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.
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.
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.
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.
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 …
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.
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.
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.
ELGIN, ILL. — Marcus & Millichap has brokered the $2.1 million sale of a 10,500-square-foot retail property in Elgin. Advance Auto Parts is the anchor tenant at the fully leased center, which is located at 1881 Larkin Ave. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, an East Coast-based limited liability company completing a 1031 exchange.
By Jaime Bertsche and Lara Keene, Mid-America Real Estate Positive signs for retail real estate abound across many Chicago neighborhoods and high streets, with physical stores demonstrating their necessity coming out of the pandemic. Both of us live and work in the city of Chicago, so it’s particularly heartening to see favorable trends and leasing activity throughout our city of neighborhoods. It may surprise some to know that Chicago has been No. 1 in corporate expansions for the last nine years, with 441 major business expansions and relocations in 2021. Chicago employment has grown by 75,000 since the start of 2022 and ranks third in the U.S., according to World Business Chicago. Google is investing in the city and purchased the 17-story, 1.2 million-square-foot Thompson Center in the Loop with plans to use the building as a second Chicago headquarters. Kellogg announced it will move a spinoff company to Chicago for a new headquarters in the city. Some of the economic changes we saw in the market in the second half of last year affected retailers’ expansion plans. Inflation and interest rates challenged retailers to maintain their customer base, keep their own costs in line, and adapt to higher …