This Week's Chicago Deal Sheet: Luxury Apartments Set To Debut In Fulton Market
High Street Residential completed construction on Flora, a new 368-unit luxury residential tower in Fulton Market.
HSR also signed a lease with Day Off Group to bring a new dining concept to the tower.
“We are incredibly pleased to deliver the Flora apartments to Fulton Market and are excited to welcome Day Off Group to the building,” HSR's Mary Boehmler said in a press release. “The new concept from Chef Flamm, situated on Fulton Park, will be an incredible amenity not only for the building’s future residents but for the larger Fulton Park Campus and the entire city of Chicago.”
Flora is a 34-story tower that offers a mix of studio to three-bedroom apartments, including penthouse units. It features a variety of amenities including a golf and game simulator room, spa and outdoor space.
HSR is the residential subsidiary of Trammell Crow Co.
PEOPLE
Lee & Associates promoted Grant Bollman to vice president from senior associate. Bollman, who joined the company in 2021, represents office tenants and investors in the acquisition and disposition of office space.
SALES
A local investor purchased a multitenant investment facility at 212 Lindow Lane in Marengo for an undisclosed price from a private seller. The 21K SF facility was built in 2006 and was fully leased at the time of sale. Entre Commercial Realty's Mike DeSerto and Cory Kay represented the seller, while Van Vlissingen and Co. represented the buyer.
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Sirman USA purchased a 12K SF, two-unit building at 1500-1514 Wrightwood Court in Addison for distribution and light assembly. Brown Commercial Group's Matt Hanson represented the buyer, while Brown Commercial Group's Mike Antonelli represented the seller.
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An undisclosed buyer purchased an 18-unit mixed-use property in Avondale. The property at 2934 N. Milwaukee Ave. features 13 apartment units and five commercial units anchored by a newly executed 15-year lease with JPMorgan Chase. Essex Realty Group's Jordan Gottlieb and Matt Feo marketed the property, while Essex Capital Markets' Darragh Griffin and Quinn Keenan secured financing on behalf of the buyer.
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Alterra IOS acquired an industrial outdoor storage facility at 22791 Challenger Road in Frankfort. The property has 3 usable acres with 13K SF of accompanying warehouse space. The acquisition was part of a portfolio of seven industrial outdoor storage sites across the country.
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L2 Partners LLC bought South Elgin Commons, a 95K SF retail center in South Elgin, for an undisclosed price from PMAT Real Estate Investments. JLL Capital Markets worked on behalf of the seller.
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Beal Properties purchased a 35-unit mixed-use property at 2200 N. Clark St. in Lincoln Park for $11.2M from a local real estate investment firm. The building includes 28 apartments and seven retail spaces. Interra Realty's Joe Smazal, Brad Feldman and Craig Martin represented the seller and procured the buyer.
LEASES
JIE USA Inc. expanded its warehouse capacity by signing a 39K SF lease at 279 Madsen Drive in Bloomingdale. Brown Commercial Group's Matt Hanson represented the tenant, while Cushman & Wakefield represented the landlord.
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The RDI Group signed a lease for a 44K SF industrial building at 940-942 Thorndale Ave. in Itasca. Lee & Associates' Jeff Janda represented the tenant, while Lee & Associates' Mike Plumb represented the owner, Link Logistics.
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Energize Capital inked a new headquarters lease at 1 S. Wacker Drive. The company will occupy 11K SF at the building, more than doubling its footprint in the Loop. CBRE’s Brad Serot and Bill Sheehy represented Energize Capital.
CONSTRUCTION AND DEVELOPMENT
Skender completed construction on a 38K SF facility expansion for the Greater Chicago Food Depository. The new prepared meals center at 4100 W. Ann Lurie Place enables the food bank to increase its response to hunger, with capacity to distribute up to 10,000 meals per day. The expansion added a commercial kitchen for meal preparation, cold storage spaces to support the food preparation areas, and a new lobby.
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Pacific Retail Capital Partners and Synergy Construction broke ground on their redevelopment at Yorktown Center in Lombard. The redeveloped site will feature a community park known as The Square that is surrounded by approximately 600 residential units and thousands of square feet of new exterior-facing shops and restaurants.
FINANCING
Pearlmark closed on a $7.4M mezzanine debt investment to recapitalize The Residences at Sawmill Station, a 250-unit apartment community in Morton Grove. The investment was originated and structured on behalf of Pearlmark Mezzanine Realty Partners V LP. The senior loan was provided by Wintrust Bank, which extended its existing loan on the property.
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JLL Capital Markets arranged a $32M refinancing for 609 West Randolph, a 15-story, 95K SF boutique office property in Chicago. Working on behalf of the borrower, Vista Property, JLL placed the five-year, 7.23% fixed-rate loan with JPMorgan Chase.
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Wingspan Development Group closed the $16M WDG GP Fund II, its second fund since 2021, to fuel the growth of the firm’s multifamily development business in Illinois, Florida and Wisconsin. Investors included individuals, family offices, registered investment advisers and their clients, certified public accountants and their clients, and other independent wealth advisers.
