This Week's Chicago Deal Sheet
Optima started construction on Optima Lakeview, a seven-story, transit-oriented development of 198 apartments with street-level retail in Chicago’s Lakeview neighborhood. Located at 3460 North Broadway St., Optima Lakeview will replace a shuttered Treasure Island grocery store and parking lot.
Designed by Optima CEO David Hovey, the building will feature one-, two- and three-bedroom rental units that average 1K SF — large enough to accommodate home offices — and nearly 14K SF of commercial space. Scheduled for completion in 2022, Optima Lakeview will use a series of setbacks to provide outdoor landscaped terraces on its upper levels as well as transparent bronze glass and dark brick on the façade.
“With Optima Lakeview, we’ve incorporated design cues from the surrounding area’s architecture while still staying true to the modern design aesthetic Optima is known for, resulting in a forward-looking building grounded in Chicago sensibility,” Hovey said. “Both inside and out, Optima Lakeview is very much about drawing people in and helping them stay connected — either with the surrounding community or within the building itself.”
Amenities will include a rooftop sky deck with a pool. As a TOD, the building will offer 94 fully enclosed parking spaces and storage for 208 bicycles.
Avison Young hired Mike Hart as principal and chief information officer. The Chicago-based Hart joins from JLL, where he was senior vice president of data and information technology.
Avison Young also appointed Chicago-based Nina Mizushima to the role of director of cybersecurity.
Draper and Kramer named Jeffrey Ross senior vice president and chief underwriter for Federal Housing Administration/Housing and Urban Development financing in its commercial finance group. Before joining Draper and Kramer, Ross was senior vice president and chief FHA underwriter for Arbor Realty Trust and director of FHA screening with Wells Fargo Multifamily Capital.
A local developer sold for $6.25M a newly constructed 16-unit townhome complex at 10600-10618 Alice Mae Court in southwest suburban Orland Park. Essex Realty Group’s Matt Feo represented the buyer, a local investor, and also represented the seller with colleague Doug Fisher. Completed in 2019, the property consists of 12 three-bedroom units and four four-bedroom units with private rooftop decks.
A private investor paid $2.8M for a 112-room, exterior corridor economy hotel at 7221 122 Ave. in Kenosha, Wisconsin. The new owner, secured and represented by Marcus & Millichap’s Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes, plans to convert the four-building property to a Rodeway Inn by Choice Hotels. Todd Lindblom assisted in closing this transaction as broker of record in Wisconsin.
Med Strategy Fund l, a $30M equity fund sponsored by Dallas-based Robert Lynn Investments, the investment division of NAI Robert Lynn, purchased a 23K SF dialysis center and clinic at 10120 Calumet Ave. in Munster, Indiana, 30 minutes southeast of Chicago. American Renal Associates is the primary tenant. The price paid was not disclosed. Fund officials say they intend to aggregate more than $90M of medical properties across the U.S. Frank Roti of Marcus & Millichap in Chicago represented the seller and primary tenant in the deal. Med Strategy Fund l represented itself.
Federal Savings Bank signed a long-term lease for 50K SF at The Fields, a 23-acre, 1.5M SF former Marshall Field’s warehouse in Logan Square. Built a century ago by the Olson Rug Co., the mixed-use campus at 4000 West Diversey Ave. is now owned by Knickpoint Ventures, which aims to finish its renovation in Q4. The new tenant will move from its space in Fulton Market.
Stream Realty Partners’ Adam Showalter, Patrick Russo and Jessica O’Hara, along with Baum Realty Group’s Ari Topper and Tyler Dechter, represented Knickpoint Ventures. The bank was represented by Frank Franzese and Steven Bauer of Cushman & Wakefield.
Foxtrot Ventures signed a lease with The Glass Factory and Podmajersky Inc. for 13K SF at 900 West Cermak Road in East Pilsen. The company will operate a commissary kitchen built to serve its eight Chicago convenience stores. The Glass Factory was represented by Brent Burden of Jameson Commercial. Andrew Becker and Michael Wexler of Canvas Real Estate Collective represented Foxtrot Ventures. The four-building former glass manufacturing facility will have 165K SF after a four-phase renovation.
