Illinois

CHICAGO — JLL Capital Markets has arranged a $127 million loan for the refinancing of 465 N. Park Drive, a 444-unit apartment tower in Chicago’s Streeterville neighborhood. Built in 2018, the 48-story property features studio, one-, two- and three-bedroom units. The 40,000-square-foot amenity package includes a rooftop pool, hot tub, sauna, lounge, fitness center, conference center, green space, clubroom, rooftop sky deck and outdoor dining area. Danny Kaufman, Mary Dooley, Medina Spiodic, Tara Hagerty and Rebecca Brielmaier of JLL arranged the five-year loan on behalf of the borrower, a joint venture between MetLife Investment Management and Allstate Investments. The Northwestern Mutual Life Insurance Co. provided the loan.

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CHICAGO — Mid-America Real Estate Corp. has negotiated the sale of Marketplace at Six Corners, a 116,941-square-foot shopping center in Chicago. Newmark Merrill purchased the asset for an undisclosed price. Anchor tenants include Jewel-Osco, Marshalls, PetSmart and Famous Footwear. Rick Drogosz of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. The property was managed by Pine Tree.

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CHICAGO — Habitat has received $4.5 million in Low-Income Housing Tax Credits (LIHTC) from the City of Chicago for major renovations to Riverside Village, a 258-unit affordable housing property in the city’s Riverdale neighborhood. Located at 13215 S. Indiana Ave., the community is comprised of 39 buildings. The tax credits will enable Habitat to refinance existing debt on the property and fund onsite rehabilitation work, including new plumbing and HVAC systems, upgraded unit interiors, improved accessibility in common areas and exterior improvements to the playground and basketball court. No residents will be displaced during the renovation, which is scheduled to begin in 2025 and be completed in 2026. Riverside Village was among 13 LIHTC developments selected by Mayor Brandon Johnson and the Chicago Department of Housing to be funded through the 2023 Qualified Allocation Plan. Every two years, the City of Chicago publishes an updated Qualified Allocation Plan, which sets the rules for assessing federal tax credits. Constructed in the late 1960s as a mix of rental and co-op units, Riverside Village was originally known as Eden Green. Habitat purchased the property in 2007 and subsequently rehabbed the buildings using tax credits, conventional debt and subordinate loans from the city …

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ELGIN, ILL. — The Junkluggers of Chicago NW Suburbs has signed a 12,250-square-foot industrial lease at 425 Airport Road in Elgin. The junk removal, recycling and reuse business is expanding and relocating from another space in Elgin. The front quarter of the building is set up as a showroom, which The Junkluggers will utilize for its resale business, ReMix Market. Chris Mergenthaler of DarwinPW Realty/CORFAC International represented the tenant, while Don Meyer of Showplace Realty represented the private landlord.

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ZION, ILL. — Industrial Outdoor Ventures has completed the first phase of Trumpet Park, a speculative industrial service facility (ISF) in Zion, a city in northeast Illinois. The project includes an 11,440-square-foot maintenance and service facility, a 2,008-square-foot office space and a fenced yard area with 180 trailer parking spaces. Trumpet Park’s first phase, part of a larger $35 million project, is situated on a nine-acre parcel adjacent to a FedEx freight terminal. ISFs, commonly referred to as low coverage industrial properties, provide supply chain infrastructure solutions for industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and utilities. The new development, located about two miles east of I-94, can be used for truck parking, maintenance/service, material storage and trucking terminals. Chris Volkert, Ned Frank and Pat Hake of Colliers are marketing the property for lease. Arete Design Studio provided architecture, planning and design services for the project, while Spaceco provided civil and surveying services. The second phase of Trumpet Park, which will be built on a 47-acre parcel, is in the pre-development phase.

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ELGIN, ILL. — Sunset Healthcare Solutions has signed a 54,153-square-foot industrial lease at 2725 Alft Lane in Elgin. The lease brings the 108,307-square-foot building to full occupancy. Kenneth Franzese and John Cassidy of Lee & Associates represented the landlord, a private partnership. David Haigh of NAI Hiffman represented Sunset Healthcare Solutions, which is a national manufacturer and distributor of medical respiratory equipment for hospitals and private homes. The company is relocating from Bloomingdale.

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CHICAGO — McHugh Construction has completed Flyover, an immersive flight ride attraction at the west entrance of Chicago’s Navy Pier. The upwards of $40 million project involved the demolition of the former IMAX theater and the build-out of an approximately 48,000-square-foot space into three separate rooms as well as ancillary space. The ride space includes a 65-foot spherical screen and 61 suspended seats that dip and tilt to give riders the feeling of soaring over Chicago’s neighborhoods. Riders also experience wind, mist and scents. The project team included developer Pursuit, an attractions and hospitality company. Chicago-based Epstein was the architect.

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PARK RIDGE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Village Green, a 65,038-square-foot shopping center in the Chicago suburb of Park Ridge. The property, which is 93 percent leased, is home to BMO, Lou Malnati’s, Goldfish Swim School, Wheel & Sprocket, Midwest Orthopedics, Westside Children’s Therapy, BFT, FedEx Office and Subway. Ben Wineman and Emily Gadomski of Mid-America represented the seller, a private investment group. A Dallas-based family office was the buyer.

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ELK GROVE VILLAGE, ILL. — Brown Commercial Group has arranged the $1.5 million sale of a 10,000-square-foot industrial building zoned for auto use in the Chicago suburb of Mount Prospect. The property is located at 3212 S. Nordic Road. Mason Hezner of Brown represented the seller, an owner of a Carstar autobody franchise. Matt Kotapka of Executive Realty Group LLC represented the buyer, 3212 S. Nordic LLC.  The sales price was $110,500 over the asking price.

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NAPERVILLE, ILL. — iCode, an after-school program for kids focused on coding activities and STEM education, has signed a 2,262-square-foot retail lease at 632 Amersale Drive in the Chicago suburb of Naperville. Chad Littleton of Morrow Hill represented the tenant, while Michael Petrik and Rick Scardino of Lee & Associates represented the landlord, Jones Family Naperville LLC. STEM stands for science, technology, engineering and mathematics.

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