This Week's Chicago Deal Sheet
One South Halsted is one of those West Loop projects rumored to be in development for years. But there are signs that One South Halsted will become a reality. First, the city issued a construction permit for the project in January. Last week, the developer, a JV between Fifield Cos. and F&F Realty, landed joint venture equity and construction financing for the proposed 44-story, cylindrical apartment tower, now known as 727 West Madison.
HFF helped arrange a JV equity partnership between Fifield, F&F and affiliates of Ares Management. HFF's Matthew Lawton and Danny Kaufmann also secured $118M in construction financing from Bank of the Ozarks, the latest nine-figure construction loan for a Chicago commercial real estate project.
727 West Madison is being built on the site of the Allerton Crowne Plaza’s parking lot and will include 492 apartments, 10K SF of retail and 376 parking stalls when it is completed in late 2018. Fitzgerald Associates Architects designed the building.
SALES
HFF’s Amy Sands, Clinton Mitchell, Jaime Fink and Jeffrey Bramson repped the seller, Metzler Real Estate, in the $33M sale of Renaissance Place, a 221K SF mixed-use property in Highland Park. The buyer was Tabani Group.
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Berkadia’s Michael Sullivan, Grant Kollman, Brett Meinzer, Alex Blagojevich and Michael Slovitt repped the seller of Plaza Portfolio, a 37-unit multifamily property in Kansas City, Mo. The buyer was a Chicago-based private equity firm.
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The Boulder Group’s Randy Blankstein and Jimmy Goodman, along with RE/MAX Preferred Commercial’s David MacDonald, repped both parties in the $10M sale of a single-tenant net-leased Shopko property at 3415 Calumet Ave. in Manitowoc, Wis.
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Jameson Commercial’s Ari Topper repped a 1031 exchange investor in the $4M purchase of a multi-tenant industrial building at 920 West Pershing Road in Chicago.
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NAI Hiffman’s Pat Sullivan, Chris Gary and Ryan Chambers repped Ashley Capital in its sale of Calumet Business Center, a 12-building, 2.1M SF industrial park at 9810 South Dorchester Ave. (shown).
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SVN | Chicago Commercial’s Angelo Labriola and Paul Cawthon were the sole brokers in the $1.8M sale of a 17-unit, two-building, mixed-use portfolio on the northeast corner of 18th and Carpenter streets in Pilsen.
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Mid-America Real Estate’s Ben Wineman and Carly Gallagher were the sole brokers in the $53M sale of Webster Place Shopping Center in Lincoln Park. The 135K SF center was sold by Chicago-based Syndicated Equities Group and purchased by Ramco-Gershenson Properties Trust.
LEASES
CBRE’s Jon Milonas and Kyle Kamin repped Capital City Advisors in its 9,148 SF lease renewal at 444 North Michigan Ave. The Telos Group’s Emily Marquardt repped the landlord.
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Bradford Allen’s Julie Lane repped Illinois Action for Children in its 40K SF lease renewal at 1340 South Damen Ave.
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Savills Studley’s Joe Learner and Lyle Levin repped the American Academy of Art in a 51K SF lease renewal and restructure at the McCormick Building, 322 South Michigan Ave.
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EnTrust Realty Advisors’ Jud Henry repped The Climate Corp. in two leases in Fulton Market. The Climate Corp. signed a 21K SF lease at Fulton West, 1330 West Fulton Market, which will be the firm’s Chicago HQ. The Climate Corp. also signed a 10K SF lease at 370 North Carpenter St. to accommodate the firm’s immediate growth needs. The landlord, Sterling Bay, was self-repped.
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Cushman & Wakefield’s Dan Wilkins and Lou Hall completed the following leases:
- Wilkins and Hall repped Helm Group in its 86K SF lease at 7400 West 100th Place in Bridgeview. NAI Hiffman’s Steve Connolly and Packy Doyle repped the landlord, ML Realty.
- Wilkins and Hall served as sublandlord reps for Filtration Group Corp. in its 56K SF sublease at 515 Huehl Ave. in Northbrook to Nichols Display Group. The sublessee was repped by Lee and Associates’ Tom Condon.
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JLL’s Jeff Shay and Carla Harmon, along with Zeller Realty’s Howard Meyer, repped ownership in a 148K SF lease with TreeHouse Foods at Commerce Plaza in Oak Brook. The tenant was repped by Savills Studley’s Joe Learner and Terry Mostrom.
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First Western Properties repped both parties in a 2,553 SF lease at 1634-42 West 79th St. in Chicago to a bakery.
FINANCING
NorthPoint Capital’s Paul Walschlager arranged $12M in refinancing for a 78K SF property at Clybourn and Kenmore avenues in Lincoln Park. NorthPoint Capital arranged the non-recourse loan through a correspondent life insurance company, with the rate locked at 3.27%. The loan was fixed for a term of 20 years with a 20-year amortization schedule.
HIRES/PROMOTIONS
Bentall Kennedy hired Reagan Pratt as senior vice president and Dave Erfort as vice president of client relations and product development. Pratt joins Bentall Kennedy from Harrison Street Securities, where he was a principal focused on delivering institutional REIT investment products to the North American market. Erfort was most recently senior vice president of marketing and client service at Quest Investment Management, a Portland, Ore., large cap growth equity firm.
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KIG promoted Laura Ballou and Daniel Gonzalez to senior associate – market analytics and senior associate – financial analytics, respectively.
KUDOS
A crowd of 200 guests helped Peak Construction celebrate its 20th anniversary on Feb. 23 at the Chicago Marriott Naperville — one of Peak’s renovation projects.
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Key Mortgage Services was named a 2017 Top Mortgage Employer by National Mortgage Professional magazine for a second year. Key Mortgage also earned the top honor in 2015.
