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AcquisitionsIllinoisMidwestOffice

AXIS 360 Arranges $1.1M Sale of Office Building in Normal, Illinois

by Kristin Harlow

NORMAL, ILL. — AXIS 360 Commercial Real Estate Specialists has arranged the $1.1 million sale of a 19,840-square-foot office building in Normal, just north of Bloomington. The two-story property at 1606 Hunt Drive formerly served as the home of Marcfirst, a nonprofit organization that serves to improve the lives of individuals with disabilities. Michael O’Neal and Meghan O’Neal-Rogozinski of AXIS 360 represented the seller, Marcfirst, which outgrew the building and vacated it earlier this year. O’Neal-Rogozinski represented the undisclosed buyer, which plans to fully remodel the building.

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DevelopmentIllinoisMidwestMultifamily

Holladay Properties Breaks Ground on $35M Luxury Apartment Community in Glen Ellyn, Illinois

by Kristin Harlow

GLEN ELLYN, ILL. — Holladay Properties has broken ground on Glenwood Station, a $35 million luxury apartment community in the western Chicago suburb of Glen Ellyn. The development will include 86 units in a variety of studio, one-bedroom and two-bedroom layouts. Amenities will include a clubhouse, fitness center, electric vehicle charging stations and secure heated parking. There will also be 1,500 square feet of retail space. Completion is slated for 2025. Glenwood Station marks the fourth luxury apartment complex in Chicagoland for Holladay Properties. Holladay Construction Group is the general contractor, and Tandem Architecture designed the project. Wintrust Bank & Trust provided financing.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers $5.2M Sale of Retail Property in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of Kedzie Plaza in Chicago for $5.2 million. The 73,876-square-foot retail property is located at 4725 S. Kedzie Ave. Tenants include Dunkin’, Metro by T-Mobile, Subway, Domino’s and Sally Beauty. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a local private investor. Seller information was not provided.

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AcquisitionsIllinoisIndustrialMidwest

Cawley Chicago Arranges Sale of 52-Acre Truck Terminal in Peru, Illinois

by Kristin Harlow

PERU, ILL. — Cawley Chicago has arranged the sale of a 52-acre truck terminal property in Peru, a city in Central Illinois. The sales price was undisclosed. Located at 5005 Plank Road, the property consists of 27 acres of heavy-duty parking, a terminal building with 146 docks, 10,000 square feet of office space and a 9,600-square-foot mechanic’s shop with six drive-through bays. Originally developed by Consolidated Freight, the asset has been in continuous operation by various less-than-truckload (LTL) companies. LTL is a ground transportation method that consolidates multiple shippers’ freight onto single semi-trucks. Jon Chamlin, Joshua Hearne and Reinier Pranger of Cawley Chicago brokered the sale, further details of which were not provided.

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AcquisitionsIllinoisMidwestRestaurantRetail

SVN Chicago Commercial Negotiates $2.6M Sale of Former MK Restaurant Property in River North Neighborhood

by Kristin Harlow

CHICAGO — SVN Chicago Commercial has negotiated the sale of the former MK restaurant property in Chicago’s River North neighborhood for $2.6 million. The buyer plans to redevelop the 9,600-square-foot building, which is located at 868 N. Franklin St. Marcus Cook of SVN Chicago represented the buyer, while colleagues Wayne Caplan and Michael Elam represented the seller, a Los Angeles-based investment firm.

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DevelopmentIllinoisMidwestOffice

Skender Completes Renovation Project at THE MART Office Building in Chicago

by Kristin Harlow

CHICAGO — Skender has completed an expansive renovation project at THE MART office building in Chicago. Owner Vornado Realty Trust coined the repositioning initiative as “Evolution of an Icon.” Skender made improvements to four key areas of the building’s second floor: a 29,000-square-foot circulation area, 21,000-square-foot conference center, 23,000-square-foot fitness center and 2,000-square-foot private tenant lounge. In the circulation area, Skender added new Terrazzo flooring and new lounge seating sourced from design showrooms at THE MART. The new conference center is comprised of 15 meeting rooms that accommodate up to 300 people. The area also features a workspace with phone booths, lounge seating, a pantry and satellite service area. The fitness center features a golf simulator, locker rooms, infrared saunas, a cycle room and mind-body room. Overlooking the river is the new tenant-exclusive, speakeasy-inspired lounge with a bar. Gensler was the architect and IMEG Corp. was the engineer.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $6.1M Sale of Multifamily Property in Chicago’s Logan Square

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 16-unit multifamily property in Chicago’s Logan Square neighborhood for $6.1 million. Located at 2543 N. California Ave., the building was constructed in 1902 and renovated in 2018. There are eight two-bedroom units, five three-bedroom units, one four-bedroom layout and two commercial spaces. Starbucks has been a long-term tenant in one of the commercial spaces. Brad Feldman of Interra represented the seller, Chicago-based Barnett Capital Ltd. Feldman also represented the local private buyer.

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IllinoisIndustrialLoansMidwestWisconsin

BWE Arranges $5.2M Acquisition Loan for Industrial Portfolio in Illinois, Wisconsin

by Kristin Harlow

ILLINOIS AND WISCONSIN — BWE has arranged a $5.2 million acquisition loan for a three-property industrial portfolio in Illinois and Wisconsin. Likewise Partners acquired the portfolio. Christopher Carroll and Max Miller of BWE arranged the loan through a Minnesota-based credit union. The three infill properties are located in Menomonee Falls, Wis., Appleton Wis.; and Machesney Park, Ill. The portfolio totals 79,152 square feet and is fully leased, with 92 percent of the space occupied by the Engman-Taylor Co., an industrial distributor.

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AcquisitionsIllinoisMidwestMultifamilyTop Stories

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

by Jeff Shaw

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 …

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AcquisitionsIllinoisMidwestMultifamily

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

by Kristin Harlow

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.

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