This Week's Chicago Deal Sheet
A joint venture between Mavrek Development, GW Properties, Luxury Living Chicago Realty and Double Eagle Development has closed on a $102.2M loan with MSD Partners for a mixed-use tower called The Saint Grand.
Designed by NORR, the 21-story building is set to rise at the northeast corner of East Grand Avenue and North St. Clair Street and will include 248 Class-A luxury apartments, 40K SF of office space and 8K SF of street-level retail.
As companies seek to shrink their office footprints, the combining of office and apartment spaces has become increasingly popular, as seen in an agreement between WeWork and Cedar Street to bring a coworking space to an upcoming Uptown residential building.
The developers said they believe they can capitalize on the trend with spaces that provide access to residential-level amenity packages, according to Mavrek’s Anthony Hrusovsky. Those include fitness centers and lounge spaces.
Demolition of the parking garage that occupies the space is underway. Office space will be ready for tenant build-outs to start in Q3 2023, with residential expected to come online in early 2024.
PEOPLE
Craig Jeffrey is joining Nixon Peabody law firm’s Chicago office as a partner to advise clients on financings, property acquisitions, dispositions and lease matters. His practice involves representing lenders, tenants, developers and property owners in the negotiation and preparation of purchase and sale agreements, commercial leases and more. He brings more than 20 years of experience focusing on commercial real estate and finance.
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Senior Director Kristian Sydow has been tapped to usher in Greenstone Partners’ planned expansion into Wisconsin. With over 23 years of commercial investment property experience, Sydow served as vice president of JLL's retail team before joining Cushman & Wakefield as a partner, working to develop a team of brokers in the greater Wisconsin area.
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Ken Baker joined Gensler’s North Central Region as regional managing principal based in Chicago, where he began his career as an expert in office buildings and workplace design. With 26 years at the firm, Baker has designed over 20M SF of corporate environments and has led teams and projects across the U.S.
SALES
The Jonathan Rose Cos. completed its purchase of the 272-unit Barbara Jean Wright Court Apartments from the Chicago Community Development Corp. for $17.5M and has committed another $46M to the rehabilitation of its apartments and common spaces. Skender Construction will serve as the general contractor, and Rose Community Management is serving as the property manager. Most of the apartments are designated as affordable for those making 60% or less of the area median income, with 40% of units receiving federal project-based rental assistance through the Department of Housing and Urban Development and another 30% receiving project-based rental assistance through the Chicago Housing Authority.
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Colliers' Jeff Devine and Steve Disse represented James Campbell Co. in its sale of 10600 West Belmont Ave. in northwest suburban Franklin Park to LBA Logistics. The property sold for an undisclosed price. The 215K SF distribution facility is located on the southern edge of O’Hare International Airport and is anticipated to be completed by 2025.
Marcus & Millichap brokered the $6.75M sale of the Hartford Business Centre, a 66.8K SF, multitenant office complex at 729-765 North Route 83 in northwest suburban Bensenville, less than a mile west of O’Hare International Airport. Marcus & Millichap Vice President of Investments Peter Doughty and associate Brent Holder represented the seller, a California-based private investor. The buyer, a local private investment fund, was represented by Avison Young.
LEASES
Eversheds Sutherland has moved into a new office space at 227 West Monroe St. in the building known as The Franklin, occupying the building’s top floor. Eversheds Sutherland was represented in its real estate strategy by Vice Chairmen Eric Feinberg and John Goodman and Associate Director Isabel Preskill of Savills.
ML Realty Partners announced that 1401 Devon Ave. in northwest suburban Bensenville has been fully leased by DSV Air & Sea Inc., which will occupy the 307K SF building when the facility is completed in spring 2023. The adjacent 297K SF building at 1301 Devon Ave. was leased by Apex Logistics International Inc. last winter.
With this transaction, ML Realty Partners’ new two-building, 605K SF industrial development at the southwest corner of Busse Road and Devon Avenue is fully leased. Kevin Segerson of CBRE represented DSV Air & Sea Inc. Andrew Maletich, Matt Garland and Dustin Albers of Cawley Chicago represented ML Realty Partners.