Louisiana Crab Shack signed a nearly 6K SF lease at Lombard's Roosevelt Plaza. Next Realty LLC leases and manages the 131K SF center at 201-271 Roosevelt Road, which is now at 100% occupancy. The lease is part of Louisiana Crab Shack's broader U.S. expansion. Amy Levin is Next Realty’s director of leasing. Ann Trandai of Trandai Realty represented Louisiana Crab Shack.
CONSTRUCTION AND DEVELOPMENT
PREMIER Design + Build Group completed a 37K SF office at 11240 Burleigh St. in Wauwatosa, a Milwaukee suburb, for software company Dematic. It is the latest addition to The Mayfair Collection, a mixed-use complex developed by Chicago-based HSA Commercial. PREMIER and HSA teamed with Christopher Thomas of TOA Architecture/Urban Design for architectural and interior design services. Thomas also served as owner’s rep for the project.
J.C. Anderson was selected to complete an expansion for BSH Home Appliances Corp.’s Experience and Design Center at 222 West Merchandise Mart Plaza in Chicago. The company produces and markets home appliances. J.C. Anderson will add an interactive cooking kitchen and transform a 90-year-old bank vault into a conference/dining area. John Angelovich, Matt Kantro and Glenn Panfil will lead the construction team. Partners by Design is providing architectural services.
Cannabis Facility Construction, a Northbrook, Illinois-based design-build firm, completed a recreational and medical cannabis dispensary for Greenhouse at 755 Skokie Blvd. in Northbrook. The 10K SF outlet opened to the public on Sept. 29.
James McHugh Construction Co. delivered six executive work-from-home boardrooms as part of the 48th amenity floor of the Skyline Collection at NEMA Chicago. The new workspace, along with the remaining two- to four-bedroom residences on floors 49 through 76, marks the completion of Chicago's tallest rental residential building. In the early stages of the project, the space was tentatively earmarked for a yoga studio, but that was changed given residents’ work-from-home needs. McHugh worked with developer Crescent Heights and architects Rafael Viñoly and Rockwell Group to create the additional workspace.
THIS AND THAT
Chicago-based Baker Development Corp. awarded Baum Realty Group the leasing assignment for 2017 North Mendel St., its newest adaptive reuse project. Ari Topper and Tyler Dechter will oversee leasing for the property, a four-story, 61K SF office building located along the Chicago River in the North Branch neighborhood. Baker purchased the century-old warehouse in 2015 and transformed it into an office property targeting entrepreneurial office and light manufacturing tenants. It includes a 3K SF rooftop workspace, medical-grade photoionization technology, HEPA air filters and germicidal lighting throughout the common areas.
The Davis Cos. entered into a joint venture with Chicago-based real estate lending veteran Daniel Sobelman and Chicago-based family investment firm Stone Financial Group to fund CRE Bridge Capital, a new nationwide bridge lending platform focused on the alternative lending market. TDC and Stone Financial Group have collectively targeted $100M in loan originations over the next 12 to 18 months. CRE will consider all asset classes, and loans will range from $1M to $30M.
Cresset Partners selected Chicago-based RMK Management Corp. to oversee property management for its Wells Place Luxury Apartments, an 84-unit luxury apartment building at 837 and 839 South Wells St. in Chicago’s South Loop neighborhood.
The American Institute of Architects and American Library Association gave 2020 Library Building Awards to two co-located library and senior housing developments completed last year by Evergreen Real Estate Group. Built in partnership with the city of Chicago, Chicago Housing Authority and Chicago Public Library, the projects, both with 44 units of affordable senior housing units, were two of four winners recognized in the U.S. and Canada.
Designed by John Ronan Architects, Independence Branch Library and Apartments is at 4024 North Elston Ave. in Chicago’s Irving Park neighborhood. Northtown Branch Library and Apartments, designed by Perkins and Will, is at 6800 North Western Ave. in Chicago’s West Ridge neighborhood.