GLENDALE HEIGHTS, ILL. — Lee & Associates has negotiated a pair of industrial leases totaling 311,444 square feet in the Chicago suburb of Glendale Heights. Jeff Janda and Michael Plumb of Lee represented owner Link Logistics on two leases at neighboring properties. United Business Mail leased the 150,784-square-foot building at 101 Regency Drive, while a hardware company leased the 160,660-square-foot building at 500 Regency Drive. Steve Kohn of Avison Young represented United Business Mail, while Chris Lydon and Fort Richardson of Avison Young represented the hardware tenant.
LAKE FOREST, ILL. — Marcus & Millichap has brokered the $19.7 million sale of Forest Square in Lake Forest, about 30 miles north of Chicago. The 53,122-square-foot office and retail property is located at 840 S. Waukegan Road and was built in 2008. The building was nearly 90 percent occupied at the time of sale. Tenants include Lake Forest Family Dental, Envision Health, Physical Therapy of Lake Forest, The Hearing Lab, Abbott Laboratories, LoMastro Performing Arts Academy, Lou Malnati’s Pizzeria, Jimmy Johns and Starbucks. Stephen Lieberman of Marcus & Millichap represented the seller, GCP Forest Square LLC. Woodard Properties LLC was the buyer.
GLENVIEW, ILL. — Several new tenants have signed leases to join the lineup at The Glen Town Center, a shopping center in Glenview, about 20 miles north of Chicago. Offix, a regional coworking and business solutions company, recently signed a 10-year lease for 6,200 square feet for its seventh location. Another recent lease signing was Chuck Lager America’s Tavern, which is owned by Fabio Vivani who appeared on the show “Top Chef.” Also joining the center will be Stretch Zone, a national boutique fitness company with over 40 locations nationwide. Poke Burrito, a local Asian restaurant, will open its sixth location in 1,800 square feet. Last year, Perfect Wedding opened its first location at the center, and in January, Eggspresso breakfast and brunch restaurant opened. SVN Chicago Commercial is the leasing agent for the property.
ELMHURST, ILL. — Adelphia Properties has arranged the sale of a 14,000-square-foot former restaurant building in Elmhurst, about 20 miles west of Chicago. Arena Sports Bar & Grille formerly occupied the property, located at 630 W. Lake St., for more than 35 years. Simeon Spirrison and George Spirrison of Adelphia represented the seller, the proprietor. A local investor purchased the asset for an undisclosed price.
ELK GROVE VILLAGE, ILL. — Lee & Associates has negotiated two industrial leases totaling 48,070 square feet in Elk Grove Village. In the first transaction, Arrow Trans Corp. inked a 42,070-square-foot lease at 2001 Estes Ave. Brad Simousek and Michael Plumb of Lee represented the tenant, while John D’Orazio and Jonathan Kohn of Colliers represented the owner, Link Logistics Real Estate. In the second transaction, Simousek represented Crown Roll Leaf in its lease of 6,000 square feet at 689 Chase Ave. Dustin Albers, Andrew Maletich and Matt Garland of Cawley Chicago represented the undisclosed owner.
BLOOMINGDALE, ILL. — Burlington has signed a lease to open a 27,726-square-foot store at Stratford Crossing in Bloomingdale, a western suburb of Chicago. Burlington will be the ninth anchor tenant to join the 385,000-square-foot shopping center, which is home to T.J. Maxx, HomeGoods, Mariano’s, PetSmart, Hobby Lobby and Planet Fitness. Joe Parrott, Sean McCourt and Riley McCarron of CBRE represented ownership, an affiliate of Newmark Merrill Cos. Burlington is scheduled to open later this year.
CHICAGO — The Hearn Co. has unveiled plans to convert four floors of 875 North Michigan Avenue in Chicago into clinical and surgical space named the Mag Mile Medical Pavilion. Hearn has selected Cushman & Wakefield to lease the building-within-a-building concept. Hearn plans to invest more than $10 million into converting floors 28 through 30 and 33, totaling 130,000 square feet, into medical office space. There will be a dedicated valet entrance, patient drop-off and pickup on the north side and a dedicated elevator bank. Completion is slated for the second quarter of this year. The 100-story property was formerly known as the John Hancock Center. Karoline Eigel, Matt Sullivan, Lindsey Groom and Jack Seher of Cushman & Wakefield make up the leasing team.
JOLIET, ILL. — JLL Capital Markets has brokered the sale of Clarius Park Joliet Building 2, a 906,517-square-foot industrial facility in Joliet. The sales price was undisclosed. Lion Electric occupies the building, which features a clear height of 40 feet, 107 dock-high doors, 16 drive-in doors and 213 trailer stalls. John Huguenard, Sean Devaney and Peter Moriarty of JLL represented the seller, a partnership between Clarius Partners LLC and Walton Street Capital LLC. Dominic Carbonari, Rob Wheeler and Michael Connor of JLL assisted in the sales transaction after completing the lease on behalf of the seller. Avison Young Investment Management was the buyer.
CHICAGO — Walsh Construction has completed Broadview Senior Apartments, an affordable community for residents age 55 and older in Chicago. CIBC Bank USA provided a $5.3 million construction loan and made a $6.9 million equity investment in the project, which rises three stories. Of the 70 units, 11 are reserved for special-needs tenants. CIBC Bank USA is working with the Housing Opportunities Development Corp. (HODC), which serves as Broadview Senior Apartments’ nonprofit partner. HODC provides services to the residents of the facility, coordinates onsite activities and workshops and provides onsite staff for a minimum of 20 hours per week.
ST. CHARLES, ILL. — Associated Bank has provided a $20 million loan for the acquisition of Carroll Tower Apartments in St. Charles, about 40 miles west of Chicago. The affordable housing community is located at 200 N. Second St. along the Fox River. The six-story property is home to 108 one-bedroom units that are fully occupied. Units are restricted to low-income residents who are 62 years of age or older. Teresa Rubio of Associated Community Development LLC managed the loan and closing. The borrower, 3 Diamond Development LLC, plans to preserve the property’s affordability status.