This Week's Chicago Deal Sheet

Chicago’s busiest TOD corridor is getting denser. One of Milwaukee Avenue’s largest and most-anticipated new transit-oriented developments is accepting its first move-ins.

Spoke, a 363-unit apartment building at 728 North Morgan St. in River West, is a joint venture of Bond Cos. and Morgan Holdings near the Chicago Avenue Blue Line station. The development features a 15-story tower and a 12-story tower, connected by nearly an acre of rooftop outdoor amenity and park space. Rents at Spoke range from $1,795/month for a studio apartment to $3,830/month for a two-bedroom unit. Spoke also has three street-level townhomes with rents starting at $6,600/month.

Spoke contains 18K SF of amenity space, including a demonstration kitchen, a music performance lounge with a stage, a private soundproof music/jamming space, an interactive gaming lounge with nine screens configured for nearly all major gaming systems, a Peleton cycling room, a fitness studio featuring Wellbeats fitness-on-demand and a private yoga room.

SALES

The Boulder Group’s Randy Blankstein and Jimmy Goodman completed the following transactions:

• Blankstein and Goodman represented the seller in the $4M sale of a single-tenant, net-leased Panera Bread at 5500 West Touhy Ave. in Skokie. The property was built last year by The Missner Group.
• Blankstein and Goodman were the sole brokers in the $4.3M sale of a single-tenant, net-leased Discover Clothing property at 15645 South LaGrange Road in Orland Park.

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CBRE’s Mike Sedjo and Jack Brennan represented the seller, Pancor Construction & Development, of a 100K SF facility at 1400 Madeline Lane within Randall Point Business Park in Elgin. St. Charles Trading, represented by Darwin Realty’s Brendan Sheahan and Noel Liston, purchased the site to consolidate and expand multiple warehousing and production operations in the western suburbs.

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Millennium Properties R/E’s Brad Thompson and Chad Evans were the sole brokers in the $1.4M sale of a 30K SF, multi-tenant warehouse at 140 Shepard Road in Wheeling.

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SVN | Chicago Commercial’s Jeff Baasch and Marco Cesario represented the seller in the $1M sale of a four-unit apartment building at 1927 North Humboldt in Logan Square.

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Essex Realty completed the following transactions:

• Steve Livaditis and Joe Sheck represented the buyer in the $575K sale of a three-flat greystone apartment building at 3103 South Wells in Bridgeport.
• Abe Elian and Doug Fisher were the sole brokers in the $582K sale of a three-unit greystone apartment building at 1328 North Maplewood in Humboldt Park.

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Pearson Realty Group’s AJ Manaseer represented The Lynd Cos. in the $51M sale of a 528-unit apartment portfolio, the latest acquisitions in the Patriots Housing Initiative, a program designed to provide safe housing for America’s at-risk veterans. The properties are Embassy Apartments in Mundelein, Fox Run Apartments in St. Charles, Parkside Apartments in Glen Ellyn and Villa Brook Apartments in Addison.

FINANCING

Inland Mortgage Capital’s Joel Kaplan secured a $7.5M, nonrecourse bridge loan for a 298-bed, townhouse-style student housing development in Bloomington, Indiana. The loan will be used for capital improvements to the property, including exterior renovations, and common area and unit-specific upgrades such as new countertops and upgraded flooring.

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Metropolitan Capital Advisors' Scott Lynn and AMA Financial’s Gregg Wallace arranged $15M in financing for a 174K SF office building at 701 East 22nd St. in Lombard, on behalf of Red River Asset Management and Lincoln Property Co.

KUDOS

RMK Management won seven Chicagoland Apartment Marketing and Management Excellence awards at the 24th annual CAMME Awards ceremony at Chicago’s Navy Pier. RMK properties recognized were Versailles on the Lakes in Schaumburg for outstanding maintenance team and property excellence among low-rise/garden communities built between 1966-1993; The Residences at the Grove in Downers Grove for curb appeal; Dwell at Naperville for outstanding exterior renovation; and The Residences at Hamilton Lakes in Itasca, which was honored for its robust community amenity package among new low-rise/garden communities.

Individuals from RMK-managed communities were also recognized with CAMME Awards, including Jesus Gallardo at Cook Apartments in Libertyville for maintenance professional and Bob Belpedio at Williams Reserve in Palatine for chief engineer/maintenance supervisor.