Investor demand for suburban multifamily assets has been one of the major stories of 2016, with properties trading in the mid- to high-eight figures all year long.
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Redwood Capital bought Woodlake Apartments, a 260-unit apartment complex near Six Flags Great America in Gurnee (shown), from Sherman Residential for $42M. Who wouldn't want to live near an amusement park?
Suburban multifamily sales set a new record in 2016 with $1.3B in transaction activity, eclipsing the previous high of $1.2B set in 2007. With five weeks remaining, that number can climb higher.
SALES
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Interra Realty’s Brad Feldman, Joe Smazal and Brian DiBasilio repped both parties in the $3.1M sale of a 13-unit, condo-quality apartment building at 2128 North Sawyer in Logan Square.
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Mid-America Real Estate’s Ben Wineman and Carly Gallagher were the sole brokers in the sale of a portion of the Bohl Farm Marketplace shopping center in Crystal Lake. The seller was Berengaria Development.
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A JV of Innovative Capital Advisors and HSA Commercial Real Estate completed the acquisition of Brookfield Fashion Center, a 217k SF shopping center in Brookfield, WI (shown). It is 97% leased.
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Essex Realty completed the following transactions:
Jim Darrow repped the buyer, and Doug Fisher repped the seller, in the $4.1M sale of 27 condos at 1118-28 East Hyde Park Blvd, a 37-unit courtyard building in Hyde Park.
Doug Fisher and Abe Elian repped the seller, and Steve Livaditis and Joe Scheck repped the buyer, in the $1.6M sale of 7441-45 North Ridge Blvd, a 16-unit apartment building in Rogers Park.
The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the seller in the $1M disposition of a single-tenant, net-leased Athletico Physical Therapy at 8905 South Commercial Ave in Chicago.
LEASES
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First Western Properties completed the following leases:
Greenfire Games signed a seven-year, 1,800 SF lease at 4811 West 95th St in Oak Lawn.
CRA Insurance signed a 2k SF lease at 4700 North Kimball Ave in Chicago (shown).
Sprint signed an eight-year lease at 4700 North Kimball in Chicago.
Brandi’s Pizza signed a six-year, 1,200 SF lease at 3160 South Ashland Ave in Chicago.
Massage Spa signed a seven-year lease at 6301 West North Ave in Oak Park.
Harken Health signed a seven-year, 5,500 SF lease at 4024 North Cicero in Chicago's Six Corners neighborhood.
Telcell signed a 1,900 SF lease at 6348 West Cermak Road in Berwyn.
Marba Dance Studio signed a five-year, 980 SF lease at 2141 South Ridgeland Ave in Berwyn.
A dermatologist signed a 10-year, 4k SF lease at 13401 Ridgeland Ave in Palos Heights.
Dolex leased a commercial condo at 4231 North Kedzie Ave in Chicago.
A retailer signed a three-year, 1,600 SF lease at 4635 West 63rd St in Chicago, just south of Midway International Airport.
A dentist signed a 1,200 SF lease at 4635 West 63rd St in Chicago.
A beauty salon signed a 1,400 SF lease at 5019 Ace Lane in Naperville.
A public/private partnership signed a seven-year, 1,800 SF lease at 1634 West 79th St in Chicago and will open a café with a job training program for individuals with head injuries.
A retailer signed a 624 SF lease at 2351 West Grand Ave in Chicago for use as a sandwich shop.
FINANCING
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Calmwater Capital’s Ryan Malatesta originated a $44M bridge loan to Simborg Development to refinance existing debt, recapitalize the existing partnership and provide capital to lease up the remaining vacancies of Lake Business Center, a 993k SF mixed-use industrial/warehouse, office and medical office property at 9100, 9120 and 9200 Calumet Ave in Munster, IN (pictured).
HIRES/PROMOTIONS
Mid-America Asset Management promoted Tracee Johnson to senior asset manager.
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SomerCor 504 promoted Eric Spokas to president and executive director. Eric joined SomerCor in September 2013 following an 18-year career at Glenview State Bank.
