This Week's Chicago Deal Sheet
Retail redevelopment in the Far South Side Pullman neighborhood took another step forward yesterday with the launch of the new 10K SF 111th Street Gateway Retail Center.
The grand opening brought out Mayor Rahm Emanuel, Alderman Anthony Beale (9th) and a host of local dignitaries.
111th Street Gateway Retail Center is a project from Chicago Neighborhood Initiatives, the master developer spearheading the massive Pullman Park redevelopment in the historic neighborhood. The new retail, beginning with the opening of a Potbelly Sandwich Shop, will serve the Pullman and surrounding Roseland communities as well as the 300,000 visitors per year expected to visit the historic site. CNI's developments have attracted more than $250M in new investment and the creation of more than 1,000 new jobs in the last four years.
Other businesses set to open in 111th Street Gateway Retail Center are Star Cleaners and Laine’s Bake Shop.
SALES
Michael Weber and Ian Feinerman of @properties represented the seller, Roman Sanchez, and procured the buyer in the $3.7M sale of a two-story building at 324 West Chicago Ave. in River North. The building, formerly home to Parliament nightclub, features a bar and event space, a built-out basement and a 2,090 SF rooftop area. Bounce Sporting Club, an upscale sports bar, will open in the space later this fall.
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Brown Commercial Group’s Trinity Scurto was the sole broker in the sale of a 26K SF industrial property in suburban Hillside. Bire bought the 12-unit building at 500 North Mannheim Road.
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Adelphia Properties’ George Spirrison represented the buyer in the acquisition of a 12K SF industrial property at 12360 South Industrial Drive East in Plainfield. The property was 100% vacant at the time of sale.
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Essex Realty Group’s Brian Kochendorfer and Brian Karmowski represented the seller, and Steve Livaditis and Joe Scheck represented the buyer, in the $4.5M sale of the Sunnyside Lane Condominiums at 4459 North Campbell in Lincoln Square. The buyer will deconvert the 18 condos into rentals.
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Industrial Outdoor Ventures acquired a 10K SF equipment and maintenance shop at 2131 Maxim Drive in suburban Rockdale from Byzantiao. The acquisition is part of IOV’s five-year strategy to acquire $500M in industrial service facilities.
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Interra Realty’s James Clough represented both parties in the $4.3M sale of Hillside Park Apartments, a 71-unit multifamily property at 600 Wolf Road in Hillside. The buyer is R&R Luxury Apartments.
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Millennium Properties RE’s Greg Block facilitated the $825K sale via auction of an 8,006 SF office condo at 182 West Lake St.
LEASES
Savills Studley’s Chris Tarzon represented Redfin and SVN | Chicago Commercial’s Scott Maesel and Chad Schroedl represented ownership in a 6,250 SF lease at 112 South Sangamon in the West Loop. Redfin will occupy the full top floor of the building.
HIRES/PROMOTIONS
Cushman & Wakefield hired Steve LaKind as executive director. A 31-year industry veteran, LaKind comes to Cushman & Wakefield after 23 years at Savills Studley and will focus on providing tenant representation services to high-growth companies in Chicago’s suburban markets.
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Shawmut Design and Construction is opening a new Chicago office at 224 North Desplaines in Fulton Market. Michele Murphy, a 25-year industry veteran who worked up the ranks at Shawmut from project manager to executive in the firm’s Boston office, was named the Chicago regional director. This is Shawmut’s ninth location nationwide.
