Panattoni to Build Little Village Warehouse
Monday, August 11th 2014
CHICAGO, IL – Panattoni Development Co. paid $5.4 million for a Little Village warehouse it plans to tear down and replace with a 316,680-square-foot warehouse. The company completed the acquisition of the 16-acre parcel at 3348 S. Pulaski Road July 31, according to Cook County records. It was sold by a real estate fund managed by Chicago-based Newport Capital Partners LLC. The fund, previously led by Allison Davis and Robert Vanecko — a developer with ties to former Chicago Mayor Richard M. Daley and Mr. Daley’s nephew, respectively —raised money from five municipal pension systems and bought the property for $10.5 million in 2007. Sacramento, California-based Panattoni plans to complete the spec warehouse by next summer, according to a statement from New York-based Cushman & Wakefield Inc., which represented Newport in the sale and will represent Panattoni in leasing the new warehouse. “There is a scarcity of modern, state-of-the-art industrial buildings in the city of Chicago and the immediate area and we believe there is strong demand for this product,” Jason Rosenberg, senior development manager in Panattoni’s Rosemont office, said in the Cushman & Wakefield statement.
Clybourn Corridor shopping center gets $19 million loan
A venture of Chicago-based real estate investment firm Newport Capital Partners LLC borrowed $19 million on the 32,334-square-foot Clybourn Commons shopping center from a partnership controlled by Jacksonville, Florida-based Regency Centers Corp., according to Cook County property records. Newport Capital Managing Principal Derrick McGavic declined to comment on the loan, and Regency didn’t respond to a request for comment. Last year, the Newport venture took out a $13.7 million loan on the property, 2000 N. Clybourn Ave., the records show. Clybourn Commons is fully leased to tenants including Petco, Chipotle and Noodles & Co., according to real estate data provider CoStar Group Inc.
Investor pay $1.8 million for River North apartment building
Veteran residential developer George Thrush sold a 22-unit apartment building in River North for about $1.8 million, Cook County property records show. Mr. Thrush, who acquired the loft building at 359 W. Chicago Ave. in 1985, declined to comment. The buyer was a venture led by Chicago-based investors Clinton Wallace and Sara Chambers, Cook County property records show. Mr. Wallace, CEO of Chicago-based PF Appraisals Inc., did not return messages seeking comment.