This Week's Chicago Deal Sheet
Mid-America Real Estate Corp.’s investment sales group brokered the sale of a retail portfolio comprising 16 street-retail buildings totaling over 75K SF in Lincoln Park and Bucktown.
The portfolio features a mix of retail, restaurants, and health and wellness brands, including Lululemon, Warby Parker, Bluemercury, Summer House Santa Monica, Ramen-san, Barry’s Bootcamp, One Medical, Little Green Tree House, OVME, Lush and Bond Vet.
Mid-America Real Estate principals Joe Girardi and Rick Drogosz were the exclusive brokers in the transaction on behalf of the institutional seller.
PEOPLE
Colliers added three new hires. Diana Perez rejoins Colliers as an industrial research director and will provide data-driven analysis, industry expertise and consultative guidance to the industrial brokerage group. Lucas Denney joins as a vice president with Colliers’ industrial advisory group. Zachary Ofner comes to the firm as an associate with the retail sales and leasing team, focusing on buyer and tenant representation.
SALES
Interra Realty brokered the $1.57M sale of a 12-unit multifamily building at 1348 Brown St. in Des Plaines. Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the local private buyer and also represented the seller, a confidential local partnership.
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Interra Realty also completed the $1.25M sale of a six-unit apartment building at 2102 North Damen Ave. in Bucktown. Interra Senior Managing Partner Brad Feldman and Director Harrison Pinkus represented Marc Realty in the sale. They also represented the buyer, Chicago-based Base 3 Development.
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Mid-America Real Estate Corp.’s investment sales group brokered the sale of a 326K SF shopping center in Niles. The property, Four Flaggs, was sold to Nassimi Realty for an undisclosed price. Four Flaggs is anchored by Fresh Farms International Market. The shopping center is 75% occupied.
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JVM Realty Corp. acquired Ellison Apartments, a newly constructed, 113-unit luxury apartment community at 1555 Ellinwood Ave. in Des Plaines. Ellison Apartments was completed in 2019 and provides alcove studio and multiple one-bedroom and two-bedroom layouts, with an average of 894 SF per unit. CBRE’s John Jaeger brokered the deal.
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Mid-America Real Estate Corp.’s investment sales group brokered the sale of a shopping center in Crystal Lake. The 317K SF shopping center was sold to PMAT Real Estate Investments. Mid-America Real Estate principals Ben Wineman, Rick Drogosz and Joe Girardi were the exclusive brokers in the transaction on behalf of IRC Retail Centers/DRA Advisors.
CONSTRUCTION AND DEVELOPMENT
Skender completed the interior build-out of a new Chicago office for Fetch, a rewards app and consumer engagement platform, at 609 West Randolph St. in the West Loop. The more than 20K SF workspace spans the top three floors of the building and includes 60 open-concept workstations, three café areas and a game room outfitted with arcade machines and a pool table.
FINANCING
Red Oak Capital Holdings provided a $4.25M bridge loan for a multitenant industrial property at 3850 West Cortland St. The funds will be used to refinance and upgrade the Class-B facility. The loan was underwritten under Red Oak’s Opportunistic Bridge Program. The 93K SF building was built in 1960 and was last renovated in 2019.
