This Week's Chicago Deal Sheet

Donald Trump recently called himself “the master of debt.” The folks at Macerich may have a thing or two to teach him after the REIT announced it was finalizing a $375M loan on the Shops at North Bridge at 520 N Michigan Ave, an eye-popping number for this point in the real estate cycle.

Macerich secured a 12-year loan with a 3.68% interest rate it will use to pay off a $189M loan with a 7.5% interest rate. Macerich has, effectively, lowered its monthly loan payments while doubling the debt on the property. The loan’s terms would value the 699k SF asset at $825M. Macerich bought the asset in a JV with Alaska Permanent Fund for $515M in 2008.

SALES

Retail Properties of America bought Oak Brook Promenade, a 183k SF shopping center at 3051 Butterfield Rd in Oak Brook (shown) from a JV led by NAI Hiffman chairman Dennis Hiffman for $66M.

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NGKF’s Brian Reaney, Paul Buckingham and Brian Carroll repped Batory Foods in the acquisition of a 678k SF build-to-suit facility at RidgePort Logistics Center in Wilmington, IL. The new facility is on 36 acres with the capability of expanding on an additional 22 acres.

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Coldwell Banker Commercial NRT’s Paul Martis repped the buyer in the $792k sale of a one-acre lot at Naperville Crossings at Route 59 and 95th Street in Naperville. The buyer will build an Andy’s Custard on the site.

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Kudan Group’s Scott Reinish repped the buyer of a restaurant storefront at 5101 N Clark St.

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Paine Wetzel’s Ed Wabick, Terry Lynch and Jimena Sayavedera repped El Cubano Meats in the purchase of the former Bobak Sausage Co site at 5275 S Archer Ave (pictured) and 4630 W 53rd St in Chicago. Brown Commercial Group’s Dan Brown repped the seller.

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Marcus & Millichap’s Ryan Engle and Andrean Angelov repped both parties in the $730k sale of 5700 108th St, a 12-unit apartment building in Chicago Ridge.

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Adelphia Properties’ Simeon Spirrison repped the buyer of Niles Shopping Center, a 24k SF retail property at 7457 N Milwaukee Ave and 7519 N Milwaukee Ave in Niles.

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CBRE’s Ryan Bain and Zach Graham repped both parties in the sale of an 11-acre industrial site at 850 Asbury Dr in Buffalo Grove. The buyer, Ridgeline Property Group, plans to build a 157k SF industrial spec facility.

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Essex Realty’s Kate Varde and Doug Imber repped the sellers and Jordan Gottlieb, Jim Darrow and Doug Fisher repped the buyer in the $5M sale of 915-925 W Schubert, a 29-unit condo complex in Lincoln Park.

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Bradford Allen’s Dan O’Neill and Ryan Moen repped BCL Meridian Parkway in the $5.4M sale of 4222 Meridian Pkwy in Aurora.

LEASES

SVN Chicago Commercial’s Wayne Caplan, Deena Zimmerman and Scott Maesel repped the Chicago Association of Realtors in a new 15k SF lease at The Realtor Building, 430 N Michigan Ave (shown), which will serve as the group’s new Chicago HQ. GNP Realty Partners’ Dean Kutrumanes repped the landlord, the National Association of Realtors.

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Kudan Group’s Jerrod Rosen and Juan Carlos Gomez repped ownership and Signature Real Estate’s Sam Patterson repped tenant Emerald City Coffee in a lease at 1224 W Wilson.

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Mid-America Asset Management completed the following leases totaling 49k SF:

• Samantha Schnell repped the landlord in a 16k SF lease with DSW at Colonial Plaza in Bloomington. Tartan Realty Group’s Mike Schertler repped the tenant.
• Jaime Bertsche and Maria Rossobillo repped the landlord in a 13k SF lease with The Endorphin Effect at Brewster Creek Centre in Barlett. Kale Realty’s Michael Tootelian repped the tenant.
• Marget Graham, Maria Rossobillo and Sarah Drumgould repped the landlord in an 8k SF lease with Five Below at Ford City Mall in Chicago. Great Street Realty Partners’ Tim Miller and Steve Pilafas repped the tenant.
• Margaret Graham and Samantha Schnell repped the landlord in a 6,675 SF lease with Talbotts at Geneva Commons in Geneva. The tenant was self-represented.
• Sarah Drumgould and Margaret Graham repped the landlord in a 4,880 SF lease with Anytime Fitness at Hoffman Village in Hoffman Estates. Franchise Real Estate’s Rob Runyon repped the tenant.

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CBRE’s Bill Saviski repped ownership and Cushman & Wakefield’s Daniel Nack repped Turtle Wax in a 25k SF lease to move Turtle Wax’s global HQ to Meadows Office Center II at 2250 Pinehurst Blvd in Addison.

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Avison Young’s Keith Puritz and Brett Kroner repped Handi-Foil and CBRE’s Ryan Bain and Zach Graham repped CenterPoint Properties in Handi-Foil’s 213k SF lease at 5650 CenterPoint Ct in Gurnee.

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JLL completed the following leases:

• Robin Stolberg and Kurt Sarbaugh repped landlord Molto Properties in a 17k SF lease at 351 Hastings Dr in Buffalo Grove. Korman Lederer’s Paul Balyeat repped the tenant.
• Robin Stolberg and Kurt Sarbaugh repped Smith’s Medical in a 40k SF lease renewal at 330 Corporate Woods Pkwy in Vernon Hills. Nick Panarese represented the landlord, Van Vlissingen and Co.
• Kurt Sarbaugh, Robin Stolberg and Steve Trapp repped the landlord partnership of Cabot Properties and Seefried Industrial Properties, and CBRE’s Zach Graham and Ryan Bain repped tenant Global Granite, in a 42k SF lease at 5600 W Jarvis in Niles.

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Transwestern’s Scott Mueller repped Cope Plastics in a 14k SF lease at 4 Territorial Ct in Bolingbrook.

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Colliers’ Thomas Volini and Sven Syke repped VSA Partners in a 51k SF lease renewal at 600 W Chicago Ave. The Telos Group’s Jack O’Brien and Matt Pistorio repped ownership.

HIRES/PROMOTIONS

Rich Hamilton joined Cushman & Wakefield as managing director and head of the firm’s newly formed 3PL Logistics Specialty Practice Group.

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Baum Realty Group promoted Mike Demetriou to president, succeeding David Baum. Mike joined Baum in 2012 as COO and will focus on the firm’s day-to-day operations and its strategic growth. Baum also promoted Will Crowden to director. A veteran retail broker, Will handles transactions for national and regional tenants across the Chicago market.

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Tad Laws joined NGKF as VP of brokerage operations and recruiting. Tad joins NGKF’s Chicago office and will be working alongside Michael Sheinkop, president of brokerage services, on the firm’s national recruiting, training and collaborative sales management efforts to enhance the firm’s global brokerage platform.

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Brenda Crisp joined CBRE as managing director of industrial and logistics asset services, Americas. Brenda, who comes to CBRE from JLL, has more than 30 years of experience in industrial portfolio management and will now oversee CBRE’s 366M SF national industrial portfolio.

KUDOS

Inland Real Estate Group chairman and CEO Daniel Goodwin was awarded a gold Stevie Award as the real estate executive of the year for The 14th Annual American Business Awards. Daniel was recognized for his leadership, ethical business practices and philanthropic endeavors.

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200 West Jackson was awarded LEED Silver. JLL’s management staff, led by Heather Spearman, Blanca Campos and Scott Lilja, worked with Goby to meet the LEED requirements.