This Week's Chicago Deal Sheet
Thor Equities bought $48M in Fulton Market properties in 2016. Now the New York investor owns an entire block in Chicago's hottest submarket, after acquiring 800-810 West Fulton Market from R2 Cos. for $12.2M.
Thor Equities paid $36M for the Morreale Meats portfolio at 816-820 West Fulton in December 2016 and plans to redevelop the buildings into mixed-use plays. R2, which paid $9M for 800-810 West Fulton in October 2016, decided all of the buildings needed to be under a single developer's control. Mixed-use remains the primary redevelopment option, with a focus on landing flagship and national credit retailers.
First Western Properties’ Paul Tsakiris was the sole broker in the sale of a three-story mixed-use building at 1540 West North Ave. in Wicker Park.
Quantum Real Estate Advisors completed the following transactions:
- Jack Farritor represented the seller in the $4.6M sale of a single-tenant building at 1050 South Lake St. in Aurora. The 83K SF building was leased to Anco Steel Co. at the time of the sale.
- Daniel Waszak represented the seller in the $2.8M sale of Rose Plaza, a multi-tenant retail center at 2828 South 17th St. in Broadview.
Kiser Group’s Rick Ofman and Lee Kiser brokered the $9M sale of The Maynard, a 74-unit multifamily property at 4875 North Magnolia in Uptown. Becovic Management purchased the asset from CLK Properties.
Essex Realty completed the following transactions:
- Doug Imber, Kate Varde and Clay Maxfield were the sole brokers in the $1.4M sale of a 50-foot by 150-foot lot at 4654 North Sheridan Road in Uptown.
- Brian Kochendorfer, Brian Karmowski and Troy Beebe were the sole brokers in the $530K sale of a six-unit apartment building at 8805 Dee Road in Des Plaines.
CBRE’s Todd Siegel and Phil Golding represented GLL Real Estate Partners in a 3,052 SF lease with LIK Fine Art at 444 North Michigan Ave., which will be the first retail location of fine art photographer Peter Lik. Goldstreet Partners' David Goldberg represented the tenant.
Capco, a global management and technology consultancy for the financial services industry, signed a long-term, 7,900 SF lease on the 41st floor of the Willis Tower. Capco is moving to Willis Tower from 227 West Monroe.
Kemper leased 65K SF at Aon Center. The Telos Group's Caroline Colnon, Matt Pistorio and Steve Smith represented The 601W Cos., and Cushman & Wakefield's Scott Goldman, Chris Wood, Dan Fisk and Adam McCostlin represented the tenant.
Lodge Financial’s Matthew Lebenson secured $2M in refinancing for a fully renovated 20-unit apartment building in Washington Park. Lebenson arranged the 10-year fixed-rate loan at 4.57% while structuring 36 months of interest only during the initial term.
Paul Boomsma assumed the role of president and CEO of Leading Real Estate Companies of the World (LeadingRE). Boomsma was the company’s chief operating officer and president of its Luxury Portfolio International division, and succeeds longtime CEO Pam O’Connor, who announced her retirement from LeadingRE in January.
Redwood Capital hired Bob Hanrahan as president and chief operating officer of the firm’s property management arm, and Brian Wening to oversee Redwood Construction Services.
NKF hired Jessica O’Hara as a director. O’Hara was previously a senior associate with CBRE.
Morgan/Harbour Construction promoted Craig Tolan to team leader from senior project manager.
J.C. Anderson was selected to complete renovations for The Metropolitan, a 40K SF club on the 66th and 67th floors of Willis Tower. The renovations will include the addition of Frame, a bar and lounge with food, drinks and live entertainment; Blueprint, a collaborative work area that will transform to a cocktail bar at night; and an upscale dining area called Craftsman that will honor Chicago’s architectural heritage, specifically that of Frank Lloyd Wright. The club, which also hosts private events such as weddings, parties and corporate meetings, will remain open throughout the renovations. The project executive is Joe Maguire, Michael Dunn is project manager and Greg Wysocki is superintendent. Gonzalez Architects is providing architectural services.
Fairbanks Energy Services completed a series of energy-efficiency upgrades for Edward-Elmhurst Health, one of the largest integrated healthcare systems in Illinois. The project replaced or retrofitted more than 38,000 inefficient halogen, incandescent, fluorescent and metal halide fixtures with modern LEDs and optimized lighting control systems. The upgrades reduced annual electrical consumption by nearly 16 million kilowatt hours.
The Missner Group completed a build-out for the Illinois Bone & Joint Institute at 140 North Roselle Road in Schaumburg. Heath Yarger was the project manager and Scott Nomellini served as the project superintendent for The Missner Group. Stephen Rankin Associates provided the architectural services.
Former Sitex Group principal Cary Goldman launched Timber Hill Group, a private equity firm specializing in the acquisition and development of logistics-related industrial real estate. Goldman will target value-add product in major markets throughout the Midwest, investing in properties that are core components of the global supply chain. Joining Goldman at Timber Hill is Ryan Battistoni, who will serve as head of the firm’s asset management and construction divisions.
Inland Private Capital President and CEO Keith Lampi was honored with the Under 40 Business Leadership Recognition Award by the Greater Oak Brook Chamber of Commerce. This award recognizes young professionals who display leadership in innovation, project management, research, professional or employee development and in their communities.
Essex Realty received a 2017 CoStar Power Broker Award, based on overall transaction volume in 2017 as reported to CoStar and measured against all the active commercial real estate brokers in the Chicago market.