The Deal Sheet
Jameson Commercial SVPs Esther Berman and Mark Jones repped the seller, a local investment group, in the $9.2M sale of Linden Plaza, an 83k SF shopping center (above) anchored by a JPMorgan Chase Bank and a 7-Eleven at 2030 Grand Ave and 2042-2144 Grand Ave in Lindenhurst. The buyer was an out-of-state investor.
Essex Realty Group’s Doug Fisher and Jason Fishleder repped the seller (Doug also repped the buyer) in the $3.6M sale of 1331 W Loyola, a 46-unit apartment complex one block west of Loyola University.
Inland Real Estate Brokerage & Auctions executive broker associate Paul Montes and senior broker associate Eric Spiess repped the seller in the $2.9M sale of Ravens Crossing, an 18k SF retail center in Carpentersville’s retail corridor. The center is 100% occupied by local and national tenants including Anytime Fitness, Dotty’s, and Supercuts.
The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the seller, a local private investor, in the $1.8M sale of a single-tenant, net-leased, 2,295 SF Chipotle at 3232 S 27th St in Milwaukee, Wis. The buyer was an investor in a 1031 exchange from California. There are about 10 years remaining on the Chipotle lease, which was recently extended.
Jameson Commercial senior associate Mike Shiff repped both sides in the $1.2M sale (5.8% cap rate, record low for the area) of 8,235 SF 1456-58 N Maplewood Ave. The property includes eight apartments and one commercial space. The buyer, Division St Capital, plans to renovate and upgrade the apartments.
Adelphia Properties completed the all-cash sale of a 3,627 SF vacant retail building at 9900 Joliet Rd in Countryside. Simeon Spirrison repped the seller, a private high-net-worth individual.
Entre Commercial Realty’s Michael DeSerto, Dan Benassi, and Dan Jones repped sublessor Jiang Dong North America in a 21k SF sublease within a 51k SF building at 340 Commerce Dr in Crystal Lake. Bioenergy Technologies is expanding its operations and relocating from a smaller location in Crystal Lake.
Mid-America Asset Management recently completed new retail leases on behalf of three shopping centers in the northwest suburbs: Fruitful Yield leased 6,630 SF at 26k SF North Tower Plaza at the NW corner of Harlem and North Avenues in Elmwood Park (Mid-Am VP Liz Krebs and leasing rep Samatha Spinell repped the landlord, JLL’s Jason Trombley repped the tenant); Maurices leased 4,980 SF at 450k SF Poplar Creek Crossing at the SW corner of Route 59 and Higgins Rd in Hoffman Estates (Mid-Am principal/VP Marget Graham and VP Katie Hennegan repped the landlord, CBRE’s Jim Sakanich repped the tenant); and Taj Mahal Restaurant leased 4,000 SF at 77k SF Bloomingdale Square at the SE corner of Army Trail and Gary Avenue in Bloomingdale (Liz and leasing rep Paige Winkels repped the landlord).
Transwestern tenant advisory specialists Steve Stone and Joel Friedland repped Paragon Marketing Group in its 10k SF lease at 5420 Old Orchard Rd in Skokie. The sports and entertainment marketing firm is relocating from 7449 Natchez Ave in Niles. NAI Hiffman’s Michael Flynn repped ownership, Portland Cement Associates.
Jameson Commercial’s Ed Gerstein repped the law offices of the Federal Defender Program in a relo to 401 W State St in Rockford. The firm signed a 15-year lease and will occupy the entire 8th floor. Fridh Corp’s Jeff Holt repped ownership.
CBRE Capital Markets SVP Pete Marino and VP William Howe secured financing on behalf of Golub & Co for the refi the commercial space at 680 N Lake Shore Dr in Streeterville (above). The building’s commercial space includes almost 500k SF of office and retail, along with a parking garage. The five-year loan has a floating-rate, non-recourse structure. Golub principal Michael Newman and SVP Michael Goldman repped ownership, which has owned the property for 25 years.
Concrete Solutions & Supply purchased a former auto dealer property at 880 Tiffany Rd/24470 W IL Route 173 in Antioch. SomerCor 504 VP Bill Kornit assisted in obtaining SBA 504 financing for the $1M deal, including a 23k SF building on 4.5 acres of land. The former Wisconsin business anticipates creating additional jobs as part of the relo/expansion.
CONSTRUCTION & DEVELOPMENT
Sterling Bay Cos and International Property Developers North America formed a partnership to redevelop Chicago’s Old Post Office. The JV will embark on an approximately $500M first-phase renovation project to convert the vacant historic structure into a high-end, mixed-use development. When complete, the site will boast more than 2.7M SF of office space and retail amenities.
Tucker Development tapped Patrick Lindemann as CFO and Kevin Cleary as construction manager. An 18-year industry vet who was previously CFO at companies including Vestian Group-SF Holdings, Patrick received his MBA from the Lake Forest Graduate School of Management. With 30 years of experience in the industry, Kevin was previously owner of Cleary Builders and is a veteran of the US Navy.
Alter Asset Management named Kelly Peters SVP, responsible for property and facility management of assets in Illinois, Georgia, and Florida. Kelly has worked at Alter for 24 years, starting as a receptionist. She earned a BS from Elmhurst College and an MBA from Roosevelt University.
Mary Bak joined Kinzie Real Estate Group as a development services advisor, focused on business development and serving as a municipal liason. She was previously director of planning and economic development for the Village of Glenview for more than 28 years.
The Opus Group added Matt Kurucz as real estate manager of Opus Development Co and Michael Stimac as project manager of Opus Design Build. Matt was most recently an asset manager at World Class Capital Group in Austin, Texas, and will pursue industrial projects for Opus around Chicago. Michael was most recently senior project manager and head of estimating for Best Quality Builder of IL, and will support Opus’ new business and project management efforts in the Chicago area.