This Week's Chicago Deal Sheet
Avison Young acquired Chicago-based Mesa Development, making Richard Hanson and James Hanson principals in the firm's Chicago offices.
Mesa Development was established in 2000 and has completed such projects as the 72-story Legacy at Millennium Park (pictured), a luxury condo tower, and the 57-story Heritage at Millennium Park.
Sales
Prologis has purchased a 41.6k SF facility in Elk Grove Village, IL, for $2.3M from Horizon Logistics. The property is close to I-90 and 355 and O’Hare International Airport. Colliers International’s Jonathan Kohn and Ron Behm repped Prologis and Entre Commercial Realty’s Tom Boucher and Dan Jones repped Horizon.
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Interra Realty has brokered the $2.3M sale of a 39-unit apartment building at 500 Des Plaines Ave in Forest Park, IL. Managing partners Joe Smazal and James Clough repped both the buyer and the seller of Forest Hall Apartments, which has a mix of studio and one-bedroom apartments near the Blue Line train station.
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Podolsky has brokered the sale of a 22k SF commercial land site at 2201 W Devon Ave, in Chicago for $65/SF. Reps say the buyer, a private investor, plans to demolish the building and use it as a parking site before redeveloping it. The land was previously owned by a regional bank.
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First Western Properties has sold a multi-tenant retail property at 87th Street and Stony Island Avenue for $8.4M to an out-of-state buyer. Austin Weisenbeck and Sean Sharko co-listed the property, which has long-term leases with Dunkin Donuts, DaVita Dialysis and Dollar Tree, among others. The cap rate was 7.25%.
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Wong Enterprises has purchased two buildings on Chicago’s Southwest Side. Paine/Wetzel TCN Worldwide SVP Albert Schulman repped Wong. The properties total 56.4k SF on 1.16 acres at 817-841 W Cermak Rd. Wong is a good distribution company expanding its operations within Chicago. Colliers International’s Mike Senner and Vern Schultz repped the seller, Christ Panos Foods Corp.
Sperry Van Ness Restaurant Resource Group has brokered the sale of Lincoln Hall and Schuba’s (pictured), the city’s iconic rock clubs at 2424 N Fullerton Ave, and 3159 N Southport Ave in Lincoln Park and Lakeview. An affiliate of Audiotree, a Chicago-based music company, purchased the properties from owners Chris and Mike Schuba, and Mike will continue to serve as the director of operations. Sperry senior adviser Jim Martin, associate adviser Tim Rasmussen and senior adviser Marcus Sullivan brokered the sale.
Developments
Duke Realty Corp is developing a new 499k SF warehouse for Fellowes in Butterfield Corporate Park in Aurora, IL. The facility will serve as the main US distribution center for Fellowes, and it could bring 125 new jobs to the area. Principals Daniel Arends and David Bercu with Colliers International repped Fellowes; CBRE’s David Prell, John Suerth and Traci Buckingham Payette and Duke Realty’s Susan Bergdoll repped Duke.
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Molto Properties has announced plans for a 116k SF industrial property at 1055 Remington Blvd in Bolingbrook, IL. Nearly half of the planned building is already pre-leased. Baldor Chicago signed a lease for 57.2k SF. Colliers International principal Jim Estus repped owner Molto Properties. The GC, Krusinski Construction, will start work this spring.
Openings
Hyatt Hotels Corp opened the 257-room, full-service Hyatt Centric The Loop Chicago. As the first Hyatt Centric, the hotel’s mission is “to put guests at the center of the action.” The hotel at 100 W Monroe St in the heart of downtown Chicago is owned by Integrated Clark Monroe and managed by Interstate Hotels & Resorts. The building is a 22-story, 1927 art deco office building.
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The green developer Gerding Edlen has opened JONESChicago, a 188-unit, 25-story luxury apartment building at 220 W Illinois St. Residents began moving into the building, which is aiming for LEED Gold, in December.
People
Transwestern has hired industrial and sustainability specialist John Gledhill as a senior VP with the firm’s tenant advisory services group. Gledhill comes from CBRE, where he served as a first VP and represented a Fortune 1000 manufacturer of avionics equipment.
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Schaumburg-based Crossroads Partners has launched a full-service real estate firm to be led by Zachary Fox, who is joining Crossroads Partners as an SVP. Zachary was formerly with Transwestern’s suburban office.
