This Week's Chicago Deal Sheet
The news regarding retail real estate these days is dominated by headlines about store closings and struggling malls, but not all shopping centers are in the same boat. Some are thriving and those malls are attracting interest from investors. One of those successful malls is in Lincoln Park's western edge and just changed hands in a nine-figure deal.
Centrum Partners sold Riverpoint Center, a 211K SF mall bounded by Clybourn and Fullerton avenues, to Federal Realty Trust for $107M. The center is anchored by a Jewel-Osco supermarket, Marshalls and Old Navy, and is 97% occupied. Mid-America Real Estate’s Joe Girardi repped both parties.
Quantum Real Estate Advisors’ Chad Firsel repped the seller in the $10M sale of Rockford Crossings, a multi-tenant retail center at 249-281 Dean Drive in Rockford.
Mid-America Real Estate’s Ben Wineman and Carly Gallagher, along with Mid-America Real Estate-Michigan’s Daniel Stern, repped both parties in the sale of Shelby Corners in Utica, Mich. The 76K SF power center was purchased by Beverly Hills, Mich.-based Grand Management & Development.
First Western Properties completed the following transactions:
- Paul Tsakiris and Kellen Duggan sold a strip mall at 1625 Glenview Road in Waukegan.
- Paul Tsakiris and Marion Abramiuk repped both parties in the sale of a shopping center at 400 Pulaski Road in Calumet City.
- Paul Tsakiris, Marion Abramiuk and Brandon Dessy repped both parties in the sale of an auto repair shop at 2102 South Oak Park Ave. in Berwyn.
Berkadia’s Alex Blagojevich and Ralph DePasquale repped RADCO in the disposition of Ashford at Geneva, a 226-unit multifamily property at 350-420 Brittany Court in Geneva. The buyer was an affiliate of Oak Residential Partners.
NAI Hiffman’s Chris Gary and Alex Sutterer repped EX Transport in its acquisition of a 25K SF industrial building at 2700 Division St. in Melrose Park from Pars Ice Cream.
Essex Realty’s Abe Elian was the sole broker in the $690K sale of 1348 North Artesian Ave., a three-unit greystone apartment building in Humboldt Park.
Kudan Group’s Chad Severson completed the following transactions:
- Severson repped the seller in the disposition of Bar 145 at 34 South Main St. in Mount Prospect to Jameson’s Pub.
- Severson repped the buyer in the sale of Danny’s Pub at 1550 North Route 59 in Naperville.
First Western Properties’ Kellen Duggan, Paul Tsakiris and Marion Abramiuk repped both parties in a lease with MetroPCS at 12601 South Western Ave. in Blue Island.
Bradford Allen’s Matt Alexander and John Skalla repped Vapiano restaurant in a 9,772 SF lease at 630 North Rush St., which will be Vapiano’s third location. CBRE’s Todd Siegel and Phil Golding repped the landlord.
Equity Office appointed Kirsten Hull as vice president of development, where she will oversee the day-to-day project management of assets under development in the Chicago market, with an initial primary focus on Willis Tower. Hull comes to Equity Office from McCaffery Interests, where she managed the University of Chicago’s real estate portfolio.
CBRE named Ned Pendleton managing director of asset services in Chicago. Pendleton, who joined CBRE in 1998, will be responsible for the oversight of 61M SF of office, industrial and retail properties in the Chicago region as well as 400 asset services personnel.
First Western Properties hired Brandon Dessy and Gene Hart as brokers. Dessy will focus on middle market retail and flex assets across Chicago, while Hart will handle multifamily investment sales.
Stream Realty Partners was awarded the property management of Cabot Properties’ 5.6M SF industrial portfolio in Chicago. The 30-building portfolio includes properties ranging from 40K to 450K SF, including bulk and multi-tenant distribution and light manufacturing assets in every major industrial submarket. Stream’s executive vice president Victoria Knudson, vice president Crysta Buck and assistant property manager Krystina Huertas will be responsible for the property management of the portfolio.
Michael Levin and Larry Cohn of @properties Commercial took home awards at CommercialForum's awards ceremony March 23. Levin won a Platinum Commercial award for Office Sales Volume, a Gold Commercial award for Industrial Sales-Number of Transactions and a Silver Commercial award for Retail Sales-Number of Transactions. Cohn won a Gold Commercial award for Office Leasing-Number of Transactions.
The following @properties Commercial brokers were honored for outstanding sales achievement in 2016 at the company’s annual @awards:
- Kevin Rocio - Commercial Production Sales
- Larry Cohn - Commercial Production Leases
- Ian Feinerman and Michael Weber - Top Office Brokerage Team
- Michael Levin - Top Office Brokerage Individual