This Week's Chicago Deal Sheet
With Class-A trophy assets a rare commodity in the Loop these days, investors are checking down to Class-B and Class-C assets, and an out-of-state investor just acquired a couple of boutique assets in the heart of downtown.
The 16K SF buildings at 6 and 8 South Clark had not changed hands since 1995 and are mostly vacant. The properties’ location near ample public transit make them ideal for adaptive reuse into a mix of retail and office. Baum Realty Group’s Danny Spitz and Greg Dietz repped the seller.
SALES
Interra Realty’s Joe Smazal repped the buyer in the $7.9M acquisition of a 24-unit condo building at 617-19 West Drummond. The buyer plans to deconvert the condos into apartments.
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Jameson Commercial’s Clark Patterson and Jameson Sotheby’s International Realty’s Alex Summers repped the sellers in the $1M off-market sale of a mixed-use building in Pilsen. The buyers were repped by Jameson Sotheby’s International Realty’s Art Collazo.
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First Western Properties’ Bradford Dessy repped an out-of-state buyer in the acquisition of 631-653 Morse Ave., a 15K SF multi-tenant industrial building in Schaumburg.
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Inland Real Estate Acquisitions’ Joe Cosenza and Brett Smith facilitated the purchase of The Commons at Town Center, an 85-unit multifamily property in Vernon Hills, on behalf of Inland Residential Properties Trust.
LEASES
CBRE’s Mitch Adams and George Maragos repped ownership in a 288K SF lease with Flex-N-Gate at 2924 East 126th St. Cushman & Wakefield’s Jason West and Mike Magliano repped the tenant, which will open its new plant in early 2019.
HIRES/PROMOTIONS
ML Realty Partners hired Pete Andrews as controller. He will oversee the firm’s accounting and financial reporting functions.
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Colliers International hired Kate North as managing director to lead the Colliers Workplace Innovation Advisory Services in Chicago and the central region. Previously, North led global development for e-Work.com, helping organizations globally prepare their workforce for a new way of working using highly interactive e-learning.
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Ryan Cos. promoted Curt Pascoe to director of development for the Great Lakes region that includes Illinois, Indiana, Michigan, Ohio and Wisconsin.
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Leopardo Cos. promoted the following:
- Pierre Cowart is now executive vice president.
- Leigh McMillen is now senior vice president.
- Damian Eallonardo is now senior vice president.
- Mike Mastin is now a project executive.
- Nicole McElroy is now senior project manager.
- Cian Quinn is now a project manager.
- Josh Camalick is now a project manager.
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Inland Securities Corp. hired Anthony Guzzetta as senior vice president – external wholesaler. Guzzetta will work to build relationships with current and new financial advisers in Florida, Puerto Rico and the Virgin Islands.
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HOK hired Tom Marquardt as vice president and director of interiors. Marquardt joins HOK from HDR’s Chicago office, where he was a design principal. Prior to that, he established and led his own design studio, marquardt+, for nearly 30 years.
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Bradford Allen hired Don Wisinski as a general manager. He will be based out of the Oak Brook office and will be responsible for the company’s suburban management portfolio. Bradford Allen also promoted John Skalla to director. Skalla’s notable tenant rep transactions include the recently completed 29K SF Home Chef deal at the Wrigley building and the new flagship location for the fast-casual restaurant chain Vapiano in River North.
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Dykema hired Michael Weis to its Corporate Finance Practice Group as a member in the firm’s Chicago office. Weis joined Dykema from Williams, Bax & Saltzman, where he served as chair of the firm’s Business and Transactional practice. He is also a certified public accountant.
KUDOS
Accesso Partners completed build-out of a 1.2M SF pocket park between 200 and 230 West Monroe. The nonsmoking park, Monroe Plaza, is open to tenant employees and the public. Separately, Accesso Partners named Cushman & Wakefield as leasing brokers for the 23-story 200 West Monroe and 29-story 230 West Monroe, which are in a second phase of upgrades to the lobbies, entrances, corridors and common areas.
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Avison Young was awarded the exclusive sale listing for a 190K SF, four-building industrial portfolio in Mount Prospect owned by Clear Height Properties. AY’s Erik Foster and Mike Wilson are repping ownership.
