This Week's Chicago Deal Sheet
Construction of Niche 905 in the Near North Side is progressing well ahead of schedule. The 18-story, 202-unit apartment building recently topped off and the JV of Ascend Real Estate and Intercontinental Real Estate held a ceremony for the occasion.
Shown: Power Construction VP Robert Van Deven, Ascend Real Estate president William Wolk, Power Construction superintendent Jim Glosson, Intercontinental Development construction manager Patrick O’Connor, Ascend Real Estate CEO Walt Rebenson and Ascend Real Estate principal Joseph Salamone.
Niche 905 broke ground last November, with delivery scheduled next April. Pre-leasing is slated to begin later this year. Upon completion, the tower will offer studio, one-, two- and three-bedroom apartments–many with views of Lake Michigan and the downtown skyline.
SALES
Evergreen Real Estate Group acquired two affordable senior housing buildings in Rogers Park—a 45-unit building at 1420 West Farwell (pictured) and a 40-unit building at 1345 West Jarvis. Over the next 12 months, Evergreen will renovate both properties. The combined cost of acquisition and renovations is $13.3M. Evergreen also secured a 20-year extension of the properties’ Section 8 housing assistance payment contract, maintaining the affordability of the residences through 2036.
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Millennium Properties brokered the $1M sale of an 11k SF showroom in Palatine, near Northwest Highway.
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SVN | Chicago Commercial’s Jeffrey Baasch and Marco Cesario repped both parties in the $2.3M sale of a four-building, 74-unit multifamily portfolio in Auburn Gresham.
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Essex Realty’s Doug Imber and Kate Varde were the sole brokers in the $1.3M sale of 2740 West Pratt (shown), a nine-unit multifamily building in West Rogers Park.
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The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the seller in the $1.5M disposition of a single-tenant, net-leased Advance Auto Parts at 1200 West Chicago Ave in East Chicago, IN. There are 14 years remaining on the tenant’s lease, with 7.5% rental escalations in each renewal option period.
LEASES
CBRE’s Drew Nieman and Christy Domin repped UBS in lease renewals at the Leo Burnett Buiilding at 35 West Wacker totaling nearly 900k SF. The deal required a tri-party agreement between the landlord and tenants Publicis and Winston & Strawn. CBRE’s Nancy Pacher repped Winston & Strawn, and Cushman & Wakefield’s Mike Christian and Steve Schneider repped Publicis.
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Seneca Real Estate’s Joe Padorr repped the landlord in a 4k SF lease with Athletico at 192 Rollins Road in Round Lake Beach.
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Lee & Associates’ Brian Vanovsky and Tim McCahill repped landlord Colony Capital, and CBRE’s David Tropp and George Maragos repped tenant Pactiv, in an 84k SF lease at 7202 South Mason in Bedford Park.
HIRES/PROMOTIONS
Mortenson Construction promoted Greg Werner to SVP. Since opening Mortenson’s Chicago office 16 years ago, Greg has led over $2.6B in projects, including Lurie Children’s Hospital and the Chicago Bears’ Halas Hall extension.
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Berkshire Hathaway HomeServices KoenigRubloff Realty Group announced Alan Zuber as VP and managing broker of the firm’s Lincoln Park Clark Street office. Alan was previously managing broker at the company’s offices in Evanston and New Buffalo, MI.
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CBRE promoted Liz Arnold to VP in the capital markets, debt & structured finance group. Since joining CBRE in 2011, Liz has participated in raising more than $1.5B in debt and equity.
KUDOS
CBRE's Ryan Bain and Zach Graham were named the listing agents for Bridge Point North, a premier 225-acre business park from Bridge Development, in partnership with Globe Corp, Wanxiang America Real Estate Group and Akard Street Partners. The park's at Route 137 and Waukegan Road in Waukegan.
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HSA Commercial was named 2016 Corporate Partner of the Year by Chicago Commons, HSA’s long-term social outreach partner and a leading provider of early childhood education and senior care services in low-income Chicago neighborhoods.
