This Week's Chicago Deal Sheet
Renovations are underway on Halas Hall, the headquarters of the Chicago Bears in Lake Forest, including a 162K SF addition that more than doubles the size of the facility.
The project, undertaken for the football club by Mortenson, is on track to be complete before the start of the 2019 season.
Improvements include a 13K SF indoor turf field with projection screen, virtual reality room and adjacent classrooms for learning and practicing plays; expanding the weight room by 2K SF; and doubling the size of the equipment room, recovery space and nutrition and fuel station.
Mortenson is also building new locker rooms and a players lounge, expanding coaches’ offices and other rooms, and quadrupling the hydrotherapy and sports medicine space. There will also be a new rooftop garden upon completion.
The current project follows the 2013 Halas Hall renovation that upgraded the Bears’ business offices and added a new media and broadcast center, viewing suite and cafeteria.
The facility has not been closed for the renovation. Mortenson said it worked with the design team and the Bears to optimize the existing floor plan to provide the least disruption to the Bears’ ongoing operations.
EXECUTIVES
Draper and Kramer appointed Todd Bancroft as the firm’s next president and CEO. Bancroft, who is currently chief operating officer and who has been interim president and CEO for the last three months, succeeds Forrest Bailey.
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Skender has named two manufacturing industry veterans, Dan Conley and Mike Mulrooney, to its manufacturing leadership team. Skender’s advanced manufacturing facility in southwest Chicago produces modular components that Skender constructs into multifamily, healthcare and commercial buildings.
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Mesirow Financial has tapped Zach Fox as a vice president in the company's sale-leaseback capital group. In his new position, which is based in Chicago, Fox will focus on new business development and client management.
DEVELOPMENT
Hilco Redevelopment Partners is preparing to break ground on Exchange 55, an industrial development at Pulaski and Interstate 55 in Chicago. The property will offer about 1M SF of divisible warehouse space, with delivery expected in Q1 2020. Exchange 55 will include 40-foot clear height, 70-foot speed bays, multiple access points, and trailer and employee parking, with options for parking expansion. Cushman & Wakefield has been named as leasing broker for the development.
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Franklin Partners unveiled its redevelopment plans for The Shuman, a five-story office building at 263 Shuman Blvd. in Naperville, the centerpiece of which is a new 30K SF amenity space. In addition to open, collaborative spaces, tenants will have access to two private meeting rooms — a larger room seating up to 100 people and a casual living room that seats up to 15. Wright Heerema Architects did the design.
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J.C. Anderson has completed renovations to The Metropolitan, the 40K SF club operated by Dallas-based ClubCorp on the 66th and 67th floors of Willis Tower. The renovations included the addition of Frame, a bar and lounge with food, drinks and live entertainment; Blueprint, a collaborative work area that becomes a cocktail bar at night; and an upscale dining area called Craftsman that honors Chicago’s architectural heritage, specifically that of Frank Lloyd Wright.
SALES
Greystone Real Estate Advisors brokered the $13.4M sale of Pine Hill Apartments in Wheeling. Pine Hill was developed in 1979 as 264 apartment units and converted to condominiums in 2006, when 117 of the units were sold as condos. The transaction involved the sale of the remaining 147 rental apartments. The buyer plans to revert the property back to solely rental units, and also to renovate interiors and the common areas. Greystone's Bill Montana and Chris Sackley represented the seller.
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Stocking Urban and Next Realty acquired 838-846 West Altgeld in Lincoln Park for an unspecified price from a longtime private owner. The property was built between 1905 and 1915 to house workers from the nearby Finkl Steel plant, and was acquired and renovated in 1970 by the current seller. The buyers plan to modernize its 12 units, along with exterior renovations to revive the facades of both buildings. First units will deliver in 2019.
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The 7,050 SF Joseph Naper Building, the oldest building in Naperville, has sold for $3.6M. The mixed-use property is at 216-218 South Main St. The buyer was a California-based private investor in a deal brokered by Marcus & Millichap.
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Stanton Road Capital, a Los Angeles-based real estate investment firm, has acquired Arbor Lake Centre, a 228K SF office building at 1751 Lake Cook Road in Deerfield that it plans to make enhancements to. The property was 75% leased at the time of acquisition. Developed in 1986, the six-story property is occupied by L’Oreal, Miller Cooper, AXA Equitable and Personal Staffing Group. Colliers International will serve as the leasing agent and property manager for the building. The sale was facilitated by CBRE.
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The Boulder Group has brokered the sale of a single-tenant net-leased Jewel-Osco property at 4650 West 103rd St., Oak Lawn, for $16M. The 47K SF building is on 3.6 acres. The seller is a private real estate investment company based in the Southwest, while the buyer is a high net worth investor from Australia. The Boulder Group's Randy Blankstein and Jimmy Goodman represented both the seller and the buyer.
THIS AND THAT
Pangea Cares, a 501(c)(3) nonprofit organization that serves underrepresented communities in Chicago, Indianapolis and Baltimore, will prepare and distribute 125 Thanksgiving turkey baskets to residents of Pangea Properties, a private REIT, on Nov. 17. The Turkey Giveaway initiative is a part of Pangea Cares’ mission to improve the communities that Pangea Properties owns and operates.
