Two-Property Multifamily Portfolio Trades Hands in Alsip, Illinois, for $30.5M

ALSIP, ILL. — A two-property multifamily portfolio totaling 300 units in Alsip, a southern suburb of Chicago, has traded hands for $30.5 million. The properties include the 156-unit Orchard Estates Apartments and the 144-unit Woodland Courts Apartments. Both were built in the early 1970s. Sean Connelly and George Kokkonas of 33 Realty represented the New York-based buyer, who plans to renovate and modernize the complexes. Tara Mathew of Prime Equities Corp. represented the undisclosed

July 30, 2021Acquisitions, Illinois, Midwest, Multifamily

Colliers Arranges Sale-Leaseback of Four-Building Industrial Portfolio in Melrose Park, Illinois

MELROSE PARK, ILL. — Colliers International has arranged the sale-leaseback of a four-building industrial portfolio spanning 149,454 square feet in Melrose Park, a suburb of Chicago. Mike Senner and Tom Rodeno of Colliers represented the seller, Promus Equity Partners LLC, which recently led an investment in Caputo Cheese's brand and business. The buildings are all located on the same street and are utilized for Caputo’s manufacturing, processing, distribution and storage. STORE Capital …

July 30, 2021Acquisitions, Illinois, Industrial, Midwest

SVN Brokers $5.9M Sale of Office Building in Chicago

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 29,500-square-foot office building in Chicago’s Streeterville neighborhood for $5.9 million. Located at 232 E. Ohio St., the four-story property served as the original home of the Playboy Organization. It is now home to CRC Recording Studio, which occupies more than half of the building. Wayne Caplan of SVN represented the undisclosed seller. An entity controlled by restauranteur Phil Chen was the buyer. SVN expects the new …

July 30, 2021Acquisitions, Illinois, Midwest, Office

Trilogy Real Estate Group Buys 115-Unit Luxury Apartment Community in Suburban Chicago

PARK RIDGE, ILL. — Trilogy Real Estate Group, a Chicago-based real estate investment, management and development firm, has acquired Park 205 in the Chicago suburb of Park Ridge. Located at 205 Touhy Ave., the luxury apartment community features 115 units. Amenities include a fitness center, heated pool, firepit, grills and a parking garage. The property is situated adjacent to a Whole Foods Market. Trilogy Residential Management, Trilogy’s management company, will serve as property manager. …

July 29, 2021Acquisitions, Illinois, Midwest, Multifamily

Venture One Acquires 60,033 SF Industrial Building in Chicago

CHICAGO — Venture One Real Estate has acquired a 60,033-square-foot industrial building located at 6450 Cortland St. in Chicago for an undisclosed price. The property was vacant at the time of acquisition. Situated on nearly three acres, the building features seven docks, one drive-in door and parking for 63 cars. Venture One plans to undertake office renovations, add energy-efficient lighting, resurface the parking lot and build a new roof. Elise Couston and Jimena Sayavedra of Newmark …

July 29, 2021Acquisitions, Illinois, Industrial, Midwest

Adelphia Properties Arranges Sale of Value-Add Retail Building in Orland Park, Illinois

ORLAND PARK, ILL. — Adelphia Properties has arranged the sale of a 7,365-square-foot retail building in Orland Park, a suburb of Chicago. The sales price was undisclosed. Situated on one acre at 15845 S. Harlem Ave., the value-add property was 17 percent occupied at the time of sale. It was formerly home to Panera Bread. George Spirrison and Simeon Spirrison of Adelphia represented the seller, a Chicago-based private real estate investor. The buyer was also a local

July 29, 2021Acquisitions, Illinois, Midwest, Retail

Spirit Investment Partners, Bascom Group Purchase High-Rise Multifamily Property in Evanston for $49.1M

EVANSTON, ILL. — Spirit Investment Partners and The Bascom Group have acquired 415 Premier Apartments in Evanston for $49.1 million. Built in 2008, the 17-story property includes 221 luxury apartment units as well as a 245-space parking deck. Dan Cohen of CBRE represented the undisclosed seller. Peter Marino of CBRE arranged acquisition financing through Rialto Capital

July 28, 2021Acquisitions, Illinois, Midwest, Multifamily

Contegra Construction Completes 40,800 SF Headquarters for icon Mechanical Near St. Louis

GRANITE CITY, ILL. — Contegra Construction Co. has completed the new 40,800-square-foot headquarters for icon Mechanical in Granite City, just north of St. Louis. icon Mechanical is a full-service mechanical contractor, engineering and construction firm specializing in the design, fabrication and installation of process piping, power piping, industrial ventilation and commercial HVAC. The company employs more than 150 people in addition to hundreds of trade workers on projects.The …

July 28, 2021Development, Illinois, Industrial, Midwest, Office

Old Second to Acquire West Suburban Bank for $297M

AURORA AND LOMBARD, ILL. — Old Second Bancorp Inc. (Nasdaq: OSBC) and West Suburban Bancorp Inc. have signed a definitive merger agreement under which Aurora-based Old Second will acquire Lombard-based West Suburban in a cash and stock transaction valued at $297 million. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, Old Second will pay 65 percent of the purchase price in stock and the remainder in cash. According to a …

July 27, 2021Acquisitions, Illinois, Midwest, Retail

Lou Malnati’s Pizzeria Selects 125,000 SF Facility in Buffalo Grove for Headquarters

BUFFALO GROVE, ILL. — Lou Malnati’s Pizzeria, famous for its Chicago deep-dish pizza, will consolidate several local properties and open a 125,000-square-foot headquarters in Buffalo Grove, a northern suburb of Chicago. The company will occupy space at 900-950 Busch Parkway in Lake County’s Corporate Grove Business Park. The property will serve as the company’s home office, e-commerce site, manufacturing plant and fulfillment center. Owned by The Missner Group, the building features …

July 27, 2021Illinois, Industrial, Leasing Activity, Midwest, Office

Two-Property Multifamily Portfolio Trades Hands in Alsip, Illinois, for $30.5M

Colliers Arranges Sale-Leaseback of Four-Building Industrial Portfolio in Melrose Park, Illinois

SVN Brokers $5.9M Sale of Office Building in Chicago

Trilogy Real Estate Group Buys 115-Unit Luxury Apartment Community in Suburban Chicago

Venture One Acquires 60,033 SF Industrial Building in Chicago

Adelphia Properties Arranges Sale of Value-Add Retail Building in Orland Park, Illinois

Spirit Investment Partners, Bascom Group Purchase High-Rise Multifamily Property in Evanston for $49.1M

Contegra Construction Completes 40,800 SF Headquarters for icon Mechanical Near St. Louis

Old Second to Acquire West Suburban Bank for $297M

Lou Malnati’s Pizzeria Selects 125,000 SF Facility in Buffalo Grove for Headquarters

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