This Week's Chicago Deal Sheet: $43M O'Hare Cargo Campus Winds Up
Construction work on the third and final phase of O'Hare International Airport's $43M Realterm Northeast Cargo campus wrapped, expanding the airport's cargo capacity.
The project adds 130K SF and two aircraft parking positions to the cargo area, accommodating up to a dozen jumbo freighters a day.
“O’Hare is our region’s largest economic engine, and cargo operations are a critical component of that engine,” Mayor Brandon Johnson said in a press release. “These new cargo facilities support Chicago’s role in bringing essential goods from across the globe into the United States and shipping them to all corners of the nation, all while creating job opportunities for local communities.”
There were 340 full-time construction jobs supported by the development, and 180 full-time, permanent jobs were created at the facility.
Realterm developed the campus, with Bowa Construction doing the construction work. O’Hare is the top cargo airport in the United States by trade value and processes approximately $300B in trade annually, according to the release.
PEOPLE
Stage Equity Partners added Cody Weiss as director. Weiss will be responsible for guiding new acquisitions, developments, refinances and dispositions, including initial underwriting, financial and property due diligence, structuring debt and equity components and closing transactions.
***
ML Realty Partners hired Grace Crossin as a financial analyst. Crossin will perform valuations and underwriting in the finance, accounting and acquisition teams at the company.
SALES
Breneman Capital purchased a mixed-use property at 2247-2249 W. Lawrence Ave. in Lincoln Square for $7.1M from an undisclosed seller. The mixed-use property has 22 market-rate apartments, one office space and two affordable apartments. Greenstone Partners Director Jordan Multack represented both parties.
***
TR Property Management purchased a 102K SF industrial building at 701 Rohlwing Road in Itasca for an undisclosed price from a private seller. Lee & Associates' Jeffrey Janda and Jeff Galante represented the seller, while their colleagues Chris Nelson and Calvin Gunn represented the buyer.
***
A private LLC bought Woodridge Commerce Center, a three-building industrial complex at 10204, 10210 and 10216 Werch Ave., from Unilev Capital. As of the sale, Woodridge Commerce Center was 96% leased to 22 tenants. Colliers' Jeff Devine, Steve Disse and Tyler Ziebel represented the seller.
LEASES
Game developer Zynga signed a long-term 14K SF lease at Cumberland Centre at 5440 N. Cumberland Ave in the O'Hare submarket. JLL's Jim Rose represented Zynga, while NAI Hiffman's Jason Wurtz and Jack Reardon represented Integris Ventures, the landlord.
FINANCING
KeyBank Community Development Financial Institutions Lending and Investment Group provided a $2M loan to C3’s impact fund. The fund provides capital and technical assistance to underrepresented and female real estate investors looking to acquire and rehab one-to-four-unit properties in low- and moderate-income areas.
***
The Chicago Housing Authority approved a $27M loan for the first phase of Habitat's residential redevelopment of LeClaire Courts on the city’s Southwest Side. The 32-acre site was previously home to the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Habitat will redevelop the site into as many as 700 residential units over several phases.
***
CityPads and Wayland Real Estate Capital secured a $31M construction loan for the development of 1529 N. Fremont, a 132-unit housing development in Lincoln Park. Lucas Borges and Ryan Sullivan of JLL Capital Markets' debt advisory team represented the borrower.
