The John Buck Co. sold 3Eleven, a 25-story apartment building in River North, for $76M to Vista Property.
JLL represented the Chicago developer and its institutional partner. It also found the buyer and arranged the $47.75M acquisition financing. JLL represented the borrower to secure the loan through Freddie Mac Multifamily.
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“We are very pleased to add the well-maintained and well-located 3Eleven to our growing portfolio of multifamily investments in Chicago,” Vista Property principal Hymie Mishan said in a press release. “We are big believers in Chicago’s multifamily market, its continued rent growth and strong demand.”
The John Buck Co. completed the 245-unit high-rise apartment community in 2018. The company is also selling the 42-story Mila Chicago apartment building at 200 N. Michigan Ave.
PEOPLE
Marquette Management tapped Jack Devedjian as its director of capital projects and facilities. In his role, Devedjian will oversee capital programs and construction projects as a member of the firm’s leadership team. Prior to joining Marquette Management, Devedjian served as vice president of facilities management and engineering at The Habitat Co., where he directed and managed long-term capital projects averaging $30M to $40M annually.
SALES
Marcus & Millichap arranged the sale of Hanover Square, a 112K SF multitenant retail property at 6606 Barrington Road in Hanover Park for $7.2M. Marcus & Millichap Senior Managing Directors Austin Weisenbeck and Sean Sharko had the exclusive listing to market the property on behalf of the seller, a government agency.
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Marcus & Millichap also brokered the sale of the Brazilian steakhouse Fogo de Chão, a 12K SF net-leased property at 1204 W. 22nd St. in Oak Brook, for $9.1M. Nicholas Kanich, an investment specialist in Marcus & Millichap’s Chicago office, had the exclusive listing to market the property on behalf of the seller, a Houston-based developer and property manager. Kanich also secured and represented the buyer, a Chicago-based developer and investor.
CONSTRUCTION AND DEVELOPMENT
GI Stone completed stonework for three developments: luxury rental towers Onni Fulton Market and The Row Fulton Market, as well as 1229 W. Concord Place, Sterling Bay’s life sciences building at Lincoln Yards. The company’s work spanned common areas and amenity spaces to the interiors of luxury penthouses.
THIS AND THAT
The Building Owners and Managers Association of Suburban Chicago presented three awards to its members. The organization’s member of the year was JLL’s Angie Casper, while Ground Pros Inc.’s Alyssa Wiza was named the associate member of the year. Magnetar Capital’s Allison Young won the award for emerging member of the year.
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