This Week's Chicago Deal Sheet

Co-work space pioneer WeWork continues to expand its Chicago footprint. Tishman Realty and AXA Investment Managers announced a 43k SF lease with WeWork in the former Amalgamated Bank building at 100 S State St.

WeWork will occupy the third, fourth and fifth floors, and its members will utilize a dedicated entrance on the north side of the building along Monroe. Mid-America Real Estate’s Paul Bryant and Andrew Becker are the leasing agents for the property.

SALES

Marcus & Millichap’s Ryan Engle and Andrean Angelov repped both parties in the $2M sale of 230 S State St, a 32-unit multifamily property in Elgin (pictured).

***

Lee & Associates Jay Farnam and Michael Plumb repped TheraTest Laboratories in the acquisition of 1120 N DuPage Ave, a 23k SF industrial property in Lombard. Seller Venture One was repped by Transwestern.

***

Interra Realty's Brad Feldman repped both parties in the following transactions totaling $8.5M:

• A 26-unit multifamily building at 3045 W Fullerton for $5.9M. The seller was Fullerton Condominiums, and the buyer was 606 Capital.
• An eight-unit apartment building at 2053 N Sheffield sold for $2.6M and traded at a 5.5% cap rate. The seller was Dowdell Sheffield, and the buyer was Lakeview Associates.

***

Chicago Real Estate Resources completed the following sales:

• Mike Weaver repped both parties in the $1.2M sale of 800 W Diversey (shown). A former medical building, the property will be redeveloped into mixed-use.
• Timothy Keenan repped the seller, a local investor, and Nate Gautsche repped the buyer, an out-of-state investor, in the $588k sale of 7442-28 S Calumet, a 16-unit multifamily property in Grand Crossing.
• Jonathan Gil repped the buyer of an 8k SF warehouse with 14k SF of land at 5320 W Grand, for $650k.
• Nate Gautsche repped the seller of 347 W Dickens and 2323 N Cambridge in Lincoln Park for a combined $2.6M.
• Jonathan Gil repped the seller and Michael Weaver repped the buyer of 3430 W Diversey, a two-story, 12k SF commercial building in Logan Square, for $815k.
• Michael Tolliver repped both parties in the sale of 3845 W Roosevelt, a 7,700 SF, value-add retail center. The property was 80% occupied at time of sale.
• Timothy Keenan repped both parties in the sale of 6932–34 S Jeffrey Blvd in South Shore.
• Timothy Keenan repped the seller and Nate Gautsche repped the buyer of 7304 S St Lawrence, an eight-unit multifamily property in Park Manor.
• Nate Gautsche and Timothy Keenan repped the seller of 6355 S Washtenaw.
• Michael Tolliver repped the seller of 5836 S Michigan, a stabilized eight-unit building in Washington Park.
• Mike Weaver repped both parties in the $290k sale of 4313-15 W Fullerton, a 6,250 SF retail building that will be the new home of Ponce Restaurant.
• Mike Weaver repped the seller of 1128 W Thorndale, a 10k SF auto repair building, for $350k.
• Ken Van Santen repped the seller of 2319 Manhattan, a former daycare facility in Joliet, for $353k.
• Steven Rapoport repped both sellers of 3350 W Evergreen, a six-unit condo property sold in two separate transactions. Five of the units were sold in a bulk condo sale and the sixth unit was purchased from an individual owner.

***

MB Real Estate’s David Kimball and Jay Beadle repped the buyer in the $6.6M purchase of Strawberry Hill Plaza, a 25k SF retail center at 601-633 Meacham Rd in Joliet. The seller was repped by Marcus & Millichap’s Adrian Mendoza, Austin Weisenbeck and Sean Sharko.

LEASES

Chicago Real Estate Resources completed the following leases:

• Ashley Dillard repped Child Link in leasing 17k SF at 955 W Cermak (shown).
• Nate Gautsche repped the landlord in the lease of 3,119 SF at 612 S Wabash to Harold’s Chicken. Nate also procured a temporary lease with Halloween Hallway that generated a substantial amount of income for the property owner while lease negotiations were finalized with the new, long-term tenant.
• Mike Weaver repped the landlord in the lease of 6,475 SF in the Capitol Commerce Center in Wheeling to Chicago Rehabilitation Institute of Chicago.
• Mike Weaver repped both parties as Wood Restaurant expanded into an additional 1,100 SF at 3337 N Halsted. Wood has plans to renovate its private dining area.

***

Adelphia Properties completed the following leases:

• George Spirrison repped Crossfit C2L in leasing 2,500 SF at 95th Street Shops at 3075 Book Rd in Naperville. Simeon Spirrison repped the landlord.
• George Spirrison and Simeon Spirrison repped Jensen & Jensen Architects in a 2,200 SF lease at 2001 Midwest Rd, Suite 301, in Oak Brook.

***

Bradford Allen’s Joel Berger and John Millner repped the landlord, American Healthcare Investors, in a 22k SF lease at 908 N Elm St in Hinsdale (pictured) to AMITA Cardiology.

***

NAI Hiffman’s Brian Van Zandt and Michael Edgerton repped landlord General Growth Properties in multiple lease transactions at 1200 Harger Rd in Oak Brook:

• Digital Staffing renewed its 1,634 SF lease and was repped by BKB Commercial’s Brian Borken.
• MAF Cos leased 3,121 SF.
• Healthcare Business Consultants moved into 9,125 SF and was repped by Triad Realty Group.
• Rose S. Beicos, DDS, leased 2,209 SF and was repped by Bradford Allen’s Joel Berger.

***

Lee & Associates’ Jeffrey Janda repped landlord Prologis and Michael Plumb repped tenant Buy Rite Wholesale in a 59k SF lease at 110 Internationale Blvd in Glendale Heights (pictured).

***

Transwestern’s Thomas Boyle and Jared Paff repped landlord H Hill Investments in a 31k SF lease at 600 Heathrow Dr in Lincolnshire to Digital Management.

***

FirstWestern Properties’ Paul Tsakiris, Laryssa Moros and Marion Abramiuk repped Won’s Auto Works in a 4k SF lease at 2501 N Western Ave.

FINANCING

JP Real Estate Partners arranged a non-recourse construction loan with PNC Bank for development of a five-story, 181-unit luxury apartment building at 2760 S Highland Ave in Lombard, IL, by GlenStar Properties. The project will feature best-in-class resident amenities including indoor heated parking, an outdoor courtyard, an outdoor pool, a dog run, a cyber café, a business center, and a state-of-the art fitness center including fitness on demand.

***

National Cooperative Bank’s Larry Mathe secured $18M in financing for Gill Park Cooperative, a 260-unit affordable housing cooperative at 810 W Grace in Chicago.

HIRES/PROMOTIONS

NGKF was appointed the exclusive leasing agent for Brewster Creek Business Park, a 271k SF industrial spec development in Bartlett. Brian Carroll and Mark Deady will lead the brokerage team.

***

Dennis McGann joined MB Real Estate as VP of its leasing services group, which reps more than 9M SF of office space. Dennis comes to MB Real Estate from CBRE, where he was VP for the past 11 years.

KUDOS

Alpha Alternatives' team of Anthony Longo, Michael Riley, Matthew Stearns, Raymond Zanca and Charlie Kakkuri closed out 2015 in a big way. The firm announced it completed over $300M in transactions last year.