The Deal Sheet
SALES
In a JV with an investment client, Lowe Enterprises Investors acquired the 612-unit Bourbon Square apartment community (above) at the intersection of Lake Cook Road and Hicks Road in Palatine. Lowe plans to invest in substantial unit renovations and upgrades to common areas. Moran & Co repped the seller, a JV between affiliates of Marquette Cos and Arcapita. Greystar has assumed management of the property.
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Golub & Co acquired 302k SF International Tower, 8550 W Bryn Mawr Ave near O’Hare. Golub was repped by Michael Newman, Michael Goldman and Adam Short. The firm’s investment partners in the acquisition include a privately held investment management group. The property is more than 90% occupied with stable rental income.
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Mid-America Real Estate Corp’s Ben Wineman and Joe Girardi, along with Mid-Am Wisconsin’s Dan Rosenfeld, brokered the sale (on behalf of a public REIT) of Point Loomis Shopping Center in Milwaukee. Cincinnati-based Phillips Edison purchased the 161k SF center, located at the southwest corner of 27th Street and Loomis Road. Tenants include Kohl’s, Pick ‘n Save and Chase Bank.
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Paramount Lodging Advisors completed the sale of 142-room Clarion Inn & Suites (3053 S US Hwy 41) and the adjacent 117-room Super 8 (3089 S 1st St) in Terre Haute, IN. PLA managing directors Bennett Webster and Brent Clemens were engaged by a court-appointed receiver as exclusive representatives in Clarion’s sale. In the Super 8 deal, Brent and Bennett repped Supertel Hospitality in the sale.
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Adrian Mendoza, Austin Weisenbeck and Sean Sharko, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, repped the seller, a local investment group, in the $3.8M sale of Sunrise Plaza, a 13k SF retail property at 905-945 E Rand Rd in Mount Prospect. Sean and Austin secured the buyer, an LLC. The property is 100% leased to tenants including TitleMax, Pizza Hut and H&R Block.
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Essex Realty Group’s Jim Darrow and Jordan Gottlieb completed the $2.9M sale of 2834 W Palmer, a 36-unit building on the north side of Palmer and around the corner from California in Logan Square.
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Brian Parmacek, investment specialist in Marcus & Millichap’s Chicago O’Hare office, repped the seller, a developer, in the $6M sale of Libertyville Crossings (above), an 18k SF retail center at 119 N Milwaukee Ave in Libertyville. The buyer, a private investor, was secured by Brian and Marcus & Millichap investment specialist Victor Cornelio.
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CSJ Investments’ Pat Hogan acquired a 13k SF industrial building on Lively Boulevard in Elk Grove Village and recently closed on a 50k SF industrial acquisition in Hickory Hills. NAI Hiffman’s Ben Cremer and Mike Robbins repped both sides in the Hickory Hills deal. Both assets require redevelopment and will be held as long-term investments within the CSJ Investments platform.
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First Western Properties’ Kellen Duggan and Tom Peterson completed the sale of 2368 E 69th St, a 9k SF daycare building with parking for up to five cars, located near Lake Shore Drive. Along with Paul Tsakiris, Kellen also completed the sale of 227 E 51st St, an 18-unit mixed-use building in Fuller Park.
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Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, repped the seller, an LLC, in the $1.7M sale of 113 Lincoln Ave, a 26-unit apartment property in Riverside. The buyer, a private investor, was secured by Eric Bell, an investment specialist in M&M’s Chicago O’Hare office.
LEASING
HSA Commercial Real Estate executed a 22k SF lease with HomeGoods for the second phase of The Mayfair Collection (above), now under construction. The 400k SF retail development is located at Highway 45 and Burleigh Street in Wauwatosa, WI. Its second phase will include a 45k SF Whole Foods, 50k SF of junior anchor retail space, a mix of upscale bars and restaurants, and a 140-room Hilton Homewood Suites.
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IKEA Distribution Services leased 850k SF at 501 International Pkwy North in Minooka from Prologis. CBRE’s Keith Puritz and Traci Buckingham Payette repped IKEA in the transaction and Colliers’ Chuck Canale repped Prologis.
