THE DEAL SHEET
| SALES | ||
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| The 54-apartment 839 W Diversey sold for $3.9M to an investment firm repped by InTerra Realty's Justin Ross. The owner plans a full repositioning (which we wish someone had done to us during our nap yesterday afternoon so we wouldn't have this knot in our neck). | ||
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| A local bank, repped by InTerra Realty's Brad Feldman, foreclosed on and sold the seven-unit 4956 W Drummond apartment building in Belmont-Cragin for $280k to a local investment firm, repped by Interra's Andy Buchanan. The owner plans a minor rehab. | ||
*** Avanti Properties Group acquired the 955-acre Springbank community along the I-55 corridor in Plainfield. The finished, partially-finished, and raw single-family houses and townhomes represent 1,660 residences. Avanti and Ocean Atlantic will complete and manage the project. The previous owners developed an aquatic center and 360 single-family homes, more than 200 of which sold before the downturn. Two weeks earlier, Avanti acquired Yorkville's Grande Reserve. *** Ultimate Holdings, repped by Kudan Group's Dave Bennett, has sold the 1,100 SF Crepe Crave at 1752 W North Ave in Bucktown. Kudan's Juan Carlos Gomez repped the buyers, Luis Franco and Maria Valenzuela-Franco, who plan to open a restaurant inspired by the Aguas Caliente region of Mexico. El Rincon Azteca will open in May with a patio. *** Michael Kudma has acquired the 2,800 SF Frato's Eatery at 628 Roselle Road in Schaumburg. Kudan's Scott Reinish and Frank Trenholm negotiated the sale. |
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| LEASING | ||
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Burke Warren Mackay & Serritella has expanded its lease in the Mies van der Rohe-designed 330 N Wabash from 39k SF to 55k and extended it through 2024. The law firm has been a tenant there for 16 years. Other recent leases in the Prime Group Realty Trust/Five Mile Capital Partners building: American Medical Association, Latham & Watkins, and SmithBucklin. Studley's Joe Learner and JSQ Commercial's Tom Murphy repped the tenant, and PGRT's Steven Baron repped the landlord JV. A 316-key, five-star Langham Chicago Hotel with a restaurant, meeting and conference space, a fitness center, and Chuan Spa is scheduled to open in Q2 '13 on floors 2 through 13. *** Barrett Moving & Storage, repped by JLL's Robin Stolberg and Kurt Sarbaugh, will relocate from 3831 Hawthorn Court in Waukegan to 201 Hastings Dr in Buffalo Grove under a 57k SF lease. . *** Jake Kuminski, repped by Kudan's Marcus Sullivan, has leased the 2,000 SF 1045 W Madison, where he will open a Westminster Hot Dogs this spring. The West Loop location, the sequel to the original at 11 N Wells. Kudan's Scott Reinish repped the landlord. |
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| CONSTRUCTION | ||
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| Testa Produce won Local Initiatives Support Corporation Chicago's Outstanding For-Profit Neighborhood Real Estate Project Award at the 18th Annual Chicago Neighborhood Development Awards. Summit Design + Build built Testa Produce's $24M, 91k SF produce-distribution facility at at 4555 S Racine Ave, the country's first food-distribution facility to earn LEED Platinum. The site had been a 13-acre brownfield in the Stockyards Industrial Park. | ||
| EXECUTIVE MOVES & NEWS | ||
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| Brian Conlon has been named Inland Real Estate Investment Corp CEO. That means he'll continue as Inland director and will be president and director of Inland Securities Corp, overseeing capital raising. He joined Inland in '99 (no word on whether he partied like it) and has a BBA from Georgia State University and an MBA from the University of Dallas. He's on the Investment Program Association board and on the policy subcommittee of NAREIT's Non-Traded REIT Council. | ||
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| Nicholas Hyatt has joined Thornton Tomasetti's Chicago office as VP, supporting clients across the Midwest. |
