Kopley Group v. Sheridan Edgewater

CourtAppellate Court of Illinois
DecidedSeptember 7, 2007
Docket1-06-1373 Rel
StatusPublished

This text of Kopley Group v. Sheridan Edgewater (Kopley Group v. Sheridan Edgewater) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Kopley Group v. Sheridan Edgewater, (Ill. Ct. App. 2007).

Opinion

FIFTH DIVISION September 7, 2007

No. 1-06-1373

KOPLEY GROUP V., L.P., an Illinois Limited Partnership, ) Appeal from the as Beneficiary Under Chicago Title and Trust Company ) Circuit Court of Trust No. 1106522, dated November 4, 1998, and THE ) Cook County KOPLEY GROUP, INC., an Illinois Corporation, ) ) Plaintiffs-Appellants, ) ) v. ) ) SHERIDAN EDGEWATER PROPERTIES, LTD., ) Honorable VRANAS AND ASSOCIATES, LTD., an Illinois ) Paddy H. McNamara, Corporation, a/k/a Vranas and Chioros Realty Group, Inc., ) Judge Presiding. WILLIAM P. VRANAS, Individually, MICHAEL M. ) CHIOROS, Individually, and JOHN P. VRANAS, ) Individually, ) ) Defendants-Appellees. )

JUSTICE GALLAGHER delivered the opinion of the court:

Plaintiffs, Kopley Group V., L.P., an Illinois limited partnership, as beneficiary under

Chicago Title and Trust Company Trust No. 1106522, dated November 4, 1998, and The Kopley

Group, Inc., an Illinois corporation, appeal from an order of the circuit court of Cook County

granting summary judgment in favor of defendants, Sheridan Edgewater Properties, Ltd., Vranas 1-06-1373

& Associates, Ltd., an Illinois corporation, a/k/a Vranas & Chioros Realty Group, Inc., William P.

Vranas, individually, Michael M. Chioros, individually, and John P. Vranas, individually. We

affirm in part, reverse in part, and remand.

BACKGROUND

This case involves the sale and purchase of real property commonly known as 5200 North

Sheridan Road in Chicago (the property) and allegations of misrepresentation, fraud and breach of

contract. The property consists of an eight-story apartment building with 223 dwelling units and

first-floor commercial space. The seller of the property is defendant Sheridan Edgewater

Properties, Ltd. (the Seller).

In 1996, the City of Chicago (the city) had an ordinance requiring routine inspections of

the exterior facade on high-rise buildings (the Chicago facade ordinance). Chicago Municipal

Code §13– 196–35. (eff. January 10, 1996). Reports of such inspections were to be filed with the

city, describing any repair work that was necessary. The Seller had followed that program and

had retained Crest Consulting Engineers, P.C. (Crest), to conduct inspections of the property in

1996 and 1997. Both times, Crest generated an exterior facade report and a descriptive letter to

be attached to the standard city form, the latter of which was entitled “Report on Ongoing

Inspection and Repair Program of Exterior Walls and Enclosures.” Both were stamped

“accepted” and signed by the city.

The report prepared in 1997 (for the 1996 inspection) by Crest was dated May 28, 1997

(the 1997 Crest report). The Seller filed the 1997 Crest report with the city approximately one

month later, on June 25, 1997.

2 1-06-1373

The report prepared in 1998 (for the 1997 inspection) by Crest was dated March 25, 1998

(the 1998 Crest report). The 1998 Crest report noted, among other things, that shifting brick

lintels were “imminently hazardous.” The Seller undertook these repairs of the “imminently

hazardous” conditions in March 1998. The repairs were performed by Gulf Construction for

substantial sums of money. The Seller filed the 1998 Crest report with the city on November 13,

1998, approximately eight months after the report was originally prepared and after all of the

issues had been addressed. Ten days later, on November 23, 1998, the Seller sent the city a letter

informing it that all conditions noted in the 1998 Crest report had been corrected.

In the spring or early summer of 1998, K. Nicholas Kopley (Mr. Kopley) saw an

advertisement in the Chicago Tribune newspaper for the sale of the property. Mr. Kopley is a

sophisticated owner and purchaser of rental real estate. He first started acquiring residential real

estate in 1992. In 1995, Mr. Kopley formed Kopley Group, Inc., which would serve as general

partner in limited partnerships that owned rental properties. Mr. Kopley serves as president and

principal shareholder of The Kopley Group, Inc.

By 1998, Kopley Group, Inc., was the general partner in four limited partnerships that

owned and managed six separate rental properties. One of the buildings was in excess of four

stories.

After Mr. Kopley saw the advertisement for the property, he contacted a broker who

requested information on the property on Mr. Kopley's behalf. Subsequently, defendant Vranas &

Associates, Ltd. (Vranas & Associates), in its capacity as a real estate broker for Sheridan

Edgewater Properties, Ltd., sent a letter to Mr. Kopley stating that informational materials

3 1-06-1373

relating to building and financial information regarding the property were available and would be

furnished subject to Mr. Kopley executing a confidentiality agreement. At the time, the other

three defendants, William P. Vranas, Michael M. Chioros, and John P. Vranas, were individual

brokers who also had an ownership interest in the property. Defendant William P. Vranas was

president of the Seller and executed the contract on the Seller's behalf. Defendant John P. Vranas

also acted as a property manager of the property. The real estate brokers shall be referred to

collectively as “the Brokers” or individually by name, where applicable.

On August 12, 1998, Mr. Kopley executed the confidentiality agreement. At some point,

Mr. Kopley toured the property and wanted to buy it. Mr. Kopley made some preliminary calls to

see if there were investors interested in the property.

On or about September 3, 1998, Mr. Kopley made an offer that was not accepted. In late

September 1998, Mr. Kopley learned from his broker that a previously accepted offer might not

be going through. Mr. Kopley resubmitted an offer.

On September 24, 1998, the previous purchaser(s) cancelled their September 14, 1998,

contract because the condition of the premises was not acceptable to them, based upon “their

inspection of the Premises, and their review of the documents and other materials disclosed to

them.”

On October 15, 1998, the parties in the instant case entered into a written real estate sales

contract for the property for a sales price of $7,525,000. Mr. Kopley signed the contract.

Mr. Kopley prepared a confidential private offering memorandum, dated October 20,

1998, to solicit investors in the limited partnership that would be the beneficial owner of the

4 1-06-1373

property, Kopley Group V., L.P, a plaintiff in this case. The other plaintiff, The Kopley Group,

Inc., is the general partner of Kopley Group V., L.P. We shall refer to both plaintiffs collectively

as “the Buyer,” where applicable. Mr. Kopley, at all times, acted on behalf of the Buyer in the

purchase of the property. The Buyer's initial cash investment in the property was $1,500,000.

Mr. Kopley personally contributed $300,000 of the initial capital.

In the confidential private offering memorandum, the Buyer states as follows: “An

examination of the files and permit files of the Building Department of the City Of Chicago does

not reflect any building code violations other than those cited in Exhibit 'A' of this

Memorandum.”1

At some point prior to closing, in order to obtain financing, The Kopley Group, Inc.,

prepared a “General Property Inspection” report that noted that the “the building was constructed

in 1926" and stated that “the structure is in good condition with no sign of major structural

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