The top five investment sales of May in Chicago totaled $121.2 million and was led by a $78 million trade of a condo tower that will be converted into rentals.
Numbers were compiled from property records by Real Capital Analytics and PropertyShark.
1. Kennelly Square — Strategic Properties of North America | $78M
New Jersey-based Strategic Properties purchased this 268-unit tower at 1749 North Wells Street with plans to spend $10 million on a deconversion. Strategic Properties plans to raise rents at the 22-story tower an average of 18 percent over what renters were paying there in units rented out by owners.
2. Elson Logan Plaza — Novak Construction Inc. | $22M
This nearly 50,000-square-foot retail property at 2700 N. Elston Avenue is fully leased to XSport Fitness, Panera Brad, and Mattress Firm, according to Real Estate Journals. It has parking for 266 vehicles. The Swiss firm AFIAA sold the location, after purchasing it in 2007 for $21 million and renovating it shortly after.
3. 1015-21 West Lake Street — Pearl Group | $10 million
The Toronto-based investor did its first deal outside its hometown with this purchase from Speedwagon Properties of a three-story property with apartments and ground-floor retail. Pearl managing director Jordan Pearl said the firm has no plans to redevelop the property, and will “raise rents over time.”
4. 2368 North Clark Street — Newcastle Ltd. | $6.1M
Newcastle picked up this two-story retail property for around $363-per-square-foot through the Chicago Title Land Trust Company, which provides trusts services to property owners. The 16,800-square-foot property is about 100 years old, according to Real Capital Analytics. Tenants include Five Guys, H&R Block, Urban Outfitter, and Mid Continental.
5. Belmont Army — R2 Companies | $5.1M
R2 Companies paid around $204-per-square-foot for this 25,000-square-foot, four-story retail location. It is currently occupied by the Belmont Army retailer. The seller was Chang S. Yoo.