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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $2.9M Sale of Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of 6710 S. Claremont Ave. in Chicago’s Marquette Park neighborhood for $2.9 million. Originally constructed in 1928, the building features 49 apartment units and six retail spaces. The apartment portion was 95 percent occupied at the time of sale. Ted Stratman, Lucas Fryman, David Goss, Jon Morgan and Jeremy Morton of Interra represented the seller, a local private investor. The team also secured and represented the buyer, a private out-of-state investor. The buyer plans to upgrade units as they turn over.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $16M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Kiser Group has brokered the condo deconversion sale of Timber Court in Arlington Heights for $16 million. A Chicago-based apartment investor acquired the 72-unit property, which is located at 3400 N. Old Arlington Heights Road. Ron Plonis, Lee Kiser and Jeff Leibovich of Kiser represented both the condo association and the buyer in the transaction. Ray Cahnman served as president of the board of directors for the condo association and was also one of the original developers of the project, which was built in 2007. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

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DevelopmentIllinoisMidwestMultifamily

Equity Residential, Toll Brothers Form $1.9B Partnership to Develop Apartments

by Kristin Harlow

CHICAGO AND FORT WASHINGTON, PA. — Sam Zell’s Equity Residential (NYSE: EQR) and luxury homebuilder Toll Brothers (NYSE: TOL) have formed a partnership to acquire and develop sites for new rental apartment communities in metro Boston; Atlanta; Austin, Texas; Denver; Orange County/San Diego; Seattle; and Dallas-Fort Worth, Texas. The two companies are looking to deploy $1.9 billion to take advantage of the surging demand for rentals, according to Crain’s Chicago Business. The partnership will invest about $750 million in equity, plus additional debt. Chicago-based Equity invests in apartments with a portfolio of more than 300 properties across California, Washington, D.C., New York City, Boston, Seattle and Denver. Fort Washington-based Toll Brothers builds homes in 24 states.

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DevelopmentIllinoisMidwest

ARCO/Murray, GMA Construction Break Ground on $31M Sports Campus in Chicago, Partner with Cubs’ Jason Heyward

by Kristin Harlow

CHICAGO — ARCO/Murray and GMA Construction Group have broken ground on a $31 million sports campus in Chicago’s North Austin community. Project partners include By the Hand Club for Kids, Grace and Peace Revive Center, Intentional Sports, the Chicago Fire Foundation and Jason and Vedrana Heyward. The facility will offer education, leadership development and sports training for Chicago youths, including soccer and baseball programming from the Chicago Fire FC and the Jason Heyward Baseball Academy. The project will include 150,000 square feet of indoor space, outdoor turf fields and an indoor turf arena. The campus will offer after-school programming for more than 400 youths. Completion is slated for fall 2022. The State of Illinois provided a $1.5 million capital grant, which will assist with brownfield redevelopment of the former Glidden paint factory. The campus will be developed in partnership with Chicago Neighborhood Initiatives. By the Hand Club for Kids, which is an after-school program, will operate its sixth Chicago-area club at the campus. By the Hand will occupy 30,000 square feet. Grace and Peace Revive Center will offer a food bank, domestic violence counseling, transitional housing and advocacy workshops onsite. Nonprofit organization Intentional Sports will anchor the development. Adult leagues, …

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AcquisitionsIllinoisIndustrialMidwest

Venture One Acquires 179,508 SF Industrial Building in Niles, Illinois

by Kristin Harlow

NILES, ILL. — Venture One Real Estate has acquired a 179,508-square-foot industrial building in Niles, about 15 miles northwest of Chicago. The purchase price was undisclosed. Located at 6900 Austin Ave., the property is fully leased to one tenant. Constructed in 1980, the building features a clear height of 21 feet, nine docks, one drive-in door, parking for 120 cars and 4,820 square feet of office space. Christopher Volkert of Colliers International represented the undisclosed seller. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.

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AcquisitionsIllinoisMidwestRetail

Brookline Brokers $3M Sale of Retail Center in Suburban Chicago

by Kristin Harlow

OAK LAWN, ILL. — Brookline Real Estate has brokered the sale of Central Plaza in Oak Lawn, a southern suburb of Chicago, for $3 million. Anchor tenants of the 26,331-square-foot retail center include Family Dollar and Dunkin’. Dominick Cannata of Brookline represented the Florida-based seller. Mark Heidecke of Horvath & Tremblay represented the Texas-based buyer. Brookline also served as leasing agent and property manager prior to the sale and completed the stabilization of the property. The new owner will continue to retain Brookline as manager.

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AcquisitionsIllinoisMidwestMultifamily

Berkadia Brokers Sale of 170-Unit Apartment Community in Round Lake, Illinois

by Kristin Harlow

ROUND LAKE, ILL. — Berkadia has brokered the sale of Rosewood Apartments in Round Lake, a far northwest suburb of Chicago. The sales price was undisclosed. Built in 1976 and renovated in 2006, the 170-unit apartment community is located at 216 W. Forest Ave. The three-story property offers one-, two- and three-bedroom floor plans. Ralph DePasquale of Berkadia Chicago represented the seller, Rosewood Apartments LP. Rosewood Harmony Housing LLC was the buyer.

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DevelopmentIllinoisIndustrialMidwestOffice

Premier Design + Build Group Breaks Ground on New Corporate Headquarters in Suburban Chicago

by Kristin Harlow

BUFFALO GROVE, ILL. — Premier Design + Build Group LLC has broken ground on its new corporate headquarters in Buffalo Grove, a northwest suburb of Chicago. The 50,516-square-foot, two-story project is slated for completion in July 2022. Located at 1305 Busch Parkway, the development will include outdoor workspaces, breakout rooms, huddle spaces, two canopied entrances, two drive-in doors, four dock positions and a full indoor basketball court. Premier says the move is prompted by rapid growth at the design and construction firm. Premier recently sold its previous headquarters building that it’s occupied for seven years in Itasca. The project team includes architect Cornerstone Architects Ltd., structural engineer Swift Structural Design and civil engineer Spaceco Inc.

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DevelopmentIllinoisMidwestOffice

Sterling Bay Breaks Ground on 200,000 SF Office, Retail Building in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Chicago-based real estate development firm Sterling Bay has broken ground on 345 N Morgan, a 200,000-square-foot office and retail building in Chicago’s Fulton Market. Sterling Bay acquired the development site in 2014 and originally intended to break ground in March 2020, but the project was halted due to COVID-19. Designed by Eckenhoff Saunders Architects, the building will feature private outdoor terraces, a 5,000-square-foot roof deck, bar and lounge, fitness center, coworking library and high-tech conference spaces. The construction timeline is 13 months, enabling tenants to move in as early as September 2022. Skender and JLL Construction are building the project. Sterling Bay secured roughly $100 million in combined construction loans from senior lender Bank OZK and mezzanine lender PCCP.

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AcquisitionsIllinoisMidwestMultifamily

Greystone Bel Arranges $43.3M Sale of Five-Property Multifamily Sale in Rockford, Illinois

by Kristin Harlow

ROCKFORD, ILL. — Greystone Bel Real Estate Advisors has arranged the sale of a five-property multifamily portfolio in Rockford for $43.3 million. The portfolio totals 582 units. The properties include Hampton Ridge, Hampton Woods, Hampton Courtyard, Hampton Crossings and Hampton Meadows. Completed from 1958 to 2008, the properties offer a variety of one-, two- and three-bedroom units averaging 1,094 square feet. William Montana and Christopher Sackley of Greystone Bel represented the seller. Buyer and seller information were not disclosed.

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