This Week's Chicago Deal Sheet
After a record-shattering 2017, suburban multifamily sales activity has been as silent as a stone. Monument Capital Management broke the quiet with a mid-eight-figure deal, acquiring a Mount Prospect apartment complex for $68M, according to Cook County records.
The Residences at 1550 includes 509 units on 20 acres. The complex is a mix of one-, two- and three-bedroom units and townhomes. Amenities include a fitness center, a clubroom, a pool, a playground and a business center.
Monument Real Estate Services will manage the property. The acquisition was financed with a $52M loan, according to Cook County records.
HFF’s Patrick Shields, Jaime Fink, Jeff Bramson and Bryan Rosenberg repped both parties in the sale of Corporetum Office Campus VI, a two-building office property totaling 169K SF in Lisle. The seller was Winthrop Liquidation Trust and the buyer was Center Core Properties. HFF’s Trent Niederberger and Christopher Carroll helped arrange $9.5M in bridge financing.
Entre Commercial Realty’s Dan Jones, Mike DeSerto and Cory Kay repped Midwest Industrial Funds in the sale of a 76K SF industrial facility at 640 Industrial Drive in Cary to Illinois Lift. Morken Associates' Steve Morken repped the buyer.
LM Commercial Real Estate acquired four acres at 395 Roosevelt Road in Glen Ellyn. The firm plans to redevelop three build-to-suit parcels for new retail users.
The Boulder Group’s Randy Blankstein and Jimmy Goodman were the sole brokers in the $1.1M sale of a single-tenant new construction Dollar General at 4314 State Route N in Pomona, Missouri.
Greenstone Partners repped both parties in the sale of 22nd Street Retail Center, a multi-tenant shopping center at 17W700 22nd St. in Oakbrook Terrace.
Berkadia’s Alex Blagojevich, Michael Sullivan, Brett Meinzer and Grant Kollman repped the seller in the sale of The Villas at BCC, a student housing community in El Dorado, Kansas.
ML Realty Partners extended its 159K SF lease with Trend Technologies at 737-875 Fargo Ave. in Elk Grove Village. Mass Realty’s Bill Mass repped the tenant.
CBRE’s Jon Milonas, Brad Serot and Scott Brandwein repped Healthscape Advisors in a lease expansion at 55 West Monroe. Healthscape Advisors will expand to the entire 21st floor effective Dec. 1. The building owner, John Hancock Real Estate, was represented by Cushman & Wakefield’s Andrea Saewitz and Matt Lerner.
Entre Commercial Realty’s Cory Kay and Mike DeSerto repped Midwest Industrial Funds in a 25K SF lease to Witt Management Group at 680 Industrial Drive in Cary. The tenant was self-repped.
HSA Commercial Real Estate signed a 9,573 SF lease with the Orthopedic Institute of Wisconsin as part of a planned redevelopment of the three-story office building at 3077 Mayfair Road in Wauwatosa, Wisconsin. The Orthopedic Institute will open a 7,125 SF flagship clinic in the western portion of the building’s ground level with a patient drop-off area and parking to better serve the practice’s customers. Construction is expected to be completed in April.
Brown Commercial Group completed three suburban industrial transactions totaling 28K SF:
- Mason Hezner repped MHT Luxury Allows in a 16K SF lease at 2351 Brickvale Drive in Elk Grove Village. GC Realty’s Brad Bullington repped the landlord, J & R Investments.
- Brian Lindgren repped Schwanog in a 7,300 SF lease at 1301 Bowes Road in Elgin. Lindgren also repped the landlord, 1301 Bowes.
- Lindgren repped Accurate Combustion and Controls in a 5K SF lease at 3668 Swenson Ave. in St. Charles. CBRE’s Ted Gates repped the landlord, Liberty Property Trust.
Aries/Conlon Capital’s Rushi Shah, Michael Taylor and Suraj Desai completed the following financings, totaling over $40M:
- Shah and Desai originated a $7.5M, 10-year fixed-rate conventional loan with a 20-year amortization and a 60% loan-to-value ratio for a La Quinta Inn & Suites on Florida's Gulf Coast.
- Shah originated a $6.15M, 10-year fixed-rate, non-recourse CMBS permanent loan with a 25-year amortization for a La Quinta Inn & Suites in Tampa, Florida.
- Shah originated a $7.8M, 10-year fixed-rate, non-recourse CMBS permanent loan for the refinance of a repeat client’s four-property portfolio. The portfolio included a La Quinta Inn & Suites and a Country Inn & Suites in Hot Springs, Arkansas.
- Taylor and Shah originated a $5.1M, 10-year fixed-rate, non-recourse CMBS loan with a 25-year amortization for a multi-hotel portfolio near the U.S.-Mexico border in Eagle Pass, Texas.
- Shah originated a $6.75M, 10-year fixed-rate, non-recourse CMBS loan with a 30-year amortization and a 70% loan-to-value ratio for the refinance and reflag of a Red Roof Inn to a Country Inn & Suites in Erlanger, Kentucky.
- Shah originated a $6.75M, 10-year fixed-rate, non-recourse CMBS loan with a 30-year amortization and a 70% loan-to-value ratio for a Fairfield Inn & Suites by Marriott outside Columbus, Ohio.
The Gettys Group promoted Ben Nicholas to principal. Nicholas began his career as an intern in the firm’s Chicago headquarters and most recently held the title of senior director.
CBRE hired Jim Blake as director of property tax services in the firm’s Midwestern Valuation and Advisory Group. Blake will advise CBRE clients on all aspects of property tax, including pre-acquisition due diligence, property tax minimization by assessment analysis and appeals before local assessors and boards of review across the Midwest.
Skender Construction completed a 64K SF interior office build-out for Mead Johnson, a leading nutrition company for babies and children at 444 West Lake. Skender worked in collaboration with Partners by Design, Environmental Systems Design and Development Resources to complete the project in 20 weeks.
McShane Construction was selected by Greystar to complete Elan Yorktown — a new luxury apartment community coming to the Chicago suburb of Lombard. The upscale multifamily property is under construction on a six-acre parcel at 50 Yorktown Shopping Center.
Draper and Kramer is rebranding the Village Park of Palatine, a 448-unit apartment community in Palatine, as The Clayson, after the late George Clayson, an early Palatine resident and former village board member. The rebranding was announced as Draper and Kramer launched an $8.3M renovation plan for the development.
Inland Real Estate Brokerage President Richard Artman was honored in the Record Newspapers’ Best of the Fox 2017 Readers’ Choice Awards in the Real Estate Agent category. Artman was nominated as one of the best real estate agents in the Kendall County area.