This Week's Chicago Deal Sheet
Waterton, a Chicago-based national real estate investor and operator, launched its Outbound Hotels brand, a collection of hotels offering lodging options for travelers looking for outdoor-inspired experiences in boutique settings.
The hotel company has locations near California's Yosemite National Park; Jackson Hole, Wyoming; Mammoth Lakes, California; and Vermont’s Green Mountains.
Waterton landed its first hotel in the brand when it acquired The Virginian Lodge in Jackson Hole in 2020, now rebranded as The Virginian Lodge, an Outbound Hotel. In 2021, the group acquired Outbound Mammoth — formerly the Sierra Nevada Resort — in Mammoth, California, and Towne and Country Stowe in Stowe, Vermont, in March 2023.
In Oakhurst, California, just south of the main gate to Yosemite National Park, Waterton will develop Outbound Yosemite Resort. The property will be a 135-key, outdoor-inspired lifestyle hotel consisting of 108 new vacation rental cabins and 14 hotel rooms located above a 12.5K SF clubhouse, in addition to the 13-key boutique hotel already on the site.
“Outbound Hotels expands the traditional hospitality model,” David Schwartz, CEO and chairman of Waterton, said in a release. “Our portfolio of hotel properties creates lifestyle-oriented lodging options in destinations that provide year-round opportunities to connect adventure-minded visitors and locals to the outdoors.”
PEOPLE
The Chicago Association of Realtors will induct Marion Valle, co-founder of the Chicago Association of Realtors Foundation and past president of the Chicago Association of Realtors, into its hall of fame on Sept. 22 at its 140th Inaugural Gala. Valle is the managing broker and owner of Valle Realty. He has worked in real estate for over 50 years, notably as Illinois’ first full-time commissioner of real estate.
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Sterling Bay has tapped Scott Gibbel to join the firm’s industrial division as managing director. In his new role, Gibbel will helm Sterling Bay’s strategic initiatives within the industrial real estate sector. Gibbel has more than two decades of experience in the commercial real estate industry, most recently as market officer at IDI Logistics.
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Kiser Group, a real estate brokerage firm specializing in multifamily properties, added seven people to its team as part of its summer 2023 cohort. The new hires are John Couri, Eric Keta, Jackson Medina, Hunter Wern, Noah Shutan, Will Mast and Evan Destefano.
SALES
Epic Burger acquired all six Illinois Meatheads locations, bringing Epic Burger’s total number of Illinois locations to 11. The deal will increase Epic Burger’s footprint across the state, opening locations in Bloomington and Champaign. All Meatheads locations will transition menus and signage to Epic Burgers by Dec. 1.
CONSTRUCTION AND DEVELOPMENT
Missner Group and Realterm formed a joint venture to construct a roughly 130K SF industrial building at 1032 West 43rd St. The building features 32-foot clear heights, 26 exterior docks, two drive-in doors, a 276-space parking area and 20 dedicated trailer stalls. Prior to completion, Atom Banana — a fruit wholesaler based in Illinois — pre-leased 61K SF for use as office space and warehousing.
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The Chicago Department of Planning and Development chose local developer IBT Group to redevelop a property in McKinley Park, including mixed-income housing, commercial offices and retail space. IBT Group will repurpose a vacant 571K SF warehouse, which was built in 1918 for the Army. The development site is valued at about $6.7M before subtracting undetermined environmental remediation costs.
THIS AND THAT
AIA Chicago announced the 2023 People's Choice Award finalists for the top buildings designed by Chicago architects. In the tall buildings category, the featured finalists include 320 South Canal, 465 North Park, Cirrus and Cascade Chicago, One Chicago and The St. Regis Chicago. Public voting for the awards ends Sept. 18.
