This Week's Chicago Deal Sheet
Murphy Development Group and CIM Group wasted no time putting the eight-figure construction loan they landed for their South Loop luxury multifamily development to good use. Last Thursday, Murphy, CIM, architect SCB and other dignitaries were on hand for the groundbreaking ceremony for 1326 South Michigan Ave.
When completed in early 2019, the 47-story tower will include 500 apartments and 7,500 SF of ground-level retail to the South Loop. The development will also include 188 parking spots and is near the Museum Campus, amid a flurry of multifamily construction in the South Loop.
The Murphy-CIM JV landed $92M in construction financing for the project two weeks ago.
SALES
SVN| Chicago Commercial completed the following transactions:
- Chad Schroedl, Drew Dillon and Scott Maesel were the sole brokers in the $13.5M sale of three buildings totaling 60K SF at 1230-42 West Washington in the West Loop.
- Reid Bennett repped the seller, Windsor Apartments, and Cody Doran repped the buyer, Illinois FZ Property, in the $1.9M sale of a portfolio containing two multifamily buildings and a vacant lot in Rockford.
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Entre Commercial Realty’s Dan Benassi, Mike DeSerto and Cory Kay repped Toryon Technologies in the disposition of two buildings totaling over 40K SF at 350-380 Roma Jean Parkway in Streamwood. Torque Parts, a truck parts distribution company, will relocate its operations to the buildings from Mount Prospect. The buyer was repped by Rose Realty’s Hakan Sahsivar.
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Brown Commercial Group’s Dan Brown repped the buyer, and Mike Antonelli repped seller CCS Realty, in the sale of a 31K SF building at 262 Carlton Drive in Carol Stream.
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First Western Properties’ Paul Tsakiris and Kellen Duggan were the sole brokers in the sale of a building at 2410 Ogden Ave. in Downers Grove. The buyer, a suburban developer, plans to redevelop the site for retail use.
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Baum Realty’s Patrick Forkin and Brad Teitelbaum repped the seller in the $4.5M sale of a Chase Bank ground lease at 7180 West Grand Ave.
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Kass Management’s Mark Durakovic and Andrew Gruesser repped CMHDC in the $2.4M sale of a 32-unit apartment building at 1700 West Juneway Terrace in Rogers Park.
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Kiser Group completed the following transactions:
- Tanius Stamper was the sole broker in the $350K sale of a 10-unit apartment building at 5448-5450 West Congress Parkway.
- Danny Mantis and Michael D’Agostino repped the seller in the $526K sale of an eight-unit property at 2127 South Marshall Blvd.
- Aaron Sklar and Noah Birk repped the seller in the $345K sale of 9200 South Cottage Grove Ave.
- Noah Birk was the sole broker in the $220K sale of a six-unit building at 2656 West 69th St.
LEASES
CBRE’s Kyle Kamin, Mark Cassata and Cal Wessman repped law firm of Barack Ferrazzano Kirschbaum & Nagelberg in its 100K SF lease renewal at 200 West Madison. The firm, which replaced Hyatt Hotels as the building’s anchor tenant 10 years ago, will remain at 200 West Madison through 2032. Transwestern’s Jeff Dowdell, Katie Steele and Courtney Rosoff and Sterling Bay's Michael Lirtzman repped the landlord.
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First Western Properties' Paul Tsakiris and Marion Abramiuk repped the landlord in a five-year lease with T-Shirts Plus at 5019 Ace Lane in Naperville.
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Bradford Allen’s Andy DeMoss repped ownership in a 15K SF lease renewal with Shapiro + Raj at 153 East Ohio. CBRE’s Meredith Soren-Freese and Dave Mahoney repped the tenant.
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CBRE’s Sharon Kahan and Michelle Levy repped Strategic Asset Associates in a 4,680 SF lease with Isaac Shalom of Salon Lofts at 1101 West Randolph in Fulton Market. The tenant was repped by JLL’s Anthony Genovese, Jason Press and Lew Kornberg.
HIRES/PROMOTIONS
HFF hired David Gaines as a director to focus on multifamily investment sales in Chicago and across the Midwest. Gaines, a 16-year industry veteran, joined HFF from Berkadia Real Estate, where he was a managing director.
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Ryan Cos. promoted Mike Ryan to senior vice president — North region market leader. Ryan will continue to serve as the president of Ryan A+E and leader of Ryan Cos.’ national architecture and engineering practice.
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Molto Properties hired Kevin Scott as vice president in the firm’s Oakbrook Terrace office. Scott will source and execute industrial real estate development and acquisition opportunities in the Chicago area and other target markets.
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The Missner Group promoted Angelo Christopher to general superintendent and Heath Yarger to project manager.
KUDOS
Three Draper and Kramer Mortgage loan officers — Steve Siwinski in Buffalo Grove, Suren Sampat in Naperville and Jeff Slater in Lombard — were ranked in Scotsman Guide’s 2016 “Top Originator” rankings. Each is among the top 500 loan originators in 2016 by total dollar volume: Siwinski at No. 115 with $131M; Sampat at No. 248 with $102M; and Slater at No. 419 with $82M.
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The Habitat Co. was awarded property management and leasing contracts for two luxury rental apartment communities totaling 444 units in Chicago and Evanston. Habitat has already assumed management of The Reserve at Evanston, a four-story building near downtown Evanston comprised of 193 residences, and pre-leasing is available for 640 North Wells, a new rental tower of 250 residences in River North.
