This Week's Chicago Deal Sheet
Lamar Cos. teamed up with Real Capital Solutions to acquire a 437K SF open-air shopping center in Geneva for an undisclosed sum.
Geneva Commons, at 602 Commons Drive, is anchored by Barnes & Noble and Dick’s Sporting Goods, according to CommercialCafe. The new owners aim to build upon the property’s tenant mix to enhance the shopping experience.
“Geneva Commons is well-positioned as the most dominant and productive lifestyle center in Chicago’s western suburbs,” Frank Maresca of Lamar Cos. told CommercialCafe. “The property enjoys a unique location and competitive positioning that insulates it from direct competition. We look forward to reinvesting in this premier asset to drive further leasing activity.”
SALES
WPT Capital sold a 152K SF logistics facility at 800 Phoenix Lake Ave. in Streamwood to an institutional investor based in Atlanta. The Missner Group opened the building in 2020, and it is currently 100% leased to two tenants. Colliers Chicago Capital Markets team, led by Jeff Devine, Steve Disse and Tyler Ziebel, represented the seller.
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A Brooklyn, New York-based investor purchased a three-building, 114-unit multifamily portfolio on the South Side of Chicago from another Brooklyn-based seller for $9.3M. Two buildings, 7131 S. Bennett Ave. and 1949 E. 73rd Ave., are in the South Shore neighborhood, while the third property, 6600 S. Ingleside Ave., is in Woodlawn. Interra Realty's Lucas Fryman represented both parties in the deal.
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Core Industrial Realty brokered two sales in suburban Chicago. Illinois General Merchandise acquired a 21K SF building at 490 Mills Road in Joliet, and Venture One bought a 32K SF investment property at 605-617 Church Road in Elgin.
LEASES
Core Industrial Realty brokered three leases in suburban Chicago:
- Perla Foods signed a 52K SF lease at 1456 Brewster Creek Blvd. in Bartlett
- Sparkstone Electrical Group subleased 22K SF at 614 Lamont Road in Elmhurst
- Hyper Fox leased 35K SF at 1150 N. Swift Road in Addison
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HOK signed a 13-year, 26K SF lease at Wanxiang America Real Estate Group’s One Pru, CommercialCafe reported. HOK will leave its current space at 333 S. Wabash Ave. early next year after its lease expires.
FINANCING
Workbox, a Chicago-based national workspace operator, raised $17.5M in its Series A equity round, with a follow-on option to secure an additional $5.5M. Workbox has 10 locations in five cities, with the company announcing new locations in Chicago and Dallas this month.
