Waterton, a Chicago-based national real estate investor and operator, hired John Gray as chief investment officer to replace Rick Hurd, who is set to retire from his role as managing partner and investment manager.
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Hurd leaves the company after more than 40 years in real estate investment and 12 years at Waterton. He led the firm’s acquisitions and capital markets teams in the acquisition of approximately $10B in multifamily and more than $1B in debt investments.
Gray has nearly two decades of multifamily investment and development experience, most recently as CEO of Blackstone portfolio company Fabric Housing, which he launched in 2022. Gray also spent more than a decade at Lennar, where he held several leadership roles, including president of LMC Investments.
PEOPLE
The Laramar Group promoted Ben Slad to chief investment officer. He oversees a team of investment professionals with experience in acquisitions, dispositions, capital markets and finance. He is responsible for investment activities nationally, focusing on the multifamily and medical office sectors.
SALES
Chicago International Charter School purchased the former St. Felicitas Church Campus at 8400 S. Blackstone Ave. on the South Side. The property comprises five buildings totaling about 90K SF on more than 2 acres and a dedicated parking lot. SVN Chicago Commercial's Paul Cawthon and Angelo Labriola represented the seller.
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All Materials Matter purchased a 28K SF industrial building at 1820 N. 30th Ave. in Melrose Park for an undisclosed amount. Brown Commercial Group's Pat Crowley represented the commercial waste recycling business in the deal.
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J&J Equities purchased a multifamily building at 1132–1140 W. Wilson Ave. in Uptown for $6M from CedarSt. Completed as an adaptive reuse project in 2015, the property was 100% occupied at the time of sale. Kiser Group's Katie LeGrand and Jacob Price brokered the deal.
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Interra Realty facilitated the sale of three multifamily buildings on the North Side of Chicago for more than $12M. The properties are 931 W. Leland Ave., a 22-unit apartment building in Uptown that sold for $5M; 1909-1913 W. Larchmont Ave., a 16-unit apartment building in North Center that sold for $3.6M; and 7240 W. Devon Ave., a 13-unit mixed-use building in Edison Park that sold for about $3.8M. Interra's Joe Smazal, Joe Braun and Colin O’Malley brokered the deals.
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An institutional investor purchased a 100K SF last-mile logistics facility at 350 N. Wolf Road in Mount Prospect from a joint venture between Stotan Industrial and PCCP. The propery was a speculative build designed to house up to four tenants. The site was formerly occupied by an office building, which Stotan demolished to make way for this facility. Colliers' Jeff Devine, Steve Disse and Tyler Ziebel represented the seller.
FINANCING
Marcus & Millichap Capital Corp. arranged $4.1M in financing for Carillon Court, a 30K SF retail strip center at 444 N. Weber Road in Romeoville. The three-year loan features a market interest rate, one year of interest only and a 25-year amortization schedule. Marcus & Millichap's Dean Giannakopoulos secured the financing with a local bank on behalf of a private client.
CONSTRUCTION AND DEVELOPMENT
Bally's Corp. secured its latest construction permit from the city on Monday for its sizable casino and hotel complex along the Chicago River, according to city documents. The permit covers the superstructure construction of the casino, parking and event center.
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