Blue Star Properties’ The National, in the former CPS HQ at 125 S Clark St, is one of the most anticipated downtown adaptive reuse projects of 2016. With the project now in its final stages, Blue Star and its partner, Wolcott Group, secured $99.5M in financing.
The floating rate loan was secured through Brookfield Real Estate Partners and Bank of the Ozarks. Proceeds will be used to pay off existing financing, complete renovations on the 20-story office project and fund leasing capital. HFF’s Christopher Carroll, Michael Kavanau and Christopher Knight repped the JV.
SALES
Pine Tree Commercial Realty bought Town Square, a 139k SF shopping center in Schererville, IN (pictured), for $23M.
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First Western Properties’ completed the following transactions:
Paul Tsakiris and Kellen Duggan repped both parties in the sale of a 40k SF industrial building at 5929 S State St.
Paul Tsakiris and Kellen Duggan sold a 5k SF office property at 19 N Green St.
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Coldwell Banker Commercial’s Edward Pohn and Cyd Archer repped the buyer in the $13M acquisition of 1750 N Clark St, a 46k SF net leased property in Lincoln Park (shown).
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The Boulder Group’s Randy Blankstein and Jimmy Goodman completed the following transactions:
Randy and Jimmy repped the buyer in the $1.5M purchase of a single-tenant, net-leased Family Dollar at 3211 Old McDuffie Rd in Augusta, GA.
Randy and Jimmy repped the seller in the $2.1M disposition of a 26k SF single-tenant, net-leased Shopko Hometown at 110 Watters Dr in Dwight, IL.
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Marcus & Millichap’s Austin Weisenbeck and Sean Sharko repped the seller, and Marcus & Millichap’s Jordan Woodcock and David Weinberg repped the buyer of a Burger King at 4417 W Elm St in McHenry.
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Interra Realty’s Ted Stratman, Brad Feldman, Jeremy Morton, Brian DiBasilio and Adam Saxon repped both parties in the $2.5M sale of 7526 N Seeley, a 24-unit condo-quality apartment building in Rogers Park (pictured).
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CBRE’s Keely Polczynski, James Otto and Michael Gendell repped the sellers in the $8.6M disposition of 1437-39 N Wells St, 1435 N Wells St and 1443 N Wells St, three mixed-use properties in Old Town. The buyer was Jenel Management.
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Essex Realty’s Doug Imber and Kate Varde repped both parties in the $934k sale of 7609 N Eastlake Terrace, a vintage five-unit apartment building in Rogers Park (pictured).
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Transwestern’s Jeff Locascio and Scott Mueller repped Bear Real Estate in the acquisition of a 53k SF industrial building at 7515 Santa Fe Dr in Hodgkins, from Shamrock Real Estate. A Bear Real Estate affiliate, Event Equipment Sales, will occupy 40k SF in May. The remaining footprint will be leased.
LEASES
First Western Properties completed the following leases:
Paul Tsakiris leased a storefront at State Street and Jackson Boulevard to 7-Eleven.
Paul Tsakiris and Kellen Duggan leased a storefront at 9902 W Roosevelt Rd in Berwyn to a dental practice.
FINANCING
ASC’s Igor Zhizhin secured $5.5M in financing for an 18-unit multifamily property in Chicago. The terms of the loan are a five-year ARM term on a 20-year schedule, and a step-down prepayment on a 30-year amortization schedule.
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SomerCor 504 completed five SBA 504 financing deals in the Chicagoland area:
Volo Sportsplex obtained $475k to purchase two parcels of land totaling two acres at Commerce and Ellis drives in Volo.
MIT Express acquired $644k to purchase a 25k SF industrial facility at 2920 S 19th Ave, Broadview.
Leahy-Wolf obtained $250k to purchase a 6,500 SF commercial property at 1732 Armitage Court, Addison.
Nikamy acquired $197k to purchase machinery and equipment for the business at 8338 W 47th St, Lyons.
Seaberg Picture Framing obtained $616k to purchase a commercial property at 840 N Milwaukee Ave, Chicago.
HIRED/PROMOTIONS
Trammell Crow promoted David Paino to VP of business development for the firm’s Midwest business unit. David joined TCC in 2013 and has developed more than 1.5M SF of multifamily projects worth $250M.
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Avison Young’s Chad Galayda is now principal of the firm’s Detroit office, after spending 20 years in the Chicago market. Chad was SVP of Cushman & Wakefield’s land services group the past five years.
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Former Related Realty managing broker Jeanine McShea has returned to @properties, where she was one of that firm’s first 100 agents. Jeanine will work out of @properties’ East Lincoln Park office alongside her daughter Erin.
THIS AND THAT
The Habitat Co assumed management of three multifamily communities on the North Side, totaling 111 units, on behalf of the Chicago Housing Authority. The properties include the 41-unit Crowder Place at 3801 N Pine Grove Ave, the 37-unit Mulvey Place at 416 W Barry Ave and the 33-unit Devon Place at 1950 W Devon Ave.
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