This Week's Chicago Deal Sheet
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Arbor Lodging Partners' purchase of the Chicago Marriott Schaumburg hotel last month was facilitated by a sizable amount of acquisition financing. HFF helped Arbor Lodging and its partner, Middleton Partners, land a $38.7M acquisition loan.
HFF’s Jeff Bucaro, Nicole Aguiar, Tony Malk, Matt Enright and Bryan Rosenberg helped secure the financing for the 398-room, full-service hotel. The loan from Ladder Capital has a three-year, floating rate term with a one-year extension.
The Chicago Marriott Schamburg is Arbor Lodging's first area hotel holding.
Baum Realty’s Greg Dietz, Brad Teitelbaum and Danny Spitz represented the seller in the $6.4M sale of Albany Square, a 30K SF retail center at 4415-53 North Pulaski Road on Chicago’s Northwest Side.
Marcus & Millichap completed the following transactions:
- Scott Harris and Brian Kunze were the sole brokers in the $29.3M sale of a 400-bed student housing community at 512 South Third St. in Champaign, Illinois.
- Richard Kozarits was the sole broker in the $1.9M sale of an 8-acre site at 11680 German Church Road in Burr Ridge.
Brown Commercial Group’s Mike Antonelli represented the buyers in the following transactions:
- The D/C Group bought a 39K SF industrial building at 30W255 Youghal Road in Warrenville. The seller was represented by Cushman & Wakefield’s Mike Magliano.
- A school for children with special needs bought a 6,553 SF building at 3S140 Barkley Ave. in Warrenville. The seller was represented by SVN Chicago Commercial’s Neil Johnson.
Kiser Group’s Noah Birk and Aaron Sklar represented both parties in the $2.5M sale of a 22-unit apartment building at 7001 South Chappel Ave. in South Shore. A California-based investor purchased the property.
Entre Commercial Realty’s Brian Bocci represented S&W in the $1.1M sale of a 17K SF building at 730 Hastings Drive in Buffalo Grove. Colliers International’s Brendan Green represented the buyer.
Fulton Grace Realty’s Henry Lazerow represented the buyer in the $943K purchase of a four-unit property at 1464 West Ohio in West Town. The seller, Honore Properties, was represented by Frank Uhler.
Interra Realty completed the following transactions:
- Lucas Fryman was the sole broker in the $1.1M sale of 1645-49 West 83rd St. and 8301 South Paulina, two multifamily buildings totaling 26 units in the Gresham neighborhood.
- Joe Smazal, Jon Morgan and David Goss were the sole brokers in the $13.7M sale of 3264-70 North Clark in Lakeview. The buyer, North Park Ventures, plans to deconvert the building’s 30 condos into apartments and develop a five-story, 22-unit apartment building on an adjacent lot.
NKF's Geoff Kasselman arranged the sale of 800 South Rohlwing Road (Cross Pointe Green at Cross Pointe Corporate Center) in Addison on behalf of the seller, IDI Gazeley and JP Morgan Chase. The 42K SF flex showroom was sold to ForeFront Properties along with a 1-acre vacant out-parcel.
Colliers International’s Fred Regnery and Jack Rosenberg represented Value Industrial Partners in the $6.3M sale of a 162K SF warehouse at 5300 Dansher in Countryside to Combined Warehouse.
SVN Chicago Commercial’s Tim Rasmussen, Christian Peppler, Shane Sackett and Marcus Sullivan were the sole brokers in the $2.2M sale of 5015-19 North Clark St. in Andersonville. This used to be home to Man’s Country, the historic private gay bathhouse. The buyer, Quest Realty Group, plans to redevelop the site into a luxury condominium complex called The Renslow, in honor of Man’s Country’s longtime owner, Chuck Renslow.
Quantum Real Estate Advisors' Chad Firsel and Jason Caplan represented the seller of a single-tenant, net-leased Dunkin’ Donuts in Schaumburg. The seller was a local private investor. The buyer was a Sacramento, California-based investor completing his first 1031 exchange.
Cawley Chicago’s Josh Hearne and Mike O’Leary were the sole brokers in the sale of a 31K SF industrial building at 624 Anderson Drive in Romeoville. Value Industrial Partners were the buyers. The building was 50% vacant at the time of sale; Hearne and O’Leary secured a direct tenant for the remainder of the space.
Telos Group’s Maggie Brophy, Jamey Dix and Joy Jordan represented Equity Office in two leases at Willis Tower. Benchprep, an e-learning platform, leased 15K SF on the 57th floor and was represented by Colliers International’s Christine Torres. Meltwater leased 5,987 SF and was represented by CBRE’s Paul Reaumond and Steve Salomon.
NKF completed the following transactions:
- James Schutter represented Lynmark Group in leases with Starbucks and Inland Bank at Wheeling Town Center, a mixed-use development opening this spring in downtown Wheeling.
- Geoff Kasselman and Tamara Haney represented a Fortune 100 NKF corporate client in a 41K SF, long-term lease renewal at 7145 Sante Fe Drive in Hodgkins. Jupiter Realty Services represented the landlord, CenterPoint Properties.
Pangea Mortgage Capital and T2Capital Management closed on a $30.1M loan on behalf of UrbanStreet Group and VennPoint Real Estate for the funding of the Motorola Solutions campus redevelopment in Schaumburg.
Morgante Wilson Architects named Marie Nissen as the firm’s first chief financial officer. Nissen joined MWA in 2011 as a staff accountant and was promoted to senior accountant in 2013.
Principle Construction hired Alex Sanchez as estimator. He will review project scope, develop detailed cost estimates, prepare project master schedules, assist in maintaining Principle’s extensive historical cost database and assist with pre-construction activities.
McHugh Construction promoted Dave Alexander to president. Alexander has been with McHugh his entire post-collegiate career and worked up the ranks from intern to project manager, chief estimator and senior vice president.
First Western Properties hired Mel Bifsha as a broker and multifamily specialist. Bifsha will focus on up-and-coming areas such as Pilsen, Little Village, Humboldt Park, Bronzeville and Bridgeport.
Proper Title donated $25K to Lurie Children’s Hospital through its Proper Giving charitable arm.
THIS AND THAT
REDinCHI, a spinoff of REDinNYC, hosted its inaugural networking event at Untitled on Feb. 27 featuring a chat focused on Chicago's condo market between Roosevelt University Marshall Bennett Institute of Real Estate Executive Director Collete English Dixon and Begravia Group CEO Alan Lev. Bisnow was a media partner for this event.