This Week's Chicago Deal Sheet

Marcus & Millichap is in the process of consolidating its offices while expanding its staff. The firm signed a 6K SF expansion at its downtown offices at 333 West Wacker. The larger space will accommodate 80 agents and staff. Marcus & Millichap’s O’Hare office will close, and its employees split between the downtown office and its newly renovated Oak Brook office.

Marcus & Millichap First Vice President Richard Matricaria said that this is a net expansion for the firm, with infrastructure improvements intended to meet the needs of company synergies and growing Marcus & Millichap's staff. The decision to expand the downtown footprint was because there are more opportunities for brokers in the downtown core. With the O’Hare and Oak Brook offices within 15 minutes of each other, it made more sense to have an expanded downtown presence.

The expanded office will be ready by February. Matricaria said there are three years remaining on the O’Hare lease. Marcus & Millichap is actively subleasing the space.

SALES

CBRE’s Derek Fohl, Bill Novelli and Pete Adamo represented the owner in the $19M sale of Oakmont Corporate Center and One Oakmont Plaza in Westmont, to Valley Equity Group.

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Berkadia’s Alex Blagojevich and Chris Bruzas represented the seller in the disposal of La Casa Estates, a 97-unit apartment complex in Elkhart, Indiana.

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First Western Properties’ Kellen Duggan represented both parties in the sale of the former Aurora YMCA at 460 Garfield Ave. in Aurora.

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Mid-America Real Estate’s Joe Girardi and Ben Wineman, along with Mid-America Real Estate — Michigan’s Richard Kerwin, represented both parties in the sale of Fairlane Green, a 95K SF shopping center in Allen Park, Michigan. The seller was Lomax-Stern. VEREIT handled the acquisition on behalf of Cole Credit Property Trust V.

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Interra Realty completed the following transactions:

• Brad Feldman and Adam Saxon represented both parties in the $2M sale of 1506 West Polk in Little Italy. The buyer was John Walsh, a local real estate investor with several properties in the area.
• Craig Martin represented both parties in the $6.5M sale of 5736 South Stony Island in Hyde Park. The 75-unit courtyard building includes 43 studio apartments, 29 one-bedroom units and three two-bedroom units.

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The Boulder Group completed the following transactions:

• Randy Blankstein and John Feeney represented the seller in the $2.9M acquisition of a single-tenant, net-leased 7-Eleven at 6001 Airport Freeway in Haltom City, Texas.
• Randy Blankstein and Jimmy Goodman represented the seller in the $1.3M sale of a single-tenant, net-leased Bakers Square restaurant at 7409 Kingery Highway in Willowbrook.

LEASES

Savills Studley’s Robert Sevim and Joe Learner represented The Marketing Store, and Cushman & Wakefield’s Andrea Saewitz represented John Hancock Life Insurance, in an expansion to 36K SF at 55 West Monroe. The Marketing Store will increase its footprint by 15% at the Loop tower.

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Mid-America Asset Management’s Tracy Munno represented ownership in a 23K SF lease with H&M at Ford City Mall.

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NAI Hiffman completed the following leases: 

• James Adler and Dan O’Neill represented Blackstone Group in a 21K SF lease with Legacy Professionals at 4 Westbrook Corporate Center, and a 5,669 SF lease with Regent Surgical Health in the same building. Cushman & Wakefield’s Jeffrey Skender represented Legacy Professionals, while JLL’s Andrea Van Gelder represented Regent Surgical Health.
• Aubrey Van Reken represented Millennia Professional Services of Illinois in a 7,463 SF lease renewal and expansion at 2600 Warrenville Road in Downers Grove.

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First Western Properties completed the following transactions:

• Paul Tsakiris, Laryssa Moros and Marion Abramiuk represented both parties in a lease to Molecular Imaging Chicago at 4007 North Milwaukee Ave.
• Laryssa Moros and Fahim Lakhani fully leased 12601 South Western Ave. in Blue Island with a lease to Little Caesar’s Pizza.

FINANCING

Aries/Conlon Capital’s Rushi Shah arranged $3.4M in refinancing for Golf Higgins Center, a retail asset in Hoffman Estates, on behalf of the property owner, Jagmohan Jaraya.

HIRES/PROMOTIONS

NKF hired Sam Delisi as regional director of management services. Delisi will oversee property management operations and is responsible for growing the firm’s management portfolio in Chicago and throughout the Central region.

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JLL hired George Mills as director of healthcare technical operations. Mills is currently director of the Department of Engineering at The Joint Commission.

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Bradford Allen hired Chris Surico as managing director. A 30-year industry veteran, Surico was most recently at Chicagoland Commercial Real Estate. He will be based in Bradford Allen’s Oak Brook office.

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Darwin Realty hired Chris Morganthaler as an associate. He will concentrate on a variety of brokerage services, including tenant representation, ownership representation, build-to-suit projects, site acquisitions, and investment acquisitions and dispositions.

DEVELOPMENT

Hillwood started construction of Skokie Commerce Center, a 237K SF industrial facility at 3601 Howard St. in Skokie. Cushman & Wakefield’s Steve Stone and Jason West will lease the new development.

KUDOS

HFF’s Wickliffe Kirby, Sean Fogarty, Kevin Girard and Marty O’Connell were chosen to market a five-property multifamily portfolio totaling 2,407 apartments in Cook, DuPage and Will counties.