This Week’s Chicago Deal Sheet
Interra Realty brokered the $17.5M sale of a 60-unit multifamily building at 528 West Oakdale Ave. in Lakeview East.
The building is outfitted with an elevator and includes 20 studios, 36 one-bedroom and four two-bedroom units. The property has been modernized over the past 18 months with upgrades to common area amenities, including a fitness center, package room and outdoor seating.
Interra Managing Partner Craig Martin and Senior Managing Partner Joe Smazal represented the buyer, Beal Properties, a Chicago-based private investment firm owned by Bill Silverstein. Martin and Smazal also represented the seller, Horizon Realty Group.
“The fact we were able to secure an offer very close to asking price after only two weeks on the market demonstrates the continued demand for high-quality assets in desirable neighborhoods,” Martin said in a press release.
PEOPLE
Lee & Associates promoted John M. Joyce from senior associate to vice president of Lee & Associates of Illinois. Joyce’s primary focus includes agency leasing, tenant representation, and acquisition and disposition services of industrial properties in the northwest Cook, north Cook and south Lake County submarkets. Prior to joining Lee & Associates, Joyce worked as a senior adviser at SVN Chicago Industrial.
SALES
Interra Realty brokered the $4.1M sale of a 35-unit mixed-use multifamily building at 2801 West Lunt Ave. Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the buyer, Teko Menetti. Interra Senior Managing Partner Joe Smazal represented the seller, a local private investor. The building includes 28 one-bedroom units and three two-bedroom units, as well as four ground-level commercial spaces.
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Dayton Street Partners, a logistics real estate investment and development firm headquartered in Chicago, acquired a six-building logistics park set on 11 acres at 700 Larsen Lane in Bensenville. CBRE’s Jack Brennan represented the seller, a private investor. The logistics park is across the street from O’Hare International Airport and was 85% leased at the time of sale.
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Interra Realty brokered the $2M sale of a two-building, 13-unit multifamily portfolio in Norwood Park and Edison Park. Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the local private buyer. Senior Managing Partner Joe Smazal represented the seller, a local private partnership.
LEASES
Timber Hill Group, in a joint venture with Champion Realty Advisors, signed Mainfreight to a long-term build-to-suit lease for a 57.1K SF freight terminal on a 16-acre site at 27W364 North Ave. in Carol Stream. The new terminal will serve as Mainfreight’s North American headquarters. Groundbreaking is set for November, with completion expected in early 2025.
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Fulton Street Cos. signed Bathhouse to a long-term build-to-suit lease for a 40K SF building at 1010 West Madison St. The property will feature two levels of amenities and a rooftop pool and restaurant. The concrete and glass building’s design and construction will pay homage to ancient bathhouses.
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Fulton Street Cos. also signed Gibsons Restaurant Group to a 15K SF ground-floor lease at 919 West Fulton St. in Fulton Market. The restaurant will be Gibsons’ 13th location in the Chicago area when it debuts. 919 West Fulton St. is FSC’s new 400K SF, 11-story office building with 40K SF of ground floor retail. Delivery is expected in the first quarter of 2025.
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Transwestern Real Estate Services represented Picklemall Inc. in a 46K SF lease at 5555 Town Line Road in Vernon Hills. The site will be a flagship location for the startup, which aims to establish 50 Picklemall facilities nationwide within the next two years. Picklemall is an indoor pickleball facility concept that utilizes vacant mall space to offer an environment with technology that allows players to schedule games, access the facility and share instant replays.
CONSTRUCTION AND DEVELOPMENT
Skender completed the 250K SF build-out of Ace Hardware Corp.’s new headquarters. The project at 2915 Jorie Blvd. in Oak Brook renovated the main building on the former McDonald’s corporate campus into a workplace for the hardware retailer. The new Ace headquarters consists of open workstations, 150 conference rooms and a variety of collaboration spaces and amenities. The campus has been empty since 2019, when McDonald’s moved its headquarters downtown.
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Skender also completed construction on a comprehensive demolition and three-floor build-out for AIT Worldwide Logistics at 2 Pierce Place in the Hamilton Lakes Business Park in Itasca. The build-out included 210 workstations, 43 enclosed offices, nine conference rooms, a boardroom, a 2K SF café with meal prep and seating, a dedicated reception area and a game room, as well as several collaboration areas built throughout the floors.
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Premier Design + Build Group finished construction on an 88K SF building at 1400 Rose Road in Lake Zurich for Alpha Tekniko, a contract manufacturer serving the healthcare industry. The space is primarily designed for manufacturing operations with some areas devoted to offices. Alpha Tekniko’s new headquarters is fully solar-powered by an array of 444 solar panels.
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Ryan Cos. and NorthShore – Edward-Elmhurst Health broke ground on the Cardiovascular Institute Health Center in Naperville. The 71K SF, three-story building will combine a full range of cardiovascular services under one roof for patients and caregivers. The CVI Health Center will provide comprehensive cardiac care services, including two catheterization laboratories, diagnostic imaging and cardiac rehabilitation.
