Two local investors acquired a 441K SF office tower on Wacker Drive along the Chicago River, picking up the property at a steep discount from when it last traded.
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Ken Buckman and Robert Castillo purchased 121 W. Wacker Drive from Ameritus for $30M in a deal that closed Monday, Crain's Chicago Business reported. Ameritus took a big hit on the sale, as the property sold for about 75% less than when the company acquired it in 2018 for $118.5M.
"As Chicago residents, we felt strongly that 121 W. Wacker should remain in local hands," Buckman said in a statement. "The property has a remarkable history, an irreplaceable location and a presence in the Chicago skyline that deserves thoughtful stewardship."
The pair plans to invest "substantial capital" to revitalize the nearly century-old building, which was completed in 1930.
Cushman & Wakefield's Cody Hundertmark and Tom Sitz represented Ameritus in the deal.
SALES
An affiliate of Equus Partners acquired Ashford at Geneva, a 226-unit multifamily community in the Chicago suburbs, from an Oak Residential Partners entity. The affiliate paid a bit more than $56M for the property, according to The Real Deal. Newmark's Susan Lawson, Liz Gagliardi and Chuck Johanns represented the seller.
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GlitterStarz Inc., a provider of custom cheerleading and dance apparel, picked up a 30K SF office and flex building at 9026 Heritage Parkway in Woodridge for an undisclosed price from Hartz Construction. The company is making the move after outgrowing its facility in McCook. NAI Hiffman's Aubrey Englund represented GlitterStarz in the acquisition, while the brokerage's Adam Johnson and Tom Gnadt represented the seller.
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Grand Lifestyles paid $63.4M for a 400-unit apartment complex at 470 Foxboro Drive in Wheeling, acquiring the property from a venture led by DRA Advisors, Commercial Observer reported. DRA and Marquette Cos. picked up the property for about $54M in 2020.
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ICM Properties acquired a Lakeview parking garage converted to apartments from JSM Venture for $31M, according to Crain's Chicago Business. The Medallion, a 72-unit building at 3121 N. Broadway, was built in 1928 and scooped up by JSM Venture for $5.8M in 2016.
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Novak Construction sold a retail center in Lincoln Park near the site of the Foundry Park megadevelopment for $68M, more than double its $29M purchase price in 2021, according to The Real Deal. A venture of Mehrdad Mottahedeh acquired Webster Place at 1435-1471 W. Webster Ave. Advocate Health made a 10-year commitment as part of the property's lease-up.
FINANCING
Cunat launched Cunat Exchange X DST, the firm’s 10th Delaware statutory trust offering, and is seeking to raise $56.2M in equity from accredited investors. The DST owns The Residence of Fox Meadows, a 540-unit multifamily community in McHenry. Cunat developed and sold the property to the DST for $135M. The 18-building community sits on approximately 37 acres and was 97.5% occupied as of Nov. 1.
CONSTRUCTION AND DEVELOPMENT
The Missner Group started work on the interior renovation of the 20K SF Autohaus Automotive, a Mercedes-Benz dealership at 1600 Frontage Road in Northbrook. The renovation will modernize the building's first floor and employee spaces. The project is expected to wrap in May.
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Tawani Property Management started construction on an amenity floor at the Monroe Building at 104 S. Michigan Ave. The new floor will include conference rooms and meeting spaces. Work is expected to conclude in 2026.
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