Illinois

SOUTH ELGIN, ILL. — Interra Realty has brokered the $24.5 million sale of Panton Mill Station in South Elgin, about 35 miles northwest of Chicago. The 100-unit luxury apartment community is located at 355 N. La Fox St. The property was fully leased at the time of sale. Amenities include a business center, fitness center, outdoor kitchen and dog wash. Jon Morgan and David Goss of Interra represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed the building in spring 2020. Patrick Kennelly and Paul Waterloo of Interra represented the buyer, MTA South Elgin.

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SAINT CHARLES, ILL. — The Boulder Group has arranged the $3.3 million sale of a PNC Bank ground lease in Saint Charles, about 40 miles west of Chicago. The 3,586-square-foot building is located at 3879 E. Main St. The property serves as an outparcel to a Target-anchored shopping center. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private, Midwest-based real estate investor. The Midwest-based buyer completed a 1031 exchange. PNC Bank, which has operated at the location since 2002, recently extended its lease through 2033.

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SKOKIE, ILL. — JLL Capital Markets has arranged the sale and financing of a two-building life sciences portfolio within The Illinois Science + Technology Park in Skokie, about 15 miles north of downtown Chicago. The portfolio spans 286,184 rentable square feet and is home to global life sciences brands and university-affiliated, venture-backed startups. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson, Bruce Miller and Nick Psyllos of JLL represented the seller, American Landmark Properties, which acquired the buildings in 2016 and renovated them. The JLL team also procured the buyer, Chicago-based Singerman Real Estate. Danny Kaufman and Lucas Borges of JLL led financing efforts on behalf of the buyer. Max Zwolan and Scott Brandwein of JLL also supported the transaction and will continue to handle leasing for the new owner. The sales price and loan amount were not provided.

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CHICAGO — McHugh Construction has begun the renovation of the historic Ramova Theater in Chicago’s Bridgeport neighborhood. The scope of the project involves restoring the theater and building out adjacent space for a new brewery and restaurant. Originally constructed in 1929, the theater has been vacant since 1985. Completion is slated for late 2022. The project is a public-private partnership with the City of Chicago and co-developers Our Revival Chicago and Baum Revision. Upon completion, the 22,000-square-foot Ramova Theater will include a 1,600-seat auditorium and a separate balcony-level theater that can accommodate 200 people. The venue will host bands as well as events for local schools and community groups. The project will restore the theater’s existing marquis, lobby, auditorium, plaster ceiling and vintage ticket booth. Adjacent to the theater, a separate entrance will lead patrons to a 4,000-square-foot brewery and tap room fronting Halsted Street. A 200-person space on the second floor will host private events and intimate music performances. The project will also include the revived Ramova Grill restaurant. The 30-seat eatery will be run by The Duck Inn chef and owner Kevin Hickey, a Bridgeport native who used to frequent the Ramova Grill as a child. The original …

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CHICAGO — Marcus & Millichap has brokered the sale of a Starbucks-anchored retail center located at 5505 S. Kedzie Ave. in Chicago’s Gage Park neighborhood for $7 million. The Starbucks features a drive-thru, and the overall property spans 14,812 square feet. Other tenants are a mix of medical and retail users. Nicholas Kanich and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based developer. The asset sold to an all-cash buyer.

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JOLIET, ILL. — Krusinski Construction Co. has broken ground on a 19,000-square-foot automotive center for Cassidy Best-One Tire & Service in Joliet. The project will be situated within the Rock Creek Logistics Center at 3100 Channahon Road. The facility will provide truck and automobile tire work as well as general vehicle maintenance services. The project will feature 20 drive-in doors, 10 service bays and 1,000 square feet of office space. Completion is slated for early 2022. Cornerstone Architects is the architect and Jacob & Hefner Associates is the civil engineer. Ketone Partners is the developer of the project and the owner of Rock Creek Logistics Center, which is a 263-acre business park that offers direct access to I-80.

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OAK BROOK, ILL. — Clear Height Properties and its joint venture partner Buligo Capital Partners have sold 814 Commerce, a 173,017-square-foot office building in the Chicago suburb of Oak Brook. The sales price was undisclosed. The three-story property sold to Chicago-based real estate investor Helios Properties. Since acquiring the asset in 2019, Clear Height invested $1.5 million to upgrade the building’s exterior, common areas, parking deck and HVAC systems. The building is 56 percent leased to Innovista Health Solutions, IRC Retail Centers and CPS. Dan Deuter, Michael Simpson and Paul Lundstedt of Cushman & Wakefield represented the sellers.

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CHICAGO — Chicago’s Fifty/50 Group will debut the first full-service restaurant at Willis Tower in downtown Chicago. Known as Kindling, the char-house restaurant will occupy a two-story space and outdoor terrace as part of Catalog, the five-story dining, retail and entertainment portion of Willis Tower. Kindling is slated to open in 2022. The restaurant will feature a large wood-burning grill and guests will enjoy entrees such as rotisserie chicken, brisket and halibut. Also joining Catalog in spring 2022 is the Chicago-based corner store, café and delivery market Foxtrot. The Catalog location will feature a coffee bar plus a selection of everyday essentials, locally sourced goods and grab-and-go offerings. Users of the Foxtrot app can order items for pickup or delivery. EQ Office owns Willis Tower, which is undergoing a $500 million renovation project. The Fifty/50 Group is a hospitality group that owns and operates 14 restaurants and bars across Chicago.

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STEGER, ILL. — JLL Capital Markets has brokered the $69.5 million sale of The New Colonies in Steger, about 35 miles south of downtown Chicago. Constructed in 1973, the garden-style apartment community includes 672 units that average 676 square feet. Amenities include a pool, dog park, fitness center and community clubhouse with a business center. David Gaines and Kyle Butler of JLL represented the seller, CiTYR. Bender Cos. was the buyer.

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CHICAGO — Global flooring manufacturer Tarkett has signed a lease to move its showroom and offices from Merchandise Mart to the 10th floor of Fulton East, a 12-story, 90,000-square-foot office building in Chicago’s Fulton Market District. Parkside Realty Inc. owns the building, which is located at 215 N. Peoria St. Tarkett will occupy nearly 11,000 square feet. The firm opened its 9,000-square-foot showroom at Merchandise Mart in 2017. Chicago-based Clayco constructed Fulton East and Lamar Johnson Collaborative served as architect. The newly built property includes several health and wellness features. Andy Gooliak of Colliers International and Nate Walczuk of Allegro Real Estate Brokers and Advisors represented Tarkett in the lease transaction. Katie Scott and Camille Julmy of Parkside Realty represented ownership on an internal basis.

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