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Illinois

IllinoisIndustrialLeasing ActivityMidwest

Nonprofit David C. Cook Leases 152,014 SF of Industrial Space in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — David C. Cook, a 150-year-old nonprofit Christian ministry dedicated to equipping the global church with printed and digital resources, music and media, has leased 152,014 square feet of industrial space at 1700 Madeline Lane in Elgin. The space will serve as the main distribution center for the organization’s books and curricula divisions. David C. Cook, which got its start in the Chicagoland area and has had a presence in Elgin since the 1880s, is relocating within the submarket. The nonprofit is the anchor tenant in Seefried Industrial Properties’ recently completed speculative building, with 168,932 square feet available for lease. The property is strategically located along Chicago’s I-90 industrial corridor and features a clear height of 32 feet. John Hamilton of CBRE represented the tenant. Doug Pilcher and Jason West of Cushman & Wakefield represented the landlord, a joint venture between Seefried and a U.S.-based family office.

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AcquisitionsIllinoisMidwestOffice

Special Olympics Illinois Purchases Flex Office Building in Chicago for $4.7M

by Kristin Harlow

CHICAGO — Special Olympics Illinois has purchased a 20,000-square-foot flex office building and event space at 2324 W. Fulton St. in Chicago for $4.7 million. Aubrey Englund of NAI Hiffman and Mike Lombard of Blue Star Properties represented the buyer in the transaction. Matt Cowie and Larry Goldwasser of CBRE represented the seller, a local private investment group. Special Olympics Illinois is expanding its Chicago regional office from 6,000 square feet of leased space at 820 W. Jackson Blvd. and will relocate this summer. Approximately 15 employees will work at the new office. Originally constructed as a foundry, the property was transformed by Helios Construction Services in 2014 into a modern building for its own offices. The building’s design was a collaborative effort with the late architect Brad Lynch of Brininstool + Lynch. In 2017, Helios executed another renovation at the building to expand the office space with the addition of four glass-enclosed offices, meeting rooms and amenities, including a gym, lounge and kitchen. Private event venue Ovation Chicago will remain a tenant at the property. The space opened in late 2014.

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IllinoisLoansLumentMidwestMultifamily

Lument Provides $110.8M for Refinancing of Chicago Multifamily Portfolio

by Kristin Harlow

CHICAGO — Lument has provided $110.8 million in Fannie Mae loans for the refinancing of a six-property multifamily portfolio in Chicago. The loans refinance existing bank debt for the borrower, BJB Properties, a Chicago-based owner-operator that owns and manages over 70 communities. Evan Hom of Lument led the transaction. All loans feature fixed interest rates, 10-year terms and 35-year amortization schedules. The properties total 769 units and are located in the Near North Side, the Loop, Rogers Park and Lincoln Park. Approximately half of the units are affordable to renters earning up to 80 percent of the area median income. All of the communities average nearly 100 percent occupancy.

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DevelopmentIllinoisMidwestMultifamily

McShane Construction Completes 124-Unit Apartment Community in Crystal Lake, Illinois

by Kristin Harlow

CRYSTAL LAKE, ILL. — McShane Construction Co. has completed Redwood Crystal Lake, a 124-unit, single-story apartment property in the Chicago suburb of Crystal Lake. Redwood Living Inc. is the developer. Designed by Mann Parsons Gray Architects, the community integrates 25 townhome-style buildings with four to six units each. Each of the two-bedroom units feature an attached two-car garage and patio. Amenities include designated green spaces, pet waste stations and designated guest parking.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Tutera Acquires 75-Unit Seniors Housing Community in Suburban Chicago, Plans Reopening

by Kristin Harlow

MATTESON, ILL. — Tutera Senior Living & Health Care has acquired a 75-unit seniors housing community in Matteson, about 30 miles south of Chicago, for an undisclosed price. Built in 2021 for $21 million, the property formerly operated under the name Alexi Senior Living before closing in 2022. Tutera plans to make improvements to the community and reopen it as Ridgeland Senior Living this spring. Situated on 5.5 acres, the 81,589-square-foot development features 55 assisted living units and 20 memory care residences. Amenities at the property will include a restaurant-style dining room; poker area and art studio; barbershop, beauty salon and spa; therapy room and gym; movie theater, library and chapel; bistro; courtyard with walking paths; and common areas. The acquisition brings Tutera’s portfolio to 77 communities operated across 10 states. 

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DevelopmentIllinoisMidwestRetail

Urban Innovations Completes Retail Build-Out for Baggu in Chicago’s Bucktown

by Kristin Harlow

CHICAGO — Urban Innovations has completed a retail build-out for Baggu at 1639 N. Damen Ave. in Chicago’s Bucktown neighborhood. Urban Innovations gutted the 1,960-square-foot space and installed a new storage room, restroom and back-of-house office space for staff. The main store has new millwork shelving, a custom-built checkout desk, penny tile flooring, track lighting and merchandise paneling to display bags and other items for sale. The project team also completed new exterior signage. Haddock Studio designed the space for the tenant, and Jenel Real Estate owns the building. Baggu gained popularity on the internet for its unique reusable bags.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 17,200 SF Industrial Building in Crystal Lake, Illinois

by Kristin Harlow

CRYSTAL LAKE, ILL. — Entre Commercial Realty has brokered the sale of a 17,200-square-foot industrial building located at 110 East St. in the Chicago suburb of Crystal Lake. The sales price was undisclosed. The freestanding property features a clear height of 18 feet, nine drive-in doors, ample parking and the potential for outside storage. The facility previously served as the headquarters of Fishstone Concrete Supply, a concrete product supplier. The buyer, RPM Building Solutions, plans to establish its new headquarters at the location. Elisabeth Lazzara, Mike DeSerto and Cory Kay of Entre were the sole brokers in the transaction.

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AcquisitionsIllinoisMidwestRetail

Red Mountain Group Acquires 50,809 SF Retail Center in Woodridge, Illinois

by Kristin Harlow

WOODRIDGE, ILL. — Red Mountain Group Inc. has acquired Woodridge Plaza, a 50,809-square-foot neighborhood retail center in the Chicago suburb of Woodridge. The purchase price was undisclosed. Anchor tenants include Walgreens, Dunkin’ and Anytime Fitness, which is opening soon. There is also a 7-Eleven gas station. Red Mountain Group plans to make immediate improvements to enhance the property’s aesthetic appeal and functionality.

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AcquisitionsIllinoisIndustrialMidwest

Quantum Negotiates Sale of 43,000 SF Flex Industrial Property in Alsip, Illinois

by Kristin Harlow

ALSIP, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a roughly 43,000-square-foot flex industrial property in Alsip for an undisclosed price. Located at 4800-4824 129th St., the property was fully leased to a mix of local tenants at the time of sale. Dan Waszak of Quantum represented the buyer, a Cincinnati-based investor. Joseph Coombes of Market Commercial Real Estate represented the seller, an Indianapolis-based group.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Rieder Signs 30,300 SF Industrial Lease in Suburban Chicago

by Kristin Harlow

ROSELLE, ILL. — Rieder NA, a manufacturer of concrete facades, has signed a 30,300-square-foot industrial lease at 20 Presidential Drive in Roselle within the North DuPage submarket. Jeff Janda and Mike Plumb of Lee & Associates of Illinois represented Tripar International Inc., which owns and occupies the rest of the 63,978-square-foot building. David Haigh of NAI Hiffman represented the tenant.

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