Illinois

Crescent Heights Buys North Water Apartments in Downtown Chicago for $173M

by Jeff Shaw June 23, 2023

CHICAGO — Crescent Heights has acquired North Water Apartments, a 398-unit multifamily property in downtown Chicago’s Streeterville neighborhood. Invesco Real Estate sold the asset for $173 million, according to real estate data firm CoStar. North Water Apartments is the multifamily portion of a 50-story building located at 340 E. North Water St. Built in 2015, the community offers studio, one-, two- and three-bedroom floor plans. According to the property website, amenities include electric vehicle charging stations, a rooftop lounge with a pool, outdoor plaza, fitness center, business center with a conference room, onsite dry cleaning, pet spa, package lockers and bike storage. Monthly rents range from $2,705 for a studio up to $8,379 for a three-bedroom, according to Apartments.com. North Water Apartments is situated atop the Loews Chicago Hotel, which was not included in the sale. The Loews Chicago hotel offers 400 rooms and suites, and includes a restaurant, rooftop bar, lobby lounge and coffee shop, as well as 31,000 square feet of indoor and outdoor meeting space. The building is located less than a mile from Chicago’s Magnificent Mile commercial district, the lakefront Navy Pier and the Museum of Contemporary Art Chicago. Grand Avenue Station on Chicago’s Red Line is located …

June 23, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $5.4M Sale of Apartment Building in Chicago’s Lakeview Neighborhood

by Kristin Harlow June 22, 2023

CHICAGO — Interra Realty has negotiated the $5.4 million sale of a 10-unit apartment building in Chicago’s Lakeview neighborhood near Wrigley Field. The boutique property features nine three-bedroom units and one commercial space that is currently leased to Jennivee’s Bakery. Located at 3301 N. Sheffield Ave., the building was constructed in 2014 and was fully occupied at the time of sale. Joe Smazal of Interra represented the buyer, Chicago-based HP Ventures Group. Smazal also represented the seller, a local private developer.

June 22, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

Senior Lifestyle Acquires Four Seniors Housing Communities in Metro Chicago

by Kristin Harlow June 21, 2023

ILLINOIS — Senior Lifestyle has acquired four seniors housing communities in metro Chicago for an undisclosed price. The properties include Aspired Living of La Grange, Aspired Living of Westmont, Aspired Living of Prospect Heights and Aspired Place of Lake Zurich. The communities offer a variety of living options such as assisted living, memory care and supportive living residences. Each property offers exclusive programming and gourmet dining options.

June 21, 2023

Acquisitions Illinois Industrial Midwest

Colliers Brokers Sale of I-88 Gateway Logistics Center in Aurora, Illinois

by Kristin Harlow June 21, 2023

AURORA, ILL. — Colliers has brokered the sale of the I-88 Logistics Center in Aurora for an undisclosed price. Built on a speculative basis by Opus North Development in 2015, the 604,556-square-foot facility features a clear height of 32 feet and parking for 63 trailers. At the time of sale, the property was fully leased to Ryder Logistics, whose lease runs through 2027. Jeff Devine and Steve Disse of Colliers represented the seller, an institutional real estate advisor. An undisclosed financial institution purchased the asset.

June 21, 2023

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Arranges Sale of 101,323 SF Industrial Building in Spring Grove, Illinois

by Kristin Harlow June 21, 2023

SPRING GROVE, ILL. — Entre Commercial Realty has arranged the sale of a 101,323-square-foot industrial building in Spring Grove, a city in Northeast Illinois. The building sits on 10 acres at 3106 N. Route 12. Spring Grove-based All-Rite Spring Co. acquired the facility with plans to consolidate operations from multiple buildings. Dan Jones, Dan Benassi and Sam Deihs of Entre represented the buyer. The sales price and seller were undisclosed.

