SOLON MILLS, ILL. — Entre Commercial Realty has negotiated the sale of a 42,000-square-foot industrial building in Solon Mills, a city in northern Illinois. Dan Benassi and Sam Deihs of Entre represented the buyer, JHB Group Inc., which designs and manufactures custom mobile response platforms primarily for public service agencies. The company’s products include mobile trailers and equipment used by municipal fire departments, police departments, military and other agencies for use in public safety operations, education, training and community outreach. JHB will be relocating from a 15,000-square-foot building in Lake in the Hills. Ralph Huszagh of JC Forney represented the undisclosed seller. The sales price was also not provided.
NORTHBROOK, ILL. — A joint venture partnership between Clear Height Properties and ICP Funds has acquired two light industrial buildings in Sky Harbor Industrial Park in Northbrook, a northern suburb of Chicago. The purchase price was undisclosed. The multi-tenant buildings total 93,059 square feet and are fully leased. The properties are located on Landwehr Road and Era Drive. Sean Devaney, Kurt Sarbaugh and John Huguenard of JLL brokered the transaction.
URBANA, ILL. — Berkadia has brokered the $38 million sale of Town & Country, a 662-unit multifamily property in Urbana. Located at 1032 E. Kerr Ave., the garden-style community offers convenient access to the University of Illinois. Town & Country was built in phases between 1970 and 2007, and was 98 percent occupied at the time of sale. Ralph DePasquale of Berkadia represented the seller, Colorado-based Monarch Investment and Management Group. The buyer was Michigan-based MF Capital. The transaction also included an adjacent 52-unit self-storage facility.
FRANKLIN PARK, ILL. — CRG has unveiled plans to develop The Cubes at ORD, a 66,552-square-foot speculative industrial facility in the Chicago suburb of Franklin Park. The project will be situated on 4.3 acres at 3901 Fleetwood Drive immediately southeast of O’Hare International Airport. The multimodal facility, which will feature direct access to I-294 and the airport, will accommodate small and mid-size users looking for Class A space in the submarket. Completion is slated for the fourth quarter. The Cubes at ORD will offer the same modern features as CRG’s other Cubes-branded facilities, including ESFR sprinkler systems, high-efficiency LED lighting, 20 exterior docks, two drive-in doors, 11 trailer storage spaces and parking for 70 vehicles. CRG’s parent company, Clayco, will serve as the builder. CRG affiliate Lamar Johnson Collaborative is the architect. Brian Colson and Brian Pomorski of Avison Young will market the project for lease. Avison Young also represented CRG in the purchase of the land, while Michael Caprile of CBRE represented the sellers.
ITASCA, ILL. — Cawley Commercial Real Estate has brokered the sale of 12 parcels of land totaling 14.2 acres in Itasca for an undisclosed price. Located on Marino Court, the site had long been a coveted location for developers over the past decade, with multiple unsuccessful attempts to secure the parcels. Andrew Maletich of Cawley worked on the deal for 27 months to secure contracts for all the parcels, overseeing the annexation and rezoning of the site into the Village of Itasca. He ultimately brokered the sale of the property, which sold to a large data center company.
CHICAGO — Merchants Capital has provided more than $54 million of debt and $49 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the rehabilitation of Island Terrace, a 21-story affordable housing property in Chicago. The building is situated across from the Obama Presidential Center in the city’s Woodlawn neighborhood. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Merchants Capital maximized equity via a structure called “twinning,” which leveraged both 4 percent and 9 percent tax credits issued by the Illinois Housing Development Authority (IHDA) and the City of Chicago. The 4 percent and 9 percent equity syndication generated $31.8 million and $17.3 million, respectively, matched by two corresponding HUD-insured permanent loans totaling more than $22 million and two equity bridge loans totaling more than $32 million. Merchants Bank provided $26.5 million for the property acquisition in 2021. Planned renovations for Island Terrace include replacement of the roof, windows, plumbing and electrical systems; a redesigned first floor with a community room and laundry facilities; and updated kitchens and bathrooms throughout the 240 units. Prior to the recapitalization, only 88 of the community’s units carried affordable restrictions. The new financing structure enabled POAH to expand …
CHICAGO — Kinship PACE of Illinois LLC has signed a 15,310-square-foot retail lease at Bricktown Square shopping center in Chicago. Kinship PACE of Illinois is a program of all-inclusive care for the elderly (PACE). The lease marks Kinship Health’s first location in Illinois. Donna Korn and Beau Ladwig of Cushman & Wakefield represented the tenant. Campbell Wickland, Liz Krebs and Kate Ruzevich of Mid-America Real Estate Group represented the undisclosed landlord.
DOWNERS GROVE, ILL. — Bernard Financial Group (BFG) has arranged a $7.8 million acquisition loan for a 124,005-square-foot shopping center in the Chicago suburb of Downers Grove. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Downers Grove Associates LLC. Securian Life Insurance Co. was the lender.
EAST MOLINE, ILL. — Marcus & Millichap has brokered the $2.7 million sale of a Caliber Collision-occupied property in East Moline, a city in northwest Illinois. The net-leased building, located at 3912 17th St., was recently upgraded with $400,000 in renovations, including parking lot resurfacing, new HVAC and new LED lighting. Jake Carter, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.
CHICAGO — Mid-America Asset Management Inc. has been awarded the management and accounting services for The University of Chicago’s Commercial Real Estate Operations (CREO) portfolio in Chicago, with more than 600,000 square feet of commercial retail, office and entertainment space near the university’s main campus. CREO maintains a tenant base near 53rd Street in Hyde Park. The retail portfolio is comprised of several independently owned and operated businesses. Some of the tenants include LA Fitness, Starbucks, Ulta, Stan’s Donuts, Sweetgreen and Five Guys. Mid-America Building Services has supported the team assisting with cleaning, day-porter and maintenance services. Jean Zoerner, Matt Tomasek and Tracee Johnson of Mid-America Asset Management secured the opportunity with the University of Chicago.