This Week's Chicago Deal Sheet

Investor interest in North Center office real estate is gaining momentum. Echo Development Group is the latest firm to enter the North Side neighborhood.

Echo announced the $14M acquisition of 2401 West Grace, a single-tenant office building in North Center. The building is fully leased to an AT&T subsidiary, AT&T Services, which uses the building as a call center and is in the middle of a 500-person hiring spree.

Echo joins R2 Cos., which acquired the WGN-TV studios in February 2017, and Bradley Business Center, a joint venture of Hansen Realty and Centrum Realty and Development, in the growing North Center office activity.

SALES

Jameson Commercial Real Estate’s Mark Kishtow represented the buyer in the acquisition of a 6,357 SF, six-unit apartment building at 1644 West Addison in Lakeview.

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First Western Properties’ Gene Hart and Paul Tsakiris were the sole brokers in the sale of a multifamily property at 1928 South Washtenaw in Pilsen.

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Kiser Group’s Noah Birk and Aaron Sklar represented the buyer, Nicki Enterprises, and the seller, a local developer, in the $489K sale of a six-unit apartment building at 5728-30 South Indiana Avenue in Bronzeville.

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Essex Realty completed the following transactions:

• Matt Welke and Matt Feo represented the seller and Brian Kochendorfer, Brian Karmowski and Troy Beebe represented the buyer in the $2.2M sale of a 21-unit apartment building at 8401-07 Dempster in Niles.
• Matt Feo was the sole broker in the $485K sale of a two-unit apartment building at 3359 West Beach in Humboldt Park.

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33 Realty’s John Meyer was the sole broker in the $3.2M sale of a 23K SF mixed-use property at 4751-59 North Sheridan Road in Uptown. The property is composed of 14 apartments and five commercial spaces.

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Quantum Real Estate Advisors’ Chad Firsel represented the seller, and Daniel Waszak represented the buyer, in the sale of a 45K SF retail portfolio in Aurora consisting of a 31K SF shopping center and a single tenant Walgreens.

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Greenstone Partners’ Danny Spitz and Greg Dietz represented the buyer in the acquisition of 1000 West Washington, a 25K SF mixed-use building in the West Loop.

LEASES

NAI Hiffman’s Aubrey Van Reken represented Kriha Law Firm in a 4,213 SF lease at Two TransAm Plaza Drive in Oak Brook.

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Duke Realty’s Susan Bergdoll and Casey Baird completed the following transactions:

• Bergdoll and Baird renewed a 94K SF lease with Sysco Guest Supply at 370 Kimberly Drive in Carol Stream. Sysco was represented by JLL’s Rob Tamillo, while NAI Hiffman’s Kelly Disser served as the listing broker for Duke Realty.
• Bergdoll and Baird renewed a 193K SF lease with Genera Corp. at 4220 Meridian Parkway in Aurora. The tenant was represented by Paladin Broker Services’ Greg Nelson.

FINANCING

Aries Conlon Capital’s Francisco Nacorda, Heather Madsen and Prabhat Jayara secured a $9M, nonrecourse, CMBS permanent loan to refinance the Holiday Inn Express Lake Wales N-Winter Haven in Lake Wales, Florida, on behalf of the hotel’s owner, Japinder Singh.

HIRES/PROMOTIONS

Darwin Realty hired Marty Mikaitis as an associate in its Elmhurst office. He will work with Adam Haefner and Zeke Rowan on a full range of brokerage services, including tenant, buyer, ownership representation, build-to-suit projects and land development. Mikaitis also works on investment analysis, acquisition and disposition services, primarily in the Interstate 55 South corridor and the I-80 submarket.

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Essex Realty promoted Brian Kochendorfer to managing director, Hayley Rawers to director and hired Zenoviy Kovtun as an associate.

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Quarles & Brady hired Brian D. Anderson as of counsel in its Madison, Wisconsin, office. He focuses his practice on commercial real estate and mortgage finance. His experience includes real estate sale and purchase, commercial leases, real estate development, stadium financing, tribal real estate, project financing, public-private partnerships and more.

CONSTRUCTION

Meridian Design Build completed a 75K SF build-to-suit for Banner Wholesale Grocers at 2639 South Damen in Little Village. Architectural services were provided by Schmidt Design and civil engineering work was completed by Kimley-Horn. Baker Development acted as the owner’s agent on the project.

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Akara Partners and Mortenson topped off the 17-story Home2Suites Hilton Hotel in River North six weeks ahead of schedule. Mortenson and its subcontractors were able to do this using innovative building techniques including Trimble equipment and technologies, which integrate GPS and 3D modeling to pinpoint exact locations to install required materials within the concrete decks.

KUDOS

Valbridge Property Advisors Director of Real Estate Services Anthony S. Mulé earned the Member of the Appraisal Institute designation for his experience in the property appraisal industry.

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At CREW Chicago’s most recent luncheon at the East Bank Club, Mid-America Real Estate Group partner Michelle Panovich moderated a panel and question-and-answer session that addressed questions like, "How do I reinvent my marketplace?", "How can I use technology to get shoppers into my marketplace?", "How do I get a visitor to the center into my store?" and "How do I deliver an integrated online and brick-and-mortar experience?" Speakers included Jaime Bertsche, Vice President – Leasing, MidAmerica Asset Management, Rick Filler, President and Chief Operating Officer, The Harlem Irving Cos., and Samantha Schnell Director of Leasing, IRC Retail Centers.