June 21, 2023

Acquisitions Illinois Midwest Retail

Quantum Brokers Sale of Dollar General-Occupied Property in Winthrop Harbor, Illinois

by Kristin Harlow June 20, 2023

WINTHROP HARBOR, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant retail property occupied by Dollar General in Winthrop Harbor, a city in Northeast Illinois. The sales price was undisclosed. The building was constructed in 2013 and is located at 914 Sheridan Road. Dollar General signed a 15-year lease in 2013. Daniel Waszak of Quantum represented the buyer, a New York-based investor. An Illinois-based investor was the seller.

June 20, 2023

Affordable Housing Development Illinois Midwest Multifamily

Habitat Co., P3 Markets Open Phase I of 43 Green Mixed-Income Apartment Project in Chicago

by Kristin Harlow June 19, 2023

CHICAGO — The Habitat Co. and P3 Markets have opened Phase I of 43 Green in Chicago’s Bronzeville neighborhood. The 99-unit, mixed-income apartment building is located at 4308 S. Calumet Ave. The project marks the first equitable transit-oriented development (ETOD) on Chicago’s South Side, according to the developers. Since 2013, the City of Chicago has been encouraging transit-oriented development near Chicago Transit Authority and Metra rail stations. In 2020, the city published its ETOD Policy Plan, which aims to drive investment near transit in disinvested communities, preventing displacement in communities facing rising housing costs and promoting affordable housing options near transit in low-affordability communities. Phase I is the largest of three planned buildings within the $100 million 43 Green development. The 10-story building features 5,500 square feet of retail space and amenities such as a fitness center, rooftop terrace, business center, picnic area, community room, laundry facilities and bicycle storage. Half of the units are reserved for households earning up to 60 percent of the area median income, with the remainder leased at market rate. Habitat has also secured construction financing for Phase II, and is expected to break ground on that 80-unit building by the end of June. Completion …

June 19, 2023

Illinois Industrial Leasing Activity Midwest

Worldwide Flight Services Leases 132,000 SF Cargo Facility at Chicago Airport

by Kristin Harlow June 19, 2023

CHICAGO — Worldwide Flight Services (WFS) has leased a new 132,000-square-foot cargo facility that is part of the third phase of the Northeast Cargo Complex at Chicago’s O’Hare International Airport. Realterm developed and owns the facility, which features 122,000 square feet of warehouse space and 10,000 square feet of office space. There is also more than 200,000 square feet of ramp space that can accommodate two group VI aircraft such as the Boeing 747. The project team included BOWA, Clayco and d’Escoto Inc. Realterm is targeting LEED Silver certification for the property, which is equipped with electric vehicle charging stations and solar panels. WFS is a provider of air cargo logistics and ground handling services.

June 19, 2023

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Brokers Sale of 21,400 SF Industrial Building in Suburban Chicago

by Kristin Harlow June 19, 2023

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 21,400-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. Located at 605 Bonnie Lane, the vacant property features 2,000 square feet of office space, two dock-high doors, one drive-in door and parking for 25 vehicles. Trinity Scurto of Brown represented the seller, OTO Investment Properties LLC. The buyer, Clear Height Properties, plans to renovate the building and secure new tenants.

June 19, 2023

Development Illinois Industrial Midwest

Velocis Begins Development of 543,603 SF Distribution Center in Batavia, Illinois

by Kristin Harlow June 16, 2023

BATAVIA, ILL. — Velocis, a Dallas-based private equity real estate fund manager, has begun development of Batavia Logistics Center in suburban Chicago. The 543,603-square-foot distribution center is being developed in partnership with SCOA Real Estate Partners, a fully owned subsidiary of Sumitomo Corp. of Americas. Located four miles north of I-88 at the intersection of Kirk Road and Fabyan Parkway, the project will feature 54 dock doors, four drive-in doors, 117 trailer stalls, parking for more than 400 cars and a clear height of 36 feet. A team of brokers led by Ryan O’Leary of KBC Advisors is handling leasing. Completion is slated for the first quarter of 2024.

June 16, 2023

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