This Week's Chicago Deal Sheet
Suburban multifamily transit-oriented developments continue to be popular with developers. The newest one to open is 1620 Central, a four-story, 47-unit building in Evanston that is already 40% leased.
Real Capital Solutions developed the project and RMK Management is managing the property, which is near Evanston's Central Avenue shopping district, the Central Avenue Metra station and Evanston Hospital. Floor plans range from 601 SF studios to 1,297 SF three-bedroom units, with condo-quality finishes and amenities including private bike storage, electronic package management and a Pressbox service for dry-cleaning pickup and drop-off.
Residents at 1620 Central will be offered their choice of a Metra or CTA monthly pass (via funding on Ventra cards and available until spring 2018) and a Divvy bike share annual membership (available until spring 2020). These amenities can save residents up to $1,900 annually.
SALES
Evergreen Real Estate Group acquired Oak Tree Towers, a 165-unit affordable senior housing community in Downers Grove. In conjunction with its acquisition of the community, which will undergo a $4M renovation over the next six months, Evergreen secured a 20-year extension of the property’s Section 8 Housing Assistance Payment contract, maintaining the affordability of the residences through 2037.
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SVN | Chicago Commercial’s Scott Reinish repped the buyer in the $1M sale of a 3,500 SF retail building at 2301 West Roscoe in Roscoe Village.
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NAI Hiffman completed the sale of 211 West Ridge Road in Griffith, Indiana, on behalf of Griffith LLC. NAI Hiffman’s Perry Higa and Art Burrows repped the seller.
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LM Commercial Real Estate's Mike Merry and Brian Wabick completed the following transactions:
- Represented both parties in the sale of a 51K SF industrial building at 6639-6641 Columbia Ave. in Hammond, Indiana.
- Represented JKC Holdings in the acquisition of a 24K SF industrial property at 2800 Northwestern Ave. in Waukegan.
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Berkadia’s Jason Krug, Corey Krug, David Walstrom, Alex Blagojevich and Chris Bruzas completed the sale of Chapel Oaks, a 320-unit multifamily property in Fort Wayne, Indiana.
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Adelphia Properties’ George and Simeon Spirrison repped the buyer in the $2.6M sale of a newly constructed 5,500 SF retail property at 12750 South Route 59 in Plainfield.
LEASES
JLL’s Robert Tamillo and Zak Mirkowski repped La-Z-Boy Showcase Shoppes in a 164K SF lease extension at 800 South Weber Road in Bolingbrook. The landlord, ML Realty Partners, was self-represented.
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Compass Health signed a 20K SF lease expansion at Bradley Business Center at 2000 West Bradley Place. Hansen Realty’s Brett Berlin repped ownership.
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Savills Studley’s Rick Schuham repped RMB in the following transactions:
- RMB will relocate part of its HQ space within 115 South LaSalle. The new combined office will encompass 25K SF on the 26th and 34th floors.
- RMB leased 19K SF at One Parkview Plaza in Oak Brook.
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CBRE’s Phil Golding, Todd Siegel and Kim Wiskup repped J. McLaughlin in a new 1,510 SF lease at 216 South Main St. in Naperville. This will be the clothing and accessories brand’s fourth location in the greater Chicago area.
FINANCING
Aries/Conlon Capital arranged a $31.5M five-year, floating rate loan on behalf of Accesso Partners to refinance Riverwalk Phase 2 at 2100 East Lake Cook Road in Buffalo Grove. The Class-A, 259K SF office building serves as the corporate headquarters for majority tenant CVS Caremark.
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Draper and Kramer’s commercial finance division closed 17 FHA/Department of Housing and Urban Development loans totaling more than $250M during the first half of 2017. The loans represent a cross-section of FHA financing programs in markets across the U.S., including Colorado, Wisconsin and Illinois. Locally, the team arranged financing for the West Town Housing Preservation project, which is being developed on the West Side by the not-for-profit Bickerdike Redevelopment Corp.
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American Street Capital arranged $2.4M in financing for a 13-unit multifamily property in Chicago.
HIRES/PROMOTIONS
Irvine Co. appointed Gregory Tait as senior leasing director of its Chicago portfolio — 71 South Wacker, One North Wacker and 300 North LaSalle.
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Transwestern promoted Micah Larmie and Katie Sakach to newly created positions as co-leaders of the firm’s Midwest asset services group. Larmie and Sakach will provide oversight and client support for Transwestern’s growing Midwest management portfolio, encompassing 19M SF of office, industrial, retail and mixed-use assets throughout Chicago, Detroit, Minneapolis and Milwaukee.
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Advocate Commercial Real Estate Advisors hired Josh Hauger and Chris Wilbur as client relationship managers.
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Morgan Lewis hired Jenny Austin, a federal tax controversy lawyer and seasoned tax litigator, as a partner in its Chicago office.
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MB Real Estate promoted Brian Toenjes to vice president in the firm’s project services department.
KUDOS
Millennial Mart, a 1,200 SF convenience store, opened on the ground level of NEXT Apartments, Fifield Realty Corp.’s luxury apartment tower at 848 North Orleans in River North.
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Brown Bag Seafood opened a 2K SF store at Centrum Lakeview at 3400 North Lincoln in Roscoe Village/Lakeview. It is the third and largest Brown Bag location in Chicago. A fourth is set to open at 412 North Wells in early 2018.
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Ridge, the development arm of Transwestern, broke ground on a 186K SF development at Brewster Creek Business Park in Bartlett. The development, Ridge Brewster Creek II, is slated to be completed in December.
