Illinois

Optima Begins Leasing 100-Unit Luxury Apartment Complex in Wilmette, Illinois

by Kristin Harlow May 15, 2023

WILMETTE, ILL. — Optima Inc. has begun leasing Optima Verdana, a 100-unit luxury apartment complex in the Chicago suburb of Wilmette. The community is scheduled to welcome its first residents in July and is currently more than 30 percent leased. Optima Verdana offers one-, two- and three-bedroom units as well as penthouse residences ranging in size from 660 to 2,790 square feet. Monthly rents will range from $2,950 to nearly $12,000. Optima’s CEO and founder, David Hovey Sr., designed the community. Residents will have access to Optima’s complimentary concierge program, Optimized Service, which provides in-home package delivery, grocery delivery and plant watering. Residents can also schedule on-demand services through the Optima Verdana mobile app such as housekeeping, pet care, fitness classes, massage service and a private chef. Optima Verdana gets its name from “verdure,” which means lush green vegetation. The community features several sustainable initiatives, including the Chicago area debut of Optima’s proprietary exterior vertical landscaping system. The self-contained irrigation and drainage system uses plants to promote evaporative cooling, reoxygenate the air, reduce dust and smog levels, decrease ambient noise and detain stormwater. Indoor amenities at the property include a 24-hour front door person, pickleball/basketball court, fitness center, yoga room, …

May 15, 2023

Acquisitions Illinois Industrial Midwest

Clear Height Properties Acquires 18,800 SF Industrial Service Facility in Suburban Chicago

by Kristin Harlow May 15, 2023

FRANKLIN PARK, ILL. — Clear Height Properties has acquired an 18,800-square-foot industrial service facility (ISF) located at 9211 Gage Ave. in the Chicago suburb of Franklin Park. The sales price was undisclosed. ISFs are used to store, maintain or dispatch vehicles, equipment and materials. The property features a 30 percent building-to-land ratio, four drive-in doors and a fully gated and secured parking area for a fleet of field service vehicles. Ryan Widerberg of eXp Realty brokered the sale. Clear Height hired Jason Lev and Jimmy Kowalczyk of CBRE to market the property for lease.

May 15, 2023

Acquisitions Illinois Midwest Retail

Colliers Arranges Sale of Seven Retail Properties, One Industrial Building in Metro Chicago for $10.5M

by Kristin Harlow May 11, 2023

CHICAGO — Colliers has arranged the sale of seven retail properties and one industrial building in metro Chicago for $10.5 million. The sale represents the first part of a multi-phased transaction that encompasses 22 retail properties, three land sites and one industrial building. Peter Block and Rachel Patten of Colliers represented the seller, a family office. Indianapolis-based Arnold Meyer & Co. was the buyer. Block expects to close on the remaining properties in the portfolio this summer.

May 11, 2023

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 46,582 SF Retail Center in Darien, Illinois

by Kristin Harlow May 11, 2023

DARIEN, ILL. — Mid-America Real Estate Corp. has brokered the sale of Darien Shopping Center in the western Chicago suburb of Darien for an undisclosed price. The 46,582-square-foot retail center is fully leased to tenants such as American Freight, Concentra Urgent Care, Chuck E. Cheese and World Star Nails & Spa. Jewel-Osco shadow anchors the property. Emily Gadomski and Rick Drogosz of Mid-America represented the private seller. The asset sold to a local private buyer.

May 11, 2023

Illinois Loans Midwest Multifamily Seniors Housing

Greystone Provides $35.7M in HUD-Insured Loans for Refinancing of Two Supportive Living Facilities in Illinois

by Kristin Harlow May 10, 2023

ILLINOIS — Greystone has provided $35.7 million in HUD-insured loans for the refinancing of two supportive living facilities in Illinois. The Supportive Living Program in Illinois is an alternative to nursing home care for low-income residents who require mid-range care needs as opposed to skilled nursing. The two properties total 272 units and were built in 2004 and 2005. Eric Rosenstock of Greystone originated the loans on behalf of the borrower, Grand Lifestyles. Both loans feature 35-year terms, 35-year amortization schedules and fixed interest rates.

