This Week's Chicago Deal Sheet
Bridge Development Partners acquired two properties near O’Hare International Airport at 9513 River St. and 9555 Irving Park Road in Schiller Park. It plans to demolish the existing structures and replace each with a small Class-A industrial facility.
The developer agreed to buy the buildings as part of a long-term lease transaction with Duravant, a Downers Grove, Illinois-based manufacturer. Duravant will vacate the two Schiller Park properties and move its operations into 265K SF at Bridge Development Partners’ Bridge Point Wood Dale facility in nearby Wood Dale.
“Not only is O’Hare a prime location for both labor and highway access, but it’s tremendously undersupplied when it comes to Class-A product,” Bridge partner Nick Siegel said in a press release. “Assets of this size are incredibly rare, and smaller offerings like this will allow potential tenants such as freight forwarding, e-commerce and logistics users to fully secure their buildings.”
The Itasca, Illinois-based Bridge will construct Bridge Point Schiller Park III and IV, which will total 62K SF and 54K SF, respectively. Each facility will feature 32-foot clear heights, and Siegel said the company expects to deliver the buildings in Q4 2021.
Bridge completed Bridge Point Schiller Park I and II in 2016 and leased them to five tenants.
Steve Stone and David Friedland of Cushman & Wakefield represented Duravant in the transaction.
EXECS
Commercial property tax law firm O’Keefe Lyons & Hynes LLC hired Jabari Jackson as an attorney. His practice will focus on commercial property tax appeals. Prior to joining the firm, Jackson worked for 10 years at the Cook County Board of Review, where he analyzed property tax appeals for commercial and industrial properties. He also represented the Board of Review in commercial hearings at the Illinois Property Tax Appeals Board.
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J.C. Anderson promoted Matt Kantro to senior project manager and Kayla McKinney to project manager. Kantro spent the last eight years with J.C. Anderson as a project manager and leads the company’s operational technology initiatives. McKinney joined J.C. Anderson in 2018. In her new role, she will be responsible for total project management, including negotiating subcontracts and providing day-to-day communication with the project teams.
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Northbrook, Illinois-based Envoy Net Lease Partners hired Bruce Neel as director of business development. Neel has 27 years of commercial real estate experience. He spent the past two years as the executive vice president and southeast regional director of San Francisco-based Plum Lending.
SALES
The first phase of condominiums at Kelmscott Park, a community of new-construction condominiums and single-family homes at 1155 Kelmscott Way in Lake Forest, are nearing closeout. A project by Chicago-based developer Focus and its sales and marketing firm, @properties Developer Services, Kelmscott Park features 42 condominiums and 12 single-family homes. Four condominiums remain for sale.
Platinum Converting acquired from Logistics Property Co. a new 207K SF industrial building at 1560 West Stearns Road in northwest suburban Bartlett. The DuPage County property, part of the Brewster Creek Logistics Park built by LPC in 2020, features 32-foot clear ceilings and 246 parking spaces. Platinum, a provider of finishing services to the print and graphic arts industry, will relocate from its Itasca location this summer. Mark Baumhart and Jeff Janda, both from Lee & Associates’ Illinois office, represented Platinum. Adam Marshall and Mark Deady of Newmark represented LPC.
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Lendlease launched sales at The Reed, a residential high-rise located at 234 West Polk St. in Chicago’s Printers Row. The 41-story building has 216 condominiums on its upper floors. It represents the first for-sale offering in Lendlease’s Southbank neighborhood development, a 7-acre master plan rising along the Chicago River’s South Branch. It is slated for a 2023 delivery.
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A West Coast-based real estate fund bought a single-tenant, net-leased Walgreens property at 9150 Skokie Blvd. in Skokie for $3.9M. The Walgreens lease on the 11K SF property expires in 2024. Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction.
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Jonathan Berger and Josh Silverglade of The Equitable Funds acquired Remington Office Court, a single-story campus at 1305-1375 Remington Road in northwest suburban Schaumburg. The acquisition is part of the pair’s efforts to acquire, own and manage single-story office developments throughout Chicagoland. The Equitable Funds also hired NAI Hiffman to handle leasing. At acquisition, the property was approximately 90% leased. One Story LLC, a property management firm recently formed by Berger and Silverglade, will manage the 83K SF asset.
