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This Week's Chicago Deal Sheet

The Chicago chapter of the Society of Industrial and Office Realtors and the SIOR Foundation recently awarded scholarships totaling $15K to five students pursuing a career in commercial real estate.

2017 SIOR Chicago Chapter President Jason West; Mohammed Ali Khan, University of Illinois; Eric Richard, Roosevelt University; Tracy Collins, Roosevelt University; Kevin Tazalla, Northwestern University and Cushman & Wakefield Executive Director Sean Henrick.
2017 SIOR Chicago Chapter President Jason West; Mohammed Ali Khan, University of Illinois; Eric Richard, Roosevelt University; Tracy Collins, Roosevelt University; Kevin Tazalla, Northwestern University; and Cushman & Wakefield Executive Director Sean Henrick.

The students are: Mohammed Ali Khan, University of Illinois; Eric Richard, Roosevelt University; Tracy Collins, Roosevelt University; Kevin Tazalla, Northwestern University; and Lindsey White, DePaul University. Each received a $3K scholarship. SIOR Chicago has provided nearly $185K in real estate scholarships to 79 students since 1984. The program recognizes and rewards outstanding academic performance in business and real estate courses. Recipients are also provided access to career opportunities and internship programs within the Chicago real estate community.

SIOR Chicago's 2017 Scholarship Committee included Cushman & Wakefield's Sean Henrick and Schain Banks Kenny & Schwartz's Jim Hochman.

SALES

1221-1311 Rand Road, Des Plaines, Illinois
1221-1311 Rand Road, Des Plaines

Podolsky Circle CORFAC International’s Alissa Adler, John Homsher and Paul Tesdal represented Ameritus Real Estate Investment in the $6.2M sale of a four-building, 137K SF industrial/flex warehouse complex at 1221-1311 Rand Road in Des Plaines. Additionally, Podolsky Circle provided debt placement services to the buyer, Clear Height Properties.

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Lee & Associates’ Walter Murphy was the sole broker in the sale of a 20-acre site at 3501 West 51st St. Murphy negotiated the sale on behalf of Grand Trunk Western Railroad Co. to Conor Commercial Real Estate, which will break ground on a 317K SF industrial building on the site in April.

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NAI Hiffman’s Art Burrows and Adam Johnson represented R.C.M. 22nd St. in the sale of 55 West 22nd St. in Lombard. USA Realty Group’s Farhan Hanif represented the buyer, Lombard Investment Group.

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Kiser Group’s Michael D’Agostino and Daniel Mantis represented both parties in the $726K sale of a 17-unit apartment building at 2300 Lewis Ave. in Zion, and the $167K sale of a four-unit apartment building at 2818 Elisha Ave. in Zion.

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Marcus & Millichap completed the following transactions:

  • Stephen Lieberman and Kyle Stengle represented the seller in the $4.5M sale of a 24K SF building at 1525 West Homer in the North Branch Industrial Corridor. The buyer was a local private investor.
  • Stengle was the sole broker in the $1M sale of a six-unit apartment building at 726 North Throop in West Town.

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GlenStar Properties acquired 10 acres in the O’Hare submarket. The site, on the north side of the Kennedy expressway at the Cumberland interchange, was subdivided by GlenStar into three parcels upon closing. The largest parcel, at 3.6 acres, is immediately available for build-to-suit opportunities. A 2.8-acre parcel was sold to an unnamed developer to build a new 150K SF office building. The smallest parcel is in the process of being rezoned.

LEASES

Heritage Crossing, Lockport, Illinois
Heritage Crossing, Lockport

NAI Hiffman completed the following transactions:

  • Dan Leahy, John Whitehead and Mark Moran represented ML Realty Partners in a 102K SF lease with Illinois Tool Works at Heritage Crossing in Lockport. Nicholson Porter & List’s Charles Osweiler represented the tenant.
  • Dan O’Neill and Adam Johnson represented ownership in a 54K SF lease extension with Joseph T. Ryerson & Son at 1050 Warrenville Road in Lisle. CBRE’s Jon Springer represented the tenant.
  • Adam Johnson represented American Community Management in a new lease with LexRay at 3041 Woodcreek Drive in Downers Grove. NKF’s John Kinsella represented the tenant.

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SRS Real Estate Partners’ Kevin Boyd and Michael Strauss completed two leases totaling 45K SF at Arlington Downs, a mixed-use development in Arlington Heights. First Ascent Climbing and Fitness leased 30K SF, and Funtopia leased the remaining 15K SF.

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NKF’s Elise Couston, Adam Marshall and Mark Deady completed three new leases totaling 118K SF on behalf of Barings Real Estate Advisers, in support of an institutional investor. The first two leases were completed at 260 Madsen Drive in Bloomington — a 50K SF lease with Reliable Automatic Sprinkler and a 20K SF lease with Service Spring. The third lease was 48K SF with Brolite Products at 1331-1337 Schiferl Road in Bartlett.

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CenterPoint Properties agreed to a five-year lease with Uline at 11559 80th Ave., a new 418K SF spec building within CenterPoint’s LakeView Corporate Park in Pleasant Prairie, Wisconsin.

FINANCING

American Street Capital’s Alexander Rek arranged $2.6M in acquisition financing for a two-building, 52-unit multifamily portfolio in South Shore.

HIRES/PROMOTIONS

Peak Construction hired John Bender as business development manager, and Jeff Landis and George Kupper Jr. as project superintendents.

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Podolsky Circle CORFAC International’s Adam Tarantur was named an at-large member of CORFAC’s 2018 executive committee.

CONSTRUCTION

Goby Headquarters, Chicago
Goby Headquarters, Chicago

Earles Associates and Architects completed a two-floor office space for Goby at 33 North LaSalle. The build-out doubles Goby’s total footprint at the classic Art Deco building.

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Ware Malcomb completed a 10K SF headquarters build-out for Purohit Navigation at Willis Tower. The office is on the 62nd floor of Chicago’s tallest building. Bear Construction was the project’s general contractor.