This Week's Chicago Deal Sheet

One of Chicago's most historic movie palaces has a new owner. The Patio Theater in the Portage Park neighborhood on the northwest side sold for $2.5M.

Originally opened in 1927, the Patio (6008 W Irving Park Rd) is the largest single screen movie theater in Chicago, with a capacity for 1,500 people. The Patio's auditorium was designed in neo-Pompeiian style, with Spanish and Italian influences, and its ceiling replicates a night sky with blue paint and blinking light clouds projected onto the ceiling. The theater reopened in 2011 and its Barton pipe organ was restored. Essex Realty’s Jim Darrow and Jordan Gottlieb repped the seller. Essex’s Justin Weber repped the buyer.

SALES

CBRE’s John Jaeger, Dan Cohen and Mary Jane Zaring repped Kensington Realty Advisors in the sale of Clover Ridge East Apartments to Hayman Co for $41.5M. The 276-unit multifamily property is at 1445 E Evergreen Dr in Palatine.

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The Boulder Group’s Randy Blankstein and Jimmy Goodman repped both parties in the sale of a two-tenant net leased center at 418-20 E Rollins Rd in Round Lake Beach for $2M. The buyer was a private partnership in a 1031 exchange, and the seller was a Midwest-based real estate development company.

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Avison Young’s national capital industrial markets team, led by Erik Foster and Mike Wilson, were awarded the exclusive sale listing for a two-building, 95k SF industrial portfolio in Northbrook. The portfolio is owned by First Industrial Realty Trust, and the buildings are 100% leased.

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Interra Realty’s David Goss and Jon Morgan repped the seller of 7625-33 and 7635-43 S East End Ave in Chicago for $1.85M. The two courtyard buildings have a total of 51 one-bedroom units. Interra’s Brad Feldman repped the buyer.

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The Kudan Group completed the following sales:

• Jarrett Fradin negotiated the sale of Fiorentino's at 2901 N Ashland. The owners of Flo on Chicago will open their second location there later this year.
• Jarrett Fradin repped American Eagle Bank in the sale of 1015 Waukegan Rd in Glenview. Ten Ninety Brewery will open in the 11k SF space next spring.
• Amber Heavner and Scott Reinish repped buyer Dian Li in the sale of 2476 N Lincoln. Dian will open an Asian hot pot restaurant in the space this autumn.

Essex Realty’s Jim Darrow and Jordan Gottlieb repped both parties in the sale of 615-619 N Milwaukee Ave in Glenview, for $670k. The 8,980 SF property consists of 44 executive office suites ranging from 83 to 354 SF.

LEASES

The Telos Group’s Bill Truszkowski, Jamey Dix and Brian Whiting repped the landlord of 111 S Wacker (shown) in leases totaling over 85k SF for AXIS Reinsurance and Houlihan Lokey. Colliers’ Tom Volini repped AXIS, while Cushman & Wakefield’s Chris Wood, Steve Schneider and Andy Heymann repped Houlihan Lokey.

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CBRE’s Jon Springer, Gary Fazzio and Paul Diederich repped MultiPlan, a healthcare cost management company, in the renewal of a 68k SF office space at 535 Diehl Rd in Naperville. MultiPlan occupies the majority of the first and second floors in the four-story, 164k SF building. NAI Hiffman’s James Adler and Daniel O’Neill repped the landlord.

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Bradford Allen’s Juliette Lane completed a lease renewal and expansion for 7,518 SF on behalf of Illinois Action for Children at 17926 S Halsted in Homewood. The firm occupies two suites in the building but required additional space to accommodate its new Head Start and Early Head Start programs in the south suburbs.

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NAI Hiffman was awarded the leasing and management of Regent O’Hare by a JV between Distribution Realty Group and Pearlmark. Regent O’Hare (shown) is an eight-building business park totaling over 955k SF of industrial and office space in the heart of the O’Hare submarket.

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First Western Properties’ Paul Tsakiris, Laryssa Moros and Marion Abramiuk repped both parties in the lease of 1634-42 W 79th St, a new construction strip mall.

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The Kudan Group negotiated the following leases:

• Jarrett Fradin repped both parties in the lease of 2235 N Lincoln Ave. Sublime Sushi restaurant will open there this fall.
• Scott Reinish repped owner Horizon Realty in the lease of 5050 N Sheridan Rd. A CrossFit and yoga studio will open there later this year.

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Bradford Allen’s Joel Berger completed a lease renewal on behalf of PSC Group for 9,700 SF at Woodfield Executive Plaza, 1051 Perimeter Dr in Schaumburg. 

HIRINGS/PROMOTIONS

Marcus & Millichap named Gregory LaBerge as its chief administrative officer, a newly created position. Greg was most recently national director with Marcus & Millichap’s National Hospitality Group in Chicago. He joined the firm in 2005.

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CBRE hired Guy Ponticello to become national practice leader for its net lease property group based in Chicago. Guy spent the past 19 years at JLL, where he focused on sale-leaseback, build-to-suit developments, and net lease investment sales, acquisitions and corporate surplus dispositions throughout the US.

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Michelle Monhaut recently joined Transwestern as director in the investment services group. She brings nearly 15 years of experience to the firm, where she will focus on industrial investment sales transactions for institutional, corporate and private investors throughout Chicago and the Midwest.

KUDOS

Congrats to Related Realty, which opened a new office in Bucktown at 1755 N Damen. The office, adjacent to the 606 trail, is Related’s second Chicago location. The firm plans to hire 75 full-time brokers for the location over the next year.