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.
ITASCA AND ELMHURST, ILL. — Lee & Associates of Illinois has negotiated a pair of industrial lease renewals totaling 112,917 square feet in DuPage County. Jeff Janda and Mike Plumb of Lee & Associates represented tenant Atlas Wire in its lease of 54,690 square feet at 1601 Glenlake Ave. in Itasca. Building owner, Prologis, was self-represented. Janda also represented landlord DRA Advisors on a lease of 58,227 square feet at 951-953 Larch Ave. in Elmhurst. Kevin Segerson of CBRE represented the tenant, Closet Works.
CHICAGO — Interra Realty has brokered the $4.2 million sale of a 16-unit apartment building located at 5073 N. Wolcott Ave. in Chicago’s Ravenswood neighborhood. The boutique property features 13 two-bedroom units and three three-bedroom floor plans. All residences feature modernized kitchens and bathrooms, and the building has onsite laundry and storage lockers. Built in 1927, the vintage asset sold for full list price and was fully occupied at the time of sale. Joe Smazal of Interra represented the buyer, ICM Properties, a local real estate investor. Smazal also represented the seller, a private New York-based investor.
YORKVILLE, ILL. — Slone Commercial LLC has negotiated the sales of three parcels of land totaling 329.6 acres in Yorkville, a far west suburb of Chicago. The transactions, totaling more than $10.1 million, included some of the last large parcels of land available for industrial development in the I-55 submarket. In the largest transaction, Joyce Slone of Slone Commercial represented NGH Farms LLC in its sale of 229 acres at Eldamain and Faxon roads to EPC Holdings 993 LLC. Cushman & Wakefield assisted Slone with the $6.4 million deal. Sam Durkin and Sean Reynolds of JLL represented the buyer. EPC Holdings also acquired 52 acres at Corneils and Eldamain roads form Five H LLC. Slone represented the seller in the $2 million transaction. Along with the Eldamain and Faxon parcel, this property will become part of the Lincoln Prairie industrial development, a 228-acre site that is BNSF-certified and will have direct access to the railway. Lastly, Slone represented Five H LLC in its sale of the 48.6-acre Lot 6 along Corneils Road to SOO Green for $1.7 million. SOO Green will install high-voltage direct current transmission cable underground along existing railroad corridors. This green form of energy will power users …
NORTH AURORA, ILL. — Core Industrial Realty has brokered the sale of a 174,000-square-foot, newly constructed industrial building in North Aurora for an undisclosed price. Nick Krejci and Noel Liston of Core represented the buyer, Perla USA, which will utilize the building for its U.S. headquarters for production and distribution of its antipasti product line. Developed by Transwestern and completed in 2022, the facility features a clear height of 36 feet, 20 exterior loading docks and two drive-in doors. The seller was undisclosed.