This Week’s Chicago Deal Sheet
A Class-A office building in Schaumburg sold to a buyer with creative plans to convert the space.
Lee & Associates negotiated the $3.52M sale of a 106.3K SF, five-story office building at 930 National Parkway in Schaumburg to National India Hub Foundation.
National India Hub Foundation, a national Indian American organization focused on local community outreach and volunteering, plans to convert the property to a multipurpose community center to help unite and celebrate its culture. The facility will include a charity clinic, conference rooms, indoor sports center, auditorium, donation center and event space.
The office property is adjacent to Woodfield Mall and was built in 1989 for Cellular One and later occupied by Cingular and AT&T. Lee & Associates Senior Vice President Tony Russo and Vice President Ryan Freed represented the seller, Somoha.
“In today’s unprecedented commercial office market, out-of-the-box thinking is required to re-purpose some of the existing office buildings,” Russo said in a press release. “National India Hub Foundation is a perfect example of this strategy. Bringing unique tenants to traditional office spaces will also help the overall office market to recover from all-time high vacancy rates.”
PEOPLE
Cresa appointed Suellen Ravanas to its board of directors. As Cresa’s newest outside board member, Ravanas will serve on the firm’s finance committee. She most recently served as global chief financial officer at Circana, a leading provider of data, predictive analytics and insights. Ravanas also earned a Master of Business Administration degree from The Wharton School of the University of Pennsylvania.
SALES
Waterton acquired the Alta Grand Central apartment community at 221 West Harrison St. in the South Loop for an undisclosed amount. The community was built in 2020 and is made up of 346 units across two 14-story buildings. The property will be rebranded as The Grand Central.
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Entre Commercial Realty sold a 28.1K SF industrial building and a separate 52.1K SF parking lot at 1539 North 25th Ave. in Melrose Park to Interlake Mecalux Inc. for an undisclosed price. Entre’s Denise Chaimovitz and Terry Lynch, vice president of DarwinPW Realty/CORFAC International, were the brokers for the buyer. Paddy Dwyer and Joe Bronson of NAI Hiffman represented the seller, CDC Group LLC.
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NewMark Merrill Cos., a Calabasas, California-based retail shopping center owner and development company, acquired two Chicago retail centers. The first was Pulaski Promenade, a 122.7K SF retail center on Pulaski Road sold by DRA/Pine Tree. The second was Midway Square, a 55.3K SF retail center at the corner of Pulaski Road and South Archer Avenue sold by TRC Retail.
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Becovic Residential acquired a 28-story, 154-unit apartment building at 6166 North Sheridan Ave. in Edgewater for $31.5M. Andy Friedman and Jake Parker of Kiser Group brokered the transaction. Justin Kennedy of Heartland Bank and Trust financed the deal. The property will be under the management of Becovic Management Group.
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Becovic Residential acquired a 28-story, 154-unit apartment building at 6166 North Sheridan Ave. in Edgewater for $31.5M. Andy Friedman and Jake Parker of Kiser Group brokered the transaction. Justin Kennedy of Heartland Bank and Trust financed the deal. The property will be under the management of Becovic Management Group.
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Molto Properties sold two recently constructed Class-A industrial buildings totaling 897.8K SF in Romeoville. Colliers' Jeff Devine and Steve Disse represented Molto Properties. The buyer was an institutional investor advised by Principal Asset Management.
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Brit Properties bought a three-building industrial asset totaling 82K SF for $13M. The property is on the Chicago River by Belmont and Western avenues. Hansen Realty’s Nick Stellas represented the buyer, Brit Properties. Hansen Realty’s Michael Milsted represented the sellers.
FINANCING
A joint venture between Tucker Development and Wingspan Development Group secured $100M in construction financing for The Henry at Harms Woods, a new mixed-use development at 5400 Old Orchard Road in Skokie. Kennedy Wilson was one of the loan providers. The property will include 245 luxury apartments, 49 rental townhomes and about 10K SF of commercial space.
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Gantry secured an $8M loan to refinance existing debt on a South Loop self-storage facility converted from a former parking structure. The 95K SF facility at 605 South Wabash Ave. has 1,184 storage units.
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The Illinois Energy Conservation Authority NFP closed $10.9M in financing for a Commercial Property Assessed Clean Energy multifamily project in Rockford. The capital will help fund energy-efficient improvements for a 215-unit multifamily property at 150 Loomis St. The property previously served as an industrial space and includes two, three and five-story buildings.
CONSTRUCTION AND DEVELOPMENT
Premier Design + Build Group is breaking ground on a new headquarters for Heathrow Scientific, a global manufacturer of laboratory supplies and instruments designed to support scientific research, analysis and experimentation in various fields. The building will be at 440 North Fairway Drive in Vernon Hills. Construction of the two-story, 112K SF building will get underway following demolition of an existing structure on-site.
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Principle Construction Corp. is building a new 100K SF warehouse at 350 North Wolf Road in Mount Prospect for Stotan Industrial. The speculative warehouse will be located in the center of Mount Prospect’s central business district because of its proximity to major expressways and airport cargo facilities. The industrial facility will feature 32-foot ceilings and two drive-in doors.
