This Week's Chicago Deal Sheet
Stream Realty Partners acquired a four-building industrial portfolio totaling 600K SF of Class-A industrial space in the Chicago metro area for an undisclosed price.
The assets include:
- Asbury Drive, a 158K SF building at 850 Asbury Drive in Buffalo Grove.
- Rockwell Logistics Center, a 174K SF building at 2545 W. 24th St. in Chicago.
- Mokena Logistics I and II, 268K SF across two buildings at 8965 and 8905 W. 187th St. in Mokena.
The portfolio is fully leased to seven tenants.
Stream's Patrick Russo, Mustafa Ali and Ben Harrison facilitated the deal.
“This acquisition offers substantial opportunities for value creation through strategic leasing and rent growth,” Ali said in a press release. “We are excited to continue expanding our footprint in the Chicago market and to deliver exceptional value to our investors.”
Also involved in the deal were CBRE’s Ryan Bain, Michael Caprile, Zach Graham, Judd Welliver, Bentley Smith, Joe Horrigan and Victoria Gomez, along with local brokers Whit Heitman, Sam Badger, Larry Goldwasser and Terry Grapenthin.
PEOPLE
Mid-America Real Estate Corp. expanded its Chicago-based Net Lease Investment Sales platform by adding Nick Kohlmann as a vice president. He joins a group of specialists offering clients a competitive advantage in the disposition and acquisition of net leased assets. Kohlmann will work with George Ghattas, Matt McParland and Luke Rogers.
SALES
A local private investor purchased a 40-unit multifamily property at 5029 N. Kenmore Ave. in Uptown for $8.2M from Cedar Street. The building, named The Synagogue, is an adaptive reuse of a former temple that was reopened as rental apartments in 2019. The renovated community includes eight studio and 32 one-bedroom apartments.
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A local private investor purchased a 33-unit mixed-use property at 5704 S. Harper Ave. in Hyde Park for $6.6M from a private family partnership. The building includes 28 one-bedroom apartments, which were fully occupied at the time of the sale, and five commercial spaces. Interra Realty Senior Managing Partner Brad Feldman represented both parties in the deal.
LEASES
AECOM signed a 23K SF full-floor lease at One Prudential Plaza to consolidate its Chicago-area offices. The move, which will take place in December 2024, brings 432 employees to one spot for improved collaboration and with access to up-to-date technology and amenities.
CONSTRUCTION AND DEVELOPMENT
Skender topped out construction at 919 W Fulton, an 11-story, 409K SF mixed-use office building. The construction milestone marks the end of the structural phase of construction as the project team works toward the building’s completion and anticipated opening in 2025. Fitzgerald Associates Architects designed the building.
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Habitat opened OC Living, a new mixed-income property at 1325 S. Washtenaw Ave. in North Lawndale, and the first wave of residents have moved in. The first OC Living building within the $200M Ogden Commons mixed-use project consists of 92 units, 90% of which are affordable apartments, with the remainder market-rate. The four-story rental building has 23 studios, 60 one-bedroom and nine two-bedroom apartments near Ogden Commons’ 45K SF commercial building.
