This Week's Chicago Deal Sheet
Sterling Bay celebrated the structural completion of its first residential building in Fulton Market at 160 North Morgan with a topping out event and beam signing ceremony attended by the firm’s leadership team and partners.
The building will have 282 units, including 28 affordable units, intended to serve the growing number of employees in the neighborhood, plus amenities like coworking spaces, a rooftop pool deck, an outdoor dog run and a fitness center.
“Like many cities across the country, Chicago is experiencing an increased demand for high-end residential, particularly when it comes to rental options,” Sterling Bay CEO Andy Gloor said in a press release. “160 North Morgan is the first of many hospitality-inspired residential buildings that Sterling Bay will deliver to meet the moment in Chicago, with more like it coming soon to both Fulton Market and Lincoln Yards.”
Sterling Bay is developing the project in partnership with private equity firm Ascentris, along with financing from CIBC Bank USA, headquartered in Chicago. The building is designed by Chicago-based bKL Architecture, and construction is led by Walsh Group, with a joint venture partner and certified minority-owned business, Bowa Construction.
Pre-leasing will open in July, with the first units expected to deliver to tenants in September.
SALES
Interra Realty brokered the sale of a 27-unit multifamily property at 4401-11 North Hamilton Ave. in Chicago’s Ravenswood neighborhood for $5.85M.
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Marcus & Millichap arranged the $9.5M sale of Main Street at Seven Bridges, a 49.1K SF mixed-use property at 6440 Main St. in Woodridge. The seller was a private investor and no information was given as to the identity of the buyer.
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Ashkenazy Acquisition Corp. has acquired Gateway Centre, a 200K SF retail property at 7507 North Clark St. Gateway Centre is 93.4% leased, anchored by Jewel-Osco, Marshalls and LA Fitness.
LEASES
Brown Commercial Group negotiated an 18K SF industrial lease at 501 North Edgewood Ave. in Wood Dale. Pat Crowley from Brown Commercial Group represented the landlord, USJ LLC, and Mike Antonelli from Brown Commercial Group represented the tenant, Samantha's Decorations.
CONSTRUCTION AND DEVELOPMENT
Related Midwest announced the opening of The Row Fulton Market’s leasing center, and pre-leasing has begun. The Row Fulton Market is a 43-story, 300-unit building under construction at 164 North Peoria St. The leasing center is open at 950 West Fulton St., and residents will start living in the building in June.
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Ryan Cos. announced the topping off of Vyne on Haven, located at 102 Haven Road in Elmhurst. Pre-leasing for the six-story, 200-unit apartment building near the Elmhurst Metra Station is scheduled to begin in winter 2023 with the building completed in 2024.
THIS AND THAT
Alma, an aesthetic medical technology provider, has opened on the ninth floor of Fulton East at 215 North Peoria St. Alma will also occupy the ground-floor retail space of the 12-story, 90K SF building later in 2023.
