This Week's Chicago Deal Sheet
Suburban multifamily real estate sales have seen an uptick in activity in Q3 and Q4. The latest high-profile deal involves Marquette Cos., which sold Two Itasca Place, a five-story, 70-unit apartment building in Itasca, to Waypoint Residential.
The asset offers one- and two-bedroom units with an average footprint of 1,694 SF, and community amenities such as concierge services, lobby WiFi, package reception, a gazebo, bike storage and secured building entry.
Marquette was represented by KIG's Susan Tjarksen, Todd Stofflet and Jason Stevens. The sales price was not disclosed, but Stofflet said the sale is the highest per unit in DuPage County this year.
SALES
Kiser Group’s Aaron Sklar and Noah Birk were the sole brokers in the $2.9M sale of a four-building, 50-apartment portfolio at 7662 South South Shore Drive, 7661 South Coles, 7870 South Coles and 7800 South Creiger, in the South Shore neighborhood.
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Tricap Residential Group and The Walton Group acquired the Quarters Apartments in Woodridge and Camelot Apartments in Crystal Lake. The deal will add 192 units to Tricap’s existing portfolio.
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SVN | Chicago Commercial completed the following transactions:
- Reid Bennett and Cody Doran represented the seller in the $5M sale of Hillcrest Apartments, a 108-unit affordable housing development in Dubuque, Iowa.
- Wayne Caplan was the sole broker in the $1.5M sale of a fully leased, 7,100 SF retail building at 906-908 Green Bay Road in Winnetka.
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Lee & Associates' Jeff Janda, Brad Simousek and Mike Plumb represented the seller, American Dawn, and CBRE’s Jack Brennan represented the buyer, Lawrence Foods, in the $3.4M sale of a 52K SF industrial building at 1200 Lunt Ave. in Elk Grove Village.
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Brown Commercial Group’s Dan Brown and Mason Hezner represented ID Properties in the sale of a 19K SF industrial building at 165 North Lively Blvd. in Elk Grove Village. The buyer, Haas Factory Outlet, will use the space to manufacture machine tools and rotary products.
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Essex Realty’s Brian Kochendorfer, Brian Karmowski and Troy Beebe represented the seller and Abe Eilian and Doug Fisher represented the buyer in the $1.2M sale of a 24-unit apartment development at 1942-48 17th Ave. in Melrose Park.
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CBRE Hotels' Nate Sahn and John Karver represented the sellers of two Fairfield Inn & Suites with a combined 197 rooms in Naperville and St. Charles. The sale included the 105-room Fairfield Inn & Suites Chicago Naperville at 1820 Arbiter Court in Naperville, and the 92-room Fairfield Inn & Suites Chicago St. Charles at 2096 Bricher Road in St. Charles.
LEASES
Midwest Industrial Funds completed the following transactions:
- Midwest Industrial Funds completed a 106K SF long-term lease with CTS Corp. at 4925 South Indiana in Lisle. Cushman & Wakefield’s Scott Goldman and Josh Feldman represented CTS.
- Midwest Industrial completed a 60K SF long-term lease expansion with Stamar Packaging at 1600 Fleetwood in Elgin, which brings the 247K SF building to 100% leased. Lee & Associates’ Mike Androwich Jr. represented Stamar.
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Millennium Properties R/E’s Michael Mintz was the sole broker in a 2,050 SF storefront lease at 5243 North Clark in Andersonville. Smokes on Clark, a longtime Andersonville retailer, signed a 10-year lease.
HIRES/PROMOTIONS
KBS Realty Advisors hired Daniel Park as senior vice president and asset manager for the Chicago, St. Louis, Kansas City and other Midwest markets. Park, who began his career at KBS in 2004 as an investment analyst, rejoined the firm from Greenlaw Partners, where he was director of acquisitions.
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JVM Realty hired Jon Eastman as vice president of capital markets. Eastman was most recently vice president of sales for Atlas Energy Group.
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Savills Studley promoted John Goodman, Joe Learner and Robert Sevim to vice chairman.
KUDOS
Fifield Realty Corp’s NEXT Apartments in River North became the first new construction tower in Chicago to earn Three Green Globes certification from the Green Building Initiative.
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The Inland Real Estate Group of Cos. was named the recipient of the 2017 Torch Award for Marketplace Ethics by the Better Business Bureau serving Chicago and Northern Illinois. The award was presented at the recent 21st Annual BBB Awards luncheon ceremony.
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Inland Real Estate Group Senior Vice President of Government Relations Dan Wagner was honored with the National Association of Realtors Commercial Award for his work on behalf of the real estate industry. Wagner, who is president-elect of the Illinois Realtors, was saluted for his work to promote best practices in the industry and efforts to preserve the 1031 like-kind exchange as part of the nation's tax code.
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Proper Title opened a new office in Bucktown at 2323 North Damen. Proper Title now has seven offices in Cook, Lake and DuPage counties.
CONSTRUCTION
Skender Construction completed the interior build-out of a specialty medical clinic at Rush Oak Park Hospital. The new facility on the fifth floor includes 21 exam rooms, an allergy room and infusion room, as well as four procedure/treatment rooms. Support and ancillary spaces include reception, waiting, blood draw and administrative offices. A portion of the build-out is dedicated to the adjacent ROPH hematology/oncology practice, adding four infusion bays and a nurse's station.
