This Week's Chicago Deal Sheet

Cinespace Studios is inching closer to offering backlot studio tours. The 52-acre complex at 2621 W 15th Place used for filming TV shows Empire, Chicago Fire and Chicago PD, and the films Jupiter Ascending and Divergent is a linchpin in Chicago's growing film industry.

Cinespace president Alex Pissios plans to redevelop streetscapes around the complex, from 16th Street to Ogden Avenue along Washtenaw Avenue, to make the studio more attractive to tourists. The backlot tour would be the first of its kind outside Los Angeles.

SALES

Colliers’ Michael Senner and Vern Schultz repped Martin Capital Group in the $11.25M sale of 1900 W Walnut (above), a 58k SF industrial facility that’s 100% leased to digital imaging studio Matthews International. The buyer is Mark IV Realty.

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First Western Properties completed the following sales:

• Kellen Duggan and Paul Tsakaris closed on 2852 W Madison St, a former Midas site that's part of a redevelopment.
• Thor Madden and Mark Zeglen closed out a mixed-use building at 2744 W 18th St.
• Thor Madden and Yannis Arbis closed out a three-unit apartment building at 6638 S Woodlawn Ave and a five-unit building at 2845 W 25th Pl.

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Interra Realty’s David Goss and Jon Morgan repped the buyer and seller of af 37-unit multifamily property at 4742 S Woodlawn. The seller was a local investment fund and the buyer was a private investor. David and Jon also repped the seller of a 50-unit multifamily property at 6901 S Paxton, which includes a 50-unit secured parking lot. The seller purchased the property out of foreclosure in 2010 and turned around a building that was 45% uninhabitable. 

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Quantum Real Estate Advisors’ Chad Firsel repped the seller of 451-459 Randall Crossings in North Aurora for $1.08M. The 11k SF building was 74% occupied at the time of sale. 

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HFF’s Marty O’Connell, Sean Fogarty and Wick Kirby repped the seller in the closing of Berkshires at Hoffman Estates, a 642-unit multifamily development at 875 Pacific Ave that’s 95% occupied. A JV between Redwood Capital Group and Investcorp bought the property free and clear of existing debt. HFF’s Mike Tepedino, Michael Gigliotti and Matthew Schoenfeldt helped the buyers secure a $64.2M loan.

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CBRE’s Sean Kropke, Zach Graham and Ryan Bain repped Rexnord Industries in the sale of an 82k SF industrial space at 634 Glenn Ave in Wheeling to an affiliate of Swiss Precision Machining. The property sits on 6.88 acres and includes over 17k SF of office space and parking for 150 cars.

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CBRE’s Brian Silberman, Stanley Wang and Scott Miller repped Galena Pines in the sale of a 72-room Ramada Hotel & Day Spa at 11383 US 20 in Galena. The buyer was Galena Prime Hotels.

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The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the seller in the $2.8M sale of an OfficeMax at 200 Riverside Dr in East Peoria. OfficeMax’s lease on the property was recently extended until 2023, and features two five-year renewal options with rent escalations on each.

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Lee & Associates’ Walter Murphy repped Sitex in the sale of a 128k SF industrial building at 5000 S Homan. The building has 30-foot clear heights, 30 truck docks and dual rail spurs. JLL’s Dan Reynolds represented the buyer, Brite Logistics.  

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Eastdil Secured’s Stephen Livaditis, David Knapp, Ken Glomb, Mike Pagliari and Ted Fahey repped Centrum Partners in the sale of the retail portion of Wicker Park Commons, a 315k SF development near Milwaukee and Ashland avenues and Division Street. Centrum acquired the property in a JV with Angelo, Gordon & Co for $33M in 2011 and will now focus on redeveloping the property’s 140k SF of office space and a two-acre parcel.

LEASES

Savills Studley’s Bruce McConnell, Renae Bradshaw and Mike Mangan repped Gerflor, a global flooring company, in the recent expansion and renewal of its warehouse and office at 595 Supreme Dr in Bensenville. Gerflor is now the building’s sole tenant in Bensenville Industrial Park. 

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First Western Properties completed the following leases:

• Marion Abramiuk and Laryssa Moros signed Telecell to a five-year lease at 6372 W Cermak Rd in Berwyn.
• Marion Abramiuk and Stan Rivas leased 9600 S Pulaski, Oak Lawn to Athletico.
• Marion Abramiuk and Laryssa Moros leased another storefront at 9600 S Pulaski, Oak Lawn, to Foodies, an end-cap convenience store.
• Laryssa Moros, Stan Rivas and Paul Tsakiris leased 3431 Arlington Heights Rd, Arlington Heights, to Firestone Automotive. The landlord contacted First Western for assistance after not being able to negotiate an extension. First Western met with the tenant and was able to negotiate a seven-year extension, thus allowing the landlord to refinance the property.
• Kellen Duggan and Paul Tsakiris leased 1727 S Indiana to a health and wellness company. First Western completed four leases in 10 months in this building. The office property is now 100% leased.

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Accesso Partners has leased nearly 150k SF of space at 200 W Monroe (pictured) and 230 W Monroe recently.

• Visanow, a global immigration processing firm, leased 31k SF on the 27th and 28th floors of 230 W Monroe, consolidating operations from several other Chicago buildings.
• Great American Insurance Corp leased 18k SF on the 29th floor.
• The Vitality Group now occupies 41k SF on the 19th and 20th floors of 200 W Monroe.
• Barcodes Inc leased an additional 13k SF in 200 W Monroe and now occupies 41k SF on the 10th and 11th floors.
• RTI International renewed its 13k SF lease on the 14th floor of 230 W Monroe.
• PTDA renewed its 3,932 SF lease on the 21st floor.
• Greyrock Capital Group renewed its 4,800 SF lease on the 20th floor.
• Law firm Johnson Blumberg & Associates renewed its 12k SF lease on the 11th floor of 230 W Monroe.
• MicroTek Training Solutions renewed its 14k SF lease on the building’s fifth floor.

FINANCING

ASC’s Igor Zhizhin arranged $9.5M in commercial loan financing on behalf of a foreign investor for a portfolio of residential investment properties in Manhattan, Kings and Suffolk counties in New York. Igor also arranged for $1.45M in financing for two commercial condo properties in River North.

PROMOTIONS/HIRES

Christenson Advisory Services named Amy Bauer to head the firm’s East Coast executive search practice. Amy was previously SVP at Capital Funding Group, where she expanded its healthcare lending business and closed more than $400M in loans.

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Kennedy Wilson named Daniel Schmidt senior managing director of the company’s Midwest, East and Southeast regions. A 30-year industry veteran, Daniel will manage Kennedy Wilson’s expansion of the group’s property and leasing services in those markets.

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Berkadia added 12 new members to its multifamily investments sales team in Chicago, St. Louis and Kansas City. Senior directors David Gaines and Alex Blagojevich and director Michael Sullivan are the leaders of the coordinated team.

KUDOS

CCIM Institute’s Sandy Benak, Emily Mitchell and Elizabeth Belenchia were named to Real Estate Magazine’s “50 Women of Influence” list.