This Week's Chicago Deal Sheet
The Chicago market’s largest condo deconversion in years took another step forward last week. The Bel-Harbour Condo Association agreed to sell all 207 units at 420 West Belmont Ave. to Strategic Properties of North America in a $51.5M deal.
News of Strategic’s interest in Bel-Harbor first broke last December. The city’s multifamily market, dominated for years by a flood of new rentals, has made condo deconversions an attractive investment opportunity. Bel-Harbour will replace Clark Place Condominiums at 2625 North Clark as the largest Chicago condo deconversion.
CBRE’s John Jaeger, Dan Cohen and MJ Zaring repped the seller.
SALES
SVN | Chicago Commercial’s Cody Doran and Reid Bennett repped Indian Trails Apartments and Ridge Garden Apartments in the $26.5M sale of two properties totaling 312 affordable units at 12141 South Indiana Ave. in Chicago and 10010 South Sayre Ave. in Chicago Ridge.
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Next Realty completed the disposition of 4600 Plaza, a 32K SF neighborhood shopping center at 4600 North Harlem Ave. in Harwood Heights. Baum Realty’s Danny Spitz and Greg Dietz repped Next and the buyer, a private investor.
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Mid-America Real Estate’s Ben Wineman and Carly Gallagher and Mid-America Michigan’s Daniel Stern were the sole brokers in the sale of Telegraph Plaza, a 141K SF shopping center in Monroe, Mich.
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Lee & Associates’ Mike Plumb and Jeff Janda repped Prologis in the sale of 1365 Mitchell Blvd., a 305K SF manufacturing, warehouse and distribution facility in Schaumburg. Taurus Modal Group’s Marat Safir repped the buyer, Elkay Plastics.
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Kiser Group’s John Meyer was the sole broker in the $10.9M sale of Victorian Apartments, a 152-unit multifamily property at 800-834 Victoria Drive in Montgomery, Ill.
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Wicker Park Apartments completed the $3.7M acquisition of a first-floor retail space anchored by a Levis store at 1552-54 North Milwaukee Ave.
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Friedman Integrated Real Estate Solutions’ Rich Deptula, Jeff Feste and Torrey Lewis were the sole brokers in the sale of two office buildings totaling 53K SF at 6860 and 6880 North Frontage Road in Burr Ridge, Ill. The seller, BACM 2005-3 North Frontage Road LLC - LNR Partners, sold the property to Tribedo.
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Essex Realty’s Doug Imber, Kate Varde and Clay Maxfield repped the seller, and Matt Welke repped the buyer, in the $2M sale of 4004 North Hamlin, a 12-unit apartment building in Old Irving Park.
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First Western Properties’ completed the following transactions:
- Bradford Dessy repped the seller of a single-story light industrial building at 2107-09 North Cicero Ave. SVN | Chicago Commercial’s Beverly Hayes repped the buyer.
- Kellen Duggan was the sole broker in the sale of a 14K SF corner retail building at 5535 West Belmont Ave.
LEASES
Advocate Commercial Real Estate Advisors completed the following leases:
- Craig Braham and David Knight repped ArrowEye Solutions, a payment card solutions provider, in leasing 9,686 SF of office space at 550 West Washington.
- Mike Webber repped Cardiovascular Management of Illinois, a medical practice management company, in the restructuring and extension of its lease of 6,850 SF of office space at 900 South Frontage Road in Woodridge.
- Craig Braham, Mike Webber and David Knight repped law firm Lowis & Gellen in leasing 32K SF of office space at 175 West Jackson.
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Baum Realty Group’s Danny Spitz, Greg Dietz and Jacqueline Brito repped the owners of Piccolo Sogno in leasing a 1,600 SF building at the intersection of Grand and Milwaukee avenues and Halsted Street. The building will house Maillard Tavern, an upscale burger bar.
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Bradford Allen’s Joel Berger repped Alliance Title in a five-year lease renewal at 5523 North Cumberland. Alliance Title occupies 10K SF and has been at the building since 2006. CBRE’s Dan Graham repped the landlord.
