The Real Deal Chicago

Chicago Cheat Sheet: Apartments tied to Ponzi scheme find buyers … & more

Also, Chicago getting another Philz Coffee
By John O’Brien | March 04, 2019 05:00PM

Jerome and Shaun Cohen, and 7549 South Essex Avenue (Credit: Apartments and Pixabay)

EquityBuild resi portfolio being liquidated amid Ponzi scheme claims

Investors agreed to buy six South Side multifamily properties owned by a Florida firm accused by the Securities & Exchange Commission of running the Ponzi scheme. Now a court-ordered receiver is asking a judge to list 12 more properties owned by EquityBuild. The company raised more than $135 million from investors and amassed a nearly 1,700-unit portfolio before being accused of running the scheme. Four buyers have agreed to pay a combined $7.7 million for the six South Side properties, according to a court document. [Crain’s]

Chicago’s second Philz Coffee coming to Lincoln Common

Three months after announcing it would enter the Chicago market with a Wicker Park shop, San Francisco-based Philz Coffee said it will open a second location in Lincoln Park. The shop will open in Hines and McCaffery Interests’ Lincoln Common complex, joining fellow retail tenants including Velvet Taco, Kohler Waters Spa, and Equinox Fitness. [REJournals]

River North condo project set to launch

Construction is set to begin on a 15-story condo project in River North. Sedgwick Development is building the Bentham condo project at Erie and LaSalle in River North, and crews have started prepping for foundation work. The building will feature 31 three-bedroom units over ground floor retail, and broker Art Collazo with Jameson Sotheby’s International Realty said the units are 40 percent sold. [Curbed]

Lockport industrial complex lands Pepperidge Farm warehouse

Pepperidge Farm signed a least to take 87,000 square feet in an industrial complex in southwest suburban Lockport. The food company will use the space at Heritage Crossing, 15901 West 147th Street, as a warehouse. Jason West and Brian Borget of Cushman & Wakefield represented Pepperidge Farm, while Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented owners ML Realty Partners. [REJournals]

Historic Elgin property to become affordable housing

A Chicago nonprofit plans to turn the historic former Larkin Center in Elgin into 48 affordable apartments. City officials gave initial approval to the plan from Full Circle Communities for the property at 1212 Larkin Avenue. The project will feature 12 new buildings designed to resemble single-family homes. Construction could begin this summer and wrap up in the middle of 2020. [Daily Herald]

Ruggable signs big industrial lease in Bedford Park

A rug-making firm signed a lease for 135,000 square feet in a Bedford Park industrial complex. Ruggable was represented in the deal for the space at 5025 West 73rd Street by Pete Roberson, Scott Brandwein and Jake Ehrenberg of CBRE. Jeff Janda and Brian Vanosky of Lee & Associates’ Illinois represented the owner, GLP. [REJournals]