The Deal Sheet
Slated for 80% completion by year’s end, 1.3M SF, mixed-use Roosevelt Collection is part of multifamily pro McCaffery Interests' diversification strategy across asset classes. (It would be hard to fit all your eggs into one apartment.)
“We know multifamily is not the be-all and end-all and that some markets will be over-saturated,” chairman and CEO Dan McCaffery (snapped with Ald. Danny Solis, 25th, at a groundbreaking) tells us. That’s why the 342-unit Roosevelt Collection also has 391k SF of high-profile retail (ShowPlace ICON Theatre, lululemon, H&M, etc.), all slated for 95% completion by spring. McCaffery’s adjacent British School is on time and on budget to deliver for the 2015-2016 school year, he says. These aren’t the only projects keeping Dan busy: Over the weekend, he hosted a birthday party for his 4-year-old grandson and granddaughter, and he held a baby shower in celebration of an upcoming grandchild—his seventh.
SALES
HFF associate director Wick Kirby, along with executive managing director Matthew Lawton and director Ken Martin, repped the seller, Milhaus, in the $60.5M sale ($158k/unit) of Solana Apartments at the Crossing (above), a 384-unit Class-A multihousing community north of downtown Indianapolis, Ind., to Inland Real Estate Acquisitions. Completed in April, the project is 95% leased.
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Scott Niedergang, Gino Lollio, and Chase Michaels, investment specialists in Marcus & Millichap’s Chicago Downtown office healthcare real estate group, repped the seller, a partnership comprised of multiple physician owners, in the $28M sale/leaseback of the Dermatology Associates of Wisconsin portfolio, a nine-location, 88k SF net-leased portfolio across Wisconsin. The trio also repped the buyer, a non-traded private REIT, and M&M Wisconsin broker Matthew Fitzgerald assisted in the closing. Dermatology Associates of Wisconsin, the second-largest dermatology practice in the country, signed a 10-year NNN lease.
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Paramount Lodging Advisors completed the sale of a 15-property Wyndham portfolio (1,610 rooms) spanning five states. PLA managing directors Bennett Webster, Brent Clemens, Adam Montufar, and associate Subu Thiagarajan repped the seller, a court-appointed receiver.
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Cedar Street Co, repped by internal broker Alex Najem, completed the $8.2M sale of FLATS NO. 2500, a 28-unit multifamily property at 2500 N Clybourn Ave, to New York-based CLK Properties, which is looking to expand into Chicago. Cedar Street acquired the building as a purchase note from FirstMerit for $1.8M.
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Andrean Angelov and Ryan Engle, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, repped the seller, a private investor, and the buyer, an LLC, in the $2M sale of 2453 N 1st Ave, a 28-unit apartment property in River Grove. The property includes on-site income-producing laundry facilities and ample parking.
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GC Realty & Development's Mark Ainley and Kristine Eisenmann repped the seller, Melrose Holdings, in the sale of 517-19 Main St at Gateway Centre in West Chicago. The property includes 2,000 SF of space with long-term tenants in place. The buyer was JC Real Estate Services.
LEASING
An affiliate of Harbor Group International signed a lease with New York-based Serendipity Labs to open and manage a 30k SF coworking lounge and conference center (above) on the mezzanine level and second floor of 1.2M SF One South Wacker Dr. Serendipity Labs will operate the space in partnership with Hospitality Ventures Management Group. Opening is scheduled for October.
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Venture One Real Estate leased 60k SF at completely renovated 927 North Shore Dr in Lake Bluff to Caterina Foods. CBRE’s Zach Graham, Keith Puritz, Brett Kroner, and Ryan Bain repped Venture One; JC Forney Real Estate’s Doug Reed repped the tenant.
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Paine/Wetzel TCN Worldwide principal Ed Wabick completed a lease on behalf of Munster Development. The 57k SF space at 9200 Calumet Ave in the 56-acre Lake Business Center will be occupied by AM Manufacturing Co, which is expanding its facilities and relocating from Dolton.
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Door to Door Organics is expanding its service from a new 25k SF warehouse (with offices) at 815 W Pershing in Bridgeport. In the Chicago area since 2010, the company now employs 31 people at the new site, which houses more than 3,500 local, organic, and natural grocery products.
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The Missner Group, repped by VP June McCrory, completed three industrial leases in Franklin Park, Skokie, and Des Plaines. FHC Marketing leased 34k SF within 9400 King Street; Conya Global renewed and expanded to 8,000 SF at 5520 W Touhy Ave in Skokie; and Cleanse Culture leased 5,646 SF (including 1,272 SF of cooler space) at 500 E Touhy in Des Plaines.
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Balihoo, whose new CEO is locally based Dave Oliveira, opened a permanent Chicago office at 20 N Wacker Dr. The space currently holds members of the sales and digital teams with room to expand in the coming months.
EXECUTIVE MOVES
Jack Houze joined Sterling Bay Cos as director of property management, overseeing the company’s 7M SF commercial portfolio (including recently acquired 221 N LaSalle St). He was most recently senior director at CBRE, heading up property management for the firm’s 40M SF Chicago area portfolio. Jack is a graduate of DePaul University.
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Stan Johnson Co hired Mark Hellwig as a director specializing in the sale of government-occupied net lease office and industrial properties throughout the United States. The 20-year industry vet was previously an SVP at CBRE, senior director at Marcus & Millichap, and associate at Cushman & Wakefield. He holds a JD, MBA, and BS from the University of Missouri.
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ML Realty Partners promoted Sonya Maius to transaction coordinator. She joined the firm in 2010. In her new role, Sonya will work with the finance group offering analysis support and reporting requirements.
KUDOS
JC Anderson hosted its second annual industry golf tournament, “The Kev,” in memory of the firm’s late president Kevin Radoha. Held at River Forest Country Club, the event featured Frank Thomas and former Bear Dan Hampton and raised more than $65,000 for the Radoha Family and Cancer Research. Snapped: Glass Solutions’ Jim Scholes and Sean Hill, Dan Hampton, JC Anderson’s Steve Boulukos, and Glass Solutions’ Andy Hill and Greg King.
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Fifield Cos and Wood Partners announced that K2 (above), the partnership’s 496-unit luxury rental tower at 365 N Halsted in the Fulton River District, was awarded LEED Silver from the USGBC. Sustainable project highlights include electric car charging stations and a storage area for up to 200 bikes. K2 opened in March 2013 and is currently 93% leased.
