This Week's Chicago Deal Sheet
Hospitality real estate investor Arbor Lodging Partners is based out of Chicago, but held no assets in the market. Until now.
Arbor partnered with Middleton Partners to acquire the 398-room Marriott Schaumburg hotel from Investcorp U.S. Real Estate for $35.5M. It is the largest single-asset hotel transaction in Schaumburg since Investcorp bought the hotel for $51M in 2007.
Suburban hotels have been slow to recover to their pre-recession highs, but the Marriott Schaumburg is performing on par with comparable hotels in the submarket, and Arbor Lodging CEO Vamsi Bonthala said he believes the market fundamentals are favorable to turn around the property.
Arbor Lodging is planning a massive renovation of the hotel, including upgrading common areas, food and beverage service, introducing Marriott's M Club Lounge for elite members, and modernizing conference and meeting space.
SALES
The Boulder Group’s Randy Blankstein and Jimmy Goodman represented both parties in the $3.3M sale of a single-tenant, net-leased Canadian Imperial Bank of Commerce property at 1255 Green Bay Road in Wilmette.
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Marcus & Millichap completed the following transactions:
- Matthew Wenger, Dominic Sulo and Chad Lieber represented the buyer in the $2.3M sale of an 8K SF net-leased KinderCare at 651 Deerfield Parkway in Buffalo Grove.
- Rick Gordon was the sole broker in the $820K sale of a 77-acre land parcel at 41W750 Kenslinger Road in Elburn.
- Tammy Saia represented the seller in the sale of a 26K SF Walgreens-anchored strip center at 500 Northwest Highway in Cary.
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SVN | Chicago Commercial’s Paul Cawthon and Angelo Labriola represented the seller in the $2.1M off-market sale of a six-unit multifamily building at 1431 West Cortez in Noble Square.
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The Missner Group acquired a 45K SF building at 2323 Ravine Way in Glenview, in a sale-leaseback deal with Dreamworks Graphic Communications. NAI Hiffman’s Larry Much was the sole broker in the deal.
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Brown Commercial Group’s Mike Antonelli and Mason Hezner represented Spirit Realty Capital in the sale of a 127K SF industrial building at 2001 Arthur Ave. in Elk Grove Village. Colliers International’s Jonathan Kohn represented the buyer, Seefried Industrial Properties, which plans to build an 80K SF warehouse on the site.
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Entre Commercial Realty’s Brian Bocci represented the buyer in the acquisition of a 42K SF building at 640 Heathrow Drive in Lincolnshire. Security Lock Distributors, an electrical and mechanical door hardware manufacturer, bought the facility and was represented by Glenwood Commercial Real Estate’s Jason Talanian.
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Millennium Properties’ Greg Block and Brad Thompson represented both parties in the sale of an 11K SF retail showroom and warehouse at 230 Arnold Ave. in Rockford.
LEASES
CBRE’s Mitch Adams and Nicole Mentone represented Avergis, and NAI Hiffman’s Chris Gary represented National Express, in a 99K SF lease at 2005 West 43rd St. National Express will move to its new space this spring from its current Fulton Market location.
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RKF’s Anthony Campagni and Cooper Annenberg represented Strategic Asset Associates in a 3,657 SF lease with Veggie Grill at 911-915 West Randolph St. Veggie Grill is expected to open in late 2018.
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Duke Realty signed a 75K SF lease with Velky Brands at 56 North Paragon in Romeoville. Duke Realty was represented by Casey Baird, along with Cushman & Wakefield’s Sean Henrick and Jason West.
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Adelphia Properties’ Simeon Spirrison completed the following transactions:
- Spirrison represented the landlord in a 1,400 SF lease with Clark Chiro at 2815 83rd St. in Darien.
- Spirrison represented both parties in a 1,200 SF lease to Allstate Insurance at Marbil Plaza in Palos Heights.
HIRES/PROMOTIONS
Kiser Group promoted Aaron Sklar to director. Sklar was promoted after closing nearly $53M in transactions last year and has been involved in excess of $67M in transactions in two years in commercial real estate.
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Stantec promoted Brenda Bush-Moline to healthcare sector leader in the eastern U.S. With more than 20 years of experience, she has steadily grown Stantec’s healthcare practice regionally since joining the firm.
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Cawley Chicago hired Doug Hayes as executive vice president. Hayes focuses his business primarily in the city and infill markets in Cook County.
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Crow Holdings International hired Matt Kurucz as managing director and leader of its new Chicago office. He joins Crow from The Opus Group, where he served as director of real estate development and was responsible for over 3.7M SF of industrial product in the Chicago market.
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Savills Studley hired DeJeana Chappell as senior managing director, workplace strategy. She joined Savills Studley from JLL.
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CBRE hired Andria Winters as senior director of business services on its advisory and transaction services team. Most recently, Winters served as a leader of the state of Illinois’ economic development and business recruitment initiatives. In 2015, she was appointed by the governor as assistant director of the Illinois Department of Commerce, and launched the Illinois Innovation Council aimed at building the region’s visibility as a tech and business hub.
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Baird & Warner hired Martin Bozarth as chief financial officer. He returned to the firm after serving in the same position from 2002-2007. Most recently, Bozarth was chief financial officer for USA Vein Clinics in Northbrook.
