Illinois

Boulder Group Arranges $1.6M Sale of ATI Physical Therapy-Occupied Property in Grayslake, Illinois

by Kristin Harlow November 25, 2020

GRAYSLAKE, ILL. — The Boulder Group has arranged the $1.6 million sale of a single-tenant, net-leased property occupied by ATI Physical Therapy in Grayslake, about 40 miles north of Chicago. The 3,942-square-foot building is located at 500 Center St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private real estate developer. A Midwest-based buyer purchased the asset. ATI has a new 10-year lease at the property. The physical therapy company maintains 823 locations across the country.

November 25, 2020

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $1.9M Condo Deconversion Sale in Chicago’s Albany Park

by Kristin Harlow November 24, 2020

CHICAGO — Kiser Group has brokered the $1.9 million condo deconversion sale of a 13-unit property in Chicago’s Albany Park neighborhood. Located at 5027-29 N. Harding Ave., the three-story building was originally constructed as apartments in 1931. It was converted into condos in 2006. Andy Friedman and Jake Parker of Kiser represented the condo association in the sale. The undisclosed buyer will convert the units back into apartments as well as make improvements. “This deal continues the trend of buildings that were converted to condos in the early 2000s now deconverting back to apartments,” says Friedman. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner. The deal “fits the mold of a property that would benefit from deconversion, with a high percentage of rental units and poor individual unit resale values,” says Parker.

November 24, 2020

Development Illinois Industrial Midwest

Ryan Cos. Completes Development of Pullman Crossings Industrial Project in Chicago

by Kristin Harlow November 23, 2020

CHICAGO — Ryan Cos. has completed the development of Pullman Crossings, a 62-acre industrial project within the larger Pullman Park in Chicago’s Pullman neighborhood. Ryan served as master developer in collaboration with Chicago Neighborhood Initiatives. With the recent completion of a 145,000-square-foot, build-to-suit distribution center for Amazon, Ryan has developed three industrial facilities totaling 685,000 square feet at Pullman Crossings since 2017. Located at the intersection of I-94 and 103rd Street, Pullman Crossings is part of an area that was originally home to factories that served as manufacturing sites for Pullman rail cars beginning in the late 1800s. Current tenants besides Amazon include Whole Foods Market and SC Johnson.

November 23, 2020

Development Illinois Midwest Multifamily

Optima Receives Final Municipal Approval for Development of 109-Unit Apartment Building in Wilmette, Illinois

by Kristin Harlow November 23, 2020

WILMETTE, ILL. — Optima Inc. has received final approval from the village of Wilmette for the development of a 109-unit luxury apartment building. The developer plans to break ground in late 2021 at the site, which is currently occupied by a bank. Designed by Hovey, the project will also include more than 8,000 square feet of commercial space on the first floor. Residents will have access to various amenities, including a rooftop sky deck and pool. Completion is scheduled for 2023.

November 23, 2020

Acquisitions Illinois Industrial Midwest

DeBartolo, Location Finders International Sell 879,040 SF Warehouse in Monee, Illinois for $50.3M

by Kristin Harlow November 20, 2020

MONEE, ILL. — DeBartolo Development LLC and Location Finders International have sold an 879,040-square-foot warehouse in Monee, a southern suburb of Chicago, for $50.3 million. Dallas-based Hillwood, a Perot company, was the buyer. Located on 61 acres within Bailly Ridge Corporate Center, the facility is named Bailly Ridge 4. It features a clear height of 36 feet, 100 dock doors, four drive-in doors, 346 trailer stalls and up to 406 car parking stalls. Principle Construction Group completed construction of the property in November 2019. Bailly Ridge Corporate Center spans 412 acres. Notable tenants include Amazon, XPO Logistics and Hancock Tires.

