CHICAGO — Breneman Capital has sold a 12-unit apartment building located on North Elston Avenue in Chicago’s Avondale neighborhood for $4 million. Breneman originally purchased the property in August 2019 for $3.5 million. Constructed in 2009, the building consists of three two-bedroom units and nine three-bedroom units. Breneman increased rents at the property by 21 percent over the hold period. The asset is one of 23 Chicago multifamily properties that Breneman has acquired since 2013.
VERNON HILLS, ILL. — A partnership between Avgeris and Associates Inc., The Missner Group and Wylie Capital has acquired International Corporate Park, commonly known as the former American Hotel Register site, in the Chicago suburb of Vernon Hills. The venture paid $29.5 million for the site from an entity affiliated with American Hotel Register, according to Crain’s Chicago Business. Originally developed in 1996, the 70-acre site features a 257,927-square-foot warehouse, which will remain in the redevelopment, and a five-story, 202,000-square-foot office building, which will be demolished. Plans call for more than 900,000 square feet of new industrial space in up to four buildings. Redevelopment of the site is anticipated to begin later this year. The Missner Group will also serve as general contractor. American Hotel Register is a hospitality supplies distributor.
CHICAGO — JLL Capital Markets has arranged a $45 million loan for the refinancing of Vue53, a 403-bed student housing property at the University of Chicago. Vue53 offers 267 units in studio, one- and two-bedroom layouts. Amenities include a bike storage facility, business center, study lounges, a fitness center, clubroom and sundecks. Residents also have access to a 24-hour doorman, onsite parking, package storage and handling, and campus shuttle pickup. The property features 27,367 square feet of ground-floor retail space that is anchored by a Target with a Starbucks. Brian Walsh, Dan Kearns, Tara Hagerty and Dave Hunter of JLL arranged the loan on behalf of the borrower, a venture between Blue Vista and Bain Capital Real Estate. A fund managed by Argentic Investment Management LLC provided the loan.
CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program for the rehabilitation of six affordable housing communities on Chicago’s South Shore. The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project-based Section 8 contract. The remaining five properties provide 126 units for families. Evergreen Real Estate Group is the sponsor. The communities are owned by a Low-Income Housing Tax Credit (LIHTC) partnership created by the Housing and Human Development Corp. (HHDC), a nonprofit public housing facility in Chicago. The project also received LIHTC and tax-exempt bond allocations from the Illinois Housing Development Authority. KeyBanc Capital Markets served as the sole manager and underwriter for the $55.1 million bonds. Improvements will include new cabinets, countertops, flooring, energy-efficient appliances and fixtures for resident units as well as elevator modernization, upgrades to mechanical, electrical and plumbing systems, replacement of roofs and exterior repairs. HHDC serves as the owner-operator and will provide onsite social service coordinators. Leslie Meyers and Robbie Lynn of KeyBank CDLI structured the HUD financing, and Sam Adams of KeyBanc Capital Markets marketed the bonds.
BOLINGBROOK, ILL. — Bridge Industrial has acquired a 22-acre site in Bolingbrook within the I-55 submarket. The developer plans to build Bridge Point I-55 Commerce Center, a two-building speculative industrial project totaling 292,011 square feet. Bridge acquired the site from Chicagoland-based Orange Crush LLC, which previously used the facility as an asphalt crushing and transloading facility. Construction is scheduled to begin in the second quarter with completion slated for mid-2025. Dan Leahy of NAI Hiffman represented Bridge in the sale and will serve as the leasing agent for the development.
JOLIET, ILL. — CBRE has completed the lease-up of Joliet Marketplace, a 100,000-square-foot shopping center in Joliet. UrgentVet inked the most recent lease for a total of 3,500 square feet. The veterinarian clinic plans to open this spring. The property was formerly occupied by K-Mart and had stood vacant since 2016. IG Capital purchased the asset in 2020 and brought on CBRE’s Sean McCourt, Joe Parrott and Riley McCarron to assist with redeveloping the site. UrgentVet joins Tony’s Fresh Market, Planet Fitness, Tropical Smoothie Café, Charley’s and Ivy Rehab at the center. McCourt and Parrott represented IG Capital in the lease with UrgentVet.
OAK BROOK, ILL. — Daniel Goodwin, founder, chairman and CEO of The Inland Real Estate Group of Cos. Inc., has passed away at the age of 80. A native Chicagoan, Goodwin earned his bachelor’s and master’s degrees from Illinois public universities. Upon graduation, he worked as a science teacher on the city’s West Side for five years before embarking on his real estate career. Since Oak Brook-based Inland’s inception in 1968, the company grew under Goodwin’s leadership into one of the nation’s largest commercial real estate, investment and finance groups. Collectively, Inland entities have raised over $26 billion in capital, conducted over $80 billion in commercial real estate transactions, sponsored over 800 investment programs and founded six Inland entities that either listed on or merged with a public company on the New York Stock Exchange. Goodwin has received hundreds of local and national business, civic and philanthropic awards. Consistent with Inland’s long-term succession plan, the board of directors has appointed current Inland CFO Anthony Chereso as Inland’s CEO, effective immediately. Chereso has more than 30 years of experience in finance, commercial real estate, capital markets and the alternative investment industry.
CHICAGO — Farbman Group has opened “The LookOut,” an amenity space within its 100 N. LaSalle office building in Chicago. The space was formerly a 26th-floor penthouse suite. Key features of The LookOut include a lounge and dining space, views of downtown Chicago, a workout facility and artwork. Farbman partnered with Michigan-based Soul Studio, an art program and gallery by nonprofit Friendship Circle that provides adults with special needs a safe space to create and connect through art. Farbman commissioned a piece entitled “Rhythmic Grid Space” by Aislinn Wendrow as a mural for the amenity space.
CHICAGO — AmTrust RE has secured two lease renewals totaling more than 20,000 square feet at its 33 North Dearborn office property in Chicago. The building totals 330,000 square feet. Regional law firm Heyl, Royster, Voelker & Allen PC renewed its lease for 13,383 square feet. KIPP Foundation, a nonprofit that trains and develops educators to lead KIPP schools, signed a lease for its 6,617-square-foot office. David Knight, Ethan Braham and Luke Wuchenich of Advocate Commercial Real Estate Advisors represented both tenants. In September 2023, AmTrust unveiled plans for a $50 million capital improvements programs at two of its Chicago properties, including 33 North Dearborn. Construction is underway, and the initiative marks the initial stage of the company’s $100 million commitment to upgrading its Chicago portfolio.
CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a two-tower multifamily development located along the Chicago River in the city’s Streeterville neighborhood. Related is building the project on a site left vacant after plans to build the Chicago Spire skyscraper were abandoned nearly two decades ago. Phase I of the project will include the construction of the development’s 72-story North Tower. The 1.1 million-square-foot North Tower will offer 635 multifamily units, 20 percent of which will be affordable housing. The development will also include 4.5 acres of open and green space, including the construction of DuSable Park in partnership with the Chicago Park District. The development will also include an expansion of the Chicago Riverwalk Founder’s Way walking path. Construction on Phase One is scheduled for completion in early 2027. The Chicago Office of Skidmore, Owings & Merrill designed both towers, which include nods to the city’s architectural history and geography. March and White designed the building interiors, with locally based Stantec serving as the architect of record for the project. The development team for Phase I includes LR Contracting and BOWA Construction. A collaboration between The Illinois Housing Development Authority, Wells Fargo and other undisclosed financial institutions …