This Week's Chicago Deal Sheet

One of the the Central Loop's marquee Class-A office buildings landed a new tenant. Liquor distributor Constellation Brands signed a long-term lease at Citadel Center, which is under new ownership under a complicated debt restructuring deal.

Constellation signed a 15-year lease for 131k SF at 131 South Dearborn. The company will occupy the 22nd through 24th floors of the 37-story tower and move in March 2018. A JV of Angelo Gordon and Hines Interests took control of Citadel Center with a $50M equity investment last month. The deal kept Citadel Center from defaulting on a $472M loan that was due in December.

SALES

Quantum Real Estate Advisers’ Chad Firsel repped the buyer in the $1.5M acquisition of a single-tenant, net-leased American Mattress at 751 East Lincoln Hwy (shown) in New Lenox. The seller was repped by The Boulder Group’s Randy Goodman and Jimmy Blankstein.

***

Essex Realty’s Jim Darrow, Jordan Gottlieb and Steve Livaditis were the sole brokers in the $1.2M sale of 3045 North Clifton Ave, a five-unit apartment building in Lakeview.

LEASES

Ivanhoé Cambridge and Callahan Capital Properties announced seven lease transactions totaling 150k SF at 10 and 120 South Riverside Plaza (pictured). The leases, which include 94k SF of new leases and 55k SF of expansions and relocations, brings the Class-A complex to more than 95% leased.

***

First Industrial Realty Trust signed a long-term lease for its first building at First Park 94 in Somers, WI.

***

Jameson Commercial Realty’s Brent Burden and Tony Schillaci repped PH Media Group in leasing 4,485 SF of office space in 401 North Michigan Ave. Erica Marshall repped the landlord, Zeller Realty Group.

***

Millennium Properties’ Chet Evans completed the following leases in the Commerce Place Condominiums at 1500 Eisenhower in Lisle:

• First Centennial Mortgage signed a new 2,040 SF lease, maintaining its presence in this location for another five years.
• ITG Transportation Services leased 3,031 SF in the subdivided unit, expanding its presence in the office park to 7,375 SF.

***

ML Realty Partners’ Patrick Shannon announced that Learjet renewed its 334k SF lease at 251 Wille Road (shown) in Des Plaines.

***

CBRE completed the following leases:

• Lynne Brackett and Adam Foret repped the landlord in a lease for an outparcel pad at 17815 South Halsted St in Homewood to Krispy Kreme. This is the first of eight Krispy Kreme franchises set to open in Cook County and the first Chicago-area retail location for the doughnut company in seven years.
• Phillip Golding repped men’s clothing store Norte in an 1,800 SF lease at 118 North Peoria St in Fulton Market.

FINANCING

HFF’s Michael Kavanau, Tim Joyce and Christopher Knight secured $78M in construction financing for the development of Fulton West Phase 2, a nine-story, 291k SF creative office building (pictured) in the West Loop. HFF worked on behalf of the developer, a JV of Sterling Bay and institutional investors advised by JP Morgan Asset Management, to place the construction loan with Bank of America.

HIRES/PROMOTIONS

Justin Pease joined Fifield Cos as VP of asset management, where he’ll be responsible for managing a portfolio of seven multifamily assets in Chicago and Texas. Previously, Justin was a property manager at Greystar Management Services, where he oversaw the lease-up of the E2 apartments in Evanston, and built and led a staff of 10 management, leasing, maintenance and concierge team members.