GLEN CARBON, ILL. — Strieker Law Firm LLC has signed a 1,582-square-foot office lease at 100 Magnolia Drive in Glen Carbon, about 14 miles northeast of St. Louis. Shiloh, Ill.-based brokerage Barber Murphy represented both the tenant and the landlord, SZO Properties LLC.
ELK GROVE VILLAGE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 94,262-square-foot industrial building in the Chicago suburb of Elk Grove Village. The acquisition was structured as a sale-leaseback. The sales price was undisclosed. Located at 2121 Landmeier Road and constructed in 1966, the building features a clear height of 18 feet, six exterior docks, four interior docks, two drive-in doors and parking for more than 100 cars and 10 trailers. Phil Reiff of JLL represented the undisclosed seller. VK Industrial VI LP is a partnership between Venture One and Kovitz Investment Group.
CHICAGO — Dimension Inx, a biomaterials platform company that develops therapeutic products to restore tissue and organ function, has signed a 6,410-square-foot life sciences lease at Fulton Labs in Chicago. Owned by Trammell Crow Co. (TCC) and located in the city’s Fulton Market district, the campus spans two buildings and 725,000 square feet. Dimension Inx will occupy a science-ready lab suite at 1375 W. Fulton. The company currently operates out of two locations, one being at Illinois Tech’s University Technology Park and the other at Portal Innovations, which is part of Fulton Labs. Dimension Inx will move into its new headquarters space in March and will still maintain its presence at Portal Innovations. TCC’s science-ready lab suites are private labs available for immediate occupancy that range in size from 3,000 to 7,000 square feet. Tenants have access to building technology and amenities, including a shared lab equipment room, as well as flexible lease terms. Jonathan Metzl and Jack Keenan of Cushman & Wakefield represented Dimension Inx. CBRE handles the leasing and marketing for Fulton Labs.
GENEVA, ILL. — Lifespace Communities has acquired GreenFields of Geneva, a nonprofit, 257-unit continuing care retirement community (CCRC) in Geneva, approximately 40 miles west of downtown Chicago. Friendship Senior Options (FSO) sold the property for an undisclosed price. FSO will continue to provide management services through June, at which time the community will fully transition onto Lifespace management, systems and support. The sale brings Lifespace’s total portfolio to 18 communities, including three in metro Chicago. Located on 26 acres bordering two championship golf courses, GreenFields includes walking paths, a fishing pond and a 3.5-acre native prairie. More than 200 residents call the community home. GreenFields opened its doors in 2012.
HOMEWOOD, ILL. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Freedom Village, a 198-unit affordable seniors housing community in Homewood, a southern suburb of Chicago. The purchase price and seller were undisclosed. Originally built in 1998 with tax credits from the Illinois Housing Development Authority, the property rises three stories. All of the units are reserved for residents who earn up to 60 percent of the area median income. As of November 2022, the community was 98.5 percent leased. Amenities include a community kitchen, outdoor patio, fitness center, game room, library and laundry facilities.
NORTH CHICAGO, ILL. — Red Oak Capital Holdings has provided a $3.2 million loan for the refinancing and renovation of a multi-tenant industrial property in North Chicago. The 92,511-square-foot building is located at 4850 W. Bloomingdale Ave. Built in 1972 and renovated in 2019, the property features four dock-high doors, two drive-in doors and clear heights ranging from 10 to 18 feet. The borrower, Chicago Property Investors LLC, purchased the asset in 2018 and intends to make about $350,000 in capital improvements to the property. The 12-month bridge loan features a 10.5 percent interest rate with two six-month renewal options. The borrower plans to refinance the bridge loan with permanent financing or sell the asset once it is stabilized.
CHICAGO — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 15,359-square-foot industrial building in Chicago for an undisclosed price. The property at 2526 Federal Drive is 51 percent leased. The building features two drive-in doors and a clear height of 14.5 feet. Venture One will renovate the vacant space. Alex Kritt of Colliers represented the undisclosed seller and will be retained to market the property for lease. VK Industrial VI LP is a partnership between Venture One and Kovitz Investment Group.
CAROL STREAM, ILL. — Roma Tang Soo Do, a traditional martial arts school, has signed a 3,678-square-foot retail lease in the Chicago suburb of Carol Stream. The property at 330 W. Army Trail Road is now fully leased. Rick Scardino of Lee & Associates represented the landlord, American Sale. Bruce Heller of Coldwell Banker Commercial represented the tenant.
CHICAGO — Kiser Group has brokered a condo deconversion sale in Chicago’s Lakeview neighborhood for $18.3 million. The property at 3825 N. Pine Grove features 94 units and 54 parking spaces. Andy Friedman and Jake Parker of Kiser brokered the transaction. The seller was 3825 N. Pine Grove Condominium Association. According to Parker, 90 percent of the units were investor-owned rental units while 10 percent were owner-occupied. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.
FRANKLIN PARK, ILL. — Marcus & Millichap has negotiated the $4.7 million sale of a 42,111-square-foot retail center in the Chicago suburb of Franklin Park. Just Tires anchors the property and has operated out of the location since 1975. Mitchell Kiven, James Ziegler and Keith Zelenika of Marcus & Millichap represented the seller, an investment fund with several partners based primarily in Chicago. Kiven also procured the buyer, Jupiter Texas Group, a real estate syndicator based in Frisco, Texas. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The seller had purchased the property in foreclosure and spent three years stabilizing the asset.