May 10, 2023

Illinois Midwest Retail

Marcus & Millichap Brokers $2.3M Sale of Retail Center in Plainfield, Illinois

by Kristin Harlow May 10, 2023

PLAINFIELD, ILL. — Marcus & Millichap has brokered the $2.3 million sale of a retail center in Plainfield, about 38 miles southwest of Chicago. NAPA Auto Parts signed a lease at the property in late 2022, taking a space formerly occupied by Mattress Firm. The center is now fully leased and occupied by four tenants. Mitchell Kiven of Marcus & Millichap represented the seller, a private real estate fund. The transaction closed at 96 percent of the asking price.

May 10, 2023

Illinois Leasing Activity Midwest Office

Law Firm Renews 47,000 SF Office Lease at AMA Plaza in Chicago

by Kristin Harlow May 9, 2023

CHICAGO — Law firm Burke, Warren, MacKay & Serritella PC has renewed its 47,000-square-foot office lease across the 21st and 22nd floors of AMA Plaza in Chicago. The firm plans to renovate its space with an interconnected staircase between the two floors as well as new technology, conferencing space and a café. Joe Learner of Savills negotiated the firm’s initial lease at AMA Plaza more than 25 years ago. Rich Dale and Laura Schueren of Savills will oversee project management of the office renovation, which is slated for completion in 2024. AMA Plaza is the last and largest building in the U.S. designed by renowned architect Mies van der Rohe.

May 9, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $8.5M Sale of Chicago Multifamily Portfolio

by Kristin Harlow May 9, 2023

CHICAGO — Kiser Group has arranged the sale of an 85-unit multifamily portfolio in Chicago’s Beverly neighborhood for $8.5 million. The portfolio includes five buildings that are all situated within a two-block radius. John George and Joe Bianchi of Kiser brokered the deal. The seller, the Rubino Family, had owned the properties for about 25 years. Each property was owned by a different family member, making the escrow process longer and more complicated than usual. An entity doing business as Beverly Holdings LLC was the buyer.

May 9, 2023

Acquisitions Illinois Midwest Multifamily Retail

SVN Chicago Commercial Brokers Sale-Leaseback of Retail, Residential Building in Chicago

by Kristin Harlow May 9, 2023

CHICAGO — SVN Chicago Commercial has brokered the sale-leaseback of a 9,500-square-foot building located on North Clark Street in Chicago’s Andersonville neighborhood for an undisclosed price. The property features roughly 6,000 square feet of ground-floor commercial space that is occupied by Reza’s Restaurant. The restaurant plans to downsize its space, enabling future development opportunities for the buyer, a partnership between Chicago-based GW Properties and Howard Natinsky. Reza’s Restaurant will continue to lease back space from the new owner. Wayne Caplan of SVN Chicago Commercial brokered the sale.

May 9, 2023

Company News Illinois Midwest

Cushman & Wakefield Appoints Michelle MacKay as Next CEO

by Kristin Harlow May 8, 2023

CHICAGO — Chicago-based Cushman & Wakefield has appointed Michelle MacKay to assume the role of CEO effective July 1. MacKay currently serves as president and chief operating officer (COO). John Forrester is retiring from his position as CEO effective June 30, following 35 years of service with the company. Forrester will remain employed as a strategic advisor throughout the rest of this year. Andrew McDonald, currently president, will become global president and chief operating officer. A commercial real estate executive with more than 30 years of experience at a variety of public and privately held companies, MacKay has served on three public company boards, including Cushman & Wakefield’s from 2018 to 2020. She was appointed as Cushman & Wakefield’s COO in 2020 and promoted to president and COO in 2022. Previously, MacKay served as executive vice president, investments and head of capital markets at iStar Inc., a REIT that has since merged with Safehold Inc. Cushman & Wakefield announced MacKay’s appointment the same day it unveiled that John Cushman III had died at the age of 82. A member of Cushman & Wakefield’s founding family, his career spanned 60 years.

May 8, 2023

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