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This Week's Chicago Deal Sheet

Citadel Center's leasing momentum continues this week. Flex office space giant Convene, which is aggressively expanding in major markets across the country, is doubling its Chicago footprint.

A rendering of Convene's two-floor space in Citadel Center, which is opening in 2019.
Convene is opening a two-floor, 50K SF space inside Citadel Center in 2019.

Convene signed a 50K SF lease across Citadel Center's ground and second floors, with an expected Q1 opening. Convene is also opening a 55K SF space inside Willis Tower. That location is on target for a 2020 opening.

JLL's Craig Coupe and Matt Carolan represented Convene. The Citadel Center partnership of Angelo Gordon, Hines Interests and Dearborn Capital was represented by CBRE's Danny Jacobson, Meredith Oliver and Luke Molloy.

SALES

Montrose Commons, Chicago
Montrose Commons

Mid-America Real Estate’s Joe Girardi, Carly Gallagher and Wes Koontz represented the seller and were the exclusive brokers in the sale of Montrose Commons, a 31K SF retail property at 918 West Montrose in Uptown.

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Colliers International’s Steve Disse and Jeff Devine represented DCT Industrial in the sale of a three-building, 486K SF industrial portfolio to Cabot Properties. The buildings are at 1030 East Faybn Parkway in Batavia, 12301 South Laramie in Alsip and 3575 Stern Ave. in St. Charles.

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Millennium Properties’ Greg Block was the sole broker in the $1.5M sale of a 24K SF building at 5440 Fargo Ave. in Skokie. The buyer will use the building as a campus for a new school.

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Brown Commercial Group’s Brian Lindgren represented Hyperion Creek in the purchase of 1870 Dean St. in St. Charles from CJM Properties. Hyperion Creek will expand from its home office to a 10K SF space, and the seller will lease back one of the building’s two units for a short term. CJM Properties was represented by Sperry Van Ness’ Neil Johnson.

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Quantum Real Estate Advisors’ Chad Firsel represented the seller in the $1.2M sale of a multi-tenant retail center at 34572 North Highway 45 in Third Lake.

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5427-39 North Broadway, Chicago
5427-39 North Broadway

Interra Realty’s Craig Martin and Brian DiBasilio were the sole brokers in the $15.8M sale of two adjacent mixed-use properties in Edgewater at 5427-37 North Broadway and 5439 North Broadway.

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Greenstone Partners’ Greg Dietz and Danny Spitz brokered the sale of an 82K SF retail property at 1000-02 East Dundee Road in Palatine.

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Essex Realty Group’s Steven Livaditis and Joe Scheck were the sole brokers in the sale of 4954 North Ridgeway in Albany Park. The buyer will deconvert the property’s 22 condos into apartments.

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Kudan Group’s Chad Severson represented Ken and Kim Krauss in the sale of the Krauss’ Gaslite Lounge at 5130 95th St. in Oak Lawn. The new owner, Pete Speradakos, plans to continue operating the business.

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NAI Hiffman’s Kelly Disser, Adam Johnson and Ryan Chambers represented JBMT in the sale of 1891 Bay Scott Circle, a 10K SF office property in Naperville, to Taciturnus Investments. Ellsworth Partners represented the buyer.

LEASES

2300-2380 Galvin, Elgin, Illinois
2300-2380 Galvin, Elgin

First Western Properties’ Paul Tsakiris and Marion Abramiuk represented both parties in a lease with Gaby’s Beauty Salon and Spa at 611 Wentworth Ave. in Calumet City.

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NAI Hiffman completed the following transactions:

  • Chris Gary represented Glen Una Properties in two lease transactions. Berkshire Refrigerated Warehousing completed a lease renewal at 1400 East 97th St. in Chicago and will now occupy 91K SF. In the second transaction, a private food and agriculture association completed a 72K SF lease expansion at Calumet Business Center, 1400-1550 East 98th Place in Chicago. The company’s total footprint is now 430K SF.
  • Brian Colson represented Heritage Travelware in two leases. The tenant signed a lease extension at 2500-2520 Northwest Parkway in Elgin, where it occupies 151K SF as its main headquarters. In the second transaction, Heritage signed a 69K SF lease at 2300-2380 Galvin Drive in Elgin, which will act as an additional distribution center. Lee & Associates’ Steven Bass represented ownership in both transactions.

