This Week's Chicago Deal Sheet
Multifamily investors flocked to the suburbs last year seeking opportunities and yield. And sellers are disposing of portfolios an asset at a time in order to maximize their exits. KBS Legacy Partners Apartment REIT announced the sale of a seven-state, 11-property portfolio for $480.7M.
The properties total over 2M SF and encompass both garden-style and mid-rise communities. Seven properties were sold separately, including Legacy at Poplar Creek in Schaumburg and Legacy at Martin's Point in Lombard.
HFF represented the seller. The advisory team consisted of Matthew Lawton along with HFF teams in the deals' respective markets.
SALES
Baum Realty’s Greg Dietz and Danny Spitz represented the seller in the $10.9M sale of a 13K SF building and an adjacent 3,885 SF parcel at 1616-1628 North Damen in Wicker Park.
***
Lee & Associates’ Jay Farnam closed on two industrial sale transactions in Addison. A 14K SF building at 1236 Capitol Drive sold for $1M, and a 15K SF building at 1770 Cortland Court sold for $1.1M.
***
Brown Commercial Group’s Brian Lindgren represented the buyer, Nottingham Realty Group, in the acquisition of a 38K SF warehouse at 1700-1730 Todd Farm Drive in Elgin. The seller, Cristie Ann Enterprises, was represented by Colliers International’s John D’Orazio.
***
NKF’s Elise Couston and Mark Deady represented the buyer, Barings Real Estate, and Adam Marshall represented the seller, Ridge Development, in the sale of a spec industrial building at 1365-1395 Brewster Creek Blvd. in Bartlett. Barings also appointed NKF as the exclusive leasing agent and property manager for the facility.
LEASES
NAI Hiffman’s Dan Hiffman and Jana Foreman represented ownership, Forest Park Plaza, in a 70K SF lease with Living Fresh Market at 7520 West Roosevelt Road in Forest Park.
***
Phillips Edison completed two leases totaling nearly 51K SF with Ross Stores. Ross Dress for Less will occupy 30K SF at Fresh Market Shopping Center in Normal, and dd’s Discount will occupy 20K SF at Burbank Plaza in Burbank.
***
Millennium Properties’ Chet Evans was the sole broker in a 3,100 SF lease with Farm Journal Media at 6643 North Northwest Highway in Edison Park.
HIRES/PROMOTIONS
Irvine Company Office Properties hired Emily Kream as director of construction for its Chicago portfolio, which includes One North Wacker, 300 North LaSalle and 71 South Wacker. Kream was most recently part of the Chicago project management team at Tishman Speyer.
***
Lendlease hired Justin Patwin as project director for the firm’s Chicago-based development business. He joined Lendlease from AJ Capital Partners, where he was vice president of development.
***
Mid-America Real Estate promoted Willie Hoag and Dan Tausk to head the firm’s tenant representation division.
***
JVM Realty promoted Steve Meyer to chief investment officer and Jason Kovich to chief financial officer.
***
Seyfarth Shaw hired Michael Rechtin to lead the law firm’s data center practice. Caddis hired Shawn Janus as director of development. He will lead the firm’s acquisitions and development activities in the Midwest.
***
The Chicago office of 90 North Real Estate Partners promoted Martin Ahern to vice president - investments and Jay Pacelli to vice president – transactions.
***
Dayton Street Partners hired Joe Moriarity as an associate, responsible for underwriting prospective acquisitions. Moriarity was most recently at JLL as an associate in the firm’s capital markets group.
CONSTRUCTION
The Missner Group completed a two-building renovation on behalf of Berman Subaru at 4330 and 4444 West Irving Park Road in Portage Park. The 40K SF project included 13K SF of extensive office updates and modernizations, and a 22K SF state-of-the-art service area was constructed. Robert Papineau was project manager and Bill Uchyn was project superintendent. Becker Architects provided architectural services.
***
Principle Construction broke ground on a 43K SF spec office project at 1250 Windham Parkway in Romeoville. This will be the first LEED-certified office building in Romeoville and will have suites for up to 10 tenants, 10-foot ceiling heights and an extensive window line. Completion is slated for October.
***
Iris Construction Services is building a 10K SF animal hospital for Premier Veterinary Group at 7000 West 159th St. in Orland Park. Construction is expected to be completed in August. Realty Metrix Commercial’s Linda Kost and Dave Schmidt represented the tenant in the lease transaction.
***
Meridian Design Build was selected by Ferguson Enterprises to design and construct a 122K SF industrial build-to-suit at 4110 North Franklin Road in Indianapolis. Architectural design services are being provided by Cornerstone Architects. Civil engineering design services are being provided by American Structurepoint.
KUDOS
Aries Conlon Capital’s Rushi Shah was accepted into the Forbes Finance Council, an invitation-only community for executives in accounting, financial planning, wealth and asset management, and investment firms. Forbes Council members are hand-selected to become part of a curated network. As a council member, Shah will submit thought leadership articles and advice on industry-related topics for publishing on Forbes.com.
