This Week's Chicago Deal Sheet: Cresa Hires New CFO
Cresa appointed Tracey Luehring as its chief financial officer, effective immediately.
Luehring will oversee Chicago-based Cresa’s finance team, playing a critical role in advancing the firm’s strategic growth objectives geared toward creating value for occupier clients.
“As we continue to grow our firm via M&A, it is important to have the right team in place,” CEO Tod Lickerman said in a release. “Tracey is an accomplished expert with demonstrated success in executing mergers and acquisitions, seamlessly integrating new teams, and driving value creation.”
Luehring joins Cresa from consulting firm CrossVue, where she led financial and business intelligence functions. Before that, she served as CFO at VikingCloud, a private equity-backed global provider of security and compliance solutions where she oversaw the finance team build-out following a series of five acquisitions.
“I am elated to join the Cresa team on their journey of strategic execution,” Luehring said in a release. “With my experience in financial business partnering and operational M&A integration, I look forward to building on Cresa’s leadership and vision for the future.”
PEOPLE
Essex Realty Group promoted Brian Karmowski to partner. Over Karmowski's 13 years in commercial real estate brokerage, he has successfully closed more than $750M in investment sales transactions.
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Inland Real Estate Investment Corp. made a pair of executive promotions. The company promoted Nati Kiferbaum to chief strategy officer of Inland Investments, synchronizing the firm’s research, investment strategy and property underwriting with The Inland Real Estate Group’s newly appointed chief investment officer.
Inland also promoted Rahul Sehgal to chief operating officer of Inland Investments. In his new role, Sehgal will prioritize the investor experience by continuing to improve investor and financial advisor interactions with all Inland Investments programs.
SALES
A private local buyer bought an eight-unit rental property at 2501 N. Southport Ave. in Lincoln Park for $3.4M from a confidential seller. Interra Realty's Brad Feldman represented the buyer in the deal, while Interra's Joe Smazal, Colin O’Malley and Mark Dykstra represented the seller.
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A national institutional investor purchased The Oaks at Bartlett, a 283-unit senior housing community in Bartlett, for $42M. The community was sold through a court-supervised process with Michael F. Flanagan of Flanagan & Associates serving as the receiver. Continuum Advisors' David Kliewer and Jay Jordan closed the deal.
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Storage Post purchased a two-property self-storage portfolio for $11.2M from Honore Holdings. The portfolio includes two Honore Storage locations: 3215 W. Lawrence Ave. and 5145 N. Clark St. in Chicago. Marcus & Millichap’s Jeffrey Herrmann and Sean Delaney represented the seller and procured the buyer in the transaction.
LEASES
RTM Engineering Consultants signed a 15K SF lease at 1933 N. Meacham Road in Schaumburg. Transwestern Real Estate Services' Joe Stevens represented Integris Ventures, the building's owner.
FINANCING
Georgetown Co. secured an agency loan for about $114M for K2 Apartments, a 496-unit, Class-A, high-rise apartment community at at 365 N. Halsted St. in the West Loop. JLL Capital Markets worked on behalf of Georgetown Co. to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital.
