This Week's Chicago Deal Sheet
TopSide Marinas has acquired Larsen Marine, a 16-acre boatyard and full-service marine facility located on Lake Michigan in Waukegan Harbor, Illinois.
As one of the largest service facilities in the Great Lakes, Larsen Marine offers indoor, outdoor and dry stack storage to about 850 boats per year. This is TopSide Marinas’ first acquisition in the Chicago/Milwaukee area and its fourth acquisition since the company started in 2021.
Larsen Marine had been owned and operated by the Larsen family since 1933.
“Acquiring Larsen Marine is a once in a lifetime opportunity. We are excited to continue the Larsen’s tradition of serving Lake Michigan boaters,” TopSide co-founder Jacob Boan said in a release. “We partner with marina owners who have spent an immense amount of time, effort and energy building impressive businesses. We take that to heart and believe it’s our job to first understand that legacy, and then continue it.”
PEOPLE
Chicago real estate investment firm Rockwell Property Co. expanded its asset management team with two new hires. Joey Verrant is the new head of asset management in charge of Rockwell’s multifamily portfolio. Colin Hains will support asset management and acquisition as a new associate.
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NAI Hiffman and Hiffman National hired John Heiberger as president of the Chicago CRE company and its property management division, effective Jan. 3. Heiberger will lead corporate accounting and head the operations and people services departments.
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NewPoint Real Estate Capital hired Christopher Honn as managing director, seniors housing originations, based in Chicago. Honn will focus on expanding NewPoint’s seniors housing and healthcare platform, focused on agency loan solutions.
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Real estate attorney Kathleen Duncan joined the law firm Quarles & Brady as a partner in the Chicago office. Duncan specializes in zoning and land use issues and advises developers and organizations on real estate transactions.
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Engineering consultancy Thornton Tomasetti hired Emily Kunkel as a vice president in its applied science practice to work with its decarbonization business. She will be based in the Chicago office and expand the firm’s presence in the carbon capture, use and storage, and transportation sectors.
SALES
Chicago CRE investment firm Interra Realty brokered the deconversion sale of a 40-unit multifamily property at 1 North Chestnut Ave. in Arlington Heights, Illinois, for $9.7M. Another deconversion sale in Arlington Heights by Interra in the last 30 days was at 202-222 North Salem Ave. for $4.1M. The company also brokered the sale of a 29-unit multifamily property in Melrose Park for $2M.
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CRE brokerage firm Marcus & Millichap announced the sale of a Northwest Indiana U-Stor-It portfolio and development to a Chicago-area limited liability company. It consists of two properties in Crown Point and Merrillville, Indiana, with more than 700 units across about 90K SF. Marcus & Millichap also announced the sale of Alpha Storage, a multistory facility with 68.3K SF of self-storage located in Hammond, Indiana.
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Peak Realty Chicago sold two three-unit turnkey properties to private real estate investors for a total of $1.94M in one week. In Logan Square, 3554 West Wrightwood Ave. sold for $930K, and a three-flat at 2222 West Belden Ave. in Bucktown sold for just over $1M.
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NexGen Hotels announced the acquisition of the SpringHill Suites by Marriott Chicago Waukegan/Gurnee. The 120-suite hotel is located near sites like the Naval Station Great Lakes, Six Flags Great America and Hurricane Harbor and Gurnee Mills Mall.
CONSTRUCTION AND DEVELOPMENT
Bratt Capital Partners broke ground on a logistics facility at 475 Miles Parkway in Bartlett, Illinois. The 98.3K SF building will accommodate on-site trailer parking with 27 truck-level docks and 80 stalls for trailer parking, along with potential truck and trailer maintenance. Cushman & Wakefield is marketing the property.
FINANCING
Multifamily financing provider Merchants Capital has secured a $15.5M Department of Housing and Urban Development loan for Lakeshore Manor in East Chicago, Indiana. Lakeshore Manor will replace the closed John B. Nicosia senior building with 206 units of income- and age-restricted housing.
