This Week's Chicago Deal Sheet
Mayor Brandon Johnson announced a planned $1.25B bond issuance to restructure the city's approach to equitable neighborhood development.
“These bond proceeds will provide the City with much-needed resources to invest in our neighborhoods,” Johnson said in a press release. “This new direction will allow for greater flexibility than the City’s Tax Increment Financing program and provide critical assistance for new businesses, restaurants, affordable homes, and cultural facilities where they’re needed most — not just where there’s a healthy TIF district.”
If the Chicago City Council approves the plan, the bond would provide $250M for community improvements throughout the city annually for five years, from 2024 to 2028, according to a city press release. City departments would have fewer barriers to using the proceeds, with a reduced focus on geographic boundaries, eligible costs and market-driven variables, the release stated.
The proceeds would go toward a variety of projects, including the construction and preservation of affordable homes, neighborhood development grants and small business support.
“As a more flexible form of financing, the bond will add to our existing tools to support a broader range of projects and better meet the unique needs of Chicago neighborhoods,” Department of Planning and Development Commissioner Ciere Boatright said in the release.
PEOPLE
Bradford Allen hired Michael Cannon as its senior managing director of development. Cannon will oversee adaptive reuse, renovation and new construction of residential and commercial real estate. Prior to joining Bradford Allen, he was a vice president at Sterling Bay, where he managed the development of life sciences and other office properties as well as multifamily projects in Chicago and other cities across the country.
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Jahn tapped veteran architect Scott Seyer to serve as its managing director. Seyer brings more than 28 years of professional experience designing large-scale global projects, including office and multifamily projects, mixed-use developments and higher education buildings. In his role, Seyer will be part of the leadership team responsible for leading the firm’s domestic and international growth.
SALES
Marcus & Millichap brokered the sale of a 68K SF industrial property in Lake Bluff for just under $10M. Marcus & Millichap's Adam Abushagur, Nicholas Kanich and Tyler Sharp marketed the property on behalf of the seller, a private investor. The property includes two multitenant industrial buildings with outside storage space.
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Bender Cos. acquired Haven Woodridge, a 122-unit, Class-B multifamily property in Woodridge for an undisclosed price. The property features large, renovated one- and two-bedroom units with average floor plans of more than 850 SF. The property will undergo improvements and a rebranding to Edgewood Apartments.
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Interra Realty brokered the $4.2M sale of a 16-unit apartment building at 5073 N. Wolcott Ave. in Ravenswood. Interra Senior Managing Partner Joe Smazal represented the buyer, local real estate investor ICM Properties, and the seller, a private New York-based investor. The building was fully occupied at the time of the sale.
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Bear Peak Capital sold Light Road Apartments, a 168-unit multifamily asset in Oswego, to a private investor for $22M. Marcus & Millichap brokered the transaction. Marcus & Millichap's Ryan Engle and Andrean Angelov represented the seller. The firm’s Zack Mahoney procured the buyer.
LEASES
Ivanhoé Cambridge and Hines executed about 75K SF of new leases at 10 & 120 South Riverside Plaza, a two-building, 1.4M SF, Class-A office complex in the West Loop. Attorneys’ Liability Assurance Society, Pinterest and Syska Hennessy Group signed the new leases.
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Savills represented Monroe Capital in the upcoming relocation of its Chicago headquarters to 155 N. Wacker Drive. Monroe Capital will increase its office space by about 38%, leasing 40K SF on more than one-and-a-half high-rise floors at the building starting in 2025. Savills' John Goodman led lease negotiations for Monroe.
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CBRE arranged a new 65K SF headquarters lease for Sasser Family Cos. within Oak Brook Pointe, a 218K SF Class-A office building in Oak Brook. Sasser signed a lease for the fouth floor and part of the fifth floor. CBRE’s Jeff Mann represented building ownership, Principal Asset Management. Max Chopovsky from MCCS Realty represented Sasser.
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Lee & Associates closed a pair of industrial lease renewal transactions in DuPage County totaling 113K SF. Lee & Associates principals Jeff Janda and Mike Plumb represented tenant Atlas Wire’s renewal of 55K SF at 1601 Glenlake Ave. in Itasca. Janda also represented landlord DRA Advisors on a renewal of 58K SF at 951-953 Larch Ave. in Elmhurst.
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Cushman & Wakefield arranged a long-term, 15K SF lease for Kinship PACE of Illinois at the Bricktown Square shopping mall at 6560 W. Fullerton Ave. Cushman & Wakefield's Donna Korn and Beau Ladwig represented Kinship PACE of Illinois in the lease transaction. Mid-America Real Estate Group's Campbell Wickland, Liz Krebs and Kate Ruzevich represented Bricktown Square.
