Illinois

Kiser Group Arranges $3.5M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow May 8, 2020

CHICAGO — Kiser Group has arranged the sale of a three-building multifamily portfolio in Chicago’s Portage Park neighborhood for $3.5 million. The portfolio spans 36 units and includes the following properties: 3905-11 N. Linder Ave.; 3514-18 N. Long Ave.; and 3816-24 N. Long Ave. Monthly rents for the properties average $950 for one-bedroom units and $1,200 for two-bedroom units. Rick Ofman of Kiser brokered the transaction. Drexel Properties purchased the portfolio from a longtime Chicago landlord.

May 8, 2020

Acquisitions Illinois Industrial Midwest

Provender Partners Acquires Two Food Processing Facilities in Metro Chicago

by Kristin Harlow May 7, 2020

CHICAGO — Provender Partners has acquired two food processing facilities in metro Chicago. In the first transaction, Provender purchased a 141,000-square-foot facility located at 5420 St. Charles Road in Berkeley. Preferred Meals Inc., a provider of fresh and frozen prepared snacks and meals to schools, fully leases the property. Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners LLC brokered the $18 million sale-leaseback. In the second transaction, Provender acquired an 80,000-square-foot meat processing facility located at 525 W. Crossroads Parkway in Bolingbrook. It is currently available for lease. Provender maintains a portfolio of more than 5 million square feet of refrigerated real estate assets throughout the United States.

May 7, 2020

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of 56-Unit Apartment Property in Geneva, Illinois

by Kristin Harlow May 7, 2020

GENEVA, ILL. — Marcus & Millichap has brokered the sale of Geneva Park Apartments in Geneva, a western suburb of Chicago. The sales price was undisclosed. The 56-unit apartment property is located at 7 Simpson St. All of the community’s units are two-bedroom floor plans. Andrean Angelov and Ryan Engle of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured and represented the buyer, a limited liability company.

May 7, 2020

Acquisitions Illinois Industrial Midwest

JLL Arranges Sale of 539,109 SF Industrial Portfolio in Suburban Chicago

by Kristin Harlow May 6, 2020

TINLEY PARK, ILL. — JLL Capital Markets has arranged the sale of a five-property industrial portfolio totaling 539,109 square feet in the Chicago suburb of Tinley Park. The sales price was undisclosed. A sixth building within the portfolio is set to close later this month. The properties are located within the I-80 industrial corridor and in the northeast portion of Will County. Kurt Sarbaugh, Robin Stolberg, John Hugenard, Ed Halaburt and Sean Devaney of JLL represented the undisclosed seller. High Street Logistics Properties purchased the portfolio via High Street Real Estate Fund VI, the Boston-based company’s sixth investment vehicle.

May 6, 2020

Illinois Industrial Leasing Activity Midwest

Pathway Logistics Signs 30,962 SF Industrial Lease in Joliet, Illinois

by Kristin Harlow May 5, 2020

JOLIET, ILL. — Pathway Logistics has signed a 30,962-square-foot industrial lease at 1600 Rock Creek Blvd. in Joliet. The company began occupying space at the multi-tenant warehouse in April. Joshua Hearne of Cawley Chicago brokered the lease transaction. The landlord was undisclosed.

May 5, 2020

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $1.7M Sale of Industrial Building in Itasca, Illinois

by Kristin Harlow May 5, 2020

ITASCA, ILL. — Marcus & Millichap has brokered the sale of a 15,700-square-foot industrial building in Itasca for $1.7 million. The property is located at 1437 Harmony Court. It was vacant at the time of sale. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a New York-based corporation. The undisclosed buyer plans to occupy the building.

May 5, 2020

Development Illinois Midwest Multifamily Seniors Housing

Skender Completes Construction of 60-Unit Senior Living Facility in Crystal Lake, Illinois

by Kristin Harlow May 4, 2020

CRYSTAL LAKE, ILL. — Skender has completed the construction of Residences of Crystal Lake, an affordable independent senior living facility in Crystal Lake. Turnstone Development owns the 60-unit, 63,000-square-foot property. Residents have access to a fitness area, theater room, community rooms, computer rooms, a gazebo and outdoor spaces. Residents must be age 55 or older and meet the annual income restriction. The project team included UrbanWorks, Groundwork, DKI and TH Associates. Turnstone is a nonprofit that has developed more than 1,680 affordable housing units in Illinois and Florida since 1998.

May 4, 2020

Illinois Leasing Activity Midwest Office

Melinta Therapeutics Signs Four-Year Office Lease Renewal in Lincolnshire, Illinois

by Kristin Harlow May 4, 2020

LINCOLNSHIRE, ILL. — Melinta Therapeutics, an antibiotics company, has signed a four-year office lease renewal at Tri State International in Lincolnshire. The company occupies 8,876 square feet on the second floor. Dan Fernitz, Matt Alexander and Milan Gacanovic of Bradford Allen represented ownership in the lease transaction. Henry Lee and Max Zwolan of JLL represented the tenant.

May 4, 2020

Development Illinois Midwest Office

Vermilion Development to Build 18-Story Office Tower in Evanston, Illinois

by Kristin Harlow May 1, 2020

EVANSTON, ILL. — Vermilion Development has received approval from Evanston’s City Council to build a 210,000-square-foot, 18-story office tower located at 605 Davis St. in Evanston. The Class A property will be the first high-rise office building in Evanston in 20 years, according to Vermilion. Solomon Cordwell Buenz is the architect for the project, which is slated for completion as early as 2022. John Clark and Bill Rolander of Newmark Knight Frank will market the property for lease. Plans call for 15 floors of office space with conference and fitness facilities, a tenant lounge and an outdoor terrace. The building’s ground floor will house two retail suites as well as a lobby and bike room. The top two floors will feature private balcony access.

May 1, 2020

Development Healthcare Illinois Midwest

Clark Construction Completes Transformation of Shuttered Chicago Hospital into Alternate Care Facility

by Kristin Harlow May 1, 2020

BLUE ISLAND, ILL. — Clark Construction Group, in collaboration with the U.S. Army Corps of Engineers, has completed the transformation of the MetroSouth Medical Center, a shuttered hospital just south of Chicago, into an alternate care facility to treat COVID-19 patients. Located in Blue Island, the facility now features 585 beds, including 265 high-acuity beds for critically ill patients. Clark completed the project in 22 days. The project team also included architect Perkins and Will, engineer Salas O’Brien, Hill Mechanical, Titan Electric, RG Construction and Consolidated Flooring. The MetroSouth Medical Center closed in late 2019.

May 1, 2020

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