This Week's Chicago Deal Sheet
Duke Realty began building a new 544K SF spec bulk warehouse on Renwick Road between Interstate 55 and I-355 in Romeoville near Lewis University Airport. Called Airport Logistics Center I, the 76-acre site allows for an expansion of the building to 1.3M SF, additional parking or the construction of a second building.
“Airport Logistics Center I is ideal for users serving the Chicago metro area as well as the rest of the country,” Duke Realty Vice President of Leasing and Development Susan Bergdoll said. “The building’s mid-point location between Interstate 55 and Interstate 355 and its proximity to Interstate 80 provides ready access to the Chicago metro area and enables deliveries to more than 50% of the United States within a one day’s drive. Plus, Airport Logistics Center I will include the latest features for efficient product storage and distribution.”
Slated for delivery in July, Airport Logistics Center I will feature 36-foot clear height, 53 foot-by-50 foot bays with 60-foot staging bays, 81 dock doors and parking for 125 trailers and 335 cars. To facilitate truck and car access, Renwick Road is being widened to accommodate an eastbound turn lane. Lewis University Airport, located 5 miles north, offers corporate jet access.
Duke Realty owns and manages another 15 buildings totaling 4.5M SF in the high-demand I-55 submarket.
EXECS
Luxury Living Chicago Realty hired Jeff Schwedel as portfolio leasing manager to oversee a number of the company’s larger properties, and Allison Roberts, Ashley Lastres and Teddy Marrufo as leasing managers. Kerry Blankshain joined as lease process coordinator and Mabel Valera as lead intake specialist to support the leads generated by the firm’s marketing team. Katie Dickemann joined as marketing manager, and Sabrina Wottreng joined as public relations consultant. New marketing and leasing engagements include River City Apartments, The Apartments at Lincoln Common, No. 508, Spoke, Germain House, K Square, Logan Apartments and The Field's Lofts.
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Brad Smith joined Cushman & Wakefield as a Chicago-based associate in the Midwest Multifamily Advisory Group. He will work with Todd Stofflet, Jason Stevens and Susan Tjarksen, who joined the firm in October from KIG. Smith previously worked for Kensington Realty Advisors and Brightedge Technologies.
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Ware Malcomb, an international design firm, promoted Grant Brandenburg to director of regional operations and Troy Flick to studio manager, design. Both will work out of the firm’s Oak Brook office. The company recently moved into a new, larger office location at 1315 22nd St. in Oak Brook, and maintains a second office at 600 West Jackson Blvd. in Chicago.
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Essex Realty Group hired Derek Kaptanoglu and Anthony Citriglia, and both will focus on multifamily transactions in the suburban market. Kaptanoglu came to Essex from Starboard Commercial Real Estate, and Citriglia most recently worked at @Properties Commercial, where he specialized in multifamily, retail and hospitality.
SALES
SUGR RH Ravenswood LLC, a joint venture between Stocking Urban LLC, Rene Hertsberg and Gregory Robbins, acquired from All-Rob the approximately 14K SF flex industrial building at 4510 North Ravenswood Ave. in Chicago. The single-story building sits on nearly 20K SF of land. The CTA Montrose Brown Line stop along with the Ravenswood Metra stop are both within two blocks. Lakeside Bank provided the necessary financing.
The partners also signed two leases for the building. Feast Fitness + Nutrition, a new CrossFit gym, will occupy 7K SF later this month. The second tenant, Products on White Photography, will also occupy about 7K SF.
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Marcus & Millichap completed the $6.8M sale of Lincoln Park Townhomes, a 39-unit apartment property locted at 609 South Fell Ave. in Normal, Illinois, near Illinois State University. Eric Bell and Mitchell Kiven marketed the all-brick townhome-style building on behalf of the seller.
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Frank Micklin of SVN Chicago Commercial completed the $1.8M sale of a four-building multifamily portfolio totaling 48 units in Chicago’s Auburn Gresham neighborhood. The properties are at 7928-30 South Morgan St., 8100 South Loomis Blvd., 1305 West 82nd St. and 1332 West 82nd St.
CONSTRUCTION AND DEVELOPMENT
Mortenson completed the 17-story, 206-room Home2 Suites by Hilton Chicago River North at 110 West Huron St. The company teamed up with lead developer and owner Akara Partners on the $67M extended-stay hotel, while also serving as the design-builder with Norr Architects. The 120K SF River North building features a modern glass enclosure system and 5K SF for ground-floor retail.
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Principle Construction Corp. completed a 15K SF interior build-out for Wonderlic, a publisher of assessments and surveys, at 544 Lakeview Parkway in suburban Vernon Hills. The new space will give the business more room to store printed materials and recycle all used paper. Augustyn served as principal on the project and Principle’s TJ Sterbenz was the superintendent. Interform Architecture & Design provided architectural services. The team started construction on the interior build-out last September and completed the project by January.
The developers of Eveq, a boutique condominium community of 32 residences at 14 North Bishop St. in Chicago’s West Loop, started construction and released the first interior renderings of the five-story project, which they plan to deliver in Q3 2020. Designed by Sullivan Goulette & Wilson Architects, Eveq offers three- and four-bedroom plans priced from $810K, along with open floor plans, floor-to-ceiling windows and expansive outdoor spaces.
THIS AND THAT
Second Ward Alderman Brian Hopkins will host an On the Table Roundtable discussion for neighborhood residents at Harry Caray's 7th Inning Stretch in Water Tower Place on May 14, at 11:30 a.m. to discuss what policies and priorities they would like to see Mayor-elect Lori Lightfoot address in her first term. The ideas and policy proposals discussed at this meeting will be compiled into a full report. The event requires an RSVP to attend, and walk-ins will not be permitted.
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Pinstripes Inc., a Northbrook, Illinois-based restaurant company, formed a partnership with Brookfield Properties. The real estate firm made a minority investment into Pinstripes, and identified additional locations for this dining concept at various Brookfield assets throughout the United States. Pinstripes already has one location at a Brookfield property, the Oakbrook Center in suburban Chicago, and will open new restaurants at Streets of Southpoint in Durham, North Carolina, Halley Rise in Reston, Virginia, and SoNo Collection in Norwalk, Connecticut.
