The Deal Sheet
SALES
Marcus & Millichap SVP Mark Myers (Chicago O’Hare), VP Alex Blagojevich (Tampa), and VP David Gaines (Chicago Downtown) repped the seller, a private investor, in the $25M sale of a four-property seniors housing portfolio. The buyer is American Realty Capital and the operator is Meridian Senior Living. The properties include The Villas at Holly Brook locations in Effingham, Herrin, Marshall (above), and Shelbyville. Each was constructed within the past five years and they’re all 35k SF or larger one-story buildings with about 46 units.
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Miami developer Crescent Heights acquired 160 units in Gold Coast tower Walton on the Park South, 2 W Delaware St, and an adjacent 17k SF development site zoned for 261 residential units. SVN Chicago Commercial VP investment sales Jerry Goldner generated the unsolicited offer and repped Crescent in the sale, which is the single largest deal in SVN's history.
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STREAM Capital Partners’ Jordan Shtulman and Jonathan Wolfe brokered the $5.7M sale of the Farmer's Best Market at 23 W North Ave in Northlake. STREAM repped the seller, Farmer's Best, and the buyer was a West Coast-based REIT. Upon the sale of the property, the seller agreed to lease back the 26k SF property under a long-term absolute NNN lease.
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Ridge Property Trust sold an 11.5-acre land site in DuPage County, 340 County Line Rd in Bensenville, to Hamilton Partners, which plans to build an approximately 185k SF spec distribution center on the site. CBRE’s Matt Mulvhill, Kevin Segerson, and Cal Payne repped Ridge in the sale.
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SVN Chicago Commercial’s Jeffrey Baasch, Brian Kochendorfer, and Jared Conen completed the $1.6M sale of a 58-unit, bank-owned multifamily portfolio. The properties: 7800 S Michigan Ave, 9000 and 9040 S Bishop St, and 9400 S Laflin St.
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The Boulder Group’s Randy Blankstein and Jimmy Goodman repped the seller, a private investor, in the $2.4M sale of a 9,960 SF single-tenant NNN La Petite Academy (above) at 2345 S Route 59 in Plainfield. The buyer is a high-net-worth individual based in the Midwest. La Petite Academy has over five years remaining on an original 20-year lease.
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JLL VP Matt Berres and the firm’s capital markets team repped a local private investor in the $1M sale of a single-tenant net-leased AutoZone store in Aurora to a Boise, Idaho-based private investor in a 1031 exchange. The 5,500 SF property is located at 1283 N Lake St.
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Kudan Group's Jarrett Fradin repped ownership, A La Carte Entertainment, in the sale of The Leg Room, 7 W Division St. A new concept is set for an early summer opening.
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First Western Properties' Paul Tsakiris and Kellen Duggan completed two sales: A dentist purchased a 3,969 SF space at 7373 N Cicero Ave in Lincolnwood and an auto user bought a 1,625 SF bank-owned automotive building at 7431 S Western Ave.
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Cornerstone Commercial Partners II’s Mario Ponce repped Vaughan Hospitality Group in the $1.5M acquisition of the 9,500 SF former Sam McGuire’s Pub, 39 Orland Square Dr, in Orland Park.
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SVN Chicago Commercial’s restaurant resource group sold a mixed-use building, including 3,600 SF Corner 41 restaurant, at 4138 N Lincoln Ave in North Center. The restaurant will be rebranded as ROCKS North Center by ROCKS Bar Group’s George Manta and Tim Shepardson. SVN’s Jim Martin repped the buyer and SVN’s Marcus Sullivan and Jonathan Tuttle repped the seller.
LEASING
DTZ VP Adam McCostlin and AVP Jordan Decker repped Fruition Partners in a relo/expansion to 14k SF at 55 W Monroe (above). The firm’s steady growth necessitated the relo out of its previous HQ at 168 N Clinton in the West Loop, which Adam and Jordan sub-leased. They negotiated the new lease with JF McKinney + Associates’ Jack McKinney, Jr. and Matt Lerner, who repped the landlord, Hearn.
