This Week's Chicago Deal Sheet: Cresa Acquires Seattle-Based Project Management Firm
Cresa acquired Pacific Program Management, a project management firm based in Seattle that serves North America. The merger integrates PPM’s 180 professionals into Cresa’s existing project management group.
“Our clients have broad needs for Project Management on an individual project and portfolio wide basis across North America and around the world. The PPM acquisition adds tremendous value in these areas,” said Cresa CEO Tod Lickerman in a press release.
PPM’s expertise in specific aspects of project management and its special focus on portfolio client delivery complements and enhances Cresa’s existing platform of services, the company said in the release.
In the past year and a half, Cresa has acquired three other commercial real estate firms, in line with its strategy to increase the pace of mergers and acquisitions.
In September, Cresa acquired Philadelphia project management firm NorthStar Owners Representation. In June, the company scooped up the Houston brokerage Fritsche Anderson Realty Partners and added Fritsche's 11 brokers to Cresa’s Houston team. Last September, Cresa acquired the Detroit-based Axiom Advisory Group and absorbed its eight-person staff.
PEOPLE
Pearlmark hired five new team members: Michael Hales, Kelly Nealis, Darshak Shah, Ari Sokolow and Lucy Platt. The firm made the move to support its "active growth plans," the company said in a release.
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Kiser Group promoted Andy Friedman from senior director to partner. Since joining the firm, Friedman has helped Kiser Group’s Chicago-area business grow through his experience with condominium de-conversions, multifamily sales and mixed-use transactions across the city.
SALES
Estia Properties bought a mixed-use building at 5300 S. Blackstone Ave. for $9M. The property is made up of 24 apartments as well as two ground-floor commercial spaces. Interra Realty's Joe Smazal and Mark Dykstra represented both parties in the deal.
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An undisclosed buyer purchased a mixed-use building at 3120 W. 26th St. for about $1.9M from GW Properties. The fully occupied property has two retail tenants and one apartment. Greenstone Partners’ Arjav Patel and Brewster Hague represented the seller in the deal.
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A local investor bought Hawthorn Village Commons, a 52K SF retail strip property in Vernon Hills, for $10.5M. Marcus & Millichap's Adrian Mendoza, Sean Sharko and Austin Weisenbeck marketed the property on behalf of the seller and procured the buyer.
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Namdar Realty Group and Mason Asset Management acquired One North LaSalle, a 494K SF office tower along Chicago’s LaSalle Street corridor, through a deed-in-lieu of foreclosure. The acquisition represents a strategic investment into the 1920s building, which was renovated in 2017. Bradford Allen's Andy DeMoss will continue to lease the building.
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A local investor bought a 25-unit apartment building at 2253 W. 111th St. for $3M. Marcus & Millichap had the listing to market the property on behalf of the seller, a local private owner.
