This Week's Chicago Deal Sheet
Chicago-based Belgravia Group announced sales surpassing the 80% mark at its CA6 West Loop condominium development at 305-323 South Racine Ave. in Chicago’s West Loop. The 72-unit, seven-story building was also topped off, and the developer will deliver its first homes this summer.
“Despite everything going on in the world, sales at CA6 West Loop have been consistent since we launched in early 2020, which is a strong affirmation of buyers’ confidence in the longevity of this neighborhood and what they expect from Belgravia, such as quality construction, smart floor plans and beautiful finishes,” Belgravia Group co-CEO David Goldman said in a statement. “Out of the gate, our sales exceeded expectations.”
CA6 offers condominiums ranging from just more than 2K SF to just more than 3K SF, with three to four bedrooms and three to four baths, including a collection of four-bedroom, penthouse-level duplex floor plans.
Given how much time people have been spending at home, buyers are more interested than ever in options for personalization, according to Belgravia Group Executive Vice President of Sales and Marketing Liz Brooks. Belgravia pairs buyers with an in-house professional designer to help personalize countertops, cabinetry and flooring styles, as well as lighting and electrical placement.
“Homes with these kinds of features located steps from dining, retail and entertainment options have been, and will continue to be, at the top of buyers’ lists,” she said in a statement.
EXECS
The Chicago chapter of the Society of Industrial and Office Realtors named its new executive board officers for 2022. Sam Badger of CBRE will serve as chapter president and lead the organization, which includes nearly 200 office and industrial real estate brokers in the Chicago market. Additional board members include Peter Billmeyer of Bespoke Commercial Real Estate as vice president, Sergio Chapa of Newmark as treasurer, John Cassidy of Lee & Associates as secretary, Sean Henrick of Cushman & Wakefield as director-at-large and Adam Marshall of Newmark as immediate past president.
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Perkins & Will promoted Mike Reinhart to practice leader for corporate interiors. He joined the firm in 1997 and has been involved in some of the firm’s corporate headquarters and trading firm projects, including for Constellation Brands, KPMG Ignition, Aspen Dental, Sterling Bay, Skender and IMC. In addition, the firm promoted Brent Ross to practice leader for sports, recreation and entertainment. He joined the firm in 2017 through the merger with Sink Combs Dethlefs. His project work includes the Community Recreation Center for the Park District of Oak Park, Rolfs Athletics Hall and Track & Field Stadium for the University of Notre Dame and the West Lafayette Wellness Center for the city of West Lafayette, Indiana.
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Northbrook, Illinois-based retail real estate firm Pine Tree promoted several employees. Jennifer Costa was promoted to executive vice president, property operations; Brian Page was promoted to vice president, asset management; Nick Kohlmann was promoted to vice president, portfolio management; Jen Yao was promoted to accounting manager; Carrie Meng was promoted to senior property accountant; and Patrick Fuller was promoted to senior analyst.
SALES
IDI Logistics purchased SunGate Industrial Park at 5420 West Roosevelt Road on Chicago’s West Side, adjacent to the Eisenhower Expressway. The 1.3M SF industrial warehouse facility sits on 47.5 acres and is 90% occupied. David Haigh and Nick Feczko of NAI Hiffman brokered the sale.
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Entities owned by Steve Greenspon, the owner of Honey-Can-Do International, a provider of housewares, acquired a 96K SF facility at 11600 King St. in Franklin Park and an 86K SF building at 5303 St. Charles Road in Bellwood in separate transactions that closed on Dec. 14. Sales prices weren't disclosed. CBRE’s Peter Roberson and David Lind represented the buyer in the transaction. The property at 5303 St. Charles Road was purchased from St. Charles 5303 LLC, and the property at 11600 King St. was purchased from King 11600 LLC.
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A New Jersey-based limited liability company bought Shops of Wheaton, a retail property at 1101 Butterfield Road in Wheaton, for $7.3M. Adrian Mendoza, Austin Weisenbeck and Sean Sharko, all from Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a local private investor. The buyer was secured and represented by Weisenbeck, Sharko and Kevin Wiersema, also of the Chicago Oak Brook office. The complex is 91% occupied and anchored by Anytime Fitness and Fox Bowl.
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E&A Transpros sold its 20K SF industrial facility at 1001 Arthur Ave. in northwest suburban Elk Grove Village near O’Hare International Airport. Cawley Chicago’s Andrew Maletich, Matt Garland and Dustin Albers represented the owner in the investment sale transaction to Faropoint Development. Faropoint Development was represented by Justin Lerner, Joe Karmin and Ross Lehrman of Transwestern.
