REBusinessOnline

Four Retail Tenants Sign Leases at Apartment Complex Nearing Completion in Chicago

CHICAGO — Fifield Cos. has signed leases with three restaurants and one retailer to occupy ground-floor space at its Logan Apartments in Chicago. Big Wig Tacos, Jersey Mike’s Subs, K-Fire Korean BBQ and Verizon will occupy a combined 6,800 square feet. Target previously leased 27,000 square feet at the new complex and will serve as the anchor retail tenant. The 220-unit Logan Apartments is slated to open in spring 2020. It is situated on the site of the former Mega Mall in the Logan Square …

Sears to Close 96 More Stores by February 2020

HOFFMAN ESTATES, ILL. — Sears Holdings Corp. plans to close 96 underperforming stores by February 2020, according to the retailer’s parent company, Transform Holdco LLC. The closings will consist of 51 Sears stores and 45 Kmart stores, leaving 182 operational Sears and Kmart stores remaining in the United States. The closing stores are scattered throughout all regions of the country, including 28 located in California. A full list of store closures can be found here. “Since …

McShane to Build 259-Unit Multifamily Community in Warrenville, Illinois

WARRENVILLE, ILL. — McShane Construction Co. has been selected by Atlantic Residential to build a 259-unit multifamily community in Warrenville, a suburb of Chicago. Known as Everton Flats, the seven-building property will comprise sustainable features such as solar panels and LED lighting. Amenities will include a pool, grilling area, lounge and playground. Floor plans will range from studios to two-bedroom units. Completion is slated for summer 2021. HKM is the project

Uber Capital Group Arranges $12.5M Acquisition Loan for Chicago Mall

CHICAGO — Uber Capital Group has arranged a $12.5 million loan for the acquisition of Ford City Mall in Chicago. The 1.2 million-square-foot mall is located at 7601 S. Cicero St. JC Penney anchors the property, which is home to more than 135 retailers and restaurants, including a 14-screen AMC Theatres. Joel J. Gorjian of Uber arranged the three-year, fixed-rate loan at 75 percent loan-to-value with a 20-year amortization schedule. A New York-based private real estate investment group was the …

Interra Brokers $4.3M Sale of Apartment Property in Chicago’s West Rogers Park

CHICAGO — Interra Realty has brokered the sale of a 37-unit apartment property in Chicago’s West Rogers Park neighborhood for $4.3 million. Located at 6415-6425 N. Richmond St., the asset was 95 percent occupied at the time of sale. Built in 1937, the property features 24 one-bedroom units and 13 two-bedroom units. Joe Smazal of Interra represented both the private seller and private buyer. At $115,405 per unit, the sale was the largest multifamily sale in the neighborhood this year, …

RDG Funds Acquires Multifamily Asset in Chicago for $40.1M

CHICAGO — Chicago-based private equity firm RDG Funds LLC has acquired 13Thirteen Randolph Street Lofts in Chicago’s West Loop neighborhood for $40.1 million. The Class A multifamily asset includes four retail tenants and 74 apartment units. The property comprises two historic buildings, originally constructed in 1892 and 1927. Both buildings were renovated and transformed into residences in 2013. Shared amenities include a rooftop deck, resident lounge, media center, theater room and …

Colliers Brokers Sale of 93-Unit Apartment Building in Chicago

CHICAGO — Colliers International has brokered the sale of Jackson Throop Place in Chicago’s West Loop neighborhood for an undisclosed price. The 93-unit luxury apartment building is located on West Jackson Boulevard. Built in 2016, the property includes 18 one-bedroom units, 72 two-bedroom units and three three-bedroom units. The apartments feature hardwood floors, quartz countertops and stainless-steel appliances. Tyler Hague and Lauren Stoliar of Colliers represented the buyer, Newcastle …

Conor Commercial Completes Development of Two-Building Industrial Property in Elgin, Illinois

ELGIN, ILL. — Conor Commercial Real Estate and partner Globe Corp. have completed development of Northwest Pointe III in Elgin. The project consists of two buildings spanning a combined 349,080 square feet. The property marks Conor’s third development within the Northwest Corporate Park. The site is located 1.5 miles from the Randall Road four-way interchange, which provides access to I-90. The buildings each feature a clear height of 32 feet, 20 dock doors and two drive-in doors. McShane …

JLL Brokers Sale of 18,000 SF Retail Asset Leased to Goodwill in Glenview, Illinois

GLENVIEW, ILL. — JLL has brokered the sale of a newly constructed, 18,000-square-foot retail property that is triple net leased to Goodwill in the Chicago suburb of Glenview. The sales price was not disclosed. The building is situated on 1.7 acres at 2740 Old Willow Road. JLL marketed the property on behalf of the seller, a Chicago-based developer. Florida-based Best Properties LLC purchased the asset while completing a 1031 tax-deferred exchange. Goodwill Industrials of Southeastern …

Golub & Co., Farpoint Acquire 1,675-Unit Prairie Shores Workforce Housing Community in Chicago

CHICAGO — Chicago-based real estate development firms Golub & Co. and Farpoint Development have acquired Prairie Shores, a large-scale workforce housing apartment community in Chicago’s Bronzeville neighborhood. The purchase price was not disclosed, but Crain’s Chicago Business reported earlier this year that the buyers were slated to pay $180 million for the property. The Goldman Sachs Urban Investment Group was the largest equity investor in the acquisition. The 20-acre Prairie …

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