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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $9M Sale of Apartment Building in Chicago’s Hyde Park Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $9 million sale of a 24-unit apartment building with two ground-floor commercial spaces in Chicago’s Hyde Park neighborhood. Originally constructed in 1907, the property at 5300 S. Blackstone Ave. features one one-bedroom unit, 11 two-bedroom units and 12 three-bedroom residences. All apartments feature renovated kitchens and bathrooms, in-unit laundry and individual HVAC. There is also a 16-car parking lot. The building’s corner retail space is leased to Philz Coffee, while the other commercial space is occupied by a local property management company. Joe Smazal and Mark Dykstra of Interra represented the buyer, Estia Properties, a Chicago-based real estate investment and management company. The duo also represented the seller, an East Coast-based investment group.

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

Multi-Tenant Trophy Buildings Shine in Chicago Office Market

by Kristin Harlow

By Adam Johnson, NAI Hiffman For years, you’ve read headlines saying the U.S. office market is struggling with record-high vacancy that threatens to push many owners into default. And that is absolutely true. But there’s another side to the story that isn’t getting as much attention, and is playing out not only in Chicago, but also in metros across the country: that smaller, multi-tenant office properties — particularly in suburban locations closer to where workers live — continue to not only survive but thrive following the pandemic.  Throughout suburban Chicago, office buildings with less than 50,000 square feet have considerably higher occupancy rates than larger ones. For instance, at the smallest buildings — those under 20,000 square feet — vacancy was as low as 3.8 percent as of the second quarter of 2024, whereas for the largest properties over 200,000 square feet, vacancy climbed as high as 38 percent, according to NAI Hiffman research.  By comparison, mid-size, office buildings between 20,000 to 50,000 square feet reported vacancy rates ranging from 14.3 percent in the western suburbs to 23.1 percent north of the city.  Small tenants, big impact We’ve all heard about larger office properties going back to their lenders. Look …

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AcquisitionsIllinoisMidwestRetail

Mid-America Arranges Sale of 54,147 SF Retail Center in Geneva, Illinois

by Kristin Harlow

GENEVA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Randall Square Shops in Geneva, about 40 miles west of Chicago. The sales price was undisclosed. The 54,147-square-foot retail center is home to McAlister’s Deli, Hand and Stone Massage, For Eyes, Men’s Wearhouse, Golf Tec, Milan Laser and Popeye’s. Joe Girardi and Emily Gadomski of Mid-America represented the seller, Viking Partners. Chicago-based Northpond Partners was the buyer.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Brokers Sale of 18,500 SF Industrial Building in Batavia, Illinois

by Kristin Harlow

BATAVIA, ILL. — Brown Commercial Group has brokered the sale of an 18,500-square-foot industrial building in the Chicago suburb of Batavia for an undisclosed price. Dan Brown of Brown Commercial Group represented the seller, Robart Manufacturing. Luke Dummitt of Brown Commercial Group represented the buyer, Acevision, an ultrasound sales, parts and repair provider. The company is expanding from its 9,000-square-foot lease in St. Charles, Ill.

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AcquisitionsIllinoisMidwestRestaurantRetail

Boulder Group Arranges $3.1M Sale of Andy’s Frozen Custard-Occupied Property in Illinois

by Kristin Harlow

SAINT CHARLES, ILL. — The Boulder Group has arranged the $3.1 million sale of a 2,090-square-foot property net leased to Andy’s Frozen Custard in Saint Charles, about 45 miles west of Chicago. The single-tenant building is located at 2630 E. Main St. and serves as an outparcel to the Foxfield Commons shopping center. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based development firm, and the buyer, a local real estate group. The asset features a 15-year lease that commenced in 2023 following the completion of construction.

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IllinoisMidwestRetail

Walgreens Plans to Close 1,200 Stores Over Three Years

by Kristin Harlow

DEERFIELD, ILL. — Walgreens Boots Alliance Inc. (Nasdaq: WBA) unveiled in its fiscal year 2024 earnings report that it plans to close 1,200 stores over the next three years, including approximately 500 closures in fiscal 2025. “In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” says Tim Wentworth, CEO. “Fiscal 2025 will be an important rebasing year as we advance our strategy to drive value creation. This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term.” In its fourth quarter, the Deerfield-based company posted a $3 billion loss, which was mostly derived from tax charges related to opioid liabilities and a write down of an investment in a Chinese pharmacy chain. Fourth-quarter sales increased 6 percent from the same period a year ago to $37.5 billion. Sales in fiscal 2024 were $147.7 billion, an increase of 6.2 percent from the same period a year ago. Net loss in fiscal 2024 was $8.6 billion, an increase of 180.4 percent over the …

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AcquisitionsIllinoisMidwestMultifamily

JLL Income Property Trust Sells 28-Story Apartment Tower in Chicago’s West Loop

by Kristin Harlow

CHICAGO — JLL Income Property Trust has sold 180 North Jefferson, a 28-story apartment tower in Chicago’s West Loop neighborhood. The sales price was roughly $76 million, according to Crain’s Chicago Business. The property features 274 renovated units along with upgraded amenities. John Jaeger, Justin Puppi and Jason Zyck of CBRE represented the seller, which held the asset for nearly eight years. JLL says the disposition frees up capital for the strategy of pursuing suburban, garden-style apartment communities in highly rated school districts.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $4M Sale of Apartment Building in Chicago’s Kenwood Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 31-unit apartment building in Chicago’s Kenwood neighborhood for $4 million. Located at 4915 S. Drexel Blvd. and originally built in 1926, the property features 10 one-bedroom, 15 two-bedroom and six three-bedroom layouts. The building has undergone several improvements in recent years, including plumbing upgrades, a new reflective roof coating, tuckpointing and window replacements. Brad Feldman of Interra represented the seller, a local operator, and the buyer, a local private partnership that completed a 1031 exchange. The buyer plans to transition operations of the building from market-rate to affordable housing. The transaction marks the first time the property has traded hands in over 20 years.

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AcquisitionsIllinoisMidwest

Quantum Negotiates $3.4M Sale of Timber Loft Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Quantum Real Estate Advisors Inc. has negotiated the $3.4 million sale of a timber loft building located at 1415 N. Dayton St. in Chicago’s Lincoln Park neighborhood. The 60,000-square-foot property was 80 percent vacant at the time of sale. The building sold to a local developer. The seller was undisclosed.

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AcquisitionsIllinoisIndustrialMidwest

SVN Core 3 Arranges Sale of 11,060 SF Industrial Building in Bloomington, Illinois

by Kristin Harlow

BLOOMINGTON, ILL. — SVN Core 3 has arranged the sale of an 11,060-square-foot industrial building located at 4 Currency Drive in Bloomington for $1.2 million. The property features overhead doors, office spaces, three restrooms, a retail front, warehouse in the back and ample parking on three sides. The transaction involved local buyers and sellers. Jill Spratt of SVN Core 3 represented the seller, while Patrick and Dan Kniery of Re/Max Rising represented the buyer.

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