This Week’s Chicago Deal Sheet
Loyola University purchased a $35M mixed-use building adjacent to its North Side campus from developer Borecki Real Estate, bolstering its student housing portfolio.
Walker & Dunlop arranged the sale of The Arcade Residences at 1135 West Sheridan Road, which has 58 rental units and 9,600 SF of retail space.
“Loyola University suffers from a lack of purpose-built off-campus housing options for students,” Jason Stevens, managing director of investment sales at Walker & Dunlop, said in a press release. “The Arcade Residences efficiently satisfies the rapidly accelerating demand for student housing near Loyola’s campus with unbeatable proximity.”
PEOPLE
JPMorgan Chase tapped Melissa Pillars as the firm’s new market tax credit originations senior banker covering the central region. Pillars, born and raised in Chicago, has worked for Chase for nearly 19 years in a variety of positions. The Loyola graduate has held roles as a government nonprofit area manager, a personal banker, a business relationship manager and a business banking area manager.
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Core Industrial Realty, an industrial brokerage firm based in Oak Brook, brought two new brokers, Ryan Mullins and William Jeffers, on board. The company added Mullins from Rule One Proteins, where he worked as an international account manager and manager of operations. Jeffers is a recent graduate from the University of Iowa’s Tippie College of Business.
SALES
Sterling Bay has closed on the purchase of 4510 West Ann Lurie Place, a 7.5-acre parcel in the Archer Heights neighborhood where the company will develop a 147.5K SF industrial facility.
The facility will be constructed by Premier Design + Build Group and feature 10 loading bays, two drive-in doors and 101 parking spaces. The LEED Silver-certified facility will support sustainable operations, including electric vehicle charging stations to promote eco-friendly transit, upgraded steel components for future solar panel integration and native landscaping to enhance the exterior environment.
The acquisition was made in partnership with Affinius Capital, with a construction loan from First National Bank of Omaha. The project further solidifies Sterling Bay’s expansion into new verticals outside of creative office, including industrial, life sciences and residential, the company said.
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JLL Capital Markets has closed the $13.1M sale of a 48K SF triple-net-leased Mariano’s at 1822 Willow Road in Northfield. JLL represented seller Stockbridge and buyer Swanson Development Group in the transaction.
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The U.S. Soccer Federation sold its headquarters on South Prairie Avenue, two adjoining mansions that were a part of the stretch of properties called Millionaire’s Row, known for being the most exclusive and fashionable neighborhood in Chicago in the late 1800s and early 1900s, per the Chicago Tribune. The buyer of the properties at 1801 and 1811 South Prairie Ave. is a Prospect Bank trust with an undetermined beneficiary.
The federation netted $3.9M for the properties, which the new owners plan to convert back into residential space from their current use as office buildings. The properties total about 27.3K SF.
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Wayne Caplan of SVN Chicago Commercial helped sell a 7,300 SF commercial building for about $1.53M on a roughly 10K SF site at 340 Linden Ave. in Wilmette. Caplan represented the seller in the deal. The Wayfarer Foundation, a Baha'i-inspired organization, purchased the property as the site of its future headquarters.
LEASES
Meeting Tomorrow, an audiovisual equipment rental company, signed a 20.3K SF warehouse lease at 4848 West Lawrence Ave. Marc Hale and Ali Nix represented the landlord, DarwinPW Realty/CORFAC International.
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Alive Telecom, a global supplier of equipment, systems and services for the communications market, inked a 75K SF lease at 500 Crossing Drive in University Park. Lee & Associates represented both the owner and the tenant in the deal. With the completed transaction, the 150K SF industrial building is 100% leased.
CONSTRUCTION AND DEVELOPMENT
Related Midwest has delivered the final tier of upper-floor residences at the 43-story, 300-unit The Row Fulton Market at 164 North Peoria St. in the city’s Fulton Market district. The new residences are on floors 36 through 43 and include large-scale apartments and penthouses with high-end features and finishes along with panoramic city views.
Designed by Morris Adjmi Architects, the luxury high-rise features a dark, industrial-inspired facade intended to reflect its immediate surroundings. March and White Design created the interiors, which incorporate midcentury architectural references, rich textures, warm color palettes, and artwork curated or commissioned for the building.
FINANCING
Maverick Commercial Mortgage has funded a first mortgage loan for $7.5M with a borrower based in Bethesda, Maryland, for a multitenant building at 1120 East 89th St. The borrower will use a portion of the loan proceeds for capital improvements to the property after closing. The building is fully leased to two tenants, Chicago Transit Authority and SCR Transportation.
