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This Week's Chicago Deal Sheet

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The long-awaited redevelopment of Old Cook County Hospital could begin as early as this summer, now that the group of developers led by James Murphy has control of the property. The group, Civic Health Development Group, acquired the property through long-term ground leases.

Cook County Hospital
A group of developers led by John Murphy will redevelop Cook County Hospital.

CHDG signed 99-year ground leases on the property, which commit the group to finalizing plans to redevelop the property into a mix of residential, retail and office space. The first tenants, which will occupy a hotel, administrative/medical offices and ground-floor retail, are expected to move in sometime in 2019.

The $130M, multiphase development will include a new research and technology center, an expansion of parking facilities for the Illinois Medical District and mixed-use high-rise towers over a 10- to 15-year period. Partners in the CHDG venture include Murphy Development Group, MB Real Estate, Walsh Investors, Plenary Group and Granite Cos. DLA Piper's Robert Goldman, Stacy Osmond and Greg Dahlgren represented CHDG in the transaction.

SALES

Suburban Chicago office real estate
850 Forest Edge Drive, Vernon Hills

Millennium Properties’ Michael Mintz was the sole broker in the sale of a 65K SF site at the corner of Randall and Sullivan in Aurora.

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Adelphia Properties’ George and Simeon Spirrison represented the seller in the sale of a 3,551 SF, single-tenant, net-lease property at 1711 Ogden Ave. in Downers Grove. The tenant has three years remaining on the lease term with renewal options and rent escalations.

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Marcus & Millichap’s Dominic Sulo and Chad Lieber were the sole brokers in the $3.2M sale of a 48K SF net-lease Kroger supermarket at 2701 Columbus St. in Ottawa.

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Podolsky Circle CORFAC International’s Randy Podolsky and Adam Tarantur represented Forest Edge in the $1.1M sale of 850 Forest Edge Drive in Vernon Hills to the Boy Scouts of America’s Northeast Illinois Council. Fore Front Properties’ Dave LeCavalier represented the Boy Scouts.

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Chicago Mixed-Use Real Estate
2501-11 North Southport Ave.

JLL’s Steve Steinmeyer and Steve Trapp represented Midwest Industrial Funds in the acquisition of a fully leased 117K SF industrial property at 800 North Church St. in Lake Zurich. Van Vlissingen and Co.’s Nick Panarese represented the seller.

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Interra Realty’s Jon Morgan and Colin O’Malley were the sole brokers in the $4.3M sale of 2501-11 North Southport, a three-story mixed-use building in Lincoln Park.

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JBS Commercial Real Estate’s Jason Shibata and Brian Silverman represented 1133 Cleveland in the $10M acquisition of Oakmont Tech Center, a single-story, 112K SF building at 600-680 Oakmont Lane in Westmont.

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Kiser Group completed the following transactions:

  • Noah Birk and Aaron Sklar were the sole brokers in the $3.7M sale of a 53-unit multifamily building in South Shore. The location was not disclosed.
  • Noah Birk was the sole broker in the $2.4M sale of a 25-unit multifamily property in South Shore. The location was not disclosed.
  • Tanius Stamper was the sole broker in the $450K sale of 431 North Menard and 5233 West Potomac Ave., two properties in the Austin neighborhood.
  • Aaron Sklar was the sole broker in the $330K sale of a six-unit apartment building at 5644 South Calumet Ave.

LEASES

200 South Wacker, Chicago
200 South Wacker Drive

First Western Properties’ Marion Abramiuk leased a 2K SF former Quizno’s storefront at 6520 Joliet Road in Countryside to an oral surgeon.

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Colliers International’s Tony Karmin represented Claro Healthcare in a 23K SF lease at 200 South Wacker Drive — Cushman & Wakefield’s former office space. Cushman & Wakefield was represented by Mark Gunderson.

HIRES/PROMOTIONS

World Business Chicago named Bernita Johnson-Gabriel as executive vice president for neighborhoods and strategic initiatives, where she will be responsible for leading the organization’s efforts to support economic growth and job creation for Chicago’s neighborhoods. She brings nearly 15 years of development experience to World Business Chicago, most recently as senior adviser for neighborhood development and housing for Mayor Rahm Emanuel. Prior to joining the mayor’s office, Johnson-Gabriel served as executive director of the Quad Communities Development Corp., a neighborhood development organization serving Chicago’s south lakefront communities of North Kenwood, Oakland, Douglas and Grand Boulevard.

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Lee & Associates promoted Jay Farnam to senior vice president. Farnam joined Lee & Associates in 2013 and specializes in acquiring, disposing of and leasing industrial and office properties.

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Proper Title hired Neil Farut as senior underwriting counsel.

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CBRE hired the following people for its retail advisory team:

  • Danny Jacobson, Luke Molly, Brendan Reedy and Meredith Oliver were hired as senior vice presidents.
  • Amy Sider, Jack Siragusa and Brent Wayburn were hired as first vice presidents.
  • Stephan Ansani and Nicki Berg were hired as vice presidents.
  • Christina Edson was hired as senior graphic designer.
  • Lauren LaRoche was hired as graphic designer.
  • Scott McLinden was hired as an analyst.

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ML Realty Partners hired Dustin Wampach as asset manager. He will focus on portfolio operations and lease negotiations. Wampach spent several years at CBRE, most recently as real estate manager.

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Essex Realty promoted Jordan Mutlack to director. Mutlack, who joined Essex in 2016, focuses on West Town and Logan Square.

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Cushman & Wakefield hired Gino Lollio and Scott Niedergang as managing directors in the firm’s healthcare advisory group. Over the past decade, the pair have closed on over 100 medical office assets in 20 states valued at more than $700M.

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SmithGroupJJR promoted Laura Holman and Timothy Gregg to principal.

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The Wicker Park Bucktown Chamber of Commerce named Samantha Choudhury as its new special service area program manager. Choudhury is an urban planner with 12 years of experience working in state and local governments, as well as the private and not-for-profit sectors in both the U.S. and Australia.

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First Western Properties hired Brian Walsh as an investment sales broker.

CONSTRUCTION

Inland Steel Building, Chicago
Inland Steel Building

The Opus Group and JLL completed a headquarters relocation for the American Academy of Pediatrics at Hamilton Lakes Business Park in Itasca.

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Mortenson Construction completed the final phase of a multiyear, $50M renovation for the College of Lake County’s Grayslake campus. Starting in 2015, Mortenson demolished and rebuilt 190K SF and added 30K SF to the community college’s primary two buildings. The goal of the project was to enhance student experience, improve accessibility and upgrade fire, life safety and mechanical systems.

KUDOS

The Inland Steel Building, 30 West Monroe, earned LEED Gold certification from the U.S. Green Building Council. The building, the first Loop high-rise built after the Great Depression, excelled in a number of the program’s categories, including sustainable sites, water efficiency, energy and atmosphere, indoor environmental quality, materials and resources, and innovation and operations.