This Week's Chicago Deal Sheet
Akara Partners is one of the higher-profile developers along the TOD-heavy Milwaukee Avenue corridor. Akara’s latest delivery along Chicago’s “Hipster Highway” is Linkt, a 47-unit luxury apartment project at 830 North Milwaukee.
The five-story, 55K SF building, steps from the Chicago Avenue Blue Line ‘L’ station, includes 24 parking spaces and 3K SF of ground-floor retail. Building amenities include a green roof deck, a grilling station and fire pit, a fitness center, heated parking and bike racks. Apartments range from studios to three-bedroom units ranging from $1,600/month to $3,600/month. BKL Architecture designed the building and Summit Design + Build was the general contractor. Akara Partners delivered Kenect in River West last October and is selling that building.
SALES
CBRE’s Matt Mulvihill, Kevin Segerson and Cal Payne repped Brewster Creek of Illinois in the sale of a 301K SF industrial facility at 1340 Brewster Creek Blvd. in Bartlett. NAI Hiffman’s Jeff Fischer repped the buyer, Greco & Sons.
***
Kiser Group’s Lee Kiser and Michael Feldstein were the sole brokers in the $11.5M sale of 5536 North Sheridan Road, an 80-unit multifamily property in Edgewater. An affiliate of Horizon Real Estate Holdings acquired the property from a local family partnership.
***
Baum Realty’s Brad Teitelbaum, Patrick Forkin and Graham Gold repped the seller in the $2.3M sale of a two-tenant retail building at 24 Orland Square Drive in Orland Park.
***
Essex Realty’s Jim Darrow and Jordan Gottlieb repped the seller and Brian Mond repped the buyer in the $2.2M sale of 1750 North Lawndale, a vacant timber loft building that was used to make Lincoln Logs from the 1940s through the 1960s. The building sits on the border between Humboldt Park and Logan Square and features frontage on Lawndale Avenue, Ridgeway Avenue, and the first access point and trailhead of the popular 606 Trail.
***
Marcus & Millichap’s Adrian Mendoza, Austin Weisenbeck and Sean Sharko repped both parties in the $10M sale of Ashland Wellington Plaza, a 20K SF retail property in Lakeview anchored by a Jewel-Osco supermarket.
***
Interra Realty’s Brad Feldman and Adam Saxon repped both parties in the $3.7M sale of a 16-unit multifamily property at 1955 North Lincoln Ave.
LEASES
CBRE’s Todd Siegel, Phil Golding and Kim Wiskup repped Equity Office, and JLL’s Craig Coupe and Corey Siegrist repped Convene, in a full floor, 55K SF lease at Willis Tower. The deal is Convene’s first location outside of the East Coast.
***
First Western Properties’ Fahim Lakhani, Marion Abramiuk and Paul Tsakiris leased a storefront retail space at 1024-48 East Sibley Blvd. in Dolton to CITI Trends.
***
Brown Commercial Group’s Trinity Scurto repped Aeronet Worldwide in its 30K SF lease at 1055 Stevenson Court in Roselle. Colliers International’s Brian Kling and Ron Behm repped the owner, James Campbell Co.
FINANCING
Alpha Capital CRE’s Trisha Connolly and Raymond Zanca arranged $10.9M in financing for a 19K SF retail property at 12-14 West Maple in the Gold Coast. RAIT Financial Trust provided high-leverage bridge financing to reposition the asset.
HIRES/PROMOTIONS
Times Equities, JK Equities and Oak Capital brought on Kara Mann as the interior designer and interior architect of 1000M, a luxury condo tower in the South Loop.
***
JLL hired Yann Palmore as vice president in the firm’s smart building team. Palmore was most recently founder and president of Evolved Buildings, helping property owners and developers create intelligent IT architectures for net-zero and high-performance buildings.
DEVELOPMENT
UP Development selected McShane Construction to complete building Parkview Apartments on a prominent infill site at the southwest corner of Dunton Avenue and Eastman Street, across from Hancock Square and close to the Arlington Heights Metra Station. Parkview Apartments will incorporate 45 residential units, ground-floor retail, integrated parking and various sustainable features meeting National Green Building Standard Green Certification.
***
Transwestern will provide leasing services for Mural Park, at 1901 and 1911 South Sangamon St. in Pilsen. The two 100K SF loft buildings are being redeveloped into a mixed-use project that will include office, light manufacturing and retail space. Transwestern Senior Vice Presidents Jeff Dowdell and Katie Steele and Associate William Briggs are leasing the project, which will be ready for occupancy in Q1 2018. Condor Partners is the developer.
***
JC Anderson completed the build-out of Marshall’s Landing, a 12K SF café and bar concept operated by DMK Restaurants inside Merchandise Mart. The space sits atop the Mart’s “grand stair” and is open from 7 a.m. to 7 p.m. daily.
***
Principle Construction completed construction of a new 47K SF freezer/cooler building for Budreck Truck Lines at 2642 Joseph Court in University Park. Darrin Dehmlow served as project manager and Doug Brucato worked as superintendent. The building was designed by Partners in Design’s Wener Briske. NAI Hiffman’s Chris Gary represented Budreck in the purchase of the site.
KUDOS
Chicago Association of Realtors CEO Ginger Downs was awarded the 2017 William R. Magel Award of Excellence at the annual National Association of Realtors Midyear Legislative Meetings and Trade Expo.
***
Baum Realty was chosen to sell 1616 - 28 North Damen Ave., a three-story mixed-use building in Wicker Park.
***
Fifield Realty’s NEXT Apartments at 347 West Chestnut in River North reached 85% occupancy in less than nine months.
***
Inland Mortgage Capital President Art Rendak was honored for his involvement with the All Stars Project of Chicago, a privately funded national organization that works with local programs and businesses to provide developmental, educational and after-school programs for inner city youth. Rendak was recognized for his dedication to the organization’s Afterschool Development program, which connects business leaders with Chicago’s inner city youth in an effort to forge genuine pathways of opportunities for individuals.
***
Convexity Properties and @properties sold out 4 East Elm, a new luxury condominium high-rise in the Gold Coast. Sales prices ranged from $2.22M to $6.7M.