FINANCING

Industrial Outdoor Ventures entered into a $65M secured revolving credit agreement with a syndicate of banks led by CIBC. The credit facility allows IOV to expand its existing holdings to over $100M in assets, which the company expects to achieve over the next six months.

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Pembrook Capital Management helped Icarus Management Group close on a $20M first mortgage loan to acquire and renovate a 23-building affordable housing portfolio on Chicago’s Southwest Side. The portfolio, formerly owned by Cano Properties, is 2 miles east of Midway International Airport and includes 23 properties totaling 325 units.

HIRES/PROMOTIONS

Inland Mortgage Capital hired Eugene Rutenberg as senior vice president of loan origination. Prior to joining Inland, he was a director at Continental Partners, where he was responsible for sourcing and placing commercial real estate debt and equity for all property types.

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Kiser Group promoted Michael D’Agostino to senior director. He joined Kiser Group in 2015, focuses his brokerage efforts on North Side neighborhoods like Lincoln Park, Lakeview and Ravenswood and has brokered $173M in transactions and 1,174 units since joining the firm.

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Midwest Industrial Funds promoted Jack Horrigan to director of finance, and Pat Schaner to director of development.

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MB Real Estate hired Ashley Harrison, Nathan Miller and Kayla Beljan as associates. Harrison will join MBRE’s leasing services team, while Beljan and Miller are on the firm’s corporate services and tenant advisory team.

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Earles Associates and Architects hired Robert Clubb as an architectural associate to assist with the company’s growing client base in the commercial real estate, financial services and related sectors.

CONSTRUCTION

Ravinia Festival, Highland Park, Illinois
The renovated dining pavilion at Ravinia in Highland Park.

Earles Architects and Associates completed a corporate headquarters design for OneSpan at 121 West Wacker. OneSpan, a global leader in digital identity security, transaction security and business productivity, is relocating from the western suburbs. Sonoma Construction completed the build-out. EAA’s commercial furnishing division, SEAATS, provided the furniture design, layout and coordination.

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Wight & Co. completed a renovation and expansion of the dining pavilion at Ravinia Festival in Highland Park, including a new second level al fresco outdoor dining area, which increases the outdoor seating capacity for patrons without adding to the building’s footprint.

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Construction is underway at Belgravia Group’s Three Sixty West, the firm’s 11-story condo project at 360 West Erie in River North. The building will include 38 condos on the former site of Citizen Bar. The project is more than 50% sold and will deliver in 2019.

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Murphy Development Group closed on a $22M deal to develop a Cambria Hotels & Suites in downtown Milwaukee. The hotel will include 132 rooms featuring 77 king units, 51 double queen units and four suites. Construction will begin this month with an expected summer 2019 delivery.

KUDOS

The Inland Real Estate Group of Cos. Chairman and CEO Daniel Goodwin was awarded the Executives’ Club of Chicago’s 2018 Corporate Citizen of the Year award. He was recognized for his 50 years of commitment and passion for philanthropic initiatives focused on affordable housing, good government, education and environmental conservation as well as ethical business practices and progressive employee development programs.

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Seven projects, two programs and one visionary were announced as winners at the seventh annual Urban Land Institute’s Vision Awards at Theatre on the Lake. The winners were:

Program Category

  • Greenbrook Tanglewood Neighborhood Revitalization, DuPage Habitat for Humanity.
  • IFF Home First, IFF.

Project Category

  • Bold Design Solution: 150 North Riverside.
  • Historic Art Deco: Aurora St. Charlies Senior Living, 400 East New York St., Aurora.
  • Innovative & Replicable Re-Use: Cristo Rey St. Martin College Prep, 3106 Belvidere Road, Waukegan.
  • Community Impact: Englewood Square, 806-850 West 63rd St. and 6232 South Halsted St., Chicago.
  • Historic Adaptive Re-Use Community Impact: Lofts on Arthington, 3301 West Arthington St.
  • Historic Redevelopment: Revel Motor Row, 2400-2412 South Michigan Ave.
  • Historic Preservation & Retail Innovation: The National, 125 South Clark St.

Young Visionary Category

  • Dawveed Scully, Senior Urban Designer, Skidmore, Owings & Merrill.