This Week's Chicago Deal Sheet
Wingspan Development Group sold Sixteen30, a Class-A, 284-unit apartment community it developed at 14750 Wallin Drive in Plainfield, for an undisclosed price.
Continental Properties acquired the property, which opened in August 2021. The community features a mix of studios, one-, two- and three-bedroom units spanning 600 SF to 1,500 SF.
“Until recently, Plainfield – like neighboring Naperville – has seen much more for-sale single-family home development than luxury rentals,” Christopher Coleman, vice president of development for Wingspan, said in a press release. “But as evidenced by our strong leasing numbers, there is an undeniable demand for the lifestyle and amenities offered by Sixteen30, with interest from young professionals to empty nesters.”
The community was 95% occupied at the time of the sale. Northmarq's Alex Malzone, Parker Stewart and Dominic Martinez brokered the deal.
LEASES
Norton Rose Fulbright added 15K SF across two additional floors at 1045 W. Fulton St. in Fulton Market. The firm now occupies 32K SF of the 12-story building. In the past two years, the firm has more than tripled in the city to 34 lawyers.
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DarwinPW Realty/CORFAC International Vice President Chris Mergenthaler represented The Junkluggers of Chicago NW Suburbs in a 12K SF lease at 425 Airport Road in Elgin. The company is expanding and relocating from another location in the northwest suburb.
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Lee & Associates negotiated a 54K SF lease at 2725 Alft Lane in Elgin. The lease brings the 108K SF building to full occupancy. Principals Kenneth Franzese and John Cassidy represented the landlord, a private partnership.
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CBRE arranged a 20K SF headquarters lease for RedShelf at 175 W. Jackson Blvd. The company is relocating from River North to the Central Loop. CBRE's Tony Coglianese represented RedShelf in the sublease deal, while CBRE's Bill Sheehy represented WellRight, the sublandlord.
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Architecture and design firm Corgan signed a 12K SF lease on the 17th floor of AMA Plaza at 330 N. Wabash Ave. The company employs more than 25 people in the city, plans to hire about a dozen more this year and expects further growth.
SALES
Brown Commercial Group negotiated two industrial deals totaling 20K SF for a pair of growing companies. Broker Pat Crowley represented the buyer and seller in the sale of a 12K SF property at 1012-1030 Morse Ave. in Schaumburg. Crowley also represented both parties in a deal for an 8K SF industrial building at 2200 Foster Ave. in Wheeling.
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Mid-America Real Estate Corp.’s investment sales group brokered the sale of Marketplace at Six Corners in Chicago. Newmark Merrill bought the 117K SF shopping center. Mid-America principal Rick Drogosz brokered the transaction on behalf of IRC Retail Centers/DRA Advisors.
CONSTRUCTION AND DEVELOPMENT
Industrial Outdoor Ventures completed the first phase of construction of a speculative development at 700 Trumpet Drive in Zion. The 11K SF asset has a maximum 26-foot, 6-inch clear ceiling height, a fire suppression system and drive-thru bays. It also has 180 trailer parking spaces.
THIS AND THAT
Marquette Cos. created a strategic alliance with Orion Residential Advisors. The two companies will merge operations in certain areas, with Orion's Dan Gumbiner acting as an adviser and Cheryl Charnas joining Marquette’s asset management team as executive vice president. The companies hope to accelerate their reach into new market regions.
