Illinois

UPS Inks Lease for 34,700 SF Industrial Service Facility in Addison, Illinois

by Kristin Harlow July 13, 2023

ADDISON, ILL. — UPS has inked a lease for a 34,700-square-foot industrial service facility located at 1404 W. Fullerton Ave. in Addison. The owner, Clear Height Properties, purchased the vacant property in September 2022 and executed a series of capital improvements, including a new roof, mechanical systems, drive-in doors, exterior painting and parking lot replacement. Dominic Carbonari of JLL negotiated the lease. Mary Kay McCreery of Strategic Leasing Law Group served as the attorney on behalf of Clear Height.

July 13, 2023

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Structures $30.9M HUD-Insured Loan for Refinancing of Nursing Home in Chicago

by Kristin Harlow July 12, 2023

CHICAGO — Walker & Dunlop has structured a $30.9 million HUD 232/223(f) loan for the refinancing of Clark Manor, a nursing home in Chicago. Clark Manor provides services such as short-term, post-hospital physical rehabilitation, full-time physical, occupational and speech therapists, and a secure dementia and Alzheimer’s floor. Joshua Rosen and Brad Annis of Walker & Dunlop originated the loan. The borrower was undisclosed.

July 12, 2023

Illinois Leasing Activity Midwest Office

Big Brothers Big Sisters of Metropolitan Chicago Inks New Office Lease

by Kristin Harlow July 11, 2023

CHICAGO — Big Brothers Big Sisters of Metropolitan Chicago has signed a new office lease to occupy 8,587 square feet on the second floor at 130 S. Jefferson St. in Chicago. The new space will accommodate the nonprofit’s hybrid work model and enable the agency to hold programs, board meetings and community and match events. Phil Geiger of Stream Realty Partners represented the tenant. Commercial real estate firm Madison Rose represented the landlord, R2 Cos. The Chicago branch of Big Brothers Big Sisters offers mentoring services to 2,000 children and their families in Cook, DuPage and Lake counties. More than 65 staff members work to recruit, match and support mentors, mentees and families. The organization is relocating from a 15,000-square-foot space at 560 W. Lake St. The five-story building at 130 S. Jefferson St. was originally constructed in 1883 and features a newly renovated lobby.

July 11, 2023

Acquisitions Illinois Lee & Associates Midwest Retail

Lee & Associates Negotiates $1.8M Sale of Retail Pad Site in Alsip, Illinois

by Kristin Harlow July 11, 2023

ALSIP, ILL. — Lee & Associates has negotiated the $1.8 million sale of a retail pad site in Alsip, a southern suburb of Chicago. The property at 4839 W. 111th St. was formerly home to Bakers Square restaurant. Rick Scardino of Lee & Associates represented the seller, Orion Capital. Dave and Ryan Chopp of DRC Realty LLC represented the buyer, Barnes Development Co., which will build a new Belle Tire store on the site. Belle Tire operates roughly 130 locations in Michigan, Indiana, Ohio and Illinois.

July 11, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $1.9M Sale of Two-Tenant Retail Property in South Holland, Illinois

by Kristin Harlow July 10, 2023

SOUTH HOLLAND, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a two-tenant retail property in South Holland, a southern suburb of Chicago. The center is home to Chase Bank, which recently executed a lease extension, and CD One Price Cleaners. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the undisclosed seller. The buyer completed a 1031 exchange.

July 10, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

Focus Healthcare Partners Acquires Senior Living Community in Elmhurst, Illinois

by Kristin Harlow July 7, 2023

ELMHURST, ILL. — Focus Healthcare Partners LLC, a Chicago-based real estate investment and asset management firm, has acquired a senior living community in Elmhurst for an undisclosed price. The buyer will rebrand the property as The Roosevelt at Salt Creek and convert it from an entrance-fee model to a rental community offering both independent living and assisted living. Life Care Services will manage the community and help facilitate its multi-year renovation. The transformation will include building out common areas with a new design and broadening programming options for residents. Amenities will include an indoor pool, cinema, art studio, game room and sports lounge. The property was formerly named Lexington Square Senior Living.

July 7, 2023

Acquisitions Illinois Midwest Retail

Quantum Brokers $4.4M Sale of River Place Shopping Center in Lansing, Illinois

by Kristin Harlow July 7, 2023

LANSING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.4 million sale of the River Place shopping center in Lansing, a southern suburb of Chicago. The 47,000-square-foot property consists of a 7,350-square-foot building and a 39,728-square-foot building. At the time of sale, the property was roughly 97 percent leased to tenants such as Dollar General, Subway, Dunkin’ and SVS Vision. Chad Firsel and Dan Waszak of Quantum represented the seller, a Wisconsin-based developer and investor. The buyer was a Virginia-based investor.

July 7, 2023

Affordable Housing Development Illinois Midwest Multifamily

Structured Development Opens Wendelin Park Mixed-Income Housing Project in Chicago

by Kristin Harlow July 6, 2023

CHICAGO — Structured Development has opened Wendelin Park, a new mixed-income housing community and park in Chicago’s Lincoln Park neighborhood. Replacing a former industrial site, the Wendelin Park development includes three residential buildings oriented around a new publicly accessible park. The master plan includes The Seng, a 34-unit affordable condominium building and Post Chicago, a co-living community with 431 beds. Foundry, a 27-story, 327-unit apartment tower, is under construction and scheduled to open in the fourth quarter. The new park features a community garden, dog park, children’s climbing and play area and 20-foot sculpture from Chicago artist Ruth Aizuss Migdal. Attending the grand opening celebration were descendants of Wendelin Seng, founder of the Seng Furniture Co., which previously occupied the project site.

July 6, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $7.5M Sale of Multifamily Portfolio on Chicago’s South Side

by Kristin Harlow July 6, 2023

CHICAGO — Interra Realty has negotiated the $7.5 million sale of a two-building multifamily portfolio on Chicago’s South Side. The properties on South Paxton Avenue total 79 units and consist of three studios, 21 one-bedrooms, 33 two-bedrooms, 13 three-bedrooms and nine four-bedroom units. As part of the transaction, the buyers assumed the existing long-term Fannie Mae loan from the seller. Lucas Fryman of Interra represented the sellers, Mendy Raskin and Jon Kranzler. Brad Feldman of Interra represented the buyer, a local private investor. The portfolio was 94 percent occupied at the time of sale.

July 6, 2023

Development Illinois Midwest Multifamily Retail

Principle Construction Completes Apartment, Retail Building in Lake Zurich, Illinois

by Kristin Harlow July 6, 2023

LAKE ZURICH, ILL. — Principle Construction Corp. has completed a 13,500-square-foot apartment and retail building in downtown Lake Zurich, a far northwest suburb of Chicago. The brownfield redevelopment project at 17 S. Old Rand Road was made possible by the consolidation of several vacant lots from previously demolished, outdated retail buildings. The new development includes 6,750 square feet of first-floor commercial space and four luxury apartment units. The anchor tenant is Lake Zurich Florist, which is doubling its retail footprint. All four apartment units are occupied. Muran Architects designed the building.

July 6, 2023

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