This Week's Chicago Deal Sheet
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With strong demand from end users and vacancy rates nearing historic lows, industrial may be the most recession-proof sector of commercial real estate in Chicago. Plymouth Industrial REIT recognized this and completed the acquisition of a 15-asset, $102M, multistate portfolio from a joint venture of Brennan Investment Group and Goldman Sachs.
The majority of the portfolio's assets are in the Chicago area, including 13040 South Pulaski Road in Alsip, 6510 West 73rd St. in Bedford Park and 1796 Sherwin Ave. in Des Plaines. Brennan and Goldman Sachs acquired these properties as part of a 23-building, $170M deal three years ago.
DLA Piper's Andrew Weil, Julie Ehrlich, Jeffery Hare, Abby Flanagan and Aaron O'Donnell advised Goldman Sachs.
Cawley Chicago’s Andrew Maletich represented Westmount Realty Capital in the sale of a 311K SF warehouse and distribution facility at 4404 West Ann Lurie Place, near Midway Airport. The building was acquired by High Street Realty and is leased to Gold Eagle, BT Wholesale and Southwall Insulating Glass.
Friedman Integrated Real Estate Solutions’ Jeff Feste represented Van Der Molen Properties in the sale of a 62K SF building at 4640-4650 Western Ave. in Lisle, to Manna Organics.
NAI Hiffman’s Chris Gary and Jay Maher represented Transwestern Investment Group in the sale of a 162K SF industrial property to Rex Carton Co. The buyer was represented by Darwin Realty’s Adam Haefner.
Essex Realty’s Steven Livaditis and Joe Scheck were the sole brokers in the $2M sale of a nine-unit condominium building at 659 West Aldine in Lakeview. The condo association agreed to the sale and the buyer is considering deconverting the units to apartments.
Lee & Associates’ Brian Vanosky, Tom Condon and Tim McCahill represented Midwest Industrial Funds in the sale of an 84K SF industrial building at 4300 South Morgan in Chicago, within Stockyards Industrial Park. JLL’s Scott Duerkop, Jason Volpe and Sean Devaney represented the buyer, WP Carey, and represented Griffith Foods in a lease agreement in the building.
Matt Kurgan and Sean Connelly of 33 Realty represented Wolcott Group in its $975K sale of a four-unit apartment building at 1849 West Wellington.
CBRE completed the following transactions:
- Matt Mulvihill, Kevin Segerson, Philip DeBoer and Cal Payne represented Brake Parts in a 378K SF, eight-year lease extension at 1100 Corporate Drive in McHenry, and a 228K SF lease at 4400 Prime in McHenry.
- Mulvihill, Segerson, DeBoer and Payne represented Greencore in a 443K SF, three-year extension at 1100 Remington Blvd. in Bolingbrook.
- Mulvihill, Segerson, DeBoer and Payne represented St. George Logistics in a 269K SF, five-year extension at 875 Devon Ave. in Elk Grove Village.
- Todd Siegel, Phil Golding and Kimberly Wiskup represented Solidcore in a 2,200 SF lease at 463 West Chicago Ave. in River North. This will be the fitness provider’s first Chicago location. Cushman & Wakefield’s Danny Jacobson and Meredith Oliver represented the landlord.
Lee & Associates’ Ryan Earley represented Delta Logistics in a $4.4M, 10-acre lease at 5000 West Pershing in Stickney. Lee & Associates’ Brian Vanosky and Tim McCahill represented the lessor, Sitex Group.
Bradford Allen’s Ben Azulay and Matt Wright represented Simple Mills in a 10K SF lease at 435 North LaSalle. Simple Mills is relocating from 444 North Wells. Cushman & Wakefield’s Andrea Saewitz and Ben Cleveland represented the landlord, Elmdale.
First Western Properties’ Marion Abramiuk and Paul Tsakiris completed the following transactions:
- Abramiuk and Tsakiris represented the landlord in a 2,400 SF lease with Chulo Fitness at 13401-13419 South Ridgeland Ave. in Palos Heights.
- Abramiuk and Tsakiris represented both parties in a lease at 2744 West 18th St. in Little Village to a martial arts studio.
Cushman & Wakefield’s Eric Fischer, Michael Scadron, Keith Puritz and Brett Kroner represented Direct Warehousing in a 65K SF headquarters lease at 2801 Alft Lane in Elgin. Lee & Associates’ Ken Franzese and John Cassidy represented the owner, Northern Builders.
NAI Hiffman's Jeff Fischer and John Whitehead represented DCT Industrial Trust in a 247K SF lease with an international third-party logistics provider at 2176 Diehl Road in Aurora. Podolsky|Circle CORFAC International's Steven Podolsky and Steven Tick represented the tenant.
Skender Construction Vice President of People and Culture Lisa Latronico was promoted to partner. She will continue to lead the human resources team and focus her operational efforts on employee enrichment, retention and recruiting.
Savills Studley promoted Loredana Perri to director in the firm’s project management division. Perri joined the firm in 2014.
Essex Realty promoted Kate Varde to principal and managing director. Varde joined Essex in 2007 and has been involved in the sale of nearly $500M of investment property, including nearly 5,000 apartments.
Polsinelli hired David Tanner as a shareholder in the firm’s Chicago office. Tanner joined the real estate practice group and will focus on transactional and structural real estate deals, as well as zoning and land use matters. His work includes handling a variety of commercial real estate transactions involving the acquisition, disposition and finance of major properties, and the structuring of joint ventures.
Draper and Kramer Executive Vice President and Director Anthony Kramer, grandson of firm founder Adolph Kramer, celebrated his 50th anniversary with the firm. Kramer is the longest-serving family member at the five-generation company.