This Week's Chicago Deal Sheet
CBRE spent the first half of 2016 bringing veteran talent into its ranks. The firm’s latest hire is one of the women who rules Chicago’s capital stack.
LaSalle Investment Management managing director Christine Akins is leaving to become CBRE’s senior managing director of multifamily, effective June 1. During her time at LaSalle, Christine sourced, underwrote, structured and closed over $3B in multifamily assets. She was also fund investment officer for LaSalle Property Fund and helped raise $1.7B in equity for the launch of the firm’s open-ended core fund. Christine will now lead CBRE’s multifamily investment sales practice in the Americas.
SALES
JLL Income Property Trust reached a $28M deal with Conor Commercial Real Estate to acquire the recently completed 305k SF distribution center at 2570 Orchard Gateway Rd in Aurora (pictured). The build-to-suit facility is fully leased to PPG Industries, a Fortune 200 manufacturer signed to a 12-year lease with 2% annual rent increases.
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Steadfast Apartment REIT III acquired its first community, Carriage House Apartments, a 136-unit complex in Gurnee, for $7.6M. The community is 98% occupied. Steadfast III will initiate a moderate value enhancement strategy for all unit interiors, including new appliances, upgraded bathroom and kitchen counters, fresh paint and upgraded flooring.
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Marcus & Millichap’s Brian Kunze was the sole broker in the $1.3M sale of Lincolnshire Townhomes, a 21-unit multifamily property in Champaign.
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Baird & Warner’s Les Robinson repped the seller and Eldorrado Chicago Real Estate’s Alexis Eldorrado repped the buyer in the $1.1M sale of 10555 S Ewing Avenue. The eight-unit medical building in Chicago’s Eastside neighborhood also features a 1,200 SF mid-block parking lot.
LEASES
NGKF’s Kevin Duckler and Joe Zona repped the Regional Transportation Authority in its 41k SF lease renewal at 175 W Jackson (shown). RTA’s commitment brings the building to 90% occupancy.
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Amazon will open its second distribution center in Joliet after agreeing to a 747k SF lease with the Ryan Cos at Laraway Crossings Business Park. Cushman & Wakefield’s Jason West and Sean Henrick repped ownership.
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CBRE’s Jon Springer repped JMG Financial Group in its 23k SF lease expansion at 2001 Butterfield Rd in Downers Grove. The owners, Hamilton Partners, were self-repped.
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Cushman & Wakefield’s Marilyn Lissner and Joseph Gatto repped Power Home Remodeling Group, and Hansen Realty’s Brett Berlin repped ownership, in a 31k SF lease at Bradley Business Center, 2500 W Bradley Place in Chicago (pictured). Power Home will relocate its Midwest HQ from Rosemont to Bradley Business Center this November.
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MB Real Estate’s Kyle Robbins repped Mediafly in its 18k SF lease at 150 N Michigan Ave. Cushman & Wakefield’s Matt Lerner and Mark Baby repped ownership.
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Seneca Real Estate’s Mirlinda Vula repped The New Elephant Resale Shop in a 3,200 SF lease at 2325 N Clark St.
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First Western Properties Laryssa Moros, Marion Abramiuk and Paul Tsakiris repped both parties in a 1,300 SF lease at 1959 W Erie in Chicago (shown).
KUDOS
Congrats to the MileNorth Hotel, which received TripAdvisor’s Certificate of Excellence. The achievement celebrates hospitality businesses that have earned great traveler reviews on TripAdvisor over the past year. Certificate of Excellence recipients include accommodations, eateries and attractions all over the world that have continually delivered a quality customer experience.
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HFF’s Brian Kelly and Michael Higgins were named the brokers for the sale of an 11-property, 394-unit portfolio owned by the University of Chicago. The portfolio includes six graduate student housing properties, four faculty/staff buildings, one retail property and six land sites. The residential properties are 96% occupied.
