DOWNERS GROVE, ILL. — Marcus & Millichap has brokered the $2.3 million sale of a BP-occupied gas station property in the Chicago suburb of Downers Grove. The asset is located at 2231 Maple Ave. just east of Highway 355. Timothy Nichols, Nicholas Kanich and Mitch Grant of Marcus & Millichap represented the seller, a locally based limited liability company. Nichols secured the buyer, also a locally based limited liability company.
WHEATON, ILL. — JVM Realty Corp. has acquired Courthouse Square, a 149-unit apartment community in the western Chicago suburb of Wheaton. The purchase price was undisclosed. Located at 250 S. Naperville Road, Courthouse Square was built in 2016 and consists of two six-story buildings. Amenities include a pool and sundeck, concierge service, package receiving, fitness center and yoga studio, event room, outdoor deck, heated indoor garage parking, pet wash and bike repair stations. With this latest acquisition, JVM now owns and manages eight apartment communities in Illinois and 23 throughout the Midwest. Kevin Girard, Mark Stern, Zach Kaufman and Avi Schiffman of JLL represented the undisclosed seller.
MCHENRY, ILL. — Entre Commercial Realty has brokered the sale of a 21,500-square-foot office building located at 420 Front St. in McHenry for an undisclosed price. The two-story property was built in 2000. Dan Jones, Dan Benassi and Sam Deihs of Entre represented the seller, Glacier Properties. Community Consolidated School District 15 purchased the buildings with plans to utilize it as a new central office for the McHenry School District.
HUNTLEY, ILL. — Principle Construction has completed the third expansion in five years of General RV’s space at 14000 Automall Drive in Huntley. The current project includes a 19,558-square-foot addition to the building, which Principle initially constructed in 2011. The building features a clear height of 22 feet and 14 drive-in doors. Cornerstone Architects was the project architect.
ITASCA, ILL. — AIT Worldwide Logistics has signed a 56,808-square-foot office lease at Two Pierce Place in Itasca. The office will serve as the global headquarters for the transportation management provider, which maintains more than 100 locations worldwide, including regional headquarters in London and Hong Kong. Rob Lundin and John Norris of Newmark represented the landlord, Sovereign Partners LLC. Eric Kunkel, Steve Spinell and Darren Eades of JLL represented the tenant. Two Pierce Place rises 25 stories and totals 490,000 square feet. The property features a newly completed amenity center, including a tenant lounge, outdoor patio, putting green, bocce court, fitness center, full-service deli and conference facility.
BERKELEY AND BOLINGBROOK, ILL. — Provender Partners and StepStone Real Estate (SRE), the real estate arm of private markets investment firm StepStone Group, have completed a $158 million recapitalization of a 1 million-square-foot cold storage portfolio. Provender acquired the properties over the last three years in a joint venture with an investment management firm that recently sold its interests to SRE. Two of the properties are located in the Illinois cities of Berkeley and Bolingbrook. Additional buildings are in California, Nevada and Alabama. Tenants include local and regional wholesale food logistics companies, food service providers and frozen food packagers with a remaining average lease term of approximately six years. Michael Leggett, Sher Hafeez and Josh Lieberman of JLL advised Provender on the formation of the joint venture. Brian Torp and Peter Thompson of JLL sourced the debt financing.
CHICAGO — JLL Capital Markets has arranged a $40 million loan for the refinancing of Edens Collection in Chicago. The Target-anchored shopping center totals 142,740 square feet. Built in 2020, the property is 94 percent leased to tenants such as Ross Dress for Less, Starbucks, LA Fitness, Five Below, Chipotle, Smashburger, May Nail Spa and Eyecare Services Partners. Keith Largay and Christopher Knight of JLL arranged the five-year, floating-rate loan on behalf of the borrower, The Jaffe Cos. Pacific Life Insurance Co. provided the loan.
CHICAGO — Globetrotters Engineering Corp. has renewed its 23,376-square-foot office lease at 300 South Wacker in Chicago’s central business district. The engineering firm is relocating to the building’s third and fourth floors after having previously occupied the second and fourth floors. The tenant, which has occupied space at the building since the 1980s, is also redesigning its workspace. Josh Feldman of Cushman & Wakefield represented the tenant in the 11-year lease. Sandy Macaluso of Golub represented the landlord on an internal basis. Globetrotters maintains more than 175 employees at 300 South Wacker.
PLAINFIELD, ILL. — Marcus & Millichap has negotiated the $3 million sale of a 20,281-square-foot office building in Plainfield, about 40 miles southwest of Chicago. Located at 23909 W. Renwick Road, the property is fully occupied and features a new roof and parking lot. The seller, a Chicagoland limited liability company, purchased the building a little over a year ago and decided to sell it after marking repairs and adding tenants. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller. The buyer was undisclosed.
CHICAGO — McHugh Construction has broken ground on a 48,000-square-foot space that will house FlyOver, a new flying ride attraction at Chicago’s Navy Pier. Expected to open in spring 2024, FlyOver replaces Navy Pier’s longtime IMAX theater, located near the Centennial Wheel on the west end of the pier. The attraction will provide guests with the feeling of flight as they hang suspended from moving seats with their feet dangling below. The ride will also feature films projected on a 65-foot wrap-around screen that will showcase Chicago as well as iconic landscapes from around the globe. The attraction will provide a multi-sensory experience, complete with mist, wind and scents. FlyOver, from global attractions and hospitality company Pursuit, will be the first ride of its kind in Chicago. The experience will be similar to FlyOver attractions in Las Vegas, Canada and Iceland. Chicago-based Epstein is the architect. Project costs are estimated at $13 million.