This Week's Chicago Deal Sheet
An ex-Citadel executive's quantitive trading firm is doubling its working footprint and moving to an office tower Onni Group is renovating.
Aquatic Capital Management signed a lease for roughly 30K SF at 225 W. Randolph St., Crain's Chicago Business reports. The company will relocate from 1 N. Wacker Drive and more than double its 14K SF footprint.
Onni Group has a $140M revamp of the 853K SF Randolph Street tower in the works, a bold bet on the Loop as the central business district's woes continue to intensify. The total vacancy rate in the CBD topped 25% in the first quarter, a high-water mark for the seventh consecutive quarter, according to a Q1 CBRE office report.
The developer purchased the building at the end of 2021 for $166M and then started on a substantial renovation to add fresh amenities and lease up the building.
LEASES
NAMI Chicago signed a 10K SF lease at 224 W. Hill St. in Old Town in a lease negotiated by Cresa’s Ryan Foran and Jonathan Zeitler. The mental health services provider will relocate from its current location at 1801 W. Warner Ave. Madison Rose’s Abby McFayden represented the owner, Onni Group, in the transaction.
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Hummingbird Pediatric Therapies signed an 11K SF lease at 501 W. Lake St. in Elmhurst. Renovation of the space is underway with the facility slated to open in summer 2024. NAI Hiffman's Aubrey Englund represented Hummingbird in the transaction. Bradford Allen's Norm Murdoch represented the landlord.
PEOPLE
Mosaic Construction brought KC Downer back onto its team as a sales executive. In his role, Downer will build business relationships with developers and owners to find new project opportunities. The industry veteran has over 18 years of experience in facility management, general contracting and sales. Downer previously served as a senior project manager at Mosaic Construction from 2018 to 2020.
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KeyBank Real Estate Capital tapped Patrick Kempton to join its team as a regional production manager focused on multifamily lending in the Midwest. Kempton, who will be based in Chicago, is responsible for a team originating loans for the multifamily sector through Fannie Mae, Freddie Mac, HUD, CMBS, life companies and debt funds.
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Cresa hired Jacqueline Loftis and Amanda Simon as principals with its project management group in Chicago. The pair will focus on growing the Chicago team and manage national assignments with an emphasis on retail.
SALES
Cushman & Wakefield represented Northern Builders in two separate build-to-suit agreements at Cherry Hill Business Park. Northern will develop a 203K SF facility for Agile Cold Storage on roughly 24 acres with an expected completion date of Q2 2025. Illinois Truck Group's 33K SF truck maintenance and dealership building will include 5K SF of office and parking for 200 trailer cabs. Cushman & Wakefield’s Jason West, Sean Henrick and Ryan Klink represented Northern Builders in the deals, which will see Northern sell the properties to the occupants after delivery.
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DarwinPW Realty/CORFAC International represented Phoenix Closures in the sale of a 113K SF building in Naperville to Amerikoa Ingredients for an undisclosed price. Amerikoa is relocating from Melrose Park. DarwinPW's Jeff Blake represented Phoenix Closures, while Colliers' Todd Heine represented Amerikoa in the deal.
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Entre Commercial Realty completed the sale of a 44K SF building at 9700 Industrial Drive in Bridgeview. A joint venture of Clear Height Properties and Harbert US Real Estate purchased the multi-tenant light industrial building. Entre's Jeffrey Locascio and Chris Wilbur brokered the deal.
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Entre Commercial Realty also finalized the sale of a 112K SF building at 1450 Feehanville Drive in Mount Prospect. A joint venture affiliate of Nicholas & Associates and Parenti & Raffaelli bought the property. Entre’s Dan Benassi, Dan Jones and Sam Deihs represented the buyer while CBRE’s Mike Sedjo and Jack Brennan represented the seller.
