This Week's Chicago Deal Sheet
A 26-unit multifamily property in Evanston sold for the first time in over 50 years.
Essex Realty Group brokered the sale of Cheltenham Court Mansions, at 531-539 Hinman Ave., to an undisclosed buyer for an undisclosed price. The property garnered significant attention with more than 20 buying groups pursuing the property, Essex said in a press release.
“Without a doubt, 531-539 Hinman is the most impressive vintage building I’ve sold,” said Essex Realty Group Director Rick Offman in the release. “The sellers have been phenomenal stewards of the property for over 50 years, making improvements without losing the original character of the building.”
PEOPLE
Xroads Real Estate Advisors tapped Suzanne Hendrick to join the firm as executive vice president. In her role, Hendrick will help to drive Xroads’ national and Chicago-area portfolio strategy and services implementation.
Hendrick comes to the company with more than 30 years of experience in asset and property management, most recently as executive vice president of asset services operations at Transwestern.
SALES
DMG Capital partnered with Wayland Real Estate Capital to purchase 4179 W. Belmont in Avondale for an undisclosed price. The building includes 17 new construction units that are a mix of two- and three-bedroom floor plans. This is the first joint venture between DMG and Wayland.
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A local partnership sold two multifamily properties on the Northwest Side for $2.7M. The building at 3145 N. Nordica Ave. sold for $1.4M and the 3037-39 N. Harlem Ave. building sold for $1.3M. Interra Realty's Patrick Kennelly, Paul Waterloo and Nathan Zito represented the seller of both properties and procured the buyer for the Harlem building, a local investor. Dream Town Real Estate's Beco Kalamperovic represented the buyer of the Nordica Property.
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REIT 644 bought Hotel Versey, a 137-room hotel at 644 W. Diversey Parkway from Lincoln Park Hotel PropCo for an undisclosed sum. CBRE’s Nate Sahn, James Foxx, Nicholas Endre, Marcello Campanini and Adam Foret represented the seller in the deal.
LEASES
Soosan USA signed a 16K SF manufacturing lease at 1390 Gateway Drive, Suites 5 and 6, in Elgin. Lee & Associates' John Sharpe and Rick Anesi represented the tenant, while Cawley Chicago's Matt Garland represented the owner, Clear Height Properties.
FINANCING
Associated Bank completed a $2.7M term loan for The Missner Group and Greystar-Thackeray to finance the acquisition of a fully leased, two-tenant 58K SF industrial warehouse building at 1–5 Messner Drive in Wheeling. The warehouse is currently leased to Ashland Millwork and Cadence. Daniel Barrins, a senior vice president with Associated Bank’s Commercial Real Estate Division, originated the loan.
THIS AND THAT
The first residents have moved in at Cassidy on Canal, a new 33-story, 343-unit Class-A rental tower at 350 N. Canal St. in the Fulton River District. Habitat's building has a mix of studio, one-, two-bedroom and penthouse units, parking for 123 vehicles and ground floor retail.
