This Week's Chicago Deal Sheet
Art is an often unrecognized facet of the amenities arms race, but a building's lobby with striking artwork can add to occupancy rates and a building's value. Capital Partners recognized this and added Blood Mirror, a sculpture from internationally renowned sculptor Anish Kapoor, to its growing collection at the Inland Steel building, 30 West Monroe.
Kapoor is best known as the sculptor of Cloud Gate, aka "The Bean," one of Millennium Park's major attractions. Kapoor is known for his monochromatic color schemes and curved structures. Capital Properties President Richard Cohen purchased the sculpture specifically for the Inland Steel Building. Since Capital Properties bought the building in 2007, Cohen has been the driving force behind making art a prominent building feature again.
Blood Mirror joins Icehenge, a security desk designed by Frank Gehry, and Richard Lippold's Radiant One, a wire and golden rod sculpture in the lobby's center, in the building's growing art collection.
SALES
Podolsky Circle’s Alissa Adler, John Homsher and Paul Tesdal represented Centurion Investments in the sale of 4400 Prime Parkway and 1380 Corporate Drive in McHenry, a 288K SF Class-A industrial facility that is part of Brake Parts Inc.’s global headquarters campus. Brennan Investment Group bought the property and now owns the entire BPI campus.
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Millennium Properties RE’s Brad Thompson was the sole broker in the sales of two mixed-use buildings at 3309 West Bryn Mawr Ave. and 3550 West Lawrence Ave. in Albany Park.
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Cushman & Wakefield’s Jim Carpenter and Mike Tenteris represented a joint venture of Bridge Development Partners, Globe Corp., Wanxiang America Real Estate Group and Banner Oak Capital Partners in the sale of two industrial buildings totaling over 1M SF at Bridge Point North in Waukegan. Building I is a 627K SF industrial facility at 1750 Bridge Drive. Building II is a 401K SF facility at 3900 Burr Wood Drive. Bentall Kennedy represented the buyer.
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Essex Realty completed the following transactions:
- Brian Kochendorfer, Brian Karmowski and Troy Beebe represented the seller, and Jim Darrow and Jordan Gottlieb represented the buyer in the $815K sale of an eight-unit apartment building at 4740 Washington St. in Skokie.
- Brian Mond was the sole broker in the $550K sale of a six-unit apartment building at 1837 Goodwin Drive in Palatine.
- Jim Darrow and Jordan Gottlieb represented the seller and Doug Imber and Kate Varde represented the buyer in the $1.5M sale of a three-unit apartment building at 2712 West Logan Blvd. in Logan Square.
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Kiser Group completed the following transactions:
- Ben Smith and Luke Lesniewski were the sole brokers in the $1.2M sale of a nine-unit apartment building at 7536 West Lawrence Ave. in Harwood Heights.
- Lee Kiser, Ben Smith and Rick Ofman were the sole brokers in the $4.9M sale of a 41-unit multifamily property at 4866 North Magnolia Ave. in Uptown. Local private investor Sandy Kahn purchased the building.
LEASES
HSA Commercial Real Estate signed a 61K SF long-term lease renewal with Seda International Packaging Group at 1400 International Drive in Mount Pleasant, Wisconsin, a suburb of Milwaukee. The Dickman Co.’s Roger Siegel represented the landlord in the transaction.
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CBRE’s Jon Milonas and Dan Persa represented the tenant, Green, Griffith & Borg-Breen, in a 10K SF lease at 676 North Michigan Ave. Michael Kazmierczak and Ellen Zalatoris represented the landlord.
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First Western Properties completed the following transactions:
- Paul Tsakiris and Kellen Duggan represented both parties in a lease at 956 Harlem Ave. in Glenview to Chinese Acupuncture Facility.
- Marion Abramiuk and Paul Tsakiris represented the landlord in a lease at 1054 North Ashland in West Town to May 1st Nail Salon.
- Paul Tsakiris, Marion Abramiuk and Laryssa Moros represented both parties in a lease with Sip 22 Coffee Lounge at 2200 South Marshall Blvd. in Little Village.
FINANCING
Aries Conlon Capital’s Rushi Shah arranged a $12.5M bridge loan for the Crowne Plaza Chicago SW-Burr Ridge hotel at 300 South Frontage Road, near Midway International Airport. The 24-month, interest-only loan was arranged on behalf of borrower Vega Hospitality Group and features a 63% loan-to-value ratio. The 123-room, three-story hotel was previously a Quality Inn & Suites that was fully renovated, then reflagged under the IHG Crowne Plaza Hotels & Resorts brand.
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Lodge Financial’s Matthew Lebenson arranged $4.7M in cash-out refinancing for a 13-unit mixed-use property in Chicago. The nonrecourse loan has a five-year, 3.91% fixed term.
HIRES/PROMOTIONS
Bryan Cave Chicago promoted attorney Karl Marschel to partner. Marschel’s practice focuses on real estate development and public finance, including representing REITs in the acquisition, development and disposition of commercial, office, industrial, residential and condominium properties. Marschel also represents clients with respect to public-private partnership matters, such as corporate incentives and tax increment financing.
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Essex Realty Group promoted Vic Cianetta to director. Cianetta joined the firm as an associate in 2014 and has been involved in the sale of over $100M of investment property.
CONSTRUCTION
REVA Development Partners opened Deer Park Crossing, a 236-unit luxury apartment development in north suburban Deer Park. The development is adjacent to Deer Park Town Center with over 400K SF of retail, entertainment and dining space.
KUDOS
PW Commercial Managing Broker Gerald Sullivan was elected vice chair of the 2017-18 TCN Worldwide board of directors, and Bradford Allen Executive Managing Director Ben Azulay was elected secretary of the group.
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NKF Senior Managing Director Elise Couston was awarded the President’s Award for Community Service from the Society of Industrial and Office Realtors during the group’s Fall World Conference at the Palmer House Hilton. Couston is the sixth recipient, and first woman, to receive the award.
