This Week's Chicago Deal Sheet: Northwestern Breaks Ground On New Stadium
Northwestern University held a formal groundbreaking for its new stadium Monday on the site of the team's former home.
The university has said the new stadium will seat 35,000 people, down about 12,000 from the capacity of the old venue, ESPN reports. Funding for the new Ryan Field comes from a portion of the $480M donation from the family of Patrick and Shirley Ryan — the largest in school history, according to the outlet.
The stadium will feature cutting-edge technology and scoreboards, as well as concessions with food from local restaurants. It will also earn Gold LEED certification, according to ESPN.
The team will play a majority of its home games in the fall at its lakefront soccer and lacrosse facility. The university is building a temporary, limited capacity structure to house fans at those games.
The newly constructed Ryan Field is set to open in 2026.
PEOPLE
The Laramar Group promoted Scott Kessel to chief financial officer from vice president of asset management. In his new role, Kessel will direct Laramar's overall accounting decisions across individual properties and corporate level finances. He also oversees decisions on budgeting, forecasting, analysis, cash management and accounts payable.
SALES
East Superior Real Estate Partners purchased a 30-unit multifamily property for $5M at 5051 N. Kenmore Ave. in Uptown from a private East Coast-based investment company. Interra Realty's Joe Smazal represented both parties in the deal. The buyer assumed the asset’s existing mortgage, which carries an interest rate well below current market levels, according to a release.
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An undisclosed buyer purchased a 39K SF building on 3.5 acres at 3815 Grandville Ave. in Gurnee. Entre Commercial Realty's Brian Bocci was the sole broker in this transaction.
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Bridge Street Properties purchased 9 acres of land that will become a new townhome development in Carol Stream. Brown Commercial Group's Pat Crowley negotiated the sale of the land at Lies and Fair Oaks roads. Bridge Street Properties, in partnership with Pulte Homes, is developing the land. The Villas of Fair Oaks community will feature 32 two- and three-bedroom townhomes with two-car garages.
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Link Logistics acquired a 28K SF industrial warehouse facility at 2710 United Lane in Elk Grove Village for an undisclosed price. JLL's Dominic Carbonari and Kate Coxworth represented Link Logistics in the deal and are leading leasing of the facility.
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A private investor acquired The Shops at Flint Creek, a grocery-anchored retail center in Barrington, from an affiliate of Next Realty. The property, at 500-530 N. Hough St., is a 60K SF retail center anchored by Heinen’s grocery store. Marcus & Millichap’s Sean Sharko had the exclusive listing to market the property on behalf of the seller.
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RDAA Express Inc bought 901 Ridgeway Avenue, a 24K SF industrial storage property in Aurora for $2M from Ridgeway Partners. Marcus & Millichap’s Jeff Rowlett marketed the property on behalf of the seller and Re/Max Commercial's Michael Kammes procured the buyer.
THIS AND THAT
DePaul University's conferred an honorary masters degree from its Kellstadt School of Business to Douglas Crocker, the former vice chairman and CEO of Equity Residential, which he launched with Sam Zell in the 1990s. Crocker was recognized for his service and financial contributions to the university. He is a former university trustee and helped formed DePaul’s Real Estate Center.
