This Week's Chicago Deal Sheet
Interra Realty brokered the $10.5M sale of a 2.28-acre retail site at 2053 N. Milwaukee Ave. in Logan Square in an area poised for redevelopment.
The property has high visibility near the three-way intersection of Milwaukee, Western and Armitage avenues, and is close to retail, restaurant and nightlife destinations. It is also less than a half-mile from the Western Blue Line station.
It currently houses a vacant 25K SF retail building and about 125 parking spaces.
Interra Director Colin O’Malley represented the seller, a local real estate owner and investor.
“Large infill sites with ample parking in highly coveted neighborhoods like Logan Square don’t come along often, so we were able to generate significant investor interest,” O’Malley said in a press release. “The property is ripe for redevelopment that will help revitalize this prominent stretch of Milwaukee Avenue.”
The buyer is aiming to redevelop the site under the existing zoning.
PEOPLE
Logistics Property Co. appointed Lindsay Kindlon as executive vice president, head of asset management. Kindlon will be based out of Chicago and responsible for partnering with the firm and its global investors to execute business objectives, maximize portfolio value and integrate sustainable best practices. She comes to the company with over 20 years of experience in industrial real estate.
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Colliers promoted several employees from its Chicago offices. The company promoted Mike Senner, Suzanne Serino and David Burden to vice chair. Colliers tapped Anne Dempsey to fill the role of executive vice president and Tyler Ziebel to vice president. It also selected Lauren Stoliar to serve as a senior associate with the multifamily advisory group.
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The HKS Board of Directors named Dan Noble as CEO and chairman and Sam Mudro as president and chief financial officer. Noble has served the company for 10 years as its president and CEO, while Mudro has worked as the firm's CFO since he joined HKS in 2015. In Noble's role, he will lead and advise the board, maintaining decision-making authority for top-line business changes. Mudro will oversee business strategy implementation and is responsible for operational and financial performance.
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Akrete, a Chicago-based CRE public relations firm, tapped John Pappas as senior vice president. Pappas will lead client service strategy and delivery for some financial services and commercial real estate clients. He will also build new client relationships in the financial services, professional services and CRE industries.
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GI Stone hired Jennifer Gee as its director of special projects. Gee has worked in Chicago's construction industry for over two decades, most recently as a project manager on McHugh Construction’s renovation of the Ramova Theatre. She will oversee the firm's institutional projects.
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Kiser Group promoted Noah Clark to an adviser position. Clark will work alongside Jack Petrando to serve the company's clients on the city's West Side.
SALES
Entre Commercial Realty sold a 56K SF building at 4610 Prime Parkway in McHenry for an undisclosed price. Viper Holdings, which provides scissor and boom lifts to the construction industry, bought the property. Entre’s Dan Jones, Dan Benassi and Sam Deihs represented the seller while Marcus & Millichap's Adam Fortino represented the buyer.
Entre also completed the sale of a 42K SF building on 3.3 acres at 8104 N. Solon Road in McHenry. JHB Group, which designs and manufactures custom mobile response platforms, purchased the building. JC Forney’s Ralph Huszagh represented the seller and Entre’s Benassi and Deihs represented the buyer.
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A joint venture partnership between Clear Height Properties and ICP Funds acquired two industrial buildings totaling 93K SF in Northbrook. The portfolio is fully leased. JLL's Sean Devaney, Kurt Sarbaugh and John Huguenard were the brokers.
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Mid-America Real Estate Corp. brokered the sale of Downers Park Plaza, a 94% leased shopping center in Downers Grove. Broder & Sachse Real Estate bought the 124K SF property. Mid-America Real Estate Corp.'s Ben Wineman and Emily Gadomski were the exclusive brokers in the transaction on behalf of the seller.
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Essex Realty Group sold a residential building at 3941 N. Keeler Ave., also known as Centrum Old Irving, in Old Irving Park for an undisclosed price. The property includes 27 units with an adjacent 4-unit structure. Essex's Jordan Gottlieb brokered the deal.
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Interra Realty brokered the $1.3M sale of a 13-unit apartment building at 1858 S. Springfield Ave. in Lawndale. Interra's Lucas Fryman represented the buyer, a local owner who has a portfolio of multifamily properties in the immediate area. Interra's Ted Stratman represented the seller, Brilliant Future.
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Lee & Associates negotiated three sale transactions in Fox Valley. Andrew Block and Michael Plumb represented HFI Manufacturing in its $7.3M purchase of a 60K SF industrial property at 3925 Stern Ave. in St. Charles and the $4.3M sale of its 48K SF building at 1100 Carolina Drive in West Chicago. Block worked with Nick Eboli to represent Eaglestone in the sale of a 20K SF property at 3705 Swenson Ave. in St. Charles.
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Mid-America Real Estate Corp. brokered the sale of Orland Park Place, a regional center in Orland Park. PMAT purchased the 87% occupied, 650K SF center. The company's Ben Wineman, Rick Drogosz and Joe Girardi were the exclusive brokers on behalf of IRC Retail Centers/DRA Advisors.
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Marcus & Millichap sold 59 condominium units from Onan Senior Suites in Waukegan. The firm's Ryan Engle, Andrean Angelov and Jake Lenti had the exclusive listing to market the property on behalf of the seller, a private investor. Engle and Angelov also secured and represented the buyer, a private investor.
LEASES
Crowell & Moring LLP leased 50K SF at 300 N. LaSalle St., one of the office towers in Irvine Co.'s Chicago portfolio. The international law firm will occupy two full floors in the 1.3M SF, 60-story building.
CONSTRUCTION AND DEVELOPMENT
Howard Brown Health, an LGBTQ+ healthcare organization, opened its newest healthcare center in Northalsted. Inland National Development Co. developed the project. The five-story, 76K SF healthcare center at 3501 N. Halsted St. features a range of offerings, including primary and specialty care, and mental health and lab services.
