Emma Whalen

1 week ago | therealdeal.com | Emma Whalen

Darwin Investment Group is holding onto a 40-building industrial portfolio throughout suburban Chicago as the sector stabilizes following a spike coming out of the pandemic. DarwinPW Realty and COFRAC International facilitated a $100 million refinancing of the portfolio from Wells Fargo on behalf of landlord Darwin Realty Group, according to a Tuesday news release. The group projects that the portfolio’s full value is around $200 million.

2 weeks ago | therealdeal.com | Emma Whalen

Magna Hospitality Group sold the Hilton Garden Inn in Evanston to Parag Patel for $18 million, a loss from their $23 million purchase in 2016. The previous purchase was part of a $60 million portfolio. Parag Patel and his partners have been on a hotel buying spree in the Chicago area. See a mistake? Magna Hospitality Group sold an Evanston hotel at a loss to a local investor who has been on a buying spree in recent years.

2 weeks ago | therealdeal.com | Emma Whalen

A Loop office building that made headlines for selling at an eye-popping $17 per-square-foot in late 2023 has faced its fair share of challenges since then. Investor Ruben Espinoza, who bought the property at 300 West Adams with Igor Gabal, sued Gabal last week, accusing him of mishandling a $6.2 million insurance payout. The lawsuit comes just a few months after Gabal won a prior legal battle with investors John Thomas and Chris Hansen.

2 weeks ago | therealdeal.com | Emma Whalen

A general feeling that Chicago’s suburban multifamily investment market is heating up is now backed by data. The number of multifamily transactions in the suburbs jumped 65 percent year-over-year in March, and buyers are having to put in competitive offers to score a property. The average price per unit rose 18 percent this quarter, from $120,349 to $142,935 during the same time period, according to Interra Realty. The data echoes what multifamily brokers have been saying for months.

3 weeks ago | therealdeal.com | Emma Whalen

The value of Chicago’s tallest and most recognizable skyscraper has fallen 42 percent since 2018, bringing the appraisal well below its remaining loan balance, a private evaluation found. The iconic Willis Tower office building was valued at $1.03 billion, or $229 per square foot, in a recent private appraisal according to CMBS loan monitoring service.