LEASES
The Arboretum of South Barrington secured a new long-term tenant. Peak Properties, receiver of the 480K SF shopping center at 100 West Higgins Road since late 2020, announced that Star Cinema Grill signed a 15-year lease for the roughly 38K SF standalone building that previously housed iPic Theaters. The Houston-based dine-in theater concept will bring first-run films and a full-service bar opening this spring as it expands its Illinois footprint of theaters. Madeline Wheeler of JLL represented The Arboretum of South Barrington, and Kristen Barker of Wulfe & Co. represented Star Cinema Grill during negotiations for the deal. JLL’s Cory Born serves as the on-site general manager.
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Child and family service agency Children’s Home & Aid will relocate its headquarters from 125 South Wacker Drive to a 12K SF space at 200 West Monroe St. In addition, the agency will restructure and renew its lease at its 20K SF program office located at 100 North Western Ave., 2 miles west of the Loop. The agency has 23 locations serving 66 counties in Illinois. Savills’ Eric Feinberg and John Goodman advised the agency on its new real estate strategy as both lease expiration dates approached. The leases include a 30% reduction of the agency’s footprint at both locations and spaces with all-new finishes and furnishings.
FINANCING
Dallas-based Westmount Realty Capital is partnering with a fund managed by the Real Estate Group of Ares Management Corp. to recapitalize a 51-asset industrial portfolio totaling 6.1M SF located in industrial submarkets of Chicago and Milwaukee. Westmount and Ares acquired the portfolio of logistics, bulk distribution and last-mile industrial properties from a Partners Group Westmount joint venture. The portfolio, the majority of which is in the Chicago region, with the largest cluster close to O’Hare International Airport, is 98.8% leased to a roster of 123 national and regional tenants. Michael Caprile with CBRE and Josh McArtor with Eastdil handled the transaction on behalf of the seller.
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Bellwether Enterprise Real Estate Capital closed a $21M Freddie Mac loan for the refinance of HarborChase of Naperville, an assisted living and memory care community at 1619 North Mill St. in Naperville. Ryan Stoll in Bellwether’s Denver office and Taylor Mokris in the Charlotte office originated the loan on behalf of the borrowers, affiliates of Bourne Financial Group and HRA Senior Living. The 101-unit, two-story property is managed by HRA Senior Living. The loan refinanced the construction debt of the recently developed property.
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Associated Bank completed a $36.8M loan to a partnership of Marc Realty and Ravinia Communities for the acquisition and expansion of Oakbrook Estates, a manufactured community at 917 Crookedstick Court in north suburban Crystal Lake. The age-restricted, 300-home community is 2 miles east of downtown and includes land on which 114 additional home sites will be created. Associated Bank was the lead arranger and administrative agent, working with Great Southern Bank. Edward Notz of Associated Bank helped handle the loan arrangements and closing.
CONSTRUCTION AND DEVELOPMENT
Skender completed the interior build-out of the new headquarters for CCC Intelligent Solutions Inc., a software platform for the property insurance and casualty insurance industry. Located at 167 North Green St. in Chicago’s Fulton Market neighborhood, the space includes a radiused stairwell, a stair opening and platform that connects the ninth-floor reception space to the eighth-floor town hall and customer experience area. Skender collaborated with architect Partners by Design, MEP/FP engineer Salas O’Brien, structural engineer Epstein, AV and technology designer Waveguide, branding designer Spark and owner’s representative Cushman & Wakefield.
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Henry Bros. Co. broke ground on a 51K SF, two-building, 48-unit development in the Jefferson Park neighborhood of Chicago. The development, at the corner of Lawrence and Austin avenues, is owned by Full Circle Communities and will provide affordable housing for veterans, families and people with disabilities. Designed by Canopy Architecture+Design, residential units will include studio, one-, two-, and three-bedroom apartments in two four-story buildings. The project is funded, in part, with Illinois Housing Development Authority tax credits. Additional funding was provided by The National Equity Fund, ComEd and other grants. The project is slated for completion in the summer.
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McHugh Concrete completed a nine-hour continuous concrete pour of nearly 4,000 cubic yards of concrete for the mat slab foundation for 1000M, a 73-story apartment tower at 1000 South Michigan Ave. in Chicago’s South Loop, designed by the late Helmut Jahn. This completes the foundations under the main tower of 1000M, which will be one of the city’s tallest apartment buildings at 788 feet when it delivers in 2025. 1000M is co-developed by Time Equities, JK Equities and Oak Capitals.
THIS AND THAT
The amount of available industrial space in Elk Grove Village has reached an all-time low, according to a report issued by Colliers. The industrial vacancy rate dipped to 2.36% at the end of 2021, the firm found.
