This Week's Chicago Deal Sheet
Marol Rush sold 1051 North Rush St., a 10K SF retail property in Chicago’s Gold Coast, to L3 Capital, a Chicago-based real estate investment firm. The two-level property is 100% leased to Vans and Uniform Teeth.
“The Gold Coast continues to be a bright spot in the Chicago market,” CBRE Capital Markets’ Keely Polczynski said in a statement. “The fact that it is a tight market with retailers exhibiting strong sales volumes and limited availability give investors confidence for continued investment.”
Polczynski was the sole broker in the transaction, which closed Nov. 18.
EXECS
Chicago-based multifamily brokerage firm Kiser Group promoted Andy Friedman from adviser to director. Friedman joined the firm in early 2018 and has become Chicagoland’s leading condominium deconversion broker, with transactions exceeding $90M, including the condominium deconversion of the 115-unit Barry Quad in Lakeview that sold for $32.3M.
SALES
Premium Investment Properties sold a 74K SF industrial building at 5200-5220 Thatcher Road in suburban Downers Grove to Beco Management. Beco is expanding its industrial portfolio in Illinois with the purchase and plans to secure new tenants for the partially leased building. Mike Antonelli and Trinity Scurto, both with Brown Commercial Group, represented the seller. Antonelli also represented the buyer.
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Becovic, a Chicago-based multifamily owner and operator, added a 1920s-era courtyard building to its North Side portfolio. The Juneway Gardens at 1548-1558½ West Juneway Terrace in Chicago’s Rogers Park neighborhood sold for $7.25M. The off-market transaction was brokered by Becovic Realty, the brokerage arm of Becovic. Originally built in 1922, the three-story, 61-unit courtyard apartment building was owned by a local operator for more than 30 years.
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Chicago-based developer K Giles started sales for Wolfram18, a new community of 18 luxury single-family homes in the West Lakeview neighborhood. Lining both sides of Wolfram Street just east of Paulina Street, the three- and four-story homes feature up to six bedrooms. Construction is underway, with first deliveries slated for the summer of 2022. @Properties Development Group is handling sales and marketing. Pappageorge Haymes Partners was the architect, and Candy Scott of Mood Design + Build designed the interiors.
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Dolrob Lansing sold a 12K SF freestanding building at 16955 Torrence Avenue in south suburban Lansing to Bana Corp. A. Rick Scardino of Lee & Associates represented the seller. Bill Kornblum of Realty Executives Premier represented the buyer.
FINANCING
The Cook County PACE Program, administered by the Illinois Energy Conservation Authority NFP, closed a Commercial Property Assessed Clean Energy financing for Chicago’s historic Ramova Theatre, totaling $7.4M in funding. The 36K SF Ramova Theatre, located at 3510-3520 South Halsted St. in Chicago’s Bridgeport neighborhood, was built in 1929 but has remained vacant since 1985. Renovation of the site is led by Chicago-based Our Revival LLC and Baum Revision. C-PACE capital for the $28M project will cover renovations that increase the building’s thermal performance as well as upgrades to the energy efficiency of the HVAC systems, LED lighting, hot water systems and low-flow fixtures. Twain Financial Partners was selected as the PACE capital provider.
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Inland Bank closed a $2.4M acquisition loan to purchase a mixed-use, multi-tenant retail and office building in north suburban Lake County. Inland Bank’s Gia Tomaszewski originated the loan. At the time of closing, the mixed-use property was 100% leased by five tenants, including a cannabis tenant.
CONSTRUCTION AND DEVELOPMENT
Draper and Kramer welcomed its first move-ins at Wrigleyville Lofts, the developer’s new 120-unit mixed-use project at 949 West Dakin St. in Chicago’s Wrigleyville neighborhood. In addition, Lakeview Ace Hardware, which occupied the single-story structure that previously stood on the development site, reopened in the new building’s first-floor retail space. Three additional first-floor retail spaces are available.
The seven-story building is across the street from the Sheridan Red Line station and two and a half blocks north of Wrigley Field. It was designed by Sullivan, Goulette & Wilson. Leopardo Construction was the general contractor for the project. Gershman Mortgage arranged for project financing.
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AECOM-Canyon Partners and Tucker Development began construction on District 1860, a mixed-use project on the former site of the Purple Hotel in suburban Lincolnwood. The project will consist of 299 mid-rise multifamily units, an Amazon Fresh grocery store and more than 40K SF of additional retail and restaurant space. The joint venture also closed on a senior construction loan from Pacific Western Bank. At closing, the retail space was 65% pre-leased. The project is expected to be completed during 2023.
THIS AND THAT
NAI Hiffman launched a new property management services division called Hiffman National. Currently, NAI Hiffman provides brokerage, property management, project services and accounting services to more than 800 office, retail and industrial properties totaling more than 100M SF in 28 states. NAI Hiffman’s Bob Assoian will lead the new division, which has property management teams in dozens of satellite locations and eight regional hub offices: Chicago; Los Angeles; Palm Desert, California; Tampa, Sarasota and Fort Meyers, Florida; Dallas; and Cincinnati.
