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.
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.
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.
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.
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.
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.
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.
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.
CHICAGO — Heartland Alliance has signed a 20,941-square-foot office lease at 55 East Monroe, a 1.3 million-square-foot building in Chicago. The Chicago-based nonprofit, which works to address poverty, will relocate from 208 South LaSalle later this year. The organization is downsizing and upgrading its space by taking a new speculative suite at 55 East Monroe. Heartland’s current building, 208 South LaSalle, is slated to be transformed into residential space. Andrew Davidson and David Burkards of Transwestern Real Estate Services represented the tenant, while Christian Domin of GlenStar represented the undisclosed landlord.
WAUKEGAN, ILL. — CBRE has arranged the sale of a 116,500-square-foot office building located at 2100 Norman Drive in the Chicago suburb of Waukegan. The sales price was undisclosed. The property is net leased to UCC Environmental, a provider of environmental solutions for power generation and industrial application worldwide. The asset was constructed in 1989 as a build-to-suit for the company. Gary Nussbaum and Maury Vanden Eykel of CBRE represented the seller, Woodlark Investments LLC. A partnership between ICP Funds and Fulcrum Asset Advisors was the buyer.
