This Week's Chicago Deal Sheet

Chicago-based Singerman Real Estate bought 8045 and 8025 Lamon Ave., a two-building life sciences portfolio within Skokie’s Illinois Science + Technology Park, from American Landmark Properties for $75M, according to Crain’s Chicago Business.

JLL marketed the property on behalf of the seller, procured the buyer and arranged the acquisition financing.  

“The lending community expressed a strong desire to place capital in Chicago’s emerging life sciences cluster,” Lucas Borges, a director in the Chicago office of JLL Capital Markets, Americas, said in a statement. “The level of lender interest in this portfolio is further testament to Chicago’s significant growth potential within the life sciences space.”   

The portfolio consists of 286K SF within the two adjacent buildings. It contains both technical wet lab and Good Manufacturing Practice space and hosts well-known life sciences brands as well as university-affiliated startups.

American Landmark Properties acquired the Lamon buildings in 2016 and soon renovated the structures, leasing each to life sciences and biotech companies.

The JLL Capital Markets team representing the seller was led by Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Nick Psyllos. The JLL Capital Markets team handling financing efforts was led by Danny Kaufman and Lucas Borges.

EXECS

Graycor Construction Co. promoted Timothy Hanifin to president. Hanifin began his career with Graycor as an intern in 1995 while attending Northwestern University. He joined the company as an engineer in 1998 and most recently served as the company’s senior vice president.

***

Ben Bischmann joined Bridge Industrial as its first-ever senior vice president of national operations and asset management. Bischmann will manage Bridge’s national portfolio, leading the development of strategic operations, capital improvements and other best practices. He previously served as executive vice president of industrial property management at JLL.

SALES

An affiliate of Chicago-based Synergy Construction Group sold Panton Mill Station, a 100-unit luxury rental community at 355 North La Fox St. in suburban South Elgin about 40 miles northwest of Chicago, for $24.5M to MTA South Elgin. Interra Realty’s Jon Morgan and David Goss represented the seller, which completed the building in spring 2020. The buyer was represented by Interra’s Patrick Kennelly and Paul Waterloo. Panton Mill Station includes 56 one-bedroom and 44 two-bedroom residences, which were 100% occupied at the time of sale.

***

A local 1031 exchange buyer purchased for $10.1M an 18K SF mixed-use property at 1950 West Division St. in Chicago’s Wicker Park neighborhood. Austin Weisenbeck and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office marketed the property on behalf of the seller, a developer.  

*** 

A 1031 exchange buyer purchased a ground-leased PNC Bank at 3879 East Main St. in west suburban St. Charles for $3.3M. The more than 3K SF bank is an outparcel to a Target-anchored shopping center. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Midwest-based real estate investor.

***

Safe Affordable Storage sold Posen Storage, a 535-unit self-storage facility at 14750 South Western Ave. in south suburban Posen, to National Storage Affiliates for an undisclosed price.  Colliers Chicago’s Dan Lynch arranged the sale. Built in 2020, the three-story climate-controlled facility was 50% leased after 12 months.

LEASES

Alvarez & Marsal Property Investments completed three transactions totaling 72K SF for Fulton West, its 121K SF property at 1320 West Fulton St. in Chicago’s Fulton Market District, backfilling all the occupancy lost at Fulton West during the height of the coronavirus pandemic:

• Farmers Business Network, an agriculture technology platform and farmer-to-farmer network, agreed to a 43K SF, long-term lease across the property’s first, third and fourth floors. FBN was represented by Jeff Newcom and Holly Duran of Colliers.
• Atlanta-based Nolan Transportation Group agreed to a 25K SF, long-term office lease to occupy the building’s entire second floor. Shaun Weinstock of Weinstock Realty & Development and Colliers International’s Tom Berarducci represented the tenant.
• Dude Products, a Chicago-based producer of flushable wipe and hygiene products for men, agreed to a more than 3K SF lease on the building’s sixth floor. The company will move into a new spec suite at the property and was represented by Larry Serota and Jon Zeitler of Transwestern.

