This Week's Chicago Deal Sheet
Pre-leasing is underway at The Residences at Addison & Clark, a 148-unit rental development at the southeast corner of Addison and Clark streets in Wrigleyville —and in fact, located across the street from Wrigley Field.
The Residences are the upper floors of Addison & Clark, a mixed-use development that will offer shopping and entertainment options to complement the area’s sports-centric background.
“The Addison & Clark development will transform the area into a residential and entertainment district all year long,” RMK Management CEO Anthony Rossi Sr. said. RMK is overseeing the residential leasing.
In keeping with the sports history of the neighborhood, The Residences at Addison & Clark features baseball-themed amenities such as the Upper Deck, an 8,746 SF outdoor rooftop space featuring a pool, hot tub and grilling stations; the Training Zone, a cardio and strength training facility; the Dugout, a conference room and shared tech space; the Bullpen, an outdoor dog park on the fifth floor; and the Diamond Lounge, an indoor residential retreat with a community kitchen and event space.
The Residences will offer studio, one- and two-bedroom units ranging from 501 SF to 1,409 SF, with rental rates from $1,980 to $4,510. First move-ins will be in early September.
EXECS
NAI Hiffman has promoted Adam Johnson, David Haigh and Jason Wurtz to executive vice president, and named them shareholders of the firm.
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Rush Street Capital has hired two new associates, Patrick Kelly and James Sheehan.
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Samuel Luckino joined architecture firm Goettsch Partners as a principal and senior project manager in the Chicago office.
SALES
Stan Johnson Co. facilitated the sale of a two-tenant flex building in Arlington Heights to New York-based Crystal Acquisitions, a private buyer, for $11.4M. Located at 545 East Algonquin Road, the 111K SF building is 85% leased to Intertek, which self-funded a highly specialized interior build-out. A data center operator occupies the remaining 15% of the building as its headquarters. Stan Johnson Co. represented the seller, a JV between Minneapolis-based Biynah Partners and Baltimore-based Alex Brown Realty.
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Quantum Real Estate Advisors has brokered the sale of a dual-tenant retail center at 1311 Butterfield Road in Aurora. The 6,822 SF property sold for $1.34M and is leased to Anytime Fitness and Aurora Chiropractic. The buyer was a private real estate investor based in the northern suburbs of Chicago. Quantum Real Estate Advisors' Chad Firsel represented the private seller.
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Mid-America Real Estate Corp. brokered the sale of East Lloyd Commons, a 159K SF retail property in Evansville, Indiana, purchased by a Cleveland-based private buyer for $23M. East Lloyd Commons is at the northwest corner of Lloyd Expressway and Burkhardt Road, and is anchored by Dick’s Sporting Goods, Best Buy, Michaels, Guitar Center and Panera Bread.
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Marcus & Millichap brokered the sale of a 24-unit apartment property in Algonquin for $2M. Marcus & Millichap’s Chicago Oak Brook office marketed the property on behalf of the seller, a private investor. The buyer, also a private investor, was secured by Marcus & Millichap as well.
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An 18-unit apartment building at 2040 North Pine St. in Waukegan sold for $828K. Essex Realty Group brokered the transaction.
LEASES
Cushman & Wakefield represented tenant Tablecraft Products Co. in a 109K SF lease at 1020 Lakeside Drive in Gurnee. Colliers International represented the building owner, Venture One. Tablecraft will be consolidating from two other facilities within the Grand Tri-State Business Park.
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The Chicago office of Duke Realty Corp. signed two leases in two of its buildings in the Chicago area. Basic Crating and Packaging will occupy 98K SF in Duke's Crossroads Parkway 335 in Bolingbrook. Pioneer Logistics has leased 74.7K SF in the company's 50–56 North Paragon in Romeoville.
DEVELOPMENT
McCaffery has topped out its Fulton Market project in Chicago, Twelve01West. The 150K SF glass-and-concrete building will include a custom wood-paneled open lobby, a bike storage and repair room on the ground level and a penthouse tenant-only wellness center and outdoor deck. Twelve01West will also include 45 indoor parking stalls. Completion is anticipated for Q1.
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A joint venture between Chicago-based James McHugh Construction Co. and UJAMAA has completed construction of Hilton’s first-ever tri-branded property in the Motor Row District in Chicago’s South Loop. Operating under one roof at 123 Cermak Road are the Hilton Garden Inn Chicago McCormick Place, Hampton Inn by Hilton Chicago McCormick Place and Home2 Suites by Hilton Chicago McCormick Place. The new property is connected to McCormick Place and is adjacent to Wintrust Arena. All together, the 22-story hotel features 466 rooms and 7K SF of amenity space, including a fitness center, an indoor pool, a 24-hour business center and 10 event and meeting spaces.
FINANCING
Wool Finance Partners has arranged $4.5M in financing for Pershing Terminal in Stickney. The loan was secured by a 100% leased, 54-door truck terminal and maintenance facility on a 10-acre site. The lender, a West Coast life insurance company, underwrote the loan based upon not only the value of the real estate, but also a lender environmental insurance policy obtained by the borrower, which insures the lender for any remediation costs in the event of a borrower default. The loan structure provided for a conventional mortgage for the real estate with a 25-year term and 25-year amortization, an initial fixed-rate term of seven years at 5.125%, and limited 50% personal recourse.
THIS AND THAT
Colliers International won the Downtown Real Estate Softball League championship this year.
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Coworking company Level Office has rebranded itself as Novel Coworking, a name it said more accurately represents the company’s goal of partnering with clients to provide the space they need to "write their story." While the company’s name has changed, the ownership remains the same. In 2017, the company was named the third-fastest-growing real estate company in the nation by Inc. Magazine, and the 94th-fastest-growing private company.
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EQ Office and Infuse Hospitality are opening Altitude Café and Lounge in the Willis Tower. The café is on the 66th and 67th floors of the former Sears Tower, overlooking Lake Michigan and the Chicago skyline. Altitude Café and Lounge is part of a larger renovation effort at Willis Tower. In early 2017, EQ and Blackstone unveiled $500M in renovations to take place through 2020.
