Illinois

RMK Begins Leasing Efforts for Townhome, Single-Family Rental Community in Gilberts, Illinois

by Kristin Harlow April 11, 2023

GILBERTS, ILL. — RMK Management Corp. has begun leasing efforts for Conservancy at Gilberts, a new community that will offer 94 rental townhomes and 90 single-family rental homes in the Northwest Chicago suburb of Gilberts. Construction is complete for the community’s first phase, which comprises 54 townhomes. Many of the townhomes have been leased and nine are occupied. Construction is underway on the remaining 40 townhomes. RMK has begun pre-leasing efforts for the first phase of 46 single-family rental homes, which are slated for occupancy in June. Two-and three-bedroom townhomes measure from 1,469 to 1,724 square feet with monthly rents ranging from $2,530 to $2,925. Four-bedroom townhomes measure from 2,114 to 2,423 square feet. Conservancy at Gilberts is a pet-friendly community and offers ample green space and outdoor areas.

April 11, 2023

Acquisitions Illinois Midwest

Mag Mile Capital Merges with Myson, Becomes Publicly Traded Company

by Kristin Harlow April 10, 2023

CHICAGO — Mag Mile Capital, a Chicago-based commercial real estate mortgage banking firm, has completed a merger with Salt Lake City-based Myson Inc. (OTC PINK: MYSN). The transaction creates a new public entity to be named Mag Mile Capital Inc. Rushi Shah, CEO of Mag Mile Capital, has been appointed chairman of Myson’s board of directors as well as CEO of the combined publicly traded company that will be traded under a new ticker symbol. Other significant shareholders in the company include California-based Reddington Partners, a private investment holding company. Myson served as a shell company for Reddington and will do the same for Mag Mile. The merger enables Mag Mile to expand its business and expedite the process of going public. “Underpinned by the liquidity of publicly traded shares and infusion of cash, we will seek out and prudently pursue strategic acquisitions, consolidate revenues and launch our technology platform,” says Shah. “Along with other mortgage banking and capital markets brokerage services platforms, we will seek to diversify the company’s revenue stream by exploring accretive business combinations of other commercial real estate (CRE) services, including but not limited to investment brokerage services, direct lending businesses, designated underwriting and servicing businesses, …

April 10, 2023

Acquisitions Illinois Midwest Office

Cawley Chicago Brokers Sale of Assemblage of Properties in Peru, Illinois

by Kristin Harlow April 10, 2023

PERU, ILL. — Cawley Chicago has brokered the sale of the property formerly housing Raccuglia Law Offices and an assemblage of properties in Peru, about 100 miles southwest of Chicago. The sales price and buyer were not disclosed. The Raccuglia family hired Cawley Chicago’s Jon Chamlin to liquidate the real estate portfolio of their late father, attorney Anthony Raccuglia. Included in the sale was a development site on the corner of Rock and Maple drives that consists of 0.67 acres of commercial land. The law office, constructed in 1968, will remain the local offices of Meyers Flowers Bruno McFedron & Herrmann.

April 10, 2023

Illinois Leasing Activity Midwest Retail

Lee & Associates Negotiates 7,667 SF Retail Lease for Bullfrog International in Suburban Chicago

by Kristin Harlow April 10, 2023

VERNON HILLS, ILL. — Lee & Associates has negotiated a 7,667-square-foot retail lease at Hawthorn Mills Square in the Chicago suburb of Vernon Hills. The tenant, Bullfrog International LLC, designs and manufactures high-end hot tubs. Rick Scardino and Michael Petrik of Lee & Associates represented the tenant. Matt Cavanagh of ARC Real Estate Group represented the landlord, an entity doing business as Hawthorn Hills Square 1687 LLC.

April 10, 2023

Affordable Housing Development Illinois Midwest Multifamily

McShane, Ashlaur Break Ground on 96-Unit Mixed-Income Development in Chicago

by Kristin Harlow April 6, 2023

CHICAGO — McShane Construction Co. and its joint venture partner Ashlaur Construction have broken ground on Phase IID of Westhaven Park. Located on Chicago’s Near West Side, the 12-story development will include 96 mixed-income apartment units along with ground-floor retail space. Of the total unit count, 66 percent will be designated as affordable, and 34 percent will be market rate. Amenities will include a fitness center, community room and rooftop terrace. LBBA is the project architect, while Brinshore Development and The Michaels Organization are the developers. Completion is slated for September 2024. McShane built a 113-unit condominium building during the first phase of Westhaven Park in 2006.

