This Week's Chicago Deal Sheet

Evergreen Real Estate Group celebrated the groundbreaking of two co-located housing and library projects it is developing in partnership with the city of Chicago, the Chicago Housing Authority and the Chicago Public Library. 

Mayor Rahm Emanuel and elected officials joined community residents and development partners Jan. 28 to mark the beginning of construction. One of the projects, the Independence Apartments and Independence Branch at 4022 West Irving Park Road in Irving Park, was designed by John Ronan Architects. The second project, Northtown Apartments and Northtown Branch at 6800 North Western Ave. in West Ridge, was designed by Perkins+Will. Each development will provide a total of 44 senior apartments, including 30 public housing units and 14 affordable residences.

SALES

Interra Realty brokered six transactions, totaling $9.7M:

• A 33-unit multifamily building at 5001 South Drexel Blvd. in Kenwood sold for $3.2M. Brad Feldman and Adam Saxon represented the buyer, EquityBuild. The seller, Cedar Street, was represented by Feldman, Saxon and Brian DiBasilio.
• Joe Smazal represented both the buyer, Blackhawk Investment Group, and a private seller in the sale of 3311 North Seminary, a five-unit multifamily building a few blocks northwest of the Belmont CTA station. The property sold for $2M.
• An eight-unit multifamily building at 2838 North Albany in Avondale sold for $1.6M. Feldman and Saxon represented the buyer and seller — both local private investors.
• A 21-unit community at 1850 South 61st Ave. in Cicero sold for $1.35M. Smazal and Patrick Kennelly represented the buyer, Rosenthal and Russo, and seller, Pappas Real Estate.
• A six-unit multifamily building at 2542-2544 North Harding sold for $900K. Feldman and Saxon represented both the buyer and the seller, who had owned the building for nearly 23 years.
• Stratman and Morton represented both the buyer, a local private investor, and seller, Kaya Investments, in the sale of 7801 South Ridgeland Ave. The 16-unit multifamily building sold for $695K.

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Marcus & Millichap completed the following transactions:

• Sean Sharko, Austin Weisenbeck and Brewster Hague were the sole brokers in the $1.8M sale of a 6,141 SF retail property at 2142-44 West Roscoe in Roscoe Village.
• Sean Sharko, Austin Weisenbeck, Scott Wiles, Craig Fuller and Erin Patton were the sole brokers in the $8.3M sale of Times Square Marketplace, a 263K SF retail property in Mount Vernon, Illinois.

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Tricap Residential Group closed on the $6.7M acquisition of Charleston Park Apartments, a 71-unit development in St. Charles. Tricap rebranded the asset as one of its Haven communities and will serve as the asset’s property manager and asset manager. It financed the acquisition with a five-year bridge loan originated by Walker & Dunlop's Justin Nelson.

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John Greene Realty’s Cory Ramey represented Midwest Industrial Funds in the purchase of a 49K SF multi-tenant industrial property at 24317 West 143rd St. in Plainfield. Marcus & Millichap’s Mark Masino and Madison O’Connor represented the seller.

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Berkadia’s Parker Stewart, Ralph DePasquale and Alex Blagojevich represented Falcon Way Apartments in the sale of Falcon Way Townhomes, a 220-unit apartment development in Rantoul, Illinois.

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The Boulder Group’s Randy Blankstein and Jimmy Goodman represented the seller in the $2.9M sale of a single-tenant, net-leased Walgreens property at 820 183rd St. in Homewood.

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SVN Chicago Commercial’s Scott Maesel and Drew Dillon represented Sterling Bay in the $1.7M sale of a 4,200 SF retail building at 1039 West Lake St. in Fulton Market. SVN Chicago Commercial’s Lee Ffrench and Tim Rasmussen represented the buyer.

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Mid-America Real Estate’s Rick Drogosz and Ben Wineman represented Brixmor in the $14.6M sale of Crossroads Centre, a 243K SF retail center in Fairview Heights, Illinois.

LEASES

JLL’s Brad Despot and Annie Nicolau represented Irvine Cos. in three leases at UBS Tower, One North Wacker. Egon Zehnder, the world’s largest privately held leadership solutions firm, signed a lease extension and expansion, and will occupy 23K SF on the 48th floor. Egon Zehnder was represented by Savills Studley’s Lisa Davidson and Tiffany Winne. First Industrial Real Estate Trust leased 17K SF on the 42nd floor and was represented by Savills Studley’s John Goodman, Eric Feinberg and John Connerty. Kibar Americas leased 5,126 SF and was represented by JLL’s Corey Siegrist.

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SVN Chicago Commercial’s Scott Maesel, Chad Schroedl and Drew Dillon represented the landlord, and Jameson Commercial Real Estate’s Ari Topper and Andrew Magliochetti represented tenant Coates Group, in a 14K SF lease at 112 North May in Fulton Market.

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First Western Properties’ Paul Tsakiris and Marion Abramiuk were the sole brokers in a lease with a neighborhood store at 4635 West 63rd St.

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Lee & Associates’ Mike Plumb and Andrew Block represented landlord Acmate, and JLL’s Cody Sundberg and Chris Watts represented tenant Nefab Packaging, in a 51K SF lease at 1539 Hunter Road in Hanover Park. Nefab Packaging is relocating to Hanover Park from Elk Grove Village.

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Cushman & Wakefield’s Parker Stewart, Ralph DePasquale and Alex Blagojevich represented landlord ML Realty Partners, and Colliers International’s Vern Schultz and Mike Senner represented tenant Holly Hunt Enterprises, in a 210K SF lease at 8450 Sergo Drive in McCook, Illinois.

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RKF’s Anthony Campagni and Elan Rasansky represented E&L Management in an 860 SF lease with Topdrawer at 810 West Armitage in Lincoln Park. Cushman & Wakefield’s Jack Siragusa represented the tenant.

HIRES/PROMOTIONS

Podolsky Circle CORFAC International’s Michael Lebar was named a principal of the firm and president of its construction division, Podolsky Circle Construction. Lebar joined Podolsky Circle in 2016 to launch the construction division.

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Colliers International hired Brent Jacob as a vice president and Jake Spinell as an associate in the firm’s Rosemont office. Jacob was previously a portfolio manager for John Hancock Real Estate and was at Colliers from 2011-15. Spinell joins Colliers from Bradford Allen Realty Services.

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Wight & Co. promoted Jason Dwyer to group president, design and construction.

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Morgan/Harbour Construction promoted Sylvester Gasiorek to estimating manager. Gasiorek joined Morgan/Harbour in 2014 as an estimator.

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Interra Realty promoted Patrick Kennelly to managing partner, and hired Bill McNamara as brokerage director, Harrison Pinkus as associate broker and Jessica Langner as marketing director.

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Iris Construction Services hired Jerry Boyadjian to handle business development in the commercial real estate sector.

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Cushman & Wakefield expanded its valuation and advisory team with the hires of Michael Gathman, Andrew Menck and Kari Olbrecht.

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KIG CRE hired Daniel Falkenberg as a financial analytics associate. He will support the sales team by valuing assets and providing underwriting analysis for institutional asset sales.

CONSTRUCTION

Wight & Co. began construction of the new Will County Courthouse building in Joliet. The 10-story, 369K SF building will include 38 modern courtrooms when completed in 2020. Kevin Havens is leading the design team. HOK Global Justice Director Jeff Goodale is the consulting architect.

KUDOS

Taris Real Estate topped off 900 West Washington, a 22-unit luxury condominium development in the West Loop. Northworks were the architect and Power Construction was the general contractor. The project is expected to be completed in the fall.