This Week's Chicago Deal Sheet
It has been a quiet first half of 2017 for downtown office building sales, but the joint venture of Golub & Co. and Alcion Ventures completed one of the few high-profile sales of the year last week.
The Golub-Alcion JV sealed its reported $155M acquisition of 300 South Wacker Drive from Beacon Partners. Golub plans to continue the renovations to the 36-story building that Beacon started in 2014. These updates will allow 303 South Wacker to compete with Willis Tower's repositioning, and the Union Station and Old Main Post office redevelopments in a suddenly competitive southwest Loop. Golub-Alcion's renovations will center on improving amenities and tenant experience.
A Golub team led by Adam Short and Ania Najder, along with Alcion Ventures, negotiated the transaction. Beacon Partners was repped by JLL. JLL Managing Director Keith Largay arranged financing through Deutsche Bank on behalf of Golub and Alcion.
SALES
Interra Realty completed the following transactions:
- Brad Feldman and Adam Saxon were the sole brokers in the $5.5M sale of two apartment buildings, totaling 27 units at 2058 and 2100 North Albany Ave. in Logan Square. The 2058 property sold for $1.4M and the 2100 property sold for $4.1M.
- Lucas Fryman, David Goss and Jon Morgan were the sole brokers in the $2.7M sale of a 38-unit multifamily property at 6125 South Indiana Ave. in Washington Park.
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The Boulder Group’s Randy Blankstein and John Feeney repped the seller in the $1M sale of a single-tenant net-leased Arby’s Restaurant at 1911 Main St. in Green Bay, Wisconsin.
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Greenstone Partners sold 210 West Illinois, a four-story brick-and-timber loft office building in River North, for $4.2M.
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NKF’s Adam Marshall and Mark Deady repped Reis Robotics in the sale of a 3K SF light manufacturing and warehouse property at 1320 Holmes Road in Elgin. Lee & Associates Rick Anesi repped the buyer, Ultra Polishing.
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Quantum Real Estate Advisors’ Chad Firsel repped the seller in the $2.7M sale of 3901 Mannheim Road in Schiller Park.
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Free Market Ventures and Second City Real Estate acquired 400 Shafer Court, an eight-story, 179K SF building in the O’Hare office submarket. The building is 88% leased.
LEASES
Bradford Allen’s Julie Lane repped Impact Networking in its 8,229 SF lease at The National, 125 South Clark St. The landlord, Blue Star Properties, was self-repped by Mike Lombardo.
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CBRE’s John Hanley, Terry Busch and Jared Scaringe repped HSA Commercial Real Estate in a 56K SF lease with Kuehne + Nagel at a new distribution center facility within the Gateway Business Park in Plainfield, Indiana. Kuehne + Nagel already leases 160K SF in a separate building at Gateway Business Park and will lease an additional 56K SF at 845 South Columbia Road.
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Harley-Davidson will join the list of retailers at Addison & Clark, M&R Development and Bucksbaum Retail Properties' mixed-use apartment and retail development under construction across from Wrigley Field. Harley-Davidson will occupy 10K SF.
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ML Realty Partners completed over 500K SF in leases at the following locations:
- Nosco – 8811 South 77th Ave., Bridgeview
- Oldcastle Building Envelope – 4161 South Morgan St., Chicago
- Recleim – 133 South Rohlwing Road, Addison
- ABC Supply – 1157 Timber Drive, Elgin
- Goodman Distribution – 1040 High St., Mundelein
- Callas Kingsley Electrical Sales – 835-845 Lively Blvd., Wood Dale
- Illinois Tibor Machine Products – 7400 West 100th Place, Bridgeview
- Ferguson Enterprises – 3509 West Addison St., Chicago
FINANCING
Aries/Conlon Capital’s Rushi Shah arranged a $7.3M, 10-year, fixed-rate CMBS permanent loan on behalf of Pandey Hotel Corp. to refinance the Four Points by Sheraton at 600 Cumberland Ave. in West Lafayette, Indiana. The loan features a high loan-to-value and a 25-year amortization.
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ASC’s Igor Zhizhin completed the following transactions:
- Zhizhin arranged $3.9M in refinancing for a 112-unit multifamily complex with retail in Milwaukee.
- Zhizhin arranged $1.45M in financing for two contiguous multifamily properties in Arlington Heights. The sponsor owned one of the subject properties and was able to leverage his existing equity position to acquire the adjacent property without providing new equity.
HIRES/PROMOTIONS
Legacy Parking Co. hired Noah Gens, a 17-year JLL veteran, as president. Legacy Parking manages more than 20,000 parking spaces at commercial, mixed-use, retail and residential developments throughout the U.S.
KUDOS
Related Realty and Habitat for Humanity teamed up last month to help build a single-family home in Chicago’s historic Pullman neighborhood. The June event marked the residential brokerage’s second home build through its partnership with Giveback Homes, a California-based social good company that connects real estate professionals and nonprofits, including Habitat for Humanity, to construct residences and organize fundraisers for families in need.
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A group of 20 Darwin Realty executives donated a day working at Lambs Farm, a nonprofit organization that provides residences and jobs for adults with disabilities in Libertyville. The volunteers worked with Lambs Farm to paint the Magnolia Café building, an on-site restaurant that employs many of its residents, and updated landscaping on the facility’s grounds.
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Evergreen Real Estate Group was retained to manage 11 affordable housing communities comprising 1,436 units in Illinois, Wisconsin and Pennsylvania. The assignments include a mix of affordable housing units for families and seniors, expanding Evergreen’s management portfolio to nearly 7,000 units across the country.
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The Missner Group was selected as design/build contractor for a major two-building renovation on behalf of Berman Subaru at 4330 and 4444 Irving Park Road in Chicago. Renovations will consist of improvements to the office and service areas of the dealership. Robert Papineau will lead the construction team, with Steve Bulger serving as project superintendent. Becker Architects is providing the architectural services.
