This Week's Chicago Deal Sheet
NAI Hiffman tapped President John Heiberger to fill the role of CEO, effective Jan. 1.
Current CEO Dave Petersen will transition to chairman of the board of directors, while Dennis Hiffman, a 50-year industry veteran who founded NAI Hiffman in 1981, will transition to founder and chairman emeritus of the board of directors.
“We are not running from but running toward 2024 with great optimism, a solid business plan and clients who want our assistance in making the most of a changing market,” Petersen said in a press release. “John is a proven leader whose deep knowledge and extensive relationships will propel our company into its next chapter of growth.”
Heiberger’s appointment coincides with the launch of a new national advisory services group, including an expanded lender services business. The group will be housed within Hiffman National, the firm’s management services division.
Adding advisory services to the company's brokerage and management offerings allows the firm to more fully serve its existing client base while also attracting prospective clients, Heiberger said in the release. In addition to lender services, advisory services will include project services.
Heiberger joined the firm as president in January 2023. Prior to that, he spent more than two decades in senior real estate finance positions.
The executive succession and group launch have been planned for more than two years.
PEOPLE
O’Keefe Lyons & Hynes LLC, a commercial property tax law firm based in Chicago, added W. Chris Beck and Emily Barraza to its roster of attorneys. Beck will focus on property tax appeal and litigation services for corporate, institutional and entrepreneurial businesses in Chicago and on a national basis. Prior to joining O’Keefe Lyons & Hynes, Beck was an attorney with Neal, Gerber & Eisenberg.
Barraza will focus on real estate property tax appeals. She previously worked as a law clerk with O'Keefe Lyons & Hynes and received her law degree earlier this year from the Chicago-Kent College of Law.
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Clayco hired Marilynn Rubio as executive director of civic and social impact. In her new role, Rubio will help to lead community engagement and philanthropy for the company and the Clayco Foundation, an organization dedicated to enhancing the local communities, operated by Clayco. Rubio brings 16 years of experience in the community engagement, fundraising and events space.
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Essex Realty Group Inc. added five new members to its team from Monarch Realty Group. Monarch Realty Partners principals Michael Anguiano and Robert Berman joined the company as managing directors. Anguiano and Berman will co-lead a growing seven-member team focused on multifamily sales throughout the South and West Side markets. Other Monarch team members joining Essex are associates Jeremy DeMarco and Daniel Shabsin, as well as marketing coordinator Allie Robson.
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Lee & Associates promoted Michael O’Leary to executive vice president at Lee & Associates of Illinois from senior vice president. O’Leary has been a member of Lee & Associates' industrial real estate division since 2019. He specializes in the leasing, acquisition and disposition of properties across a wide range of Chicago’s industrial submarkets, including the Interstate 80 and 294 corridors and Northwest Indiana.
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Premier Design + Build Group tapped Ryan Keefe to join the firm as executive vice president, Midwest. Keefe will oversee all facets of the company’s work across the Midwest. Keefe will also focus on expanding the firm’s geographic footprint and further diversifying its portfolio. He joins the firm with over 20 years of experience on high-profile projects in the land development, multifamily, educational, affordable housing and senior living sectors.
SALES
Interra Realty brokered the $11M sale of Westwood Apartments, an 11-building, 132-unit multifamily property in Waukegan. Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and associate Nathan Zito represented the local private buyer and also represented the seller, a confidential local investment group. Originally constructed in 1970, the property was 96% occupied at the time of sale.
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Mid-America Real Estate Corp.’s investment sales group brokered the sale of Prairie Crossings Shopping Center in Frankfort. First-Tek Inc. purchased the 109K SF shopping center. Mid-America Real Estate Corp. principals Rick Drogosz, Ben Wineman and Joe Girardi were the exclusive brokers in the transaction on behalf of IRC Retail Centers/DRA Advisors.
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Colliers principals Jeff Devine and Steve Disse represented a joint venture between Opus Development and Principal Asset Management in the sale of Tollway Corporate Center in Aurora. The sale involved two recently completed logistics facilities that were sold in separate transactions. 310 Overland Drive is a 544K SF facility leased to Ryder Integrated Logistics. The building was sold to a large financial institution. 300 Overland Drive is a 105K SF facility fully leased to two tenants. The building was sold to The Brimel LLC.
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DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group, acquired Roselle Luxury Apartments, a 72-unit apartment community in Roselle, for $19.7M. DMG Capital partnered with JDI Realty and The Wolcott Group to purchase the property.
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An affiliate of Stage Equity Partners LLC acquired the two-building, 92K SF Hollister Medical Office Portfolio in Libertyville. Stage Equity acquired the properties from Hollister Inc. in an off-market transaction. At the time of acquisition, the buildings had a combined occupancy of about 80%.
LEASING
Transwestern completed a new lease agreement and a lease expansion at 125 South Clark St., known as The National. Workbox, a specialized workspace operator dedicated to providing resources to early and growth-stage companies, signed a 29K SF lease and plans to open its new space in January.
Iron Galaxy Studios, a national video game studio based in Chicago, expanded its 33K SF lease to 48K SF.
