This Week's Chicago Deal Sheet
The North Side has become a hotbed for condo deconversions, with investors chasing the wider yields of rent spreads in value-add multifamily buildings in Lincoln Park, Lakeview and Wrigleyville. Add a recent deal in Buena Park to the list.
Interra Realty's Patrick Kennelly, Joe Smazal and Paul Waterloo repped the buyer, Skiritai Bittersweet, in the $16.2M acquisition of a 101-unit condominium building at 732 Bittersweet Place, just north of Wrigley Field in Buena Park.
Skiritai Bittersweet will deconvert the units to apartments, in what will be the third-largest condo deconversion in Chicago in the last year and the second deal to close in the past month, behind Strategic Properties of North America's $51.5M acquisition of Bel-Harbour condominiums. The condo association was represented by Kennelly and Waterloo along with Interra’s Jon Morgan and David Goss.
SALES
Quantum Real Estate Advisors’ Chad Firsel repped the seller in the $1.75M sale of a multitenant building at 4730-4750 West Dempster Street in Skokie.
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The Boulder Group’s Randy Blankstein and Jimmy Goodman completed the following transactions:
- Goodman and Blankstein repped the seller in the $6.6M sale of a single-tenant Sam’s Club ground lease at 9464 Main St. in Woodstock, Georgia.
- Blankstein and Goodman repped the seller in the $3M sale of a single-tenant net-leased Kmart at 10560 Harrison Ave. in Harrison, Ohio.
- Blankstein and Goodman repped both parties in the $2.5M sale of a single-tenant net-leased MobilityWorks property at 9207 North Milwaukee in Niles.
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NAI Hiffman’s Joe Bronson and Josh Will repped Nidec Shimpo in the sale of a 24K SF building at 1701 Glenlake Ave. in Itasca to The Finer Line. Lee & Associates’ Nick Eboli repped the buyer.
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NKF’s Adam Marshall repped seller PJT Marly in the sale of an eight-building, 315K SF industrial portfolio. The properties average 40K SF and are in Glendale Heights, Elgin, Bartlett, West Chicago and Sugar Grove. The portfolio was purchased by Agellan Commercial REIT.
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Essex Realty’s Brian Kochendorfer, Brian Karmowski and Abe Eilian were the sole brokers in the $2M sale of 1060 College Ave., a 15-unit mixed-use TOD in Wheaton.
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Kudan Group completed the following transactions:
- Jarrett Fradin repped the seller, Jeff Thomas, in the sale of Blackie’s Restaurant at 655 South Clark St. Half Sour, a modern restaurant/tavern concept, is slated to open in the Blackie’s space this fall.
- Juan Carlos Gomez negotiated the sale of Kafein, a coffeeshop at 1621 Chicago Ave. in Evanston. The new owner will continue operating Kafein under the same name and concept.
LEASES
Kudan Group’s Jarrett Fradin and Anthony Citriglia repped Cagan Management in a lease with Edge Vision at 4354 North Cicero Ave. Edge Vision, a company specializing in the manufacturing of polyhedral playing dice, will open in the space as DND Dice.
KUDOS
J.C. Anderson’s John Angelovich, Matt Kantro and Glenn Panfil completed renovation for BSH Home Appliances Corp. Experience and Design Center at Merchandise Mart. It is the first BSH Experience and Design Center to open in the Midwest. Stantec was the architect of record.
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Entre Commercial Realty’s Mike DeSerto was awarded the Frank Mahoney Award by the Association of Industrial Real Estate Brokers. The award recognizes outstanding leadership, community service and real estate brokerage success among young industrial real estate professionals — those with less than five years of experience.
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Englewood Construction completed a 35K SF office build-out for Great American Insurance Group within Retail Properties of America’s Schaumburg Towers. The new office space includes 51 offices and 104 workstations. Funke Architects was the project architect.
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The Missner Group was chosen to handle an exterior improvement and renovation project at Elgin Toyota at 1600 West Lake St. in Streamwood. The property is owned by the Bob Loquercio Auto Group, which operates multiple auto dealerships around the Chicagoland area. The Streamwood project will include an extensive parking lot addition, the construction of an underground stormwater detention system and the completion of numerous site improvements.
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Transwestern ranked 38th on Fortune magazine’s “Top 100 Workplaces for Millennials” list. It is the second straight year Transwestern made the list.
