This Week's Chicago Deal Sheet: JLL Sells 28-Story Apartment Tower For $20M Off 2016 Purchase Price
JLL Income Property Trust sold 180 N. Jefferson St., a 28-story apartment community in the West Loop, for $76M to a Chicago-based group of private investors, a $20M discount to its purchase price eight years ago.
The investment arm of JLL sold the 274-unit building to Milbourne Capital LLC, Crain's Chicago Business reported. JLL IPT bought the property for $96.4M in 2016.
“We recently completed a renovation of all 274 units and significantly upgraded the tenant amenities making it a good time to capture those value enhancements through this sale,” JLL IPT President and CEO Allan Swaringen said in a release. “This sale increases our available capital to reinvest in higher yielding properties that we believe will improve future cash flows and point forward returns.”
Residential investments still make up the largest percentage of JLL IPT's $6.6B portfolio, at 42%.
CBRE's John Jaeger, Justin Puppi and Jason Zyck represented JLL.
PEOPLE
Syska Hennessy Group appointed three new associate partners in its Chicago office: Jennifer Kuether, Bill Kuzan and Drew Kuzan. The move will help the company continue to grow in the city and nationally.
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KTGY hired Sam Luckino as a principal in the firm's Chicago office. Luckino will partner with Craig Pryde to lead the studio and grow the firm’s team of high-rise designers in the city.
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Essex Realty Group promoted Mariano Mollo to director. Mollo joined Essex in 2022 as an associate after completing a summer internship with the Essex Suburban Team in 2021. He has facilitated more than $22M in transactions throughout Chicago’s suburban markets.
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Greenstone Partners promoted Brewster Hague to partner from senior director. In his new role, Hague will contribute to the firm's expansion and strategic planning, alongside his brokerage efforts.
SALES
An institutional real estate investor purchased a 195K SF, Class-A industrial building in Mundelein from Affinius Capital and Venture One for an undisclosed price. The property at 1300 Allanson Road is leased to two tenants with an average term of four years. Colliers' Jeff Devine, Steve Disse and Tyler Ziebel represented the seller.
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A local private partnership acquired a 31-unit apartment building at 4915 S. Drexel Blvd. in Kenwood for $4.1M from a local operator. Interra Realty's Brad Feldman represented both parties.
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Alterra IOS, an industrial outdoor storage company, acquired three IOS sites totaling 14.1 acres in the Chicago area. The properties offer access to transportation hubs like O’Hare International Airport and Centerpoint Intermodal Center.
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Acevision purchased a 19K SF industrial building at 155-179 Oswalt Ave. in Batavia for an undisclosed price from Robart Manufacturing. Brown Commercial Group's Luke Dummitt represented the buyer, while the brokerage's Dan Brown represented the seller.
CONSTRUCTION AND DEVELOPMENT
Bradford Allen Development Co. broke ground on the first phase of its 301-unit mixed-use community in Arlington Heights. The initial phase includes about 26K SF of ground-floor retail. The broader development will encompass ArlingtonMed, a 150K SF medical office complex at 155 E. Algonquin Road, and up to two additional buildings.
CORRECTION, OCT. 16, 3 P.M. CT: A previous photo has been updated to show the correct location.
