PLAINFIELD, ILL. — JVM Realty Corp. has entered into a joint venture partnership with DRA Advisors to acquire Enclave at 127th, a 340-unit multifamily community in Plainfield. Built in 2013, the property offers a mix of studio, one-, two- and three-bedroom units. The partnership plans to complete apartment unit renovations and amenity enhancements. Enclave at 127th has been part of JVM’s portfolio since 2014, and partnering with DRA will enable the firm to enhance the resident experience through strategic capital improvement, says Jay Madary, president and CEO of JVM.
BARTLETT, ILL. — Illinois Tool Works (ITW) has moved into a 60,050-square-foot industrial space at Blue Heron Business Park in Bartlett, culminating a seven-month site selection, lease negotiation and space build-out process. The property is located on the southeast corner of Kenyon Road and Illinois Route 25. Dan Brown and Mike Antonelli of Brown Commercial Group represented the developer and owner, Cratos Industrial. The duo is marketing the additional space in the 166,573-square-foot development for lease. ITW is utilizing the space for its Electronic Component Solutions group and will have 60 employees at the site. The ITW Formex and ITW Lumex brands operate out of the new facility, creating specialized safety and technology products and solutions for global companies in the electric vehicle, data center, appliance and other sectors.
ALGONQUIN, ILL. — Peak Construction Corp. will serve as the general contractor for Building 4 at 90 & Randall Logistics Park in Algonquin. NorthPoint Development is the developer. The 428,900-square-foot speculative warehouse will feature a clear height of 40 feet, 44 dock doors, four drive-in doors, 104 trailer stalls and 277 car spaces. The project is slated for completion in the fourth quarter. The project team includes architect studioNorth and civil engineer Atwell. The industrial park is located at the intersection of I-90 and Randall Road.
CHICAGO — Moyer Properties has begun pre-leasing efforts for The Maven, an 84-unit luxury apartment community at 537 W. Drummond Place in the heart of Chicago’s Lincoln Park neighborhood. Cross Street, the leasing and marketing firm for the property, is conducting guided hard-hat tours. Move-ins will begin June 15. The seven-story building offers a variety of residences ranging from 415 to 1,047 square feet, with monthly rents starting at $2,395. Amenities include a fitness center, coworking lounge, rooftop terrace, pet spa, package room and bicycle storage. ParkFowler Plus designed The Maven, and Summit Design + Build served as the general contractor.
ROCKFORD, ILL. — SVN Chicago Commercial has brokered the $5.1 million sale of Auburn Manor Apartments, a 108-unit workforce housing property in Rockford. The HAP Section 8 community totals 104,956 square feet. Reid Bennett, Cody Doran and Dan Short of SVN represented the seller. The transaction marks the final disposition within the seller’s portfolio, as the firm shifts its focus toward third-party management assignments.
CHICAGO — Hunter Advisors has brokered the sale of the Homewood Suites Chicago-Downtown hotel, a 233-room, extended-stay property in Chicago. Spencer Davidson and Riana Stadlen of Hunter brokered the sale. The Hilton-branded hotel is located at 40 E. Grand Ave., one block from the Magnificent Mile. The all-suite property occupies floors six through 19 of a 19-story building and offers apartment-style accommodations with fully equipped kitchens and separate living and sleeping areas. Amenities include 1,784 square feet of meeting space, a rooftop indoor pool and fitness center, a business center and complimentary breakfast. According to Hunter, the asset offers value-add opportunities.
JOLIET, ILL. — Dick’s House of Sport is slated to open at Rock Run Collection, a mixed-use development in Joliet. The City of Joliet approved a strategic investment to support the retailer’s addition to the property. Dick’s House of Sport is an interactive, experience-driven concept designed to engage athletes, families and the broader community. The store offers a climbing wall, multiple golf bays and multi-sport cages that can be used for baseball, softball and soccer. Rock Run Collection, developed by Cullinan Properties, is a 300-acre mixed-use project located at the intersection of I-55 and I-80.
WINNETKA, ILL. — JPMorgan Chase has opened its new three-story office building at the corner of Green Bay Road and Elm Street in Winnetka. Located at the site of the North Shore’s first-ever bank, the building houses J.P. Morgan Private Bank’s new North Shore office and Client Center. A new Chase retail branch anchors the ground floor. The development doubles the square footage of the former site to 34,000 square feet. Designed by Gensler, the project created 250 local jobs through construction, with 20 percent of the work awarded to local minority and women-owned businesses. With more than 14,500 employees, JPMorgan Chase is one of Chicagoland’s largest employers. The commercial history of the site dates to 1855 when a general store opened. In 1894, the North Shore’s first bank opened inside the store.
ELGIN, ILL. — Accredo Health Group has signed a 40,873-square-foot industrial lease at 300 Airport Road within Fox River Business Center in Elgin. Kenneth Franzese, John Cassidy and Jeff Janda of Lee & Associates of Illinois represented the landlord, High Street Logistics Properties. Bob Tardy and Doug Pilcher of Cushman & Wakefield represented the tenant, which is a specialty pharmaceutical service provider. Fox River Business Center is a 176,799-square-foot industrial facility constructed in 2008. Current availability totals 29,806 square feet.
SKOKIE, ILL. — Greenstone Partners has brokered the $3.9 million sale of Gross Point Crossing, a 19,000-square-foot retail center in Skokie. Brewster Hague and AJ Patel of Greenstone represented the seller, a Chicago-based private investor, and procured the buyer, an Ohio-based private real estate investment firm. The value-add property was 67 percent occupied at the time of sale. Located at the signalized intersection of Gross Point Road and Dempster Street, the asset features a mix of food and service-oriented tenants.
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