This Week's Chicago Deal Sheet: Art Institute Gets $75M For New Building
Two benefactors donated $75M to the Art Institute of Chicago to develop a new building on the museum campus.
The donation, from Aaron Fleischman and Lin Lougheed, is the largest naming gift in the museum's history. The Art Institute will use the money to expand its gallery space in a building named after the pair, it announced in a statement Tuesday.
“We are beyond grateful to collaborate with Aaron and Lin to imagine the future of our campus,” James Rondeau, president and director of the museum, said in a statement. “Their exceptional generosity and vision will allow our aspirations to become a reality and I am grateful for their dedication to Chicago, and to serving our visitors for generations to come.”
Architects will design the new building to house late 19th-century, modern and contemporary art and offer views of the park, city and lake. The museum didn't release a timeline for the building's construction.
PEOPLE
Hispanic Housing Development Corp. hired Tony Hernandez as president and CEO. Hernandez comes to the role with over 30 years of community development and financial experience, most recently as U.S. head of community investments for CIBC U.S.
***
Mid-America Asset Management added Bill Wright to its team as senior vice president of corporate services. Wright will oversee sales, operations and finance for the corporate services and facilities management business. Wright has more than 25 years of CRE experience, including a previous stint with Mid-America.
***
Greenstone Partners expanded its multifamily division with the hire of Jacob Goldstein as a director. Goldstein will focus on multifamily and mixed-use deals across the Chicago area. Prior to joining Greenstone Partners, Goldstein spent eight years at Essex Realty Group.
SALES
A private local partnership purchased an 84-unit multifamily property in Waukegan for $7.8M from a private seller. Sunset Village at 2205-2210 N. Butrick St. includes 79 one-bedroom and five two-bedroom units. Interra Realty's Patrick Kennelly, Paul Waterloo and Nathan Zito represented both parties in the deal.
***
The Wilmette Park District purchased a 54K SF synagogue facility at 3220 Big Tree Lane in Wilmette for $5.4M. The park district purchased the property for future expansion properties. SVN | Chicago Commercial's Wayne Caplan represented the seller, while Transwestern's Larry Serota represented the park district.
***
An undisclosed buyer purchased an eight-unit multifamily building at 3507-3509 N. Wilton Ave. in Lakeview for about $5M. Essex Realty Group brokered the deal.
***
Bender Cos. partnered with Eastham Capital to acquire a 110-unit multifamily property at 1340 W. Morse Ave. in Rogers Park for $16.8M. The property is 97% occupied. Kiser Group's Andy Friedman, Jake Parker and Danny Logarakis brokered the deal.
***
MCB Real Estate bought a 72K SF medical office property at 1331 W. 75th St. in Naperville for $28M from DynaCom. The iMed Naperville Medical Office is 96% leased. Greenstone Partners' Jason St. John represented both parties.
LEASES
Bossard renewed its lease on a 68K SF industrial building at 11800 S. Austin Ave. in Alsip. Lee & Associates' Brian Vanosky, Michael O'Leary and Dylan Maher represented the owner, Cabot Properties. Lee & Associates' Ken Franzese, John Cassidy and Jim Martin represented the tenant.
***
Green Bay Packaging signed a 74K SF industrial lease at 2200 Sullivan Road in Aurora. Lee and Associates' Michael Plumb represented the tenant, while Core Industrial Realty's Noel Liston and Nick Krejci represented the owner, Panattoni.
CONSTRUCTION AND DEVELOPMENT
Northern Builders will develop a speculative 802K SF industrial facility in a joint venture with Affinius Capital in Joliet. The building is expandable to 1.2M SF. Cushman & Wakefield’s Jason West, Sean Henrick and Ryan Klink will lead the leasing efforts on behalf of Northern.