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Mid-American Elevator sold for more than $4M a 22K SF facility at 820 North Wolcott St. to Chicago Wolcott LLC. The two-story office building sits on more than five city lots. Cory Kay, Jeff Locascio and Mike DeSerto of Entre Commercial Realty represented Mid-American. They also completed a 1031 exchange into a new 45K SF property in northwest suburban East Dundee that will serve Mid-American as its headquarters. That property's developer, Triumph Construction, will deliver it in May 2021. Kinzie Brokerage represented the buyer of 820 North Wolcott St.
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Alissa Adler and John Homsher of Colliers International’s Chicago office closed out 2020 by signing five deals totaling 200K SF and valued at $14M during December. The duo represented:
- NJB Investments in the sale of 302 Saunders Road in Saunders Woods Corporate Center in suburban Riverwoods to a private investor. The 18K SF building is 100% leased to three tenants.
- EquiTrust Life Insurance Co. in the sale of Deerpath Office Center at 700-702 Deerpath Drive in Vernon Hills to a private investor. The 45K SF building is 100% leased to three tenants.
Adler and Homsher then represented the buyers of SWCC and DOC in the acquisition of three additional local properties, two of which were off-market deals. They are:
- 1300 Remington Road, a 41K SF office-flex building in Schaumburg that is 92% leased.
- 281-339 Messner Drive in Wheeling, a 35K SF office-flex building that is fully leased.
- 1852-1908 Janke Drive, a 36K SF industrial-flex property in Northbrook that is fully leased.
LEASES
Conor Commercial Real Estate leased 137K SF on the east side of its Northwest Pointe III’s Building Two in Elgin to an undisclosed plastics company. Continental Packaging leased the remaining 48K SF on the west side. The building, adjacent to I-90 and Randall Road, is now fully leased, and both companies will use it as warehouse and office space. The 163K SF Building One is still available. Ken Franzese and John Cassidy of Lee & Associates represented Conor in the transactions. Dan Benassi of Entre Commercial Realty represented the plastics company. Jimmy Kowalczyk and David Saad of CBRE represented Continental Packaging.
CONSTRUCTION AND DEVELOPMENT
Skokie-based Weiss Properties began gutting the interior of The Reserve at Salem Lake, a corporate campus at 1 Salem Lake Drive in north suburban Long Grove that it acquired in 2020. The 37-acre property was originally developed between 1975 and 1981 as a headquarters for CF Industries. The property includes a two-story, 150K SF building, as well as a 185-car parking garage. It has been vacant for more than 10 years. Weiss will market it as a multi-tenant campus for tenants that need 10K SF to 25K SF, or for a single user. Rawly Lantz, Justin Harris, and David Conroy of Cawley Chicago are marketing the property for lease.
THIS AND THAT
Timber Court, located at 3400-20 North Old Arlington Heights Road in Arlington Heights, was listed for sale by multifamily brokerage firm Kiser Group. The company’s Ron Plonis, Lee Kiser and Jeff Leibovich are marketing the 72-unit property. Its two buildings, completed in 2007, each have 36 units and indoor parking.
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KBS and Transwestern Real Estate Services signed an agreement for TRS to provide property management services for two KBS-owned buildings in Chicago’s River North. The properties, located at 213 West Institute Place and 210 West Chicago Ave., are the second and third KBS-owned properties in Chicago managed by Transwestern. The first was Accenture Tower, a 42-story tower at 500 West Madison St. in the West Loop. Originally built in 1888, 213 West Institute Place is a 155K SF converted brick-and-timber loft office building. Built in 1914 as a post office, 210 West Chicago Ave. is a 16K SF retail and office building that was renovated in 2000.
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Zumper published its latest monthly Chicago Metro Report, which examined active January apartment listings in 11 municipalities. Researchers found that Chicago ranked as the most expensive city, with the median one-bedroom unit priced at $1,540. At $1,360, Schaumburg ranked second. Naperville was the third-priciest city at $1,340. Michigan City, Indiana, was the most affordable city, with a median one-bedroom unit priced at $680. Waukegan ranked second-lowest at $860.