November 20, 2020

Acquisitions Illinois Midwest Restaurant Retail

JLL Brokers $2.5M Sale of Raising Cane’s Ground Lease in Batavia, Illinois

by Kristin Harlow November 20, 2020

BATAVIA, ILL. — JLL Capital Markets has brokered the $2.5 million sale of a Raising Cane’s Chicken Fingers ground lease in Batavia within suburban Chicago. The 3,343-square-foot, single-tenant retail building sits on one acre at 1998 McKee St. Construction of the building was completed this year. Alex Sharrin and Alex Geanakos of JLL represented the seller, Kensington Development Partners. A family trust was the buyer. Raising Cane’s has more than 520 restaurants in 28 states.

November 20, 2020

Development Illinois Midwest Retail

Knoebel Construction Completes Two Jiffy Lube Service Centers in Illinois

by Kristin Harlow November 20, 2020

SYCAMORE AND SPRINGFIELD, ILL. — Knoebel Construction has completed two Jiffy Lube locations in Sycamore and Springfield. The automotive service centers each span 3,500 square feet and each cost $1.2 million to build. Knoebel has also been selected to build six additional Jiffy Lube locations in four Midwest states for Stonebriar Auto Services, a Jiffy Lube franchisee. Those projects are in Cape Girardeau and Nixa, Mo.; Lake Hallie and Manitowoc, Wis.; Jeffersonville, Ind.; and Machesney, Ill. Completion of those facilities is slated for early 2021.

November 20, 2020

Development Illinois Midwest Multifamily

Hines Begins Development of One Oak Brook Commons Apartment Tower in Suburban Chicago

by Kristin Harlow November 18, 2020

OAK BROOK, ILL. — Hines has received construction financing from New York Life Real Estate Investors and has broken ground on One Oak Brook Commons, a 17-story apartment development in Oak Brook within suburban Chicago. The Class A project will include 250 luxury apartment units and 420 parking stalls within a private parking deck. One Oak Brook Commons is situated within the larger 16.5-acre Oak Brook Commons, a $500 million mixed-use project also being developed by Hines on the site of the former McDonald’s campus. The residences will average 1,055 square feet. Amenities will include a heated pool, fitness center, clubroom, library, dog room, package facility and bike storage. Antunovich Associates is the architect and W.E. O’Neil will serve as general contractor. Occupancy is expected to begin in early 2022. Development partners include Levy Family Partners, Duchossois Capital Management and Las Americas.

November 18, 2020

Acquisitions Illinois Midwest Retail

Newport Purchases Stonebrook Plaza Shopping Center in Suburban Chicago

by Kristin Harlow November 18, 2020

MERRIONETTE PARK, ILL. — Newport Capital Partners has purchased Stonebrook Plaza in Merrionette Park, located about 17 miles southwest of Chicago. The purchase price was undisclosed. Stonebrook Plaza is a 95,825-square-foot shopping center anchored by grocer Jewel-Osco. It is currently 96 percent leased. Other tenants include Blink Fitness and Pet Supplies Plus as well as eateries and personal care tenants. Jewel-Osco has operated at the property since 1985. Jacksonville, Fla.-based Regency Centers was the seller. Chicago-based Newport specializes in the acquisition and management of neighborhood shopping centers throughout major metro areas.

November 18, 2020

Acquisitions Healthcare Illinois Midwest

IRA Capital Acquires 15,500 SF Health Center in Oswego, Illinois

by Kristin Harlow November 18, 2020

OSWEGO, ILL. — IRA Capital, a Southern California-based private equity firm, has acquired the Edward-Elmhurst Health Center in Oswego, located about 45 miles southwest of Chicago. It is fully leased to Edward-Elmhurst Healthcare, which was created by the merger of Edward Hospital and Elmhurst Memorial. The 15,500-square-foot outpatient medical facility was constructed as a build-to-suit for the hospital system. Services at the property include imaging, women’s health, urgent care and lab services. The building is situated 14 miles from Edward Hospital in Naperville. The purchase price and seller were undisclosed.

November 18, 2020

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