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This Week's Chicago Deal Sheet

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Luxury multifamily real estate's entrance into Chicago's outlying neighborhoods continues with the opening of Spoke, the newest project in the Milwaukee Avenue Corridor.

Mayor Rahm Emanuel, along with more than 450 guests, attended the grand opening of Spoke Apartments in River West
Mayor Rahm Emanuel, along with more than 450 guests, attended the grand opening of Spoke Apartments in River West.

More than 450 guests, including Mayor Rahm Emanuel, toured the 363-unit project in River West and its outdoor and in-premise amenities. The developer, Morgan Bond Co., a joint venture of Bond Cos. and Morgan Holdings, presented a donation to the Chicago Academy for the Arts, a neighborhood performing arts school. Students from the school performed for guests.

Spoke features a mix of studio, one-and two-bedroom apartments, a two-bedroom penthouse unit and three street-level townhomes.

SALES

Walgreens, 7878 South Harlem Ave., Bridgeview, Illinois
Walgreens, 7878 South Harlem Ave., Bridgeview

The Boulder Group’s Randy Blankstein and Jimmy Goodman represented the seller in the $5.8M sale of a single-tenant net-leased Walgreens at 7878 South Harlem Ave. in Bridgeview.

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John Meyer of 33 Realty was the sole broker in the $1.3M sale of 129 South Testa Drive, a 12-unit apartment building in Naperville.

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ML Realty Partners acquired a 55K SF industrial building at 31 South Mitchell Court in Addison. Transwestern’s Justin Lerner and Joe Karmin represented the seller and were retained by ML Realty to handle leasing efforts.

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Lee & Associates completed the following transactions:

  • Rick Anesi represented ABM Flooring in the $1.3M acquisition of a 15K SF building at 163 Covington Ave. in Bloomingdale. Transwestern’s Joe Karmin represented the seller.
  • Chris Nelson was the sole broker in the sale of a 60K SF, multi-tenant industrial property at 2545 Millennium Drive in Elgin. The buyer was High Street Realty.

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444 Skokie Boulevard, Wilmette, Illinois
444 Skokie Blvd., Wilmette

NAI Hiffman’s Michael Flynn and Jason Wurtz represented Oren Pickell Building Group in the acquisition of an 18K SF office property at 444 Skokie Blvd. in Wilmette. The property was previously owned by H&S Realty.

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Colliers International’s Tom Rodeno, Matthew Stauber and Patrick Turner represented Clear Heights Properties in the acquisition of a five-building, 666K SF industrial portfolio from American Landmark Properties. The portfolio included:

  • 550 and 600 North Commons, a 74K SF facility in Aurora.
  • 710-854 Foster Ave., a 117K SF facility in Bensenville.
  • 1400-1538 Elmhurst Road, a 78K SF facility in Elk Grove Village.
  • 3456 Ridge Ave., a 100K SF facility in Arlington Heights.
  • 8220 Austin Ave., a 297K SF facility in Morton Grove.

LEASES

Marketplace@500West Madison, Chicago
The ground-level food court at 500 West Madison

CBRE’s Phil Golding represented Boxcar Betty’s, and Todd Siegel and Kim Wiskup represented the landlord, KBS Realty Advisors, in a 1,725 SF lease at 500 West Madison.

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NKF’s Josh Kellerman, Jessica O’Hara and Jon Cordell represented the landlord, The John Buck Co., in a 15K SF lease with Braviant Holdings at 33 North LaSalle.

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Entre Commercial Real Estate’s Cory Kay and Mike Deserto represented the tenant, and Dan Jones and Mike Berkowitz represented landlord Agellan Commercial REIT, in a 15K SF lease at 1236 Hardt Circle in Bartlett.

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The Lynmark Group agreed to a 4K SF lease with Mia Cantina and a 2,500 SF lease with 312 Nails at Wheeling Town Center.

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Entre Commercial Realty’s Brian Bocci represented Ancient Graffiti in a 30K SF lease at 1700 South Butterfield Road in Mundelein. CBRE represented the landlord.

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Lee & Associates completed the following transactions:

  • Jay Farnam and Steve Bass represented the owner, Finch & Barry Properties, in a 15K SF lease with Polygon at 381 Randy Road in Carol Stream. Savills Studley represented the tenant.
  • Lee & Associates’ Steve Bass and John Sharpe represented Stockbridge Realty Group in a 60K SF lease with Exhibit Fabrications at 2570 Northwest Parkway in Elgin. Lee & Associates’ Ken Franzese and John Cassidy represented the tenant.

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Bridge Point 290, Cicero, Illinois
Bridge Point 290, Cicero

Bridge Development Partners completed the following transactions:

  • Royal Box Group agreed to a 323K SF lease at Bridge Point 290, 1543 South 54th Ave. in Cicero. CBRE’s George Maragos, Mitch Adams and Nicole Mentone represented Bridge. CBRE’s Eric Steiner and Pete Roberson represented the tenant.
  • The Bolke-Miller Co. signed a 308K SF lease at Bridge Point North Building III, 1350 Bridge Drive in Waukegan. CBRE’s Whit Heitman, Sam Badger, Brad Weiner and Jared Paff represented Bridge. Heitman represented the tenant.
  • Agility Logistics signed a 118K SF lease at Bridge Point Franklin Park Building I at 10501 Franklin Ave., Franklin Park. CBRE represented the tenant. Bridge was represented by Darwin Realty’s Jeff Provenza and Rick Daly.

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NAI Hiffman completed the following transactions:

  • Stephen Connolly, Mark Moran and Tomfohrde represented Sun Life Assurance Company of Canada in a 260K lease renewal with Westrock Converting Co. at 365 Crossing Road in Bolingbrook. Colliers International’s Douglas Biggs represented the tenant.
  • Perry Higa represented the Society for Laboratory Automation and Screening in a 2,713 SF lease at 1301 West 22nd St. in Oak Brook.
  • Brian Edgerton and Mike Van Zandt represented the owner in three leases at One Oakbrook Terrace. Alliant Insurance Services signed a 5,170 SF lease renewal and was represented by Colliers International’s Tom Berarducci. Lutheran Child & Family Services signed a new 6,947 SF lease and was represented by Cushman & Wakefield’s Eric Sorenson. Sequoia Realty Group’s Mark Levy represented attorney Debra J. Braselton in a 1,244 SF lease renewal.
  • Brian Edgerton and Adam Johnson represented Oak Lawn Medical Center in a 12K SF lease extension with Advocate Health Care at 10837 South Cicero in Oak Lawn. CBRE’s Gary Fazzio and Alli Fazzio represented the tenant.
  • Brian Edgerton and Adam Johnson represented MedProperties Group in two new leases at 907 North Elm St. in Hinsdale. Rogers Behavioral Health signed a full-floor, 11K SF lease on the third floor and was represented by JLL’s Sylvia VanLoveren. Bespoke Commercial’s Bill Lussow represented Advanced Pediatrics in a 1,739 SF lease.
  • Brian Edgerton represented Oak Brook Allergists in two medical office relocations. The first is 2,432 SF at 360 West Butterfield Road in Elmhurst. The second is 1,594 SF at 6800 Main St. in Downers Grove. Real Estate Consultants of Illinois’ James Hopkins and Cawley Chicago Commercial Real Estate’s Rawly Lantz represented ownership in the respective transactions.

FINANCING

Ivy Boutique Hotel, Chicago
Ivy Boutique Hotel

American Street Capital’s Igor Zhizhin arranged $10.7M in refinancing for the Ivy Boutique Hotel at 233 East Ontario.

HIRES/PROMOTIONS

Starwood Retail Partners hired Vincent Corno as senior vice president of development. Corno was most recently executive vice president and Midwest leader at Brixmoor Property Group, where he led the strategic value-enhancing redevelopment and leasing efforts for a 100-asset division with more than 20M SF. Starwood also promoted Jonathan Kaplan to vice president of leasing.

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NorthMarq Capital hired Matthew Brodsky as vice president. Brodsky joined NorthMarq from Freddie Mac, where he sourced over $5.2B in multifamily transactions in six years.

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Mid-America Real Estate hired Chelsey Ginder as vice president of single-tenant net-lease investment sales. Ginder was most recently vice president of multi-tenant retail, office and industrial acquisitions at VEREIT, and closed on over $1B in transactions throughout the U.S. in the past decade, with an emphasis on the Midwest and Western regions.

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Greenstone Partners hired Greg Dietz and Danny Spitz as partners. They came to Greenstone from Baum Realty Group.

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Coldwell Banker Commercial NRT hired Paul Proano and Joshua Hergott as senior commercial advisers.

KUDOS

Nearly 100 Crown Castle employees spent a day at McKinley Park on the city’s Southwest Side planting and mulching trees and picking up trash as part of the firm’s national community parks initiative.

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Ameritus Real Estate Investment appointed NKF as the exclusive leasing agent at 400 Skokie Blvd. in Northbrook. Ameritus purchased the property in December and will execute an extensive redevelopment with sizable capital improvements.

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The Hispanic American Construction Industry Association named Mortenson as its General Contractor of the Year. This honor recognizes Mortenson’s commitment to inclusion and diversity in construction and the efforts of Mortenson’s Chicago office in particular to advancing these goals.

CONSTRUCTION

Principle Construction completed an 11K SF expansion for All Tile at 855 Wood Dale Road in Wood Dale. Line Work Studio designed the project. Darrin Dehmlow was the project manager and Tom Sterbenz worked as the superintendent. Patrick Dwyer of Prologis served as the broker on the project.

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Bridge Development Partners announced the second phase of development at Bridge Point North in Waukegan. Three buildings totaling 927K SF will be delivered at the end of 2018.