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Lee & Associates of Illinois principal Jeff Janda and VP Nick Eboli repped CDC Holdings in its 14k SF lease of warehouse space at 2605 White Oak Circle in Aurora. CBRE’s Dave Prioletti repped ownership, KTR Capital Partners.
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HSA Commercial Real Estate finalized a lease with Lakeside Wealth Management to occupy 14k SF on the second level of the Village Point Professional Office Building, 3100 Village Point Rd in Chesterton, Ind. The firm will relocate from its existing Chesterton office at 407 W Indiana Ave in September, bringing the 31k SF building to full occupancy. HSA Commercial EVP Robert Titzer and CBRE’s Jay Pouzer repped ownership in the lease.
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Kudan Group’s Scott Reinish repped the tenant, Twin Pants, in a 4,822 SF lease at 77 W Wacker Dr (above) in the Loop. Stone Real Estate’s John Vance repped the landlord. The tenant, Square One’s Valeriy Kosenko, opened Terrace on Clark, an upscale bar and grill concept, in the former Stefani’s Tuscany Café space.
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AccuTemp Mechanical leased 2,700 SF of warehouse space at 5732 95th Ave in Kenosha, Wis. Lee & Associates of Illinois VP Sergio Chapa and associate Jim Kettinger, Jr. repped ownership, Zilber Property Group.
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First Western Properties’ Paul Tsakiris and Tom Peterson completed three leases: Lilly’s Dollar Plus leased 992 SF at 170 N Gary Ave in Carol Stream; Anita’s Gumbo leased 726 SF of end cap space at 8100 S Stony Island; and D-Fashion Nail Salon leased 1,160 SF at 8100 S Stony Island.
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Urin USA leased 1,598 SF of warehouse space at 368 Beinoris Dr in Wood Dale. Lee & Associates of Illinois SVP Mike Plumb repped ownership, Foute Building Corp; Madrake Real Estate’s Debbie Lydon repped the tenant.
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Kudan Group’s Adam Salamon repped ownership in the lease of 2018 W Chicago Ave, formerly Chickpea. Raider Realty’s Jason Raider repped the new tenant, which will open Whisk Café this summer.
FINANCING
Associated Bank VP Krista Casper managed the closing of a $1.2M loan to Quattro Development for the acquisition and redevelopment of Quattro Peru, a 15k SF retail center at 4361 Venture Dr in Peru. The building is 50% leased to AT&T and Quattro will remodel and lease the balance.
CONSTRUCTION & DEVELOPMENT
HSA PrimeCare completed the Hawthorn Surgery Center, a 15k SF outpatient clinic (above) to be occupied by Hawthorn Surgical Associates, a subsidiary of Surgical Care Affiliated. The ambulatory care center, located at 240 Center Dr in Vernon Hills, features three surgical suites, one procedure room, and 14 recovery stations. The project was completed in seven months to ensure a smooth transition from Hawthorn’s current Libertyville facility.
EXECUTIVE MOVES
David Friedman joined Conor Commercial Real Estate, a member of The McShane Cos, as president. He will provide leadership to the operations, finances, acquisition, leasing, and disposition activities of the organization, including regional offices in Austin, Dallas, Houston, Phoenix, and Irvine. The 30-year industry vet was previously managing director at ARES Management; he earned his BS from the University of Wisconsin in Madison.
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Mid-America Real Estate Corp hired Wes Koontz as director of net lease investment sales (in tandem with Kevin Conway), responsible for growing the platform in the Midwest. Wes previously worked at Mid-America for three and a half years with the tenant rep team. Wes has also held positions at Colliers, Weber Mood Medinger, and RCK Capital Investments. He attended Bucknell University.
BUSINESS
Bradford Allen was hired by a Minnesota-based institutional investor as exclusive leasing agent for four suburban properties. The owner took control of 124k SF 115, 121, and 125 S Wilke Rd (67% leased) in Arlington Heights and 54k SF 1920 S Highland Ave (60% leased) in Lombard through a deed-in-lieu of foreclosure. SVN Crossroads Management will be handling asset and property management. Bradford Allen directors John Millner and Allison Reynolds will be leasing Wilke office plaza, while Allison and director Ryan Moen will lease the Lombard property.
