This Week's Chicago Deal Sheet
There was an outpouring of support for the victims of last week’s Manchester bombing, including here in Chicago. Friedman Properties showed its solidarity with Manchester by lighting the landmark Reid Murdoch building blue, white and red.
Built in 1914, the Reid Murdoch building is listed on the National Register of Historic Places. Friedman Properties last year unveiled plans to build a 500-room hotel next door at 322 South Clark St. The hotel’s plans include a sky lobby on the eighth floor that would connect the two buildings and allow guests to walk onto the Reid Murdoch building’s roof.
SALES
The Habitat Co. completed a $16M acquisition of a 153-unit single room occupancy community at 3300 West Maypole in East Garfield Park. Habitat developed East Park SRO in 1994 through an affiliate — East Park L.P. — and has managed the property since it opened. Renovation work has started and is expected to be completed in May 2018.
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Caddis’ Lance Hardenberg repped the seller in the sale-leaseback of a six-building, 59K SF medical office portfolio in Galesburg, Peoria, Normal and Morton, Illinois. A medical practice, which was founded by an immediate family member of one of Caddis’ partners, will continue to occupy the facilities pursuant to an absolute net master lease with the institutional investor that acquired the facilities.
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Marcus & Millichap’s Mark Masino, Madison O'Connor and John Abuja repped the seller, and Adam Fortino repped the buyer, in the $2.9M sale of 3060-80 Ogden Ave., a 45K SF two-building office portfolio in Lisle.
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NAI Hiffman’s Jason Wurtz and Aubrey Van Reken repped Pioneer Center for Human Services in the sale of a 39K SF office building at 4100 Veterans Parkway in McHenry. Alexander Leigh Center for Autism bought the property and will relocate from Crystal Lake.
LEASES
Colliers’ Matthew Stauber and Tom Rodeno repped ML Realty, and CBRE’s Jack Brennan repped Gebrüder Weiss, in leasing 77K SF of warehouse space at 251 Wille Road in Des Plaines.
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EnTrust Realty Advisors repped ParkerGale Capital, a private equity firm that buys profitable technology companies, in the leasing of 6,146 SF at 900 West Randolph, Tucker Development’s upcoming mixed-use development in Fulton Market.
HIRES/PROMOTIONS
MB Real Estate promoted Eileen Flynn to chief financial officer. Flynn will be responsible for all third-party managed assets, including commercial office, healthcare and government properties. Flynn has been with MBRE for 18 years in the accounting services department, most recently as senior vice president, managing director of accounting services and corporate controller.
KUDOS
Savills Studley managing director Chris Tarzon took first place in the annual “Dancing with the Brokers” charity event organized by The Box It Foundation. In addition to raising awareness for his charity, Boys Hope Girls Hope of Illinois, and encouraging others to buy tickets to the main event, Tarzon earned a $20K donation for BHGH of Illinois by winning the dance competition.
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Cushman & Wakefield was named exclusive agent for Cherry Hill Business Park, Northern Builders’ 500-acre industrial development in Joliet and New Lenox. With 280 acres of pad-ready sites immediately available, the project offers capacity for up to 5.4M SF of additional product, including speculative and build-to-suit opportunities. Jason West, Sean Henrick, Michael Magliano and Doug Pilcher are heading the assignment.
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Mortenson Construction was chosen to transform a 1962 landmark building by esteemed architect Edward Durrell Stone into the new home for the University of Chicago’s Harris School of Public Policy. Working from designs by Chicago Architect of Record Farr Associates and interior consultant Woodhouse Tinucci, Mortenson began construction in April on the renovation and expansion of the renamed Keller Center, which is scheduled to welcome students in January 2019.
