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This Week's Chicago Deal Sheet

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Akara Partners has been busy of late. The firm, which agreed last week to buy the Pittsfield Building in a $16M deal, landed $24M in financing for the The Hensley, its 43-unit apartment development in 707 North Wells.

The Hensley, Chicago
The fitness room inside The Hensley in River North.

HFF placed the three-year, floating-rate loan with Heitman, which refinanced existing construction debt on the property. HFF’s Danny Kaufman and Stephen Skok led the debt placement team.

SALES

The Center for Outpatient Medicine, Bloomington, IL
The Center for Outpatient Medicine, Bloomington, Ill.

Stage Equity Partners acquired The Center for Outpatient Medicine, a 45K SF multi-specialty outpatient surgical center in Bloomington, Ill., in a $14.5M sale-leaseback transaction. Financing was provided by MB Financial.

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

  • Blankstein and Goodman repped the buyer in the $3.3M sale of a Target-anchored property at 177-179 West Army Trail Road in Glendale Heights.
  • Blankstein and Goodman repped the seller in the $950K sale of a single-tenant new construction Dollar General at 7220 Highway 465 in Simpson, La.
  • Blankstein and Goodman repped the seller in the $1.5M sale of a single-tenant PNC Bank Ground Lease at 6616 Crossings Drive SE in Walker, Mich.

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Brewster Creek Business Park, Bartlett, IL
Brewster Creek Business Park, Bartlett, Ill.

NGKF’s Adam Marshall, Brian Carroll and Mark Deady repped Ridge Development in the sale of 1331-1337 Schiferl Road, a recently completed 272K SF industrial building within Brewster Creek Business Park in Bartlett. Elise Couston repped the buyer. NGKF was also selected as the exclusive leasing agent and property manager for the building.

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Interra Realty’s Lucas Fryman repped the buyer, and Fryman, David Goss and Jon Morgan repped the seller, in the $1.7M sale of a mixed-use property at 5450 South Indiana Ave. in Washington Park. The property has 22 apartments that were recently gut rehabbed, as well as five retail spaces.

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Essex Realty’s Doug Fisher and Matt Welke repped the seller and Doug Imber, Kate Varde and Clay Maxfield repped the buyer in the $1.7M sale of 2101 West Fletcher, a five-unit building in Roscoe Village. The asset consists of a three-unit, three-story brick building and an interconnected two-unit frame building. Both buildings underwent gut rehabs in 2015.

LEASES

700-720 East Butterfield Road, Lombard, IL
700-720 East Butterfield Road, Lombard, Ill.

NAI Hiffman’s Brian Edgerton and Michael Van Zandt repped the landlord, St. Paul Fire & Marine, in an 86K SF lease renewal with Waste Management at 700-720 East Butterfield Road in Lombard.

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Jameson Commercial’s Chris Irwin and Hunter Cannon leased an 8,200 SF storefront at 204 North Milwaukee Ave. to Gruv Corp., which will turn the space into a lifestyle center featuring yoga, a juice bar and other healthy food choices. The building also houses Concord Music Hall, where Gruv intends to host yoga events during non-peak hours.

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CBRE’s Jon Springer and Gary Fazzio repped InvenTrust Properties in the lease of a 22K SF office space at 3025 Highland Parkway in Downers Grove. InvenTrust is relocating its corporate HQ there from 2809 Butterfield Road in Oak Brook.

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EnTrust’s tenant advisory team completed the following transactions:

  • Represented Paragon Marketing Group in the sublease of its new location at 200 West Wacker Drive.
  • Represented WPromote in the lease assumption of space at 211 West Wacker.

HIRES/PROMOTIONS

Stantec Architecture hired Chris Keller as design director in the firm’s corporate and commercial practice. A 20-year industry veteran, Keller’s personal portfolio features significant projects for KPMG, Ernst & Young, HUBGroup, Hard Rock/Hilton/Conrad hotels, Capital One, United Airlines and the Four Seasons.

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The Missner Group hired Ron Cinkus as senior project manager. A 25-year industry veteran, Cinkus was previously a senior project manager for United Insulated Structures Corp. in Berkeley, Ill.

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Starwood Retail Partners promoted Joseph Nicchetta to vice president of leasing and Bryant Siragusa to vice president of national restaurant and entertainment leasing. Nicchetta will oversee the merchandising, lease transactions and revenue goals for Starwood's East Region. Siragusa oversees restaurant and entertainment leasing throughout the company's 30-center portfolio, planning, budgeting and implementing a well-rounded mix of dining and entertainment for all properties.

KUDOS

SRS Real Estate Partners’ Chicago office launched restaurant leasing at Arlington Downs, the entertainment-driven mixed-use development at IL-53 and Euclid Avenue, adjacent to Arlington International Racecourse. Developer Springbank Real Estate Group is finalizing deals for a 10-screen Cinepolis luxury movie theater and a First Ascent Climbing & Fitness Facility at the Arlington Heights development, which includes One Arlington luxury apartments and a 100-key limited service hotel.