following transactions:
- Brian Kochendorfer and Brian Karmowski were the sole brokers in the $800K sale of 12255 South Artesian Ave., a 16-unit apartment building in Blue Island, Ill.
- Doug Imber, Brian Kochendorfer and Brian Karmowski were the sole brokers in the $10M sale of 1330 East Chicago Ave., a 34-unit apartment complex in Naperville.
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Avison Young’s Erik Foster and Mike Wilson repped ML Realty Partners in the sale of a 61K SF industrial building at 165 Chicago St. in Cary, Ill. The property was purchased by Agracel and is fully leased to AMPAC, a global manufacturer of creative and flexible packaging for pharmaceuticals, health and beauty products, and retailers.
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Cawley Chicago’s Josh Hearne repped Industrial Outdoor Ventures in the $8M acquisition of a 19-acre truck and container yard at 23264 Youngs Road in Chanhannon, Ill. JLL’s Dan McGillicuddy and Steve Ostrowski repped the seller, Cavalea Continental Freight.
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Quantum Real Estate Advisors’ Chad Firsel repped the seller in the $2.3M sale of a multi-tenant retail center at 1414-1424 East Algonquin Road in Schaumburg.
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Inland Real Estate Acquisitions’ Matthew Tice facilitated the acquisitions of four medical office buildings in North Carolina, Texas and Utah, for a combined total of nearly 119K SF, on behalf of an Inland affiliate. To date, Inland has facilitated nearly $200M in medical office building acquisitions.
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HFF’s Amy Sands and Clinton Mitchell repped Spirit Realty Capital in its $35.4M sale of Lincoln Place, a 272K SF shopping center in Fairview Heights. Acadia Strategic Opportunity Fund IV purchased the asset with the help of $23.1M in acquisition financing arranged by HFF’s Timothy Joyce.
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Darwin Realty’s Jeffrey Provenza repped FSC Investments in the $710K sale of a 20K SF building at 2045 Janice Ave. in Melrose Park to DG Roofing Solutions. Brown Commercial Group’s Trinity Scurto repped the buyer.
LEASES
Colliers International’s Sven Sykes and Tom Volini repped Sikich in its 22K SF lease at 200 West Madison St. The new lease consolidates office space from Sikich’s 123 North Wacker and 230 West Monroe offices and provides additional square footage to accommodate anticipated growth.
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Block Real Estate Services’ Jeffrey Hawley and Brandon Duncan repped HSA Commercial Real Estate in a 214K SF lease with XPO Logistics at 1619 Park 370 Blvd. in Hazelwood, Mo. CBRE’s Katie Haywood and Jonathan Hinds repped the tenant.
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CBRE’s Jon Springer, Paul Diederich and Andrew Kaplan repped Riddell in a new 27K SF lease of an office and lab space at 1700 West Higgins Road in Des Plaines. Riddell will be vacating its space at 9801 West Higgins Ave. in Rosemont later this year and will develop a state-of-the-art office space in its new location to showcase the company’s robust history in football and development of innovative products.
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NAI Hiffman’s Aubrey Van Reken repped Mold Inspection & Testing in its 6,800 SF lease at 650 West Grand Ave. in Elmhurst. Lederer & Associates’ Pat Lederer-Korman repped the landlord, Korman/Lederer Management.
FINANCING
Mesa West Capital’s Matt Snyder originated $88.3M in refinancing for The SoBro, a 33-story Magellan Development multifamily property in Nashville, Tenn.
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ASC’s Igor Zhizhin arranged $11M in financing for a 40-unit mixed-use property in North Center. The condo quality mixed-use building was built in 2009 and consists of six ground-floor retail units and 34 residential units with a unit mix of two- and three-bedroom apartments.
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SomerCor 504 completed the following SBA 504 financing deals:
- Jim Karas Industries obtained $835K to renovate a 10K SF property at 179 East Deerpath, Lake Forest.
- Baymont Inn & Suites obtained $1.1M to purchase a 42K SF hotel property at 12801 South Cicero Ave., Alsip.
- Systematic Screen Printing obtained $1M to purchase a 49K SF industrial property at 1625 Norwood Ave., Itasca.
- Technotrix acquired $318K to purchase a 20K SF industrial warehouse at 1401-1407 Huntington Drive, Calumet City.
- Angel Water obtained $493K to purchase a 13K SF building at 28214 West Northwest Hwy., Lake Barrington.
- Danville Storage acquired $1M to purchase seven storage buildings totaling 58K SF at 617 and 623 East Voorhees St., Danville.
- Globetec International obtained $497K to purchase a 15K SF building at 403 Joseph Drive, South Elgin.
- Bocker Chevrolet/Buick/GMC/Cadillac obtained $2.2M to purchase a car dealership consisting of three buildings totaling 52K SF at 801 East South St., Freeport.
- The Local Option obtained $632K to purchase a 5,660 SF mixed-use building at 1102 West Webster Ave., Chicago.
- Boss Automotive obtained $187K to refinance existing debt on an 8,100 SF full-service auto repair shop at 13N055 Coombs Road, Elgin.
- SEAL South obtained $2.2M in financing to purchase a 74K SF building at 1265 Naperville Drive, Romeoville.
HIRES/PROMOTIONS
NelsonHill hired Michael Conway as a brokerage associate, specializing in adaptive reuse properties. Conway was most recently at Regional Realty Group, an exclusive seller representative for bank-owned properties in Will County.
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Darwin Realty hired Nicholas Krejci as an associate in the firm’s Elmhurst office; he will specialize in tenant representation in industrial sales in central DuPage County. Krejci will be training and working closely with Noel Liston, a principal and broker at Darwin for more than 22 years.
KUDOS
Three Chicago Draper and Kramer properties were named 2016 resident satisfaction award winners by StatisFacts, the multifamily industry’s premier authority on resident satisfaction and retention. The three properties are at 1130 South Michigan Ave., Grand Plaza at 530 North State St. and 1350 North Lake Shore Drive.