April 6, 2023

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Negotiates Sales of Two Industrial Buildings Totaling 48,171 SF in Suburban Chicago

by Kristin Harlow April 6, 2023

DOWNERS GROVE AND ADDISON, ILL. — Brown Commercial Group has negotiated the sales of two industrial buildings totaling 48,171 square feet in suburban Chicago for undisclosed prices. Mike Antonelli and Matt Hanson of Brown represented the sellers in both transactions, while Trinity Scurto of Brown represented the buyers. In the first transaction, Bilmar Investments LLC sold a 25,575-square-foot building in Downers Grove. The seller completed extensive renovations over the past several years. In the second deal, 330 Fay LLC sold a 22,596-square-foot building at 330 W. Fay Ave. in Addison to Absolute Electronics, which is expanding from a 7,200-square-foot space in Elk Grove Village. Absolute Electronics will occupy half of the building. The other half is leased to Air Gas, a long-term tenant.

April 6, 2023

Acquisitions Illinois Indiana Midwest Nebraska Ohio Wisconsin

Fidelis Realty Partners Acquires 1.5 MSF Portfolio of Former Sears Assets in Central US

by Kristin Harlow April 5, 2023

HOUSTON — An affiliate of Houston-based Fidelis Realty Partners has acquired an 11-property, 1.5 million-square-foot portfolio consisting of former Sears retail properties located in eight states across the central U.S. The portfolio is 90 percent leased by tenants such as Nordstrom Rack, Ulta Beauty, Total Wine, Dick’s Sporting Goods, Five Below, HomeGoods, The Dump, At Home, Ross Dress for Less, Dollar Tree and Best Buy. The properties are located in Tennessee, Wisconsin, Ohio, Illinois, Indiana, Nebraska, Texas and Arizona. Colby Mueck, Michael King, Christopher Knight and Jack Britton of JLL arranged acquisition financing on behalf of Fidelis through Symetra Life Insurance Co.

April 5, 2023

Acquisitions Illinois Industrial Midwest

Venture One Purchases 26,661 SF Industrial Property in Addison, Illinois

by Kristin Harlow April 5, 2023

ADDISON, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has purchased a 26,661-square-foot industrial property in the Chicago suburb of Addison for an undisclosed price. Constructed in 1976, the building features a clear height of 15 feet, one dock, two drive-in doors, parking for 28 cars and 3,421 square feet of office space. The property is leased to one tenant. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

April 5, 2023

Development Illinois Midwest Multifamily

Luxury Living Begins Pre-Leasing 11-Story Cadence Apartments in Chicago’s Illinois Medical District

by Kristin Harlow April 4, 2023

CHICAGO — Luxury Living has begun pre-leasing efforts for Cadence Apartments in Chicago’s Illinois Medical District. The 11-story apartment complex is located at 2050 W. Ogden St. and features 161 units. Amenities include an outdoor terrace, fitness center, coworking lounge, business center, outdoor rooftop, pool, indoor lounge and bike storage. The property is now more than 25 percent leased and expected to be fully leased by the end of the summer. Monthly rents start at $1,650 for studios. Pierkarz Associates was the architect and Brianne Bishop Design was the interior designer.

April 4, 2023

Development Illinois Midwest Restaurant Retail

Urban Innovations Begins Renovation of Historic Karl Vogt Building in Tinley Park, Illinois

by Kristin Harlow April 4, 2023

TINLEY PARK, ILL. — Urban Innovations has begun a renovation of the historic Karl Vogt Building at 6811 Hickory St. in the Chicago suburb of Tinley Park. The property will become the Vogt House by Banging Gavel Brews, a craft brewery. Completion is slated for June. The Vogt Building is the only building in Tinley Park listed on the National Register of Historic Places. While the structure was thought to have been built by Karl Vogt, it was actually constructed around 1865 by John Lewis or his brother Allen Cleveland Lewis, creator of the Lewis Institute, the first junior college in the United States. The project entails an interior and exterior renovation of the four-story, 7,835-square-foot building. The brewery will feature both indoor and outdoor seating, new landscaping, new infrastructure and two kitchens. To comply with the National Park Service’s landmark criteria, new front and rear porches will match historical layout and details. The original interior corridor and stairs, front and back doors, cornices and ornamental brackets will be refurbished. The architects, Katherine Pohl and Joakim Backstrom of Altus Works, have been working closely with the National Park Service and the Illinois State Historic Preservation Office.

April 4, 2023

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