A strategic partnership between Farpoint Development and MCZ Development Group has secured financing to acquire 939 North Ave., a Class-A mixed-use property in Lincoln Park.
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BWE landed a $17M loan from a debt fund to finance the acquisition of the building, according to a release. The building sold at an online auction for an expected price of roughly $20M, Crain's Chicago Business reported in January.
The property features about 200K SF of retail, fitness and medical office space.
"We are thrilled to have acquired this Class-A building in an incredibly desirable Chicago neighborhood," Alex Katz, managing director at Farpoint, said in a press release. "The strategic partnership between Farpoint and MCZ will bring new life to this exceptional property."
The building is adjacent to an assortment of premium retailers, such as Apple, Crate & Barrel, Whole Foods and Lululemon. It is only a few blocks away from the CTA Red Line.
PEOPLE
Commercial real estate brokerage firm Greenstone Partners promoted Clarence Marsh to chief operating officer. Marsh will spearhead programmatic talent development, financial planning and analysis, recruitment and other strategic growth initiatives. Marsh joined Greenstone Partners in 2019 as an investment sales analyst and most recently served as director of transactions and operations.
SALES
Congregational United Church of Christ sold a 2.8-acre development site in Arlington Heights to an undisclosed buyer. The church plans to distribute proceeds from the sale to various missions and local initiatives. Entre Commercial Realty's Sam Deihs, Dan Benassi and Dan Jones represented the seller.
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An undisclosed buyer purchased a multifamily portfolio in West Garfield Park for $2.1M. The portfolio was fully occupied at the time of sale. Kiser Group's Jack Petrando and Noah Clark facilitated the deal.
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A local private investor purchased a four-building, 14-unit rental portfolio comprising two apartment buildings, a single-family home with a coach house, and a vacant lot in Lincoln Park for $3.4M from a private seller. Interra Realty's Joe Smazal represented both parties in the deal.
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Esquire Logistics purchased an 18K SF truck maintenance and trailer parking facility at 14400 Washington St. in Woodstock for an undisclosed price from CTS Group of Cos. Entre Commercial Realty's Kevin Kaplan represented the seller, while Re/Max's Andrei Andronic represented the buyer.
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