Matt Pistorio and Adam Pines of Madison Rose represented AMPI in each transaction. 

***

Urban Innovations signed six leases for its portfolio in the River North neighborhood of Chicago:

• Dux Interiors, the parent company of DUXIANA Chicago, a retailer of mattresses and bedding, will relocate to 445 North Wells St. from 619 North State St. It was represented by Gregory Kirsch of Cushman & Wakefield.
• Financial services firm Clover Capital signed a lease renewal for a more than 2K SF office at 444 North Wells St., with representation from Katie Szpyrka of Savills.
• Heritage Auctioneers & Galleries Inc., a national fine art and collectibles auction house, signed a new lease for nearly 8K SF at 222 West Hubbard St. and will move its Chicago office from 215 West Ohio St. Cece Conway and Daye Williams of Transwestern represented Heritage.
• CrossCountry Mortgage signed a new approximately 3K SF lease at 314 West Superior St., and it was represented by Graham Mitchell of @properties.
• IT consulting firm Burger Consulting Group signed a new, 1.5K SF lease in 325 West Huron St. and will relocate from 333 North Michigan Ave. Corporate Real Estate Solutions’ Barbara Ellis-Racic represented Burger.
• Urban Innovations also negotiated a lease for an undisclosed amount with Vevo LLC, represented by Brian Reaney of Newmark Knight Frank.

Aaron Zaretsky and Candice Murphy of Urban Innovations represented ownership on all six transactions.

***

Lendlease signed two new retail leases at The Cooper, its 29-story apartment high-rise at 720 South Wells St. in Chicago’s Printers Row. Tatas Tacos will open its fourth Chicago restaurant, while Hops & Scotch, a new bottle shop concept from the owners behind South Loop Market, will open its first location. Tatas Tacos, slated to open in spring 2022, will fill a nearly 6K SF space on the northern end of the tower. Hops & Scotch will open later this year in a more than 1K SF storefront. Delivered in 2018, the 452-unit Cooper is the first phase of Lendlease’s 7-acre Southbank development.

***

Siete 7 signed a series of lease agreements for its properties at 999 and 1111 East Touhy Ave. in northwest suburban Des Plaines in the O’Hare submarket. Tony Russo and Ryan Freed of Lee & Associates’ Illinois office represented Siete 7 in the deals. Jonathan Springer and Andrew Kaplan of CBRE represented tenants Aldridge Electric, which took 26K SF, and Greater Chicago Center for Advanced Surgery, which took about 10K SF. David VenHorst of Tenant Advisors represented Society for Academic Emergency Medicine, which leased more than 11K SF.

CONSTRUCTION AND DEVELOPMENT

McHugh Construction broke ground on Oct. 12 on the historic restoration of Ramova Theater in Chicago’s Bridgeport neighborhood. The builder will transform the 90-year-old theater at 3518-3520 South Halsted St. into a brewery and grill. McHugh plans to complete the project by late 2022.

***

Realterm and The Missner Group formed a joint venture to develop infill warehouse and distribution facilities in the greater Chicago region. The venture just broke ground on its first project, a 250K SF warehouse at 4400 Homerlee Ave. in East Chicago, Indiana. The new building will sit on 14.15 acres less than a mile from I-90. Realterm and The Missner Group will also develop the following sites: 1032 West 43rd St. in Chicago, 3900 South Normal Ave. in Chicago and 50 South Fairbank St. in northwest suburban Addison.

***

Chicago-based Evergreen Real Estate Group secured financing and started preliminary site work for Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors at 282 Johnston St. in Goshen, Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, serves as general contractor on the $30M development and plans to officially break ground on Oct. 28. Green Oaks of Goshen will welcome its first residents in early 2023. Bourbonnais, Illinois-based Gardant Management Solutions will operate the community.

THIS AND THAT

Peak Properties was appointed to manage Springhill Apartments, a 247-unit luxury development at 280 Spring Hill Road in northwest suburban Roselle, and the 59-unit Savanna Ridge Apartments at 18400 Belvidere Road in north suburban Grayslake.