This Week's Chicago Deal Sheet
Sterling Bay officials say leasing is going so well at 2430 North Halsted St., its redeveloped life sciences property in the Lincoln Park neighborhood, that it's getting ready to break ground on another life sciences building, this time at Lincoln Yards, the massive mixed-use complex the company plans to develop on the neighborhood's western edge.
Evozyne, a Chicago-based, privately held molecular engineering technology company, signed a 30K SF lease at 2430. The redeveloped property, formerly the Stanley Manne Children's Research Institute but now called The Labs, is more than 50% leased, Sterling Bay officials said. The 120K SF building's other tenants are Exicure Inc. and Vanqua Bio.
“Evozyne moving into 2430 North Halsted is yet another sign that Chicago is an emerging leader in life sciences,” Sterling Bay CEO Andy Gloor said. “Sterling Bay is committed to developing leasable, high-quality lab space so that forward-thinking life science companies like Evozyne have a place to grow and can continue to attract talent to the city of Chicago to make lasting scientific advancements.”
Founded in 2019, Evozyne is a portfolio company of Paragon Biosciences. It develops synthetic proteins for a variety of industries, including agriculture, biopharmaceutical and energy. Evozyne's new facility is scheduled to open in early 2021.
CBRE’s David Saad represented Sterling Bay in the transaction.
Designed by Gensler, the 320K SF Lincoln Yards building will feature outdoor open spaces and seating areas along its Chicago River location.
EXECS
Zack Holley joined Oak Brook, Illinois-based Inland Securities Corp. as senior vice president – external wholesaler. The company is the exclusive dealer manager and placement agent for real estate investment programs sponsored by Inland Real Estate Investment Corp. and Inland Private Capital Corp. Holley will work with financial advisers in Arizona, Arkansas, Louisiana, Oklahoma, New Mexico and Texas. Before joining Inland Securities, he served as a senior vice president with Griffin Capital Securities.
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Matthew Lee joined Elmhurst, Illinois-based Darwin Realty/CORFAC International as an associate. His duties will include tenant representation, owner representation, build-to-suit projects, sale-leasebacks, and investment acquisitions and dispositions.
SALES
A developer bought for $1M a 2.64-acre Gurnee land parcel that includes a 24K SF, single-story building at 5742 Northridge Drive. The buyer plans to build a hotel on the site, according to Paul Cawthon and Angelo Labriola of SVN | Chicago Commercial, who represented the seller.
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A franchise of Maaco Collision and Repair bought 12 West Interstate Road, a 20K SF industrial building in northwest suburban Addison, so it could expand into a new market. Brown Commercial Group’s Mike Antonelli represented the building owner, a private investor, and the Maaco franchise was represented by Ken Peach of Coldwell Banker.
Antonelli also represented a family trust in its sale of 19 West Industrial Road, a 1.53-acre site and one of Addison’s last remaining vacant industrial-zoned land parcels. Charles Rutenberg Realty represented the buyer, a private investor that plans to construct a small office and trailer repair facility on the site.
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Preservation of Affordable Housing acquired 247 rental apartments in Chicago’s Uptown and Bridgeport neighborhoods from the Chicago Community Development Corp. The nonprofit POAH acquired four properties in Uptown with a total of 192 apartments in 11 buildings. Voice of the People in Uptown, the community organization that initially developed the properties, will continue as a co-owner with POAH and will provide resident services.
In Bridgeport, POAH purchased the 55-apartment Archer Avenue Senior Residences at 2928 South Archer Ave.
Both acquisitions will remain affordable despite significant gentrification pressures in these neighborhoods, POAH officials said.
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A limited liability company sold Galewood Plaza, a 14K SF multi-tenant retail property at 6600 West North Ave. in Chicago, for $2.7M, according to Marcus & Millichap’s Sean Sharko, Austin Weisenbeck and Adrian Mendoza, who marketed the property on behalf of the seller.
LEASES
Sterling Bay signed another lease for its 333 North Green St., bringing the new office and retail building in Fulton Market to 93% leased. Franklin Park, Illinois-based Sloan, a touchless commercial restroom solutions provider, will occupy 20K SF and use it to open its first Chicago showroom, joining a roster of tenants that includes WPP and Convene. Sterling Bay’s Russ Cora and Gillian Keebler negotiated the transaction. Larry Cohn from @properties represented the tenant.
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Camso USA, a subsidiary of Michelin, signed a new lease for 252K SF at 24601 South Bradley St., a 1-year-old speculative building in Channahon. It will relocate from a functionally obsolete space in Joliet, according to Merit Partners’ David Liebman, who helped arrange the deal. Camso officials expect to move in September. The building owner, Crow Holdings Industrial, was represented by Cushman & Wakefield’s Sean Henrick and Jason West. CHI’s Matt Kurucz led negotiations for ownership.
FINANCING
Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., closed a $20.5M loan to rehabilitate and preserve Victory Apartments, a 107-unit portfolio of nine affordable multifamily properties in the Chicago neighborhoods of West Town and Humboldt Park. Bellwether Enterprise’s Victor Agusta arranged the Federal Housing Administration loan on behalf of the borrower, Bickerdike Redevelopment Corp.
CONSTRUCTION AND DEVELOPMENT
Skender completed interior construction of Equity Residential’s 75K SF Chicago office. The rental apartment company occupies two floors at Two North Riverside. As part of the project, Skender built out private access to the building’s roof terrace. The renovated office space features a new atrium with a connecting staircase, a mix of open workstations and private offices, conference rooms and board rooms, new bathrooms and custom millwork. Skender’s Lauren Torres was senior project manager. The firm collaborated with architect Partners by Design, owner’s representative JLL and engineering consultant ESD.
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Design Construction Concepts started renovating a building for Brightmont Academy at 1799 Willow Road in Northfield, just west of the Edens Expressway. Located in a former showroom, the more than 3K SF renovation will retain many of the existing ceiling features and wall treatments. OKW Architects is designing the private school’s Northfield campus.
