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This Week's Chicago Deal Sheet

The owners of a South Side condo complex agreed to sell to a firm that will reposition the units as apartments. It may be a sign condo deconversions, popular on the North Side for a couple of years, are starting to move south.

Everett Hyde Park, Chicago
Everett Hyde Park

Tricap Residential Group acquired Everett Hyde Park, a 32-unit complex at 5454 South Everett in Hyde Park, for $5M. The units are all one-bedroom condos and were previously converted from apartments in 2007 with renovated granite countertops, stainless steel appliances, new cabinets and flooring, and in-unit laundry. Tricap Residential plans to upgrade the building lobby and common areas, make minor in-unit renovations and manage the property. Interra Realty’s Joe Smazal was the sole broker.

SALES

922-24 Ontario, Oak Park, Ill.
922-24 Ontario, Oak Park

Essex Realty’s Jim Darrow and Jordan Gottlieb were the sole brokers in the $2M sale of a 13-unit condominium building at 922-24 Ontario St. in Oak Park.

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First Western Properties’ Paul Tsakiris, Kellen Duggan and Bradford Dessy were the sole brokers in the sale of a 30K SF Family Dollar at 2740 West Cermak Road.

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Millennium Properties R/E’s Greg Block sold a 10-acre site at 4001-11 Fountain Square Place in Waukegan for $975K. The site has the potential to be developed into retail, office space or a hotel.

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Berkadia’s Chris Bruzas and Alex Blagojevich were the sole brokers in the sale of Abbey Court, a 250-unit multifamily complex in Evansville, Indiana. The seller was Samaritan Properties and the buyer was Barrett Asset Management.

LEASES

A rendering of Tucker Development and Acadia Realty's upcoming 900 West development, Chicago.
900 West, Chicago

CBRE completed the following transactions:

  • Ron Lakin, Jessica O’Hare and Ellen Zalatoris represented Tucker Development in two leases totaling 46K SF at the Offices at 900 West, at 900 West Randolph St. in Fulton Market. Amsterdam-based co-working company Spaces committed to 40K SF, and private investment firm ParkerGale leased 6,416 SF. JLL’s Kerry Gilar and Bill Rogers represented Spaces, while EnTrust Realty Advisors’ Jud Henry represented ParkerGale.
  • Sharon Kahan and Michelle Levy represented Town Cutler in a 1,250 SF lease at 1116 West Madison St. Conlon Commercial Real Estate’s Mike Bombicino represented the landlord, Red Sky Capital.

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Tucker Development completed a 1,333 SF lease with Lululemon at 900 West.

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Darwin Realty’s George Cibula and Adam Haefner represented Chicagoland Quad Cities in a 90K SF lease renewal at 9 Timber Court in Bolingbrook. The building owner was represented by Cushman & Wakefield’s Jason West and Sean Henrick.

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NAI Hiffman’s Dan O’Neill represented JSQ Brush Hill in a 5,256 SF lease with Hummingbird Pediatric Therapies at 750 Pasquinelli Drive in Westmont, and a 2,630 SF lease with Softband at 770 Pasquinelli Drive in Westmont.

FINANCING

The JW Marriott Chicago
The JW Marriott Chicago

HFF’s Michael Kavanau, Danny Kaufmann, Jeff Bucaro and Nicole Aguiar arranged $270M in refinancing for the JW Marriott Hotel in Chicago’s Financial District. The HFF team worked with ownership, led by the Prime Group, to place the loan with Natixis to refinance a maturing loan.

HIRES/PROMOTIONS

The Metropolitan Exposition and Pier Authority’s board of trustees named Colliers International Chicago CEO David Kahnweiler to serve as its vice chair.

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Inland Mortgage Capital hired Marcus Perry as senior vice president of loan origination for the Eastern Region of the U.S., and Kevin Blaha as senior analyst in portfolio management.

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Summit Design + Build hired Andy vanWaardenberg as project executive. He was most recently at Henry Bros. Co. General Contractors/Construction Managers as senior vice president/general manager.

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Dennis Crawford joined Principle Construction as a superintendent. He will be responsible for managing daily project field operations.

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Krusinski Construction Co. made the following hires:

  • Rick Anderson as a senior project superintendent. He is managing a project in Skokie for Hillwood Development.
  • Scott Medows as senior pre-construction manager.
  • Kuy Parker as a project engineer assigned to several projects, including an e-commerce facility in Crest Hill and a welfare facility for CN Rail in Green Bay, Wisconsin.

KUDOS

The Sinclair, Chicago
The Sinclair

Fifield Realty Corp. delivered The Sinclair, its new 35-story, 390-unit luxury apartment tower at 1201 North LaSalle. A a two-day grand opening attracted over 1,200 people last week. Rents range from $1,900/month for a 500 SF studio to nearly $14K SF/month for a four-bedroom penthouse.

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The Missner Group completed build-outs and renovations for the Illinois Bone & Joint Institute at 111 North Canal St. in Chicago, 101 Waukegan Road in Lake Bluff and 2102 Waukegan Road in Bannockburn. Steve Yarger was the senior project manager, and Steve Bulger served as project superintendent. Stephen Rankin & Associates provided architectural services.

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Transwestern’s Midwest regional headquarters at 200 West Madison became the only Chicago office location to be awarded both LEED and WELL certifications with its recent WELL designation.

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Principle Construction is building a 107K SF spec warehouse at 2080 Lunt Ave. in Elk Grove Village for Seefried Properties. Mark Augustyn is the principal on the project. Darrin Dehmlow will serve as project manager and Mark Frane as superintendent. The project architect is Harris Architects.