This Week's Chicago Deal Sheet
Interra Realty brokered the $9.6M sale of a 28-unit multifamily property at 1900-1916 N. Lincoln Ave. in Lincoln Park.
“Interra has closed a high volume of transactions on the North Side in the past three months, which is notable amidst this environment of interest rate uncertainty,” Interra Senior Managing Partner Joe Smazal said in a press release. “Multifamily investors, particularly those with a long-term hold strategy, are showing increasing bullishness for well-located assets in Chicago.”
Smazal represented Chicago-based ICM Properties in the acquisition as well as the local private seller in the off-market deal. The building, which was constructed in 1906, was fully occupied at the time of sale.
The property includes a mix of studio, one-bedroom and two-bedroom apartments and is within walking distance of North Avenue Beach and the Lincoln Park Zoo.
PEOPLE
Essex Realty Group Inc. promoted Matt Feo to managing director. Since joining Essex in 2017, Feo has played a key role in the completion of more than $400M in investment sales transactions. Prior to joining the company, Feo graduated from Marquette University with a degree in commercial real estate and marketing.
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Waterton tapped Hilary Hudson Hosek to serve as its senior vice president of human resources. Hudson Hosek will be responsible for leading the company's strategic human resources initiatives across all locations, with a focus on driving talent development, enhancing employee engagement and promoting an inclusive workplace culture. She comes to Waterton with more than two decades of human resources leadership and talent development experience and will be based in Chicago.
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Entre Commercial Realty added John Joyce to its team to expand the firm’s coverage in the north and northwest Chicago suburban markets. Joyce specializes in the leasing, acquisition, disposition and development of industrial, office, land and investment properties. Prior to joining Entre, Joyce was a vice president at Lee & Associates.
SALES
Arden Logistics Parks acquired a 35K SF industrial service facility and outdoor storage asset in Addison. Arden acquired the property through an off-market transaction from the seller, who purchased the 3.61-acre vacant site a year ago.
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Entre Commercial Realty finalized the sale of a 112K SF industrial building at 933 Remington Road in Schaumburg. Entre represented the seller, a private investor, who wished to sell the property in advance of a pending lease expiration in early 2024. NBS Corp. acquired the property and plans to relocate from its current facility in Elk Grove Village. JLL’s Phil Reiff represented NBS in the transaction, and Entre’s Dan Benassi, Dan Jones and Sam Deihs represented the seller.
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First Western Properties represented the buyer of an eight-unit building at 3853 N. Marmora Ave. in Portage Park. The buyer purchased the building for an undisclosed price. The property has multiple parking spaces and is 15 minutes away from O’Hare International Airport.
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First Western Properties also represented the buyer of a 16-unit building at 1626 S. Throop St. in Pilsen for an undisclosed price. The buyer is a family office looking for more property in the area.
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Interra Realty brokered the $2.6M sale of a 31-unit apartment building at 6949-6959 S. Merrill Ave. in South Shore. Interra Director Max Grossman represented the local confidential buyer. Senior Managing Partner Joe Smazal and Managing Partner Lucas Fryman represented the seller, a private investor. The property was roughly 90% occupied at the time of sale.
LEASING
Brown Commercial Group broker Matt Hanson negotiated a 15K SF industrial lease at 811 Eagle Drive in Bensenville. Discount Gutter Supply is expanding to the Bensenville site to gain more space for supplies and parking for customers and large commercial vehicles and trailers.
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Lee & Associates represented Thinnes Transport Inc. in a 91K SF lease renewal at 450 Congress Parkway in Crystal Lake. Lee & Associates of Illinois Vice President John M. Joyce and principals Kenneth Franzese and John Cassidy represented the tenant, a family-owned freight transportation and logistics company. Entre Commercial Realty’s Dan Jones represented the landlord, Stag Industrial.
