This Week's Chicago Deal Sheet

The holidays arrived early at Oak Brook-based InvenTrust Properties. The REIT, formerly known as Inland American Real Estate Trust, landed a $300M unsecured loan with a group of lenders led by Wells Fargo.

InvenTrust can use the credit line for general corporate purposes including acquisitions and paying off maturing debt. InvenTrust has been in buying mode for much of 2015, buying chunks of properties in Dallas, Atlanta and Denver.

SALES

Berkadia's Ralph DePasquale negotiated the $7.4M sale of Westwood, a 132-unit multifamily development at 2720-2732 Westwood Dr in Waukegan (shown). The seller, VCP Westwood Apartments, was looking to diversify its portfolio outside of Chicago. The buyer, Haoyue Investments, will continue to upgrade common areas, renovate units as they become vacant, and improve operational efficiencies.

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Sperry Van Ness’ Jeff Baasch repped seller Drexel Properties in the $9.5M sale of a four-property multifamily portfolio totaling 181 units in South Shore. The properties are at 6715 S Paxton, 6755 S Paxton, 6701 S Merrill and 6920 S Ogelsby. The buyer was from out of state and plans a full renovation of the portfolio.

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Windy City RE’s Milan Rubenstein completed the following sales:

• 5237 N Winthrop for $2.5M to a private investor.
• 1453 W Huron, 1475 W Huron and 1479 W Huron for $3.3M to a private investor.

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The Boulder Group's Randy Blankstein and Jimmy Goodman repped the seller, a Midwest-based developer, in the $2.3M sale of a Culver's at 1430 E Algonquin Rd in Schaumburg.

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Essex Realty’s Doug Imber, Jim Darrow and Jordan Gottlieb repped both parties in the sale of 5200 S Harper, a 46-unit mixed-use building in Hyde Park (pictured), for $5M. The property consists of two buildings that are connected, one 39-unit building and one seven-unit building. The property is just two blocks from the Hyde Park Metra stop.

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Avison Young’s Brett Kroner, Keith Puritz and Eric Fischer repped Damar Natural Stone in the sale of 750 Anthony Trail in Northbrook to Underwriters Laboratories for $4.6M. Cushman & Wakefield’s Al Caruana and Britt Casey repped the buyer. The building in Sky Harbor Industrial Park includes 12k SF of office space, 72-foot deep loading docks and 34-foot clear heights.

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NGKF’s Jeff Kennedy repped LKL Properties in the purchase of 30300-30340 Solon Industrial Pkwy in Solon, OH. The 79k SF triple net leased investment property sold for $2.95M.

LEASES

NelsonHill’s Michael Nelson and Mark Nelson fully leased 1200 W Cermak Rd (pictured), a 122k SF industrial facility, with the following transactions:

• Fastenal (repped by NelsonHill’s Doug Haynes and Frank Melchert)
• Shyp (repped by CBRE’s Mitch Adams
• MakeSpace (repped by Savills Studley’s Mike Mangan)
• Windy City Greens (repped by CBRE’s Paul Roberson)
• Gourmet Gorilla (repped by Colliers’ Vern Schultz)
• Sherwin Williams (repped by Vernick & Associates Kevin Vernick)

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NGKF’s Thomas Gath and Mike Bacik repped landlord Millbrook Real Estate Co in a 43k SF lease to Zebra Technologies at 2550 Millbrook Dr in Buffalo Grove. The lease brings the building’s occupancy to 100%. JLL’s Dan McCarthy and Kurt Sarbaugh repped the tenant.

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First Western Properties’ Paul Tsakiris, Laryssa Moros and Marion Abramiuk repped both parties in the lease of 1k SF to El Pollo Giro at 142-162 N Neltor Blvd in West Chicago.

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NAI Hiffman’s Michael Flynn and Linda Garske repped the landlord in the following leases at Bannockburn Corporate Center, bringing the office building at 3000 Lakeside Dr in Bannockburn (shown) to 91% occupancy:

• Donlen Corp signed a new 70k SF lease and was repped by Savills Studley’s John Conerty and Eric Feinberg
• Parus Holdings signed a 4,800 SF lease and was repped by Cushman & Wakefield’s Steve Schneider
• A healthcare company signed a 47k SF lease and was repped by Advocate Commercial’s Mike Webber

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Paine/Wetzel TCN Worldwide’s Bill Kerrins repped Midway Windows and Doors in its new 30k SF lease at 5321 W 65th in Bedford Park. It’s the second expansion for Midway in 2015; it moved to Bedford Park earlier this year. The landlord was repped in-house by Phil Mumford.

FINANCING

Aries Capital's Eric Jones secured a $4.5M loan on behalf of Kalthia Hotels Group to refinance the 105-key Marriott Fairfield Inn & Suites and 94-key Marriott Townplace Suites hotels at 1662 and 1680 Fenton Business Park Ct in Fenton, MO.

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ASC’s Igor Zhizhin arranged $5.8M in financing for Haoyue Investments' purchase of Westwood Apartments, a 132-unit multifamily property in Waukegan. Igor worked with the sponsors to secure the high leverage acquisition loan with a 10-year term, non-recourse, and fully assumable structure.

HIRES/PROMOTIONS

InvenTrust Properties promoted Michael Podboy to CFO, CIO and treasurer, following the resignation of Jack Potts. Michael has had a hand in over $10B of transactions at InvenTrust since 2007. InvenTrust also hired Lance Billingsley as SVP of leasing.