This Week's Chicago Deal Sheet, Part II
Thorofare Capital funded a $5.4M bridge loan for Cedar Street Capital’s acquisition of the 28k SF 1144 W Fulton Market St in Fulton Market. The creative loft office property has 32 parking spaces located at 351 N May St. The “stretch” senior financing, placed in Thorofare Asset Based Lending Fund III, included a $4.6M A-note and an $804k SF B-note, which represents nearly 80% of the total capital stack. The property is 78.5% occupied and Cedar Street plans to convert the ground floor from office to retail.
Mesa West Capital provided $68M in first mortgage debt to a JV of Prudential Real Estate Investors and GlenStar Properties to facilitate its acquisition and repositioning of 311 W Monroe, a 364k SF, 15-story office property in the West Loop. The sponsor plans to reposition the 18% leased property (former HQ for BMO Harris Bank) through a multimillion-dollar capital plan and new leasing campaign. Financing was arranged by Eastdil’s Ken Ziebelman and Jeff Altenau.
JBS Commercial Real Estate partners Jason Shibata and Brian Silverman completed the following deals: repping ownership, American Landmark Properties, in a 5,300 SF lease with American Valuation Corp (repped by Cushman & Wakefield’s Lou Hall) at 1400-1538 Elmhurst Rd; repping ownership, Rothbart Realty, in a 6k SF flex lease with Micanan (repped by Nicolson Porter & List’s Adam Stokes and Sean Bostrom) in Addison; and repping Roto-Die in a 5,200 SF flex lease at 1054 N DuPage Ave in Lombard (Transwestern’s Justin Lerner and Joe Karmin repped ownership).
Venta Airwasher completed a lease with MB Real Estate AVP Craig McCaw to relocate its US HQ to 300 N Elizabeth St in the West Loop from Mount Prospect. The new 10k SF creative loft space, inside the historic Fulton West Building, is owned and restored by Sterling Bay, which was self-represented by Chloe Reaumond in the deal.
Paine/Wetzel TCN Worldwide SVP Phil Reiff and senior associate Phil Reiff Jr repped Ary Trucking in a new 7k SF lease within the 14k SF building at 401 Frontier Way in Bensenville. The new lease is an expansion and new location for the Northbrook-based company. Transwestern’s Joe Karmin repped ownership.
First Western Properties completed the following leases: Kellen Duggan and Paul Tsakiris leased the 6k SF former Mondello City Grill at 13415 S Ridgeland Ave in Palos Heights in less than two weeks; Tom Peterson and Paul leased space at 1634-1643 W 79th St to MetroPCS (Tom’s 12th deal with the tenant); and Kellen and Paul leased space to American Title Loans at 9028 S Cicero Ave in Oak Lawn.
PJ Transportation signed a 5,200 SF flex lease at 2769-2772 Old Higgins Rd. JBS Commercial Real Estate’s Edgar Cervantes repped PJ, and Arthur J Rodgers’ Marty Patterson repped ownership.
CONSTRUCTION & DEVELOPMENT
Evanston Art Center broke ground on its newly acquired campus, a 20k SF building at 1717 Central St in Evanston. The former office building will serve as its new HQ after renovations are complete in early May. Podolsky|Circle CORFAC International principals Randy Podolsky and Adam Tarantur headed the advisory team for the strategic relocation project. Podolsky|Circle will also be owners rep for the redevelopment process and construction manager in conjunction with Lebar Construction Management. The Dobbins Group is the design-build contractor, and financing is being provided by First Bank & Trust.
JLL expanded its retail team with the addition of Bill Moston as SVP, national retail development. The nearly 30-year industry vet will be responsible for advising JLL’s clients and executing on ground-up retail projects, redevelopments and renovations across the US, as well as managing anchor store negotiations and tenant coordination. Most recently a relationship manager at Credit Suisse, Bill has overseen development and redevelopment projects totaling 20M-plus SF across the country. He holds an undergraduate degree from Purdue and an MBA from Notre Dame.
CBRE promoted Peter Marino to EVP within the firm’s capital markets debt and structured finance group. Peter originates capital for all major property types. In addition to traditional mortgages, his experience includes equity JVs, mezz debt and single-tenant financings. In his 16 years with CBRE, he’s closed $5B of debt and equity transactions.
CBRE promoted John Parrett to FVP within the firm’s capital markets debt and structured finance group. John sources capital for multifamily, industrial, office, retail and mixed-use properties nationwide for both private equity and institutional owners. In his nine years with CBRE, he’s closed 90 deals totaling $2B-plus, financed by capital sources including life companies, agency lenders, debt funds, banks and securitized lenders.
Colliers promoted Dominic DeRose from associate to senior associate. Dominic joined Colliers’ industrial advisory group in 2010, concentrating on the I-55, I-80 and I-88 corridors. Recent deals include a 400k SF lease to Creative Works at 1350 Munger Rd in Bartlett on behalf of Exeter Property Group and an 849k SF lease to IKEA at 501 International Pkwy on behalf of Prologis. He received his BA from Northwestern.