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This Week's Chicago Deal Sheet

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Zeller Realty refinanced the loan on one of its suburban office holdings. 

Old ORchard Towers, Skokie, Illinois
Old Orchard Towers, Skokie

Zeller was granted a $59.6M refinancing package for Old Orchard Towers, a two-building, 350K SF property at 5202 and 5250 Old Orchard Road.

Ares Commercial Real Estate provided the three-year, floating rate loan. An HFF team led by Christopher Carroll helped Zeller secure it.

SALES

227 East Walton Place, Chicago
227 East Walton Place

Marcus & Millichap’s Kyle Stengle, Austin Weisenbeck, Sean Sharko and Brewster Hague brokered the $10.3M sale of 227 East Walton Place, a 13-story multifamily building in Streeterville. The buyer plans to deconvert the building’s 25 condos back into apartments.

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The Boulder Group’s Randy Blankstein and John Feeney represented the seller in the $12M sale of a single-tenant net-leased Pick n’ Save at 2538 Ironwood Drive in Sun Prairie, Wisconsin.

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NAI Hiffman’s John Whitehead and Jeff Fischer represented Neuco in the acquisition of 515 West Crossroads Parkway in Bolingbrook. Neuco, a distributor of HVAC replacement parts to wholesale distributors throughout North America, will relocate its headquarters from Downers Grove. Lee & Associates’ Terry Grapenthin and Jeff Galante represented the seller, Duke Realty.

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Millennium Properties’ Brad Thompson was the sole broker in the sale of a single-tenant net-leased, 12K SF warehouse at 2420 Hiller Road in Johnsburg.

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CONLON Commercial’s Steve Horvath and Andrea Doyle, along with Compass’ Dana Slager, represented the seller in the $8.6M sale of a 20K SF mixed-use retail/residential building at 211 North Carpenter in Fulton Market to the Republic of Indonesia.

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Quantum Real Estate Advisors’ Daniel Waszak represented the seller in the $7.6M sale of a single tenant net leased Walgreens in West Lafayette, Indiana.

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Darwin Realty’ Noel Liston and Nick Krejci completed the following transactions:

  • Liston and Krejci were the sole brokers in the $2M sale-leaseback of a 38K SF industrial building at 502 Vista Ave. in Addison. The seller, AIM Inc., will lease the building back for the next several years. The property was purchased by Westwind Industrial.
  • Liston and Krejci represented Comtelco Industries in the $1M sale-leaseback of its 14K SF facility at 501 Mitchell Road in Addison. The buyer, IVM Chemicals, was represented by Combined Commercial Realty’s Pat Ryan.

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Jameson Commercial Real Estate’s Mark Jones and Mark Kishtow were the sole brokers in the $10.4M sale of a 76K SF parcel at 1101-13 South Clinton in the South Loop.

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Berkadia’s Ralph DePasquale, Alex Blagojevich and Parker Stewart represented the seller in the $5.8M sale of Hawthorn Estates, a multifamily property at 1919 Prairie Square in Schaumburg. The buyer was an affiliate of Lawton Realty Group.

LEASES

740 Pasquarelli Drive, Westmont, Illinois
740 Pasquarelli Drive, Westmont

NAI Hiffman completed the following transactions:

  • Aubrey Van Reken completed two lease transactions totaling over 19K SF in the East-West Corridor. In the first transaction, Hummingbird Pediatric Therapy signed an 11,500 SF lease expansion at 740 Pasquarelli Drive in Westmont. NAI Hiffman’s Dan O’Neill and Ryan Maher represented the landlord. In the second deal, Hoopis Group signed a 7,800 SF lease at 1001 Warrenville Drive in Lisle. Hamilton Partners’ Phil Sheridan represented Millbrook.
  • Kelly Dissler and Michael Freitag represented CPGIO Direct in a 103K SF sublease at 1150 Swift Road in Addison. The expansion is a relocation from Bensenville, where the company occupied two spaces. NAI Hiffman was retained by CPGIO to sublet its remaining space at 684 County Line Road in Bensenville.

