WHEATON, ILL. — Salon Lofts has signed a 3,795-square-foot retail lease to open at Town Square Wheaton near Chicago. The 203,000-square-foot shopping center is located at the intersection of Blanchard Circle and Naperville Road. Interior build-out of the national salon chain’s space is expected to begin this month with completion slated for summer 2018. Tucker Development owns Town Square Wheaton.
CHICAGO — Kemper Corp. has signed a 65,000-square-foot lease to occupy the 32nd and 33rd floors of Aon Center in Chicago. The insurance holding company is currently headquartered at 1 E. Wacker Drive. Aon Center, located at 200 E. Randolph St. at the head of Millennium Park, is undergoing a $25 million renovation to update lobbies, common areas and add more retail space. In 2015, 601W Cos. acquired the property, which was originally built in 1972. Matt Pistorio, Caroline Colnon and Steve Smith of The Telos Group LLC represented 601W in the lease transaction. Scott Goldman, Chris Wood, Dan Fisk and Adam McCostlin of Cushman & Wakefield represented Kemper.
CHICAGO — Kiser Group has brokered the $9 million sale of The Maynard in Chicago’s Uptown neighborhood. The 74-unit apartment building is located at 4875 N. Magnolia Ave. Originally built in 1925, the property features primarily micro-unit studios, some as small as 218 square feet. Rick Ofman and Lee Kiser of Kiser Group brokered the transaction. Becovic Management purchased the asset from CLK Properties.
CHICAGO — JLL Capital Markets has arranged the $86 million sale of a 1.2 million-square-foot, 11-property industrial portfolio across metro Chicago. High Street Realty Co. LLC purchased the portfolio on behalf of High Street Real Estate Fund V LP. Seven of the buildings are fully leased. The portfolio’s total occupancy rate is 86 percent. The properties include: 801, 901 and 1001 Technology Way in Libertyville; 101 Corporate Center in Lemont; 755 Remington Blvd. in Bolingbrook; 2050 Hammond Drive in Schaumburg; and 900, 909,1000 Asbury Drive and 911 Commerce Court in Buffalo Grove. Additionally, a 74,024-square-foot building at 1001 Asbury Drive in Buffalo Grove will be available for lease starting July 31. John Huguenard, Sean Devaney, Ed Halaburt, Steve Trapp and Steve Ostrowski of JLL brokered the transaction on behalf of the seller, an institutional client.
CHICAGO — Baum Realty Group LLC has brokered the $4.1 million sale of a retail property leased by Family Dollar in Chicago’s Logan Square. The 9,801-square-foot building is located at 2274-2282 N. Milwaukee Ave. Greg Dietz, Danny Spitz and Patrick Forkin represented the undisclosed seller in the transaction. A family office buyer purchased the asset. The 4.8 percent cap rate is the lowest single-tenant Family Dollar on record nationwide, according to Baum and CoStar Group.
CHICAGO — A 981-unit, 65,000-square-foot self-storage facility is opening at 6000 W. Touhy Ave. in Chicago. CubeSmart Self Storage will manage the climate-controlled facility, which is expected to open in April. The property, owned by SPM Advisors LLC, was formerly home to a Frozen Ropes facility. Athletico Physical Therapy will remain a tenant at the property.
CHICAGO — PGIM Real Estate Finance and the New York State Teachers’ Retirement System (NYSTRS) have provided $1.1 billion in financing for the acquisition of a 146-property industrial portfolio. Each entity provided $550 million. The portfolio comprises more than 21.7 million square feet with the largest concentrations of properties in Chicago, Dallas, Baltimore-Washington, D.C. and southern California. The properties are home to 327 tenants, including Amazon, FedEx, The Home Depot and Coca-Cola. On average, the buildings are 20 years old and have a clear height of 27 feet.
NEW YORK CITY — ReadyCap Commercial has hired new team members in Chicago and New York to expand its bridge lending team. Fernando Mendez has been hired as associate director and Joram Coxworth has been hired as a production analyst for the New York City office. Mark Blaha has been hired as director of originations for the Chicago and Midwest regions. Blaha has more than seven years of commercial real estate lending and finance experience in the Chicago and Midwest markets. Coxworth previously served as a credit analyst with M&T Bank and was added to the New York City office to support originations. The bridge lending team is headquartered at the Sutherland Asset Management offices located in New York City.
NEW YORK AND CHICAGO — Brookfield Property Partners (NASDAQ: BPY) has agreed to acquire all remaining shares of GGP Inc. (NYSE: GGP), a Chicago-based mall owner. BPY, a global real estate company based in New York City, and its affiliates already hold a 34 percent stake in GGP. The deal struck between the two parties is for GGP shareholders to receive $23.50 per share in cash, a total cash consideration of $9.25 billion. Alternately, shareholders may elect to receive stock in either BPY or a new REIT that BPY plans to list on one of the major U.S. exchanges. “This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment,” says Brian Kingston, CEO of BPY. The newly agreed-upon deal comprises a cash-to-equity ratio of 61/39, which is more cash-centric than BPY’s original 50/50 cash-to-equity offer to acquire the remainder of GGP last November. Shares in the new REIT will be equivalent to that of a BPY unit. BPY’s parent company, Brookfield Asset Management (NYSE: BAM), has guaranteed the exchange of the shares between the two stocks (totaling 254 million units) …
CHICAGO — HFF has arranged a $159.2 million recapitalization of an 11-property industrial portfolio totaling 2.8 million square feet in Georgia, Illinois, Michigan, Minnesota, Ohio, Pennsylvania and Texas. HFF represented the seller, a joint venture between Brennan Investment Group, Arch Street Capital Advisors LLC and Gatehouse Financial Group Limited, as well as the buyer, a new joint venture between Brennan Investment Group and Sidra Capital. Goldman Sachs provided a 10-year loan on behalf of the new owner. The fully leased portfolio, known as USIPA, is triple-net leased to nine tenants and features single-tenant buildings ranging from 90,000 to 578,000 square feet. Clear heights range from 17 feet to 34 feet. Claudio Sgobba, Christopher Carroll, Robin Stolberg, Kurt Sarbaugh, Matthew Schoenfeldt and Jules Sherwood of HFF made up the debt and equity placement team.