This Week's Chicago Deal Sheet
Greenstone Partners announced the $9.4M sale of a portfolio of 117K rentable SF across three properties in suburban Chicago.
The portfolio has two multitenant buildings and one single-tenant building at 2200 Ogden Ave. in Lisle, 1997 Ohio St. in Lisle and 3170-3190 MacArthur Blvd. in Northbrook.
“The fully leased portfolio presented the buyer with strong in-place cashflow with a property type that continues to see rent growth,” Paul Tesdal, senior director at Greenstone Partners, said in a release.
Tesdal and Jason St. John, managing partner at Greenstone Partners, brokered the deal. Greenstone Partners represented the seller, a Chicago-based investment group, as well as securing the buyer, a real estate investment group based on the West Coast.
“The mature submarkets possess a limited number of like kind flex-industrial space due to the significant number of owner-occupied properties and high barriers of entry given the scarcity of land and soaring construction costs,” St. John said in a press release.
The portfolio includes 10 tenants from a range of industries, including healthcare, tech and e-commerce. The deal is Greenstone Partners’ 32nd sale in the flex industrial space in the last 26 months.
PEOPLE
Architecture and engineering firm HED announced the appointment of Tania Van Herle and Enrique Suarez as co-CEOs. Suarez has served as HED’s chief marketing officer based in Chicago since 2016, and Van Herle has been chief operating officer since 2017.
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Graycor Construction Co. promoted Brian Feckler from construction manager to general manager of its Midwest division. Feckler has been with Graycor since 1997.
SALES
Matthews Real Estate Investment Services completed the $6.3M sale of a 65-unit multifamily building at 7733 South South Shore Drive in Chicago.
LEASES
Dan Prendergast, vice president of DarwinPW Realty/CORFAC International, represented Ladi Investments LLC in 10 lease transactions totaling 33.2K SF in Kenosha, Wisconsin. Prendergast was recently promoted to vice president alongside Mandy Lewandowski.
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Peak Realty has begun pre-leasing at Portrait, located at 948 West Sunnyside Ave. in Chicago’s Uptown neighborhood. The new mixed-use property owned by Mavrek Development has 59 luxury apartments and 6,500 SF of first-floor retail space.
CONSTRUCTION AND DEVELOPMENT
A joint venture between PCCP LLC and Stotan Industrial has started speculative development of a 100.4K SF Class-A industrial building on 8 acres at 350 North Wolf Road in Mount Prospect, within the O’Hare submarket.
THIS AND THAT
First move-ins have started at the Finger Cos.’ four-story rental building, The Quin, which has 373 units at 2450 Plum Grove Road in Schaumburg.
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The Chicago Loop Alliance announced the return of Sundays on State, during which parts of State Street will be closed to vehicle traffic on July 16 and Aug. 13 for family-friendly activities, shopping, entertainment and dining.
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Clear Channel Outdoor Americas announced it is nearing completion of a digital media transformation at Ogilvie Transportation Center. The 42 new digital displays in the atrium and portal access at 500 West Madison are scheduled to be completed in April.
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CRE consulting firm Realogic is celebrating its 30th anniversary.
