This Week’s Chicago Deal Sheet
Wells Fargo is growing its retail branch footprint in Chicago from seven to at least 30 branches in the coming years, part of an estimated $175M commitment to the greater Chicago area.
The new bank branches will bring roughly 200 job opportunities to Chicago and surrounding areas. The first new branch will open in mid‑November downtown. The bank will also open branches in the Bronzeville and Bridgeport neighborhoods, which are historically underinvested areas.
“Our investment in Chicago branches along with our mobile and online offerings allows us to increase accessibility for our customers,” Wells Fargo CEO of Consumer, Small and Business Banking Saul Van Beurden said in a press release. “We are committed to Chicago and look forward to creating stronger relationships within the local communities.”
Each branch will be designed and built to LEED Gold standards and will include an assisted‑service ATM, a floor plan to create more space for conversation and consultation, and informative digital messaging displays.
PEOPLE
Interra Realty promoted three of its brokers to leadership positions. Paul Waterloo and Jeremy Morton both leveled up from director to managing director, while Mark Dykstra was promoted from associate to director. Waterloo joined Interra in 2017 and was part of a pair that won REjournals’ Brokerage Team of the Year for 2023. Morton has been with Interra since 2015 and has made some multimillion-dollar sales in recent years. Dykstra joined Interra in 2019.
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TruAmerica Multifamily bolstered its capital markets team by adding Rob Kukulka, who joins as a capital markets adviser, Middle East, based out of the company’s Chicago office. Kukulka comes to the company with more than 35 years of experience and will focus on expanding TruAmerica’s capital markets and investor relations presence across the Middle East.
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Savills added David Mahoney to its Chicago office as senior managing director. Mahoney will focus on office leasing and expand the firm’s expertise on tenant representation throughout the Midwest. The industry veteran joins from CBRE, where he was senior vice president. Prior to entering the commercial real estate industry, Mahoney played professional soccer for the Chicago Fire, where he was a part of the Fire’s 2006 U.S. Open Cup championship team.
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Byline Bank’s Angelique Gerlock, director of talent management and diversity, equity and inclusion, was selected by Crain’s Chicago Business as one of its notable leaders in DEI. Gerlock joined Byline Bank in a newly created role last year and has been a driving force in the development, advancement and execution of talent management and DEI strategies at the company. Gerlock oversees the company’s seven employee resource groups, communities for Black, Latino, Asian, LGBTQ, mental health and wellness, and neurodiversity, along with Women Empowered by Byline.
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Bradford Allen hired Jennifer Murphy as president of management services. In the role, Murphy will be responsible for managing Bradford Allen’s growing portfolio of office properties in Chicago and nationally. A 20-year veteran of property and construction management, Murphy most recently served as senior construction manager for Salesforce Tower Chicago, the 1.2M SF high-rise at 333 West Wolf Point Drive downtown.
SALES
SinOceanic I Ltd. acquired a 50-story, 952K SF office tower at 181 West Madison. SinOceanic assumed the existing $240M mortgage loan previously incurred by 181 West Madison Property LLC with certain modifications. The transaction was pursuant to a Chapter 11 plan confirmed by the Bankruptcy Court for the District of Delaware.
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Marcus & Millichap completed the sale of a 12.1K SF mixed-use property at 4161 North Milwaukee Ave. in Portage Park for $1.8M. James Ziegler and Keith Zelenika, investment specialists in the firm’s downtown office, marketed the property on behalf of the seller, a trust. The duo also secured and represented the buyer, a private investor. The building was 100% occupied at the time of sale with mostly long-term tenants.
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Colliers' Jeff Devine, Steve Disse and Tyler Ziebel represented Ares Industrial Management in the sale of three Chicago-area industrial buildings totaling 541K SF to Venture One. The properties are located at 277 Alft Court in Elgin, 1881 Normantown Road in Romeoville, and 351-355 Hastings St. in Buffalo Grove. The properties were all 100% leased.
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Interra Realty brokered the $9.2M sale of Art House Eleven 21, a 16-unit mixed-use apartment building at 1121 Greenleaf Ave. in Wilmette. Interra Managing Partners Lucas Fryman and Craig Martin represented the buyer, HP Ventures Group, and the seller, a joint venture between 4 Corners, Gabe Horstick and Josh Krueger.
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Time Equities acquired Burbank Plaza, a 28K SF property at 8014-8050 South Cicero Ave. in Burbank, from a private seller for $3.1M. The 91% leased Burbank Plaza is home to various retailers that service the community, including a dry cleaner, nail salon and phone store.
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Quantum Real Estate Advisors brokered the sale of an 11–unit multifamily property at 835 North Wolcott Ave. for $3.76M. The buyer, an out-of-state repeat 1031 exchange client, worked with Quantum to facilitate this transaction.
LEASES
The Picklr, a Utah-based company aiming to open approximately 500 pickleball venues across the country within the next several years, signed a lease in Naperville at 808 South Route 59 for a 10-court pickleball facility, its first Chicago-area location. The Picklr signed a lease for 27.3K SF at a shopping center, and plans call for opening next year. Cherene Keenan of Continental Realty Corp. represented the landlord, and Carter Randall of PPC Commercial represented the tenant.
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Lee & Associates negotiated a 10.2K SF lease for Bullfrog International, a designer and manufacturer of high-end hot tubs, in a regional retail space at Randall Square Shopping Center in Geneva. The tenant was represented by three Lee & Associates brokers: principals Rick Scardino and Sean Bishop and associate Michael Petrik. Branden Reedy and Jimmy Danaher of CBRE represented the landlord, In Retail Fund Randall Square LLC.
CONSTRUCTION AND DEVELOPMENT
Principle Construction is creating a second new building for Alvil Trucking. The trucking company will use the 22.2K SF warehouse at 2450 Millennium Drive in Elgin for the maintenance and repair of its fleet. Principle Construction is building the new warehouse on 4.87 acres with 48 parking spaces.
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The development arm of Bradford Allen submitted plans for a mixed-use development in Arlington Heights to village officials. Located just north of Interstate 90 at the southeast corner of Arlington Heights and Algonquin roads, the project will be made up of 300 apartments and approximately 25K SF of ground-floor retail. The eight-story development would include a mix of studios and one-, two- and three-bedroom apartments, with 55% of units having balconies. Approximately 30 of the units will be designated as affordable housing.
CORRECTION, OCT. 10, 6:50 P.M. CT: A previous version of this story contained an item not relevant that has been deleted. The story has been updated.
