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.
WEST CHICAGO, ILL. — Newmark Knight Frank (NKF) has negotiated a 125,000-square-foot industrial lease renewal on behalf of Leslie’s Poolmart Inc. in West Chicago, about 38 miles west of the Windy City. The property is located at 320 Industrial Drive. Phoenix-based Leslie’s, which sells swimming pool and spa supplies, will use the space for warehousing products. Jerry Jacobs of NKF represented Leslie’s in the lease transaction. Adam Marshall and Mark Deady of NKF served as local advisors. David Prell of CBRE represented the landlord, Colony NorthStar Inc.
CHICAGO — Jameson Commercial has brokered the $6.8 million sale of a retail building in Chicago’s Elston corridor. The 81,700-square-foot property is situated on 1.5 acres at 2525 N. Elston Ave. Artsupply.com and Johnstone Supply are two of the property’s tenants. Jose Colon represented the buyer in the sale. Both the buyer and seller were investment groups based in the Chicago area.
OAK PARK, ILL. — Interra Realty has brokered the $1.4 million sale of a condo deconversion in Oak Park, a suburb of Chicago. The buyer intends to convert the property’s 10 condominiums into apartment rental units. Built in the 1950s and located on Marion Street, the property features a mix of one- and two-bedroom floor plans. Patrick Kennelly of Interra represented the sellers through the condominium’s association and also procured the undisclosed buyer. The sales price equates to approximately $145,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or lease back the unit from the new owner.
ELK GROVE VILLAGE, ILL. — Colliers International has brokered the sale of a 225,006-square-foot industrial warehouse in Elk Grove Village. The sales price was not disclosed. The property is located at 1501 Nicholas Blvd. The buyer, GHP Group Inc., is a manufacturing company that specializes in electric fireplaces and accessories, personal heating products and gas grills. Chris Volkert and Brendan Green of Colliers represented GHP Group in the sale. Ken Franzese and John Cassidy of Lee & Associates represented the seller, Prologis.
ORLAND PARK, ILL. — Premier Veterinary Group will open a 10,000-square-foot animal hospital at 7000 W. 159th St. in the Chicago suburb of Orland Park. The company is relocating from Crestwood, Ill. Iris Construction Services is the general contractor for the project. Completion is slated for August. Linda Kost and Dave Schmidt of Realty Metrix Commercial represented the tenant in the lease transaction.