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On behalf of LPC Realty Advisors, Lincoln Property Co signed a 35k SF lease with CDK Global. CBRE EVP David Saad repped CDK; Lincoln Property VP Peter Kelly and leasing director Brett Ratay repped ownership. CDK will occupy the top two floors of Greenspoint I (now 75% occupied), 2800 W Higgins Rd in Hoffman Estates, within Greenspoint Office Park.
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Central Garden & Pet renewed its lease for 28k SF at 1501 E Woodfield Rd in Schaumburg from John Hancock Life Insurance Co. CBRE’s Paul Diederich and Gary Fazzio (Chicago office) and John Cooper (San Francisco office) repped Central Garden & Pet in the lease.
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DVL Express is expanding to a second suburban location, leasing a 15k SF facility at 1351 Circle Ave in Forest Park. Brown Commercial Group senior associate Trinity Scurto repped DVL; Skydan Real Estate’s Frank Christiano repped the landlord. The new location will allow DVL to expand its business to include truck repair.
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DryHop Brewers signed a lease for its second Chicago area brewery at 3446 N Southport Ave. The 3k SF facility, called Corridor Brewery & Provisions, is scheduled to open next summer. Baum Realty Group VP Will Crowden and principal Allen Joffe repped DryHop owner and founder Greg Shuff.
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Coldwell Banker Commercial NRT’s Paul Martis finalized the 5,500 SF lease of Suite 25 at Oak Brook Office Pavilion, 2605 W 22nd St in Oak Brook, to CardConnect International. The lease commences in January for a term of 39 months with an option to renew.
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First Western Properties’ Liliya Ilieva and Paul Tsakiris completed a lease to Synapsis Medical at 559-611 N York Rd in Elmhurst. The space was previously listed with three different brokerages for three years, and First Western completed the deal in two weeks.
CONSTRUCTION & DEVELOPMENT
The Missner Group and JV partner Baker Development Corp broke ground (above) on the new 25k SF fitness facility for First Ascent at 3516 N Spaulding. The new building will feature climbing, yoga and other fitness facilities, including a 60’-high climbing area with Walltopia-designed climbing terrain.
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American Realty Advisors launched a new sustainability initiative beginning at soon-to-be LEED Silver 150 N Wacker Dr to reduce water consumption by more than 1 million gallons per year. Upgrades included the replacement of 115 restroom sink aerators, four showers and three women’s toilets with lower flow versions.
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Berwyn’s Cermak Plaza, at the intersection of Harlem Avenue and Cermak Road, broke ground (above) on Ross Dress for Less, part of Cermak Plaza Associates’ $6M third and final phase of redevelopment on Berwyn’s largest piece of retail property. It also included the development of an outlot for LongHorn Steakhouse (which opened yesterday). Completion of the third phase will reduce the plaza’s vacancy from 11% to less than 1%.
EXECUTIVE MOVES
Greystone tapped Ken Jones as director in its Chicago office. Greystone is one of three newly designated lenders approved for the new Freddie Mac Small Balance Loan offering, so Ken will be working with Midwest property owners and brokers to increase lending for this product. Ken spent the past 25 years at Citibank with a background in residential, new construction and commercial real estate lending, including multifamily and retail. He earned his degree from Southern Illinois University.
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NAI Hiffman tapped Perry Higa as SVP with its office services group, based at the firm’s Oakbrook Terrace HQ. The 30-year industry vet’s notable clients include CliftonLarsonAllen, Silver Cross Hospital and Brainlab. Perry was previously FVP with CBRE and graduated from UW Madison with a BS in Business Administration.
BUSINESS
NAI Hiffman was selected by American Realty Capital Healthcare Trust II to manage a 162k SF portfolio made up of five medical office buildings in Northwest Indiana. The buildings are anchored long-term by Franciscan Alliance, one of the largest Catholic healthcare systems in the Midwest. The portfolio includes 757, 759 and 761 45th St in Munster, 919 Main St in Dyer and 2001 US 41 in Schererville. With its latest Indiana portfolio acquisition, NAI Hiffman’s management services team currently manages 13 properties for ARC totaling 600k SF.