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CBRE completed the following transactions:
- Jon Springer and Gary Fazzio repped Local 881 United Food and Commercial Workers in a new long-term lease of a 19K SF office space at 1350 East Touhy Ave. in Des Plaines. Local 881 is expanding its office space by approximately 25% in its early 2019 relocation from 10400 West Higgins Road in Rosemont.
- Brad Serot, Paul Reaumond and Todd Lippman repped Snapsheet in its 52K SF lease at 1 North Dearborn. The landlord, Beacon Capital Parters, was repped by Telos Group’s Jack O’Brien and Caroline Colnon.
FINANCING
Maverick Commercial Mortgage closed on four first mortgages for its client Architectural Properties, a real estate owner in Matteson. The loans for $4.4M, $4M, $1M and $576K will finance multifamily properties in Matteson, Richton Park and Chicago Heights with 155 total units, and a 20K SF office building on Lincoln Highway in Matteson. The portfolio as a whole is 95% occupied, with the majority of the multifamily units eligible for Section 8 vouchers.
HIRES/PROMOTIONS
JLL hired Ron Gregory as an executive vice president in the firm’s facilities management practice. Gregory comes to JLL from Sodexo, where he managed a division of more than 4,200 employees and worked closely with key decision-makers, presidents and chief financial officers of major corporations, universities and private independent schools.
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Mortenson promoted Joel Sandridge to project development executive. Sandridge will lead Mortenson’s project development team in Chicago and set its business development strategy, including extending its leadership in higher education, healthcare and data centers, as well as identifying and pursuing new markets.
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Aries/Conlon Capital hired Mac Dobson as senior vice president in the originations team. Based in Ann Arbor, Mich., Dobson will focus on originating non-recourse bridge and permanent financing for hotel, retail, office, self-storage, industrial and multifamily properties nationwide, as well as expanding the national boutique investment banking firm’s SBA 504 and 7(a) financing services.
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The Opus Group promoted Mike Yungerman to vice president and general manager of Opus Development Co. for the Chicago region. Yungerman will be accountable for the leadership, development and overall management of the Chicago office and team, which includes associates in Chicago and Milwaukee; active projects and pursuit of development opportunities in Illinois, Wisconsin and Michigan; and the definition and execution of strategies and growth plans for the region.
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ML Realty Partners hired Ken Lavand as a financial analyst. Lavand, who comes to ML Realty Partners after a 30-year career at IBM, will be responsible for reporting and compliance and will assist forecasting efforts for ML Realty Partners.
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JLL welcomed back Michael Curran and Brad Despot as managing directors. Curran and Despot were most recently at Avison Young, and will jointly lead the firm’s downtown agency leasing team with Monica Moore.
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Perkins Eastman expanded its corporate interiors practice with the hiring of Marc Adelman from tvsdesign. Adelman brought his team of Miguel Andonaegui, Madona Cumar and Elma Milanovic to Perkins Eastman as well.
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Pine Tree hired Kate Pettinger as an assistant property manager. She is based in Pine Tree’s Northbrook office.
KUDOS
Graycor Construction Co.’s Bruce Johnson and Tim Glenn received awards from the Association of Subcontractors and Affiliates Chicago. Glenn, secretary and vice president of estimating, was named Outstanding GC Council Representative while Johnson, superintendent, received the Outstanding General Superintendent Award.
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J.C. Anderson was selected to complete a 30K SF build-out to DePaul University’s Richardson Library at 2350 North Kenmore on the Lincoln Park campus. The university will renovate the second floor of the library to replace finishes, provide a green room, studios, offices, media creation studios and conference rooms. The renovation is scheduled for completion in August. The construction team will be led by Joe Maguire and Larry Regovic.
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Transwestern was recognized as one of the “Best Workplaces in Chicago” by Fortune magazine and research and consulting firm Great Places to Work. The commercial real estate firm was ranked 19th out of 100 companies from various industries across the entire Chicago metro area. Transwestern was also named one of the “100 Best Workplaces for Women" by Great Places to Work and Fortune magazine for the second consecutive year.
DEVELOPMENT
The Missner Group completed a build-out for Oxxford Clothes' new location at 5635 South Archer Ave. near Midway Airport. With the relocation of Oxxford Clothes, The Missner Group is set to begin redevelopment of its previous location at 1220 West Van Buren into a loft office space.
