This Week’s Chicago Deal Sheet
Alterra Industrial Outdoor Storage acquired a 17-property portfolio through a process spearheaded by the CBRE capital markets team in Chicago.
The TruGreen Portfolio consists of properties totaling 350K SF in 15 metros including Tampa, Chicago, Charlotte, Austin and San Antonio. Chris White and Charlie Totten, both vice presidents of acquisitions at Alterra Property Group, facilitated the deal.
“This portfolio is a continuation of our strategy of acquiring well-located IOS assets in top MSA’s. It was a pleasure working with TruGreen and the CBRE team to finalize a mutually beneficial long-term lease agreement in a relatively short period of time,” White said in a press release.
TruGreen has committed to a long-term leaseback agreement for all 17 properties.
PEOPLE
The Chicago chapter of the Society of Industrial and Office Realtors named its new executive board officers: Peter Billmeyer, Ryan Moen, Bill Lussow, John Cassidy and Sean Henrick. Billmeyer will serve his second term as chapter president. The SIOR tapped Moen as vice president and Lussow will be treasurer. Cassidy will fill the secretary position, and Henrick will be the director-at-large.
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Croke Fairchild Duarte & Beres tapped real estate and development executive David Reifman as a partner and chair of the real estate practice group. In his role, Reifman will advise real estate developers, investors, businesses, family offices and individuals on commercial real estate transactions. Prior to joining the firm, Reifman served as president of Clayco’s Chicago business unit where he oversaw enterprise activity for development, design and construction-related activities in the Chicago area.
SALES
Bridge Industrial acquired a roughly 22-acre site at the intersection of Route 53 and Joliet Road. Bridge plans to construct two industrial, Class-A facilities totaling 292K SF on a speculative basis.
Bridge acquired the site from Orange Crush, which previously used the facility as an asphalt crushing and transloading facility. Construction is set to begin in Q2 2024, with project delivery anticipated in mid-2025. NAI Hiffman’s Dan Leahy represented Bridge in the sale and will serve as the leasing agent for the development once completed.
LEASES
AmTrust RE completed two office lease renewals totaling over 20K SF at 33 N. Dearborn St. Heyl Royster and KIPP Foundation extended their leases at the 330K SF office property. Advocate Commercial Real Estate Advisors’ David Knight, Ethan Braham and Luke Wuchenich represented the tenants in the transactions.
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CBRE completed the leasing efforts at Joliet Marketplace, a building totaling 100K SF, bringing it to full occupancy. CBRE’s Sean McCourt and Joe Parrott represented building ownership, IG Capital, in the transaction.
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Urban Innovations completed 12 leases, including nine new leases, in River North. The largest lease came from information technology firm Softchoice Corp., which signed a 15K SF lease renewal at 314 W. Superior St. CBRE’s Jon Milonas represented the tenant in this deal, while Urban Innovations’ Aaron Zaretsky represented ownership on all of these transactions.
THIS AND THAT
The Chicago chapter of the Society of Industrial and Office Realtors and the SIOR Foundation recently awarded its 2023 Len Caldeira Scholarships totaling $12K to four students: Jordyn Dellis and Anna Zimmerman from the University of Wisconsin-Madison, and Christian Krull and Xavier Papillon from the University of Illinois at Urbana-Champaign.
Each of the students received a $3K scholarship.
