The Deal Sheet
SALES
Bringing its portfolio to over 2M SF, Cedar Street closed on six properties: 5019 W Lawrence in Jefferson Park (six residential units and 2,215 SF of retail) was purchased for $1.1M through a Midland Bank short sale; 6019 N Winthrop Ave in Edgewater, an 81-unit SRO property, was a note purchase for $1.4M; 222 N Aberdeen St and 1101 W Fulton St (32k SF of mixed-use office and retail) in the West Loop were purchased for $4.2M through a foreclosure short sale and financed by American Chartered Bank; 107-unit 717 W Highland Ave in Elgin was a $2.4M note purchase sold to Mercy Housing for $7.2M (Cedar Street donated $425,000 to support the group’s affordable housing mission); and 140-unit 2400 Jacto Dr in Racine, Wis. was a foreclosure purchased in a cash transaction for $725,000 from the FDIC.
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STREAM Capital Partners’ Jordan Shtulman and Jonathan Wolfe brokered the $6.3M sale of Filtran’s HQ at 875 Seegers Rd in Des Plaines. STREAM repped the seller, Inland Opportunity Fund, and the buyer was an East Coast REIT that assumed an existing loan on the property. Inland acquired the 115k SF industrial property in a sale/leaseback five years ago with the tenant, a portfolio company of Madison Capital Partners. About 11.5 years remain on the NNN lease.
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Lee & Associates of Illinois principal Walter Murphy repped Bryco in its purchase of a 20k SF warehouse at 8059 W 185th St in Tinley Park. Darwin Realty & Development’s Noel Liston repped the seller, Bayview Loan Servicing.
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Quantum Real Estate Advisors president Chad Firsel and SVP Dan Waszak brokered the $1.4M sale of iFly (an indoor skydiving flight simulator, above), a 38k SF single-tenant ground lease, in Naperville. The seller was the original developer of Freedom Commons, a quasi-lifestyle center at I-88 and Naper Boulevard in Naperville. The buyer was a South Florida-based firm.
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After-school program HackStudio just purchased the 16k SF building at 2510 Green Bay Rd in Evanston. The open floor plan building was formerly Domicile Furniture. Sperry Van Ness senior advisor John Hancko repped the seller, Larry Bowman. The buyer was repped by Transwestern’s John Joyce.
LEASING
Assemblers Inc is expanding with a new 271k SF long-term warehouse lease at 5139 W 73rd St (above) in Bedford Park Corporate Center. The firm will maintain its HQ, a 500k SF industrial building at 2850 Columbus Ave. Newmark Grubb Knight Frank executive managing director Geoff Kasselman repped Assemblers; Cushman & Wakefield’s Sally Macoicz and Anthony Niles repped ownership, Industrial Income Trust.
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MB Real Estate completed a 182k SF office lease to the Board of Education of The City of Chicago (BECC) within the former Sears department store space at 1 N Dearborn. CPS will relocate its HQ offices to the property from 125 S Clark later this year. MBRE EVP/managing director Gary Denenberg and AVP Jesse Slack repped ownership; Cushman & Wakefield’s Jeff Samaras and Chad Galayda repped BECC. MBRE also repped ownership in Sears’ lease restructure; in April the company will vacate the retail portion of its space but it will remain in its existing office space within the building.
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Lee & Associates of Illinois principals John Cassidy, Ken Franzese, and John Sharpe repped Venture One in a 10-year, $5M lease of its 110k SF industrial property, 171 Covington Dr in Bloomingdale, to Compass Group (repped by CBRE’s Matt Mulvihill). Compass will use the property as a warehouse and distribution facility for food products, as well as for maintenance and storage of vending machines.
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Glory Global Solutions relocated into 20k SF at 3333 Warrenville Rd in Lisle from a similar-sized footprint down the street, 2441 Warrenville. Studley senior managing director John Conerty and corporate managing director Eric Feinberg repped Glory Global. Saletta Realty Co’s Tom Saletta repped the landlord.
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Medtorque leased a 21k SF industrial building, 5601 95th Ave in Kenosha, Wis. Lee & Associates of Illinois SVP Mike Prost, VP Sergio Chapa, and associate Jim Kettinger repped ownership, CenterPoint Properties.
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Four months after its first move-ins, RMK Management Corp’s Central Station in Evanston (above) is more than 50% leased. Located at 1720 Central St, the LEED-certified luxury rental property includes 80 apartments, 81 parking spaces, and more than 10k SF of street-level retail. Rents start at $1,415/month. Amenities include a fitness center, cyber lounge, and outdoor terrace.
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At 1300 Woodfield Rd in Schaumburg, CBRE’s Mark Smith and Bill Saviski repped Crossroads Development Partners in a 4,555 SF renewal and expansion for Advanced Resources.
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Aarrow HealthCare leased 4,080 SF of warehouse space at 780 W Hawthorne Ln in West Chicago. Lee & Associates of Illinois senior associate Jay Farnam repped ownership, Inland Fasteners.
CONSTRUCTION & DEVELOPMENT
As part of a $25M capital improvement campaign, the Chicago Board of Trade Building unveiled a 10k SF fitness center managed by Fitness Formula (the club’s 13th location in the city) in the building’s south lobby. Since GlenStar Properties and USAA Real Estate Co acquired the property in 2012, other improvements have included a new lobby, refreshed 12th floor atrium, and conference center.
EXECUTIVE MOVES
Kiser Group tapped Susan Tjarksen as senior managing director. The 30-year industry vet founded STAR LLC in 2008 and was managing partner at Aries Real Estate Development. Susan has a BA in finance from U of I and a certificate in philosophy from UChicago. She also completed graduate studies at Northwestern and as a Rotary International Fellow at Essex University in England.
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Urban Innovations promoted Kim Sisney from director of operations to VP of operations, overseeing all aspects of the company’s affordable housing operations. A 20-year industry vet, Kim previously worked with the Illinois Housing Development Authority and holds a degree in business administration from Chicago State University.
