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This Week's Chicago Deal Sheet

The suburban multifamily market has caught fire in 2017’s second half, with a flurry of high-eight-figure deals in the past two months. Equus Capital Partners is the latest seller to cash out in a strong market. The firm sold Madison Park Butterfield, a 522-unit apartment complex in Mundelein, to TLC Management for $80M.

Madison Park Butterfield, Mundelein

The garden-style apartment community features a mix of studio, one- and two-bedroom units. On-site community amenities include a pool with a sundeck, a clubhouse with a resident lounge, a movie theater, a fitness center and a cybercafé. The community was 96% occupied at the time of sale. Equus acquired the property in 2007 from Laramar Group. It was represented by CBRE’s Dan Cohen and MJ Zaring.


Hyatt Centric The Loop Chicago Hotel

HFF’s Jaime Fink, Nicole Aguiar, Jeffrey Bramson and Jeff Bucaro represented Murphy Development Group in the $110M sale of the Hyatt Centric The Loop Chicago Hotel at 100 West Monroe. Deka Immobilien was the buyer.


The Boulder Group completed the following transactions:

  • Randy Blankstein and Jimmy Goodman represented both parties in the $2.2M sale of a single-tenant, net-leased Advance Auto Parts at 1386 Butterfield Road in Aurora.
  • Randy Blankstein and Jimmy Goodman represented the seller in the $7.3M sale of a single-tenant, net-leased Walgreens at 28895 West Highway 120 in Lakemoor, Illinois.
  • Randy Blankstein and Jimmy Goodman represented the buyer in the $3.3M sale of a single-tenant Internal Revenue Service building at 14479 South John Humphrey Drive in Orland Park.


SRS Real Estate Partners’ Dan Elliot and Sean Lutz represented Cypress Equities in the acquisition of two Schnucks grocery stores at 1810 Harlem Road in Loves Park, Illinois, and 6410 East State St. in Rockford, Illinois. The transaction signals the first closing in Cypress’ new triple-net fund, Cypress NNN Fund I.


1250 Pratt Blvd., Elk Grove Village

NKF completed the following transactions:

  • Brian Carroll and Tom Gath represented Continental Bindery Corp. in the sale of its HQ facility at 700 Fargo Ave. in Elk Grove Village.
  • Carroll and Gath represented Continental Bindery in the acquisition of a new facility at 1250 Pratt Blvd. in Elk Grove Village. Mark Deady and Adam Marshall represented the seller, an affiliate of Midwest Industrial Funds.


Chicago Real Estate Resources completed the following transactions:

  • Michael Tolliver was the sole broker for a $13.6M portfolio sale consisting of 198 units, spread across five buildings. The new owner, an out-of-state developer, plans to invest over $3M in capital improvements.
  • Dave Salinas represented the seller of a Shell Gas Station in Rolling Meadows, while Justin Moore and Louis Head represented the seller. The new owner plans to continue to operate the gas station.
  • Justin Moore sold 2476-78 North Lincoln to Mavrek Development to be redeveloped into a mixed-use building of first-floor retail and six luxury condos above. In this transaction Moore also relocated the restaurant tenant Two Birds and One Stone to 1415 West Fullerton, where the new owner is completing a build-out to reopen.
  • Nate Gautsche represented the seller in the $1.2M sale of a Burger King at 7 East Garfield Blvd. in Chicago.


Chicago Real Estate Resources’ Nate Gautsche completed the following transactions:

  • Gautsche represented Burger King in a new lease at 224 East 103rd St.
  • Gautsche represented the landlord in a lease with Checker’s at 107 East 95th St.
  • Gautsche represented Taco Bell Cantina in a new lease at 205 East Ohio St.


Value Industrial Partners’ Brain Liston, Brian Gedvilas and Brigid Walsh represented building ownership in the following transactions:

  • Long Supply leased 22K SF at 950 North Oaklawn Ave. in Elmhurst. 
  • The Chicago Tribune leased 19K SF at 9913 South 78th Ave. in Hickory Hills for a daily newspaper distribution center. Cushman & Wakefield's Chris Porter represented the Chicago Tribune.
  • Givex leased 19K SF at 1960 Swanson Court in Gurnee.
  • Hometown Suburban Vending renewed its lease and expanded by 6,080 SF, for a total of 18K SF, at 12358 South Latrobe Ave. in Alsip.
  • Universal Synergy Group leased 16K SF at 1151 Atlantic Drive in West Chicago for an expansion into the Chicago area market. The tenant was represented by Brown Commercial's Mike Antonelli.
  • CSafe Global leased 5K SF at 761 Edgewood Ave. in Wood Dale. CSafe was represented by @properties' Dan Winkowski.


600 West Chicago Ave.

Savills Studley’s Patrick Brady represented River North Gym in a 27K SF lease at 600 West Chicago Ave. This location will serve as RNG’s first expansion and will complement the company’s flagship club within the Merchandise Mart.


Earles Associates and Architects hired Reymond Pingul as project manager and interior designer, and Katrina Rice as interior designer.


Transwestern hired James Brannan as vice president in the firm’s project management and development group. Brannan will be responsible for expanding Transwestern’s services to include build-to-suit projects, renovations, workplace strategy, development opportunities and tenant improvement assignments. He comes to Transwestern from Savills Studley, where he was senior project manager.


Stantec Architecture hired Susan Limbrunner as senior project manager in the firm’s health sector practice. She comes to Stantec from Northwestern Medicine.


Cushman & Wakefield promoted Gene Williams to head the firm’s valuation and advisory data center team.


Chicago Real Estate Resources hired veteran broker Louis Head from 33 Realty. Head will be based out of the firm’s Michigan Avenue office.


Leading Real Estate Companies of the World hired Parikshat Chawla as director of business development. He will lead efforts to recruit the best real estate firms in the Asia-Pacific region, including India.


LM Commercial Real Estate hired Ann Kelly Heitner, Richard Schneider and Richard Bowen as brokers. Heitner joins LM from Oak Park Realty and will focus on office and retail properties. Schneider was president and owner of Supreme Novelty Fabrics and urban industrial and transitional infill properties. Bowen comes to LM from GK Development and is a retail leasing specialist.


AMLI Residential was recognized by the U.S. Green Building Council with the Outstanding Multi-Family Developer LEED Homes award for its leadership and innovation in the residential green building marketplace, and with the LEED Power Builders award, which recognizes developers that certify at least 90% of their units built in the past year.