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Colliers International’s Steve Kohn represented United Business Mail in a 203K SF lease at 801 Bryn Mawr in Itasca. The building will serve as UBM’s Midwest hub and is a 148% increase in footprint.

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Lee & Associates’ Michael Androwich Jr. and Nick Eboli represented MAPEI Corp. in a 76K SF lease at 1701 West Hawthorne Lane in West Chicago. Cushman & Wakefield’s Michael Magliano represented the owner, a venture of Cabot Properties and Blackstone Group.

FINANCING

ASC’s Igor Zhizhin secured $3.9M in acquisition financing for a 48-unit residential property in Crystal Lake.

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Cawley Chicago’s Brian Nagle and Tony Russo represented ownership in the recapitalization of St. Charles Executive Center at 2570 and 2580 Foxfield Road in St. Charles. Cawley Chicago will retain leasing and management duties at the 38K SF property, which is 85% leased.

HIRES/PROMOTIONS

CBRE appointed Beth Moore as Americas agile real estate practice leader. Moore, who joined CBRE in 2010, will focus on delivering comprehensive agile real estate solutions for occupiers and investors.

KUDOS

3345-61 North Lincoln Ave., Chicago
3345-61 North Lincoln Ave.

CBRE’s Keely Polczynski will represent ownership in the marketing of a 39K SF retail property at 3345-61 North Lincoln Ave. in Lakeview. The ground floor has two vacancies, including a 3,183 SF corner suite. The top floor is 100% leased to Reverb, an online provider of musical equipment, and Sola Salon.

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JLL’s Maureen Ehrenberg was awarded a Lifetime Achievement Digie Award from Realcomm. The award gives a nod to Ehrenberg’s footprint in the facility management community over the past 25 years.

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CA Ventures and K Giles' Eleven40, a mixed-use transit-oriented development at 1140 South Wabash in the South Loop, is over 50% leased less than three weeks after welcoming its first tenants. The 26-story, 320-unit apartment tower is steps away from CTA’s Roosevelt station served by the Red, Green and Orange Lines.

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Peak Construction Corp.’s PeakGiving Team volunteered at the 19th Annual Special Olympics Jon Demaine Construction Team Kickoff Picnic on June 2 at Allstate’s Northbrook headquarters. The picnic raised funds for athletes within Illinois’ Region E, composed of Will, Grundy, Kankakee and southern Cook counties, to help offset their costs to participate in the annual Special Olympics Summer Games in Bloomington-Normal.

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Hubbard Street Group and Centrum Realty and Development welcomed the first wave of renters at Wicker Park Connection II, a 15-story, 146-unit apartment development in Wicker Park. Luxury Living Chicago Realty is the exclusive marketing and leasing brokerage for the building.

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Spaces Real Estate began pre-leasing at Southport Gateway, a luxury transit-oriented development at 3334 North Southport along the Southport Corridor. The four-story building features nine units and three different floor plans. First move-ins are expected on Aug. 1.

CONSTRUCTION

Bridge Development Partners and Banner Oak Capital Partners began construction of Bridge Point Downers Grove, a spec industrial development at the intersection of Interstates 88 and 355 that will include three buildings totaling 679K SF. Cushman & Wakefied’s Jason West, David Friedland, Sean Henrick, Michael Magliano and Doug Pilcher will represent Bridge in leasing the property.

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The Missner Group was selected for an exterior improvement and renovation project for Feeny Chrysler at 1010 East Chicago St. in Elgin. The property is owned by the Bob Loquercio Auto Group, which operates multiple auto dealerships around the Chicago area. Kent Nepras is project manager, Scott Nomellini is project superintendent, R. Vari & Associates is providing architectural services, and Manhard Consulting is providing engineering services.

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Summit Design + Build completed the renovation and core/shell construction of 1504 North Fremont, a single-story building in Lincoln Park, for L3 Capital. The work added 13K SF of retail space.

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Timber Hill Group completed a six-month, $2.8M redevelopment of a cross-dock and maintenance facility at 5000 West 39th St. in Stickney. Delta Logistics signed a full facility lease earlier this year, and has relocated